New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-04-20
FINANCIAL DEPRESSION ABROAD.
DULLNEss AND TALK OF PANIC IN ENGLAND AND on
THE CONTINENT.
krnuT IN. Tnuan W,

DULLNEss AND TALK OF PANIC IN ENGLAND AND on
THE CONTINENT.
Prom TIE LOnaoH Times Guy Artek AprfII.
From the symptoms presented in the money
sides ~ would seem that the panic hitherto considered
10 Dc invariably due al periods OF eight or nine years Is
actually oelng paSSe through at the present moment
There Is reason 10 INFER that with the grow
ing rate OF expansion Of speculative aud com
mercIal movements the intervals between these
occurrences are becoming shorter; The dates
1885, 1861 18i7 and 1857 seemed 20 indicate 10 years
more the time req lired between each lesson, ou
the panic Of May, 1866 occurred after lapse OF -
years, ana from that date to the trouble we are now
experiencing tho limit has been less than eignt
years. Probably this shortening OF time may De
regarded great advantage IN Diminishing the
force OF each CONFUSION. Although up to last Autumn
great Imitation was prevalent IN TINS country the IessoI
OF 1866 had NOT yet been altogether forgotten ana
there was nothing like an absolute mania IN any quar-
ter we should therefore, most likely nave gone on IOr
another year two, but for tne almost smu neOus Oe
enrrence OF the break up at Vienna and New
York, together with the Indian famine, and the
repetition here OF bad harvest These at once checked
tbs illusions, which were growing TO head in the iron
aud coal trades, as Wen as IN our commerce WIN the
East and at the time deprecated. and m many
instances, rendered worthless large quantity OF Con-
tuenal and American securities Tor when London had
afforded principal market. The anarchy IN spain, the
chronic deficits OF Itay the coinage Arrangements OF Ger
many, and number OK other MINOR causes contributed
TO the depression, and at length chronic state or HE
essness and dstrust has been established which pre-
sents all the characteristics usually observed ia the
arter-mOnths or panics. Such difference exists
the present occasion Is due To the cir
cumstauce Iof the active commencement OF
disaster having occurred in distant countries leaving
us simply to feel the dull heavy OF the Storm Tue
confusion amt wreck therefore, have been less cOnspcu
GUS but the after consequences IN checking our trade
with every region likely Co be severe as IN any
former instance, and indeed have already by tie Board
of Trade returns. been shown 10 be So
From The London Times GUY Aric', Aprtl
The Frankfort advlces state that the B0urse,
after long period dullness ana restricted business
experienced heavy fall IN consequence 90 the
publication OF the balance-sheet OF tine Austrian
Credit Bank The result generally known before,
buJ the great amount OF acceptauces ana OF ont
standing accounts created a fear that the crisis
was not yet over, and credit shares consequently
fell in few days 80 forms to no. whence they nave re-
covered All other banks ana railway shares are
Hat even Austrian, although they dividend OF 5Ur
equal to 10 per cent Money Is abundant. but si the
only transactions consist OF sales The fct IS tnlJ the
BREAKDOWN OF so many banks and unguIr-
auteed railways has caused u general dlstrust
IN the management aud the holesty Or he
administrators" 1t 10 added, moreover That
almost all firms who were the promoters last year
are now the head OF the speculation Tor ril snow"
ing that they themselves have the greatest dsrst IN
the affairs they advocated. great many shares now
ever are now, IL is believed below their IllF value,
particularly those OF coal mines, some OF winch,
paving Is per cent dividend. are at par, OF a
ing at Frankfort IN the interest OF holders
on American railway bonds under default, "but they
enter into constant disputes. ana nothing Is done The
balances the banks are Ia course OF puDci
ton. The Darmstadt Bank pays dividend OF 10 per
cent the decentralization Bank 81 per cent Many are
unable nay any dividend, ana some are aimOs ruined
Austrian Rcntes and all Investment stocks are nrtn.
Money IL perfect drug and Will become more 50 II
the dulness continues"