The New York herald., 1873-11-03
FINANCIAL and COMMERCIAL
FACTS PAST AND PRESENT.
Are We Escaping the Dangers
That Have Threatened
THE WALL STREET FEVER.
Troubles in Mercantile Circles,
Factories and Banks
MEASURES OF RELIEF
Suspension of Mills Not the Re-
suit of Unsoundness.
THE FOREIGN SITUATION
A Crisis Expected in
Europe.
MEASURES OF RELIEF
Suspension of Mills Not the Re-
suit of Unsoundness.
THE FOREIGN SITUATION
A Crisis Expected in
EnrOpe.
MONEY, BONDS AND VALUES.
WALL STREET.

WALL STREET.
SUNDAY, Nov. ,, 1873.
Had any one predicted sixty days ago that q
sudden tumble In two or three crazy houses on
Change would carry down in the crash banks and
tust companies, railway corporations and COM
mercial firms and shake to their such estab-
hshments those OF Claim and the Spragues:
that thousands or laboring men and women would
be thrown out OF employment; certified checks
take the place or such volume OF greenbacks as
ours, and greenbacks command premium; that
the price OF produce and manufactured goods
would in some instances contract nearly to their
standard value In gold; that the stocks OF Wall
street would decline in less than thirty days from
ten TO forty per cent? that universal disrust would
everywhere prevail faith be lost, government be
invoked to aid the people and the Bank of England
be forced to advance its rate OF interest higher
point than 1t has attained for years, such pro-
phet would have been regarded as
A LUSATIc OR A FOOL.
Yet in truth We were slumbering over this
earthquake. The country had been uled into a
sense OF security. Wealth and credit were abun-
dant. Extravaganza and empricsm went hand
In hand. By some process of legerdemain known
only to impostors sham values were made to appear
real and Buchu princes rioted on the proceeds.
Quackery became the rule rather than the excep-
tion. Fraud grew suddenly profitable and
roguery triumphant Railroad ofncials deemed it
no crime TO humbug the people with delusive re-
ports Stocks were inflated and turned into traps
TO catch the unwary Figures were made to lie
whenever ii suited the purpose OF speculation.
Pharisaica old men and young-double-faced and
Observation-Disclosures between the contribu-
tiOn box and Christian Association and the gilded
chambers OF the demt-naonde-thieves in the garb
of respectabiiity. In BRIEF society has danced
while
VILLASY PLAYED FIDDLE
1t was not natural that such state OF things
should continue undiscovered or be unattended
by its penalty But it is misfortune that nation
should be forced to suffer for the sins OF individuals
and legitimate commerce be compelled to pay
tribute to the romance and the counterfeits OF
speculation How long the punishment NAV con-
tinue cannot be estimated in the light OF recent
developments. Until the complications OF Wall
street reached commercial circles felt safe in
predicting that the panic would be circumscribed,
because Wall street is elastic and quickly recu-
perative. In fact, 1t may be confidently stated that
martyrdom in that neighborhood has already
ceased. Brokers who have been carrying two and
three millions OF dollars worth of stocks found at
three O'Clock Saturday their responsibilities re-
auced to as many hundred thousand, while others
confess themselves stronger to-day In bank ac-
count than they have been for years.
WALL STREET
spond to outside gracious influences much as it
nsed 10 do, albeit it lacks somewhat OF cash; and
whenever there are good expectations, bright out
looks or encouraging rumors, there were yes
terday prices Will advance and for the moment
lend certain strength 10 the situation. Its sug-
gestiveness, however. is not always to be
cepted. The howng up down of values in the
Stock Exchange does not constitute the key notes
on which the judgment OF the community can
safely depend The covering OF short interest or
she sudden jump OF prices from to four, six or
ten per cent is not sign Of real and vgor any
more than
THE FORCED DECLINE
witnessed during the earlier part Of the past week
vas symptom OF real depression. The point OF
sanger has been transferred from Wall street to
mercantile circles-to manufacturers, traders and
banks-and the ensuing ten days or two weeks
will doubtless develop the nature and extent OF
the difficulties by which they may be surrounded.
We trust that the adjustments reported in the
cases OF Hoyt Spragues 4 Co., A. w. Sprague
and Claim Co. will be the only settlements re-
quired, yet 1t hardly seems possible that II such
monster concerns have been unable TO breast the
storm others of lesser power will not also succumb.
Prom the best information we have been able to
obtain, IL does not appear that
THE SUSPENSION OF WORK
IN the various manuiact ories OF the country is as
much the result or actual unsoundness as il is or
the want OF bank accommodation, inability to
make collections and the stoppage OF sales. IT. IN.
stead OF temporiznp with the situation as tney
nave prudentiy done, the mills had gone on putting
out ophgations and piln2 up stocks, future en-
oarrassment might have occurred: but they have
now tempered the wind TO the shorn ambu and
placed themselves in position where strength
will accumulate, and mega lively they can CON
tribute to
THE RELIEF or THE BANKS
1t is not impossible therefore, that the force OF the
panic will expend itself in this direction and nv nro
ducing healthy renex action OF commercial blood
check the fever and hasten the recovery Trade
and manufactures being intimately Identified the
two interests VIII naturally improve together:
revival OF demand VIII follow, banks will feel and
IN be able AFFORD relief and SO, step by STEP
all things being equal, we may gradually move out
OF the cyclone and get once more into
STILL WATER.
AS regards the condition OF the majority OF the
banks 1t IS reported to be daily improving. Yester-
day the news was given out that these institutions
now hold SIS, 900 in legal tenders, OF which
sAoooooo were gained since Friday During the
panic the deposits declined from 100000, 900 10
si44coOoOo. The increase since, however, has
been STEADY and rapid, and win doubtless be more
So now that the equalization or ''poolingr OF
greenbacks has ceased
Inc foreign situation during the day Yesterday
was regarded with no little concern inasmuch as
tne advance OF the Bank rate from 10 per cent
on holiday was believed to be tne precnrsor of
svr iidinRs. No hint OF these was given but IL ia
said mat some OF the German bankers az early as
frluas ana on Saturday morning were selling
STOCKS snort IN anticipation OF a decline as soon as
me expected stringency was MADE public on this
air pl hA