, 1875-06-20

zras not influenced to-day, atu that Inc sasPeaaou"
have been III certain degree anticipated II WIZ e4-
rected that the financial endorsements OF no Aaer
,are Company and other dealss in iron would haTe
tendency tn affect other houses in that lne and con-
.onant1v no surrrise was Inifested at the collapse
~ some other firms in quick succession. Iheie II
m reason why these SUSPENSIONS in Enstsnd
should influence the monS market nese, aao
the only effect they have had upon the London E3-
change thus far appears to hive been to reduce con
sols !, temporarily yesterday md to advance 1ne 1ate
Of money in the open market K Of per cent"
The Daily Grdph.e says:
The final effect On American intosests
viii unqucshonab,y be wholesome D., and IN; II;
yigoratng. The sooner the bastnsss."osld stIus DIX,
resches equilibrium hns5as the sa o !. Bnsi
ness cauupt any longer be- conndered - loc1 a1Af
or in ts purely national aspecs Ihe tlsde OF AZ su
nnanti,ies Of products whc1 outzun tie purchasing
tanacy Of the people, md th. multiplication Of mcl-
canle facilities and opeIaors. .a csrpo of
nnvthiur and make money q It. The exceptional ac-
Hyisy ot spe ial trades in Enkand ends by tns natural
operations Of economics! la"s. and, however e6ar.
rassinc the failure English credit tor time, It
vii tend to healthier condition Of business and e3-
change In the end
The New York Iy1bune infGs that:
The details Of the iron failures which referred to
m Monday Grove that really nsolvent Trims can con-
tnue borrowing for years afer their financial satna-
se,oaatst plsnly concedes his. It pronounees the
dsn"eT re1csed Ey the iron .aures chnzac
terietic Of our modern banking s,ssem." Inc greas
y5 O OU0 to S10l COZ each Of deFoss which II u
their business to lend and manage inc oaslfess 91
taking care Of such vast sum ne 6<oaosts a1ent.J
i amount Of bad ouslneat" revealed oy tbs secens
f;lures was not suspected Equally unslspected Was
it u United States, even ntef tae eoalsg steo
|, concerns - Clews q co' Aao oo9oA " ''At - ~
/ Light.
The Daily bulletin says:
IN certain extent, we nT expect to suffer from
the condition Of things IN E1tand fnns
taut compensatonz- Touse!ar, there bave ooen TAG no
failures IN branches Of trad. which buy from .nis
counrry Me,s1s. Alexander Collie Co., though IN
the cotton trade appear to hGe been CONCERNED only
VIII the India staple. But, eVen If this exemption
should continue We must e1ecs me - !, ~
some curtauent with mors OF less dePses'au1n @ m ..
pvices. But any disadVantato o. nus nno Hn ~ 10
mora than set OF hY SAVING IN tho lover prices Of
articles imported from Great Britain for the depEess-
| lon which has been inaugrated BY tneso ialiuIes
cannot .n 1a n2 :" Piodass io have SUI
fe1ed temporary dtsadVanta'e from tno leAcuon ~
Ills country having set in 1ear1y two reara earlier @
hara 1nore than thete, England bus benefited ut
eIp1nsa: and wages having declined here much ueo~
the parity Of lsbor compensation there an h
ean1ed relatoas. In these respects that will result
| from commercial and manufacturing reaction IN
/ england will restore to u what we have mus loss~
I va ahau also derive important financial ad-
vantares The prot1acsed in onr loan market
80 nsodnced rate Of int.rest below that Of London,
and The consequence has been TINT large
| nmounts OF securities have flowed back upon
| Us from foreign holdgs, and cur exehan8es nave
| heen derapeed to an extent bordering upon ap-
prenensions 9: panic After tne rss effects Of The
failures now occurring, tho London money maraes 5
will naturally Lapse into condition o. stuoootn anu
,rotrnrten esse aud mtrcautile and industrial eu-
poymenta of capital be,g st Discount TIE DEM
american Investments hereby turning the exchanges
IL our favor Whi1e therefore, the present feyeIish
spprohcnsons may act upon cur exchange
1riations with London pr the moment yet ntimAsely
an opposite efrect Will .ppear laying hasis for low
gold n =, strictly esonom,o ssns
- III. conntrv TO bayt England brought down to tho
eye1 to which We have descended through two years
process Of reaction Tor England, Ike ourselves has
ansed into general condition Of unhealthy imitation,
which needed to be renedied before iss relations with
other commercial uatons could be said to rest On
| .xhn i1aEjl.