The Leavenworth weekly times. [volume] (Leavenworth, Kan.) 1870-1880, 1873-11-20
GOOD WORDS FOR BAD TINES
''Lack Of Confidence Worse Than
the Want Of Money"

Lack Of Confidence Worse Than
the Want Of Money"
Folly Of Sacrificing Solid Values
to Fright.
From the Philadelphia Ledger. November ST.
The loo % far IL in confidence rathef than
in values. ! Prices Of ssochs and loa,s are
very much lower than prevailed before the
18th of September, bat the actual ruise Of
most of those securities are very little il any
impaired. Price, though often used - syn
onymous with value, u not often true; in
deed, rarely true in reference to s,ocka.
Local and outside influences often put psisss
above the real value just % such outaids in
nuences often sink prices below The real
value. We are daily beset BY inquirsn
holding stocks in various companies, the
prices Vi which have fallen Of to Low 6gurn.
for an opinion - to whether they had nos
better cell out in order to avoid the Lon that
might result on . further decline. We do
not pretend to be wiser in stock matters than
our neigh6ors are or may be, to whom the
same information Is open. And while Ws
never pretend to advise in matters Of invest
meni-in the purchase or sale Of sock secu-
rities-there are several reasons Why "
would not be seller now of stocks greatly
and suddenly depressed in prices. First,
there is undue excitement, which fesds itself
and grows upon what it feeds. Most Of the
transactions reported outside Of those Nhich
are known to be mere stock CANDLES, on
which little or no stock passes, are made
without anv positive information impaising
values, and have no better haze than that
which springs from the simple and unreli-
able reason that others have cold at
like declining prices, and that lower
prices may follow tomorrow, or next
day, or next week. Second, the money
market il unsettled-a condition in which
ii is not likely long to continue; and from
the distrust that prevails currency is tied up,
and from lack Of free circulation 10 apprs-
ciated, giving ii greater purchasing power
than il will have when the scare shall have
been tempered down q little by facts and
reason. The scarcer and dearer currency
becomes, the lower. ever, are prices; hence
stocks are now selling, as is believed, below
their real value. Ii the cause Of the strin-
gency Of money shall be early removed.
currency will cheaper, when an advance in
all prices will be probable. The dush Of
excitement in an opposite direction to that
which nov prevails will be likely to pot
prices, especially stocks, As much above their
true value ~ they are nov deemed to be
selling below it. There is one other OBJ
lection to putting large lots of stock on
the market now, namely, the more the pro.
ceels of sales Of dis,rusted securities in
crease the greater the difficulty experienced
in finding safe Investment for them. We
hear number of persons saying they would
sell out their stocks but do not know what
to do with their money aftervard. These
are hints for distr,isting holders to think Of,
but they Of course do not apply to any one
who has arrived at a conclusion, on salts
factory evidence, that ii is wiser to sell than
hold. All that We desire to convey to
anxious in4uirers who are in doubt what to
do with their securities, is that they shall
not be bind followers of the blind, but with
patience wait for facts, and then proceed.
NIscHIEvOUs AND WICKED ExAGGERA-
lions.
The condition Of business affairs IL serious
enough without exaggeration, no matter how
thOughtlessly or unintei tiOnally the mis-
chievous over-statement may happen to be
made. We are led to these observations
after notice Of the fact that the statements
made in the letters and dispatches sent from
city to city about the "panic," are not borne
Out by the actual condition of affairs in the
places from which they are sent. Thur.
Rhode Island men, who have just left their
homes, and, understanding the exact con-
dition of affairs at their homes, 60 over to
New York, and there find Providence let
tiers published in q strain Of alarm that
might lead the reader to suppose that every
mill-wheel in the State was about to be shut
down, because one conspicuous firm il In
straits for ready money. He knows such
statements to be erroneous, misleading and
mischievous, but he soon inds they have
given false coloring to the true condition
Of business in his State, beyond any power
of his to correct The New York man
comes to Philadelphia and finds similar mis-
conceptions a. to the number of New York
working people discharged and idle on &C.
count Of the panic, brought about by equally
exaggerated dispatches" and letters from
that city. The Philadelphia or Pennsyl-
vanisn goes to Massachusetts,, and although
he understands that a considerable number
of working people have been discharged,
and understands also the extent to which
operations have been suspended or reduced,
he is amazed to find statements that "nearly
all" the manufacturing establishments in
populous manufacturing districts are
''closed.' He may know that his own
factory il running on reduced time; that his
neighbors' mills are dong the same, or else
running on full time, and that come have
suspended; yet here is the ''dispstch," dated
at Philadelphia. at the very time when he
left home, which tells him that 'at German
town, Kensington, Frankford and Manay-
unk nearly all the mills are closed, and the
few that are still working are finishing up
orders and working half-tims at that"
The words and lines quoted are copied lit
orally from what purpOrts to be dispatch
FROM Philadelphia" which is being pub
lished in New England papers, and in some
of them made the basis of editorial remarks.
Now, it il unfortunately true that consider
able numbers Of working peolpe have been
discharged or put on reduced time, and
some mills have closed altogether; but here
We all know that the above dispatch is .
gross exaggertion. We know that even in
Manayunk, where the trouble il most seri-
Gus, some Of the mills are still running full
time. Out Of the large and small manufac-
turing establishments at Manayunk, seven
are running full, one other Ia going i've
days out of SIX, another il running on re-
duced time, with about two thirds Of its
usual complement Of hands. Now this comes
very far short of the statement that "nearly
alp are "closed, and the few still in opera
ton working at "ha:f time" The truth ID
serious enough, without the exaggerated COL
oring. Of the 3,443 people recently EN-
ployed in twenty three mills and factories OF
various grades at Manayunk. ! ,564 are still
employed and ], S79 are not employed at the
mills where they recently worked, 80 Of the
latter having voluntarily stopped work be-
cause Of a reduction of wages.
a Coed sssry Asess "Owl Rassell
From the New YORK Tribune
Not long ago died the Col. Russell, known
in the Southwe ~ "O1l Russell, who was