New-York tribune., 1879-11-24

me ~ all - I'M FL LLccb''
The past week has been one of great import
ance to the business interests of the country.
Its events have completely removed one
cause of general and grave apprehension.
By all superficial observers, and 10y
many who have added much study to
long experience, it had been feared
that the gigantic speculation in Wall Street,
which has been in progress almost con-
tinuously since the year began, would sud
denly collapse and involve all commerce
and industry in fearful calamities by
an unexpected strain upon the fnan-
cial system. Ii was reasoned that q time
of liquidation must inevitably follow such
"a speculation; that il would be severe
and violent in It's effects in proper
tion as the speculation had been Wild
and prolonged; and that, as other sudden
revulsons in Wall Street have preceded and
seemed to cause great disasters, so the inevi-
table speculative crash this year must cause
important banks and great firms to break, and
bring terrible disasters upon the country.
The crash has come. In suddeuness and
violence of changes. and in magnitude OF
operations, it has been as severe as any
within the memory Of the oldest dealers.
excepting that which followed " Black Fri
"dayr There was not assingle week during
or after the panic of 1878 in which the
fluctuations In price OF securities were much
greater than they have been during the
past week nor a single week in which
the transactions were nearly as large. Only
one week Ia the history of the Clearinghouse,
II is believed, has witnessed larger opera
tions, and the dealings IN that week (' Black
III
storm has passed, apparently, rs suddenly
as it came, and 1t has not caused even
ripple on the current of legitimate
business. No bank has been even suspected
Of weakness; not single firm, except one of
no importance, las been obliged TO suspend.
There has been no alarm. except among the
holders of stocks. and even as TO them the result
has proved that as a whole they were IN
much stronger position than had been
thought possible The rush of holders to sell
was stopped on FRIDAY 10y the prepon-
deranco of orders TO buy, and the market
moved upward on Saturday with great stead
mess and buoyaucy. individuals have lost
or gained many millions. But the spccula-
ton itself really disturbed general business
much more seriously, b. withdrawing funds
needed ior other purposes, and by the apDre-
hension which it caused. than the collapse
and liquidation which followed 1t.
The whole country has reason to rejoice
heartily that this demonstration of the sepa-
ration of it's business from the speculation In
Wall Street has been so complete. ln effect, le-
gitlmate business not only declares but proves
its independence of the speculative fever
the machinery of banking and credit, it is
demonstrated, is not so entangled with
that speculation nor so dependent upon IL
that any embarrassment results from great
and sudden reverses. There is a possibility,
of course that some weakness still
unsuspected may exist, which may yet
be disclosed or would have appeared
had the decline continued longer, but
the belief of the shrewdest bankers and
business men is that the alarm has
spent itself. and the re bound of prices
has begun, because there was no real
weakness to be disclosed. In short. it
seems reasonable to conclude that the banks
aud their customers had conducted their busi-
ness much more safely than was generally be-
lieved, and that the croakers and panic-mon-
gers had no real foundation for their dismal
predictions Ii sudden drop in prices, ranging
from $40 to $50 per share. ard in some
casts It~t4iu[ AZ " ~ per NtuJ vi tue Ndiur,
does not disturb any firm of consequence, nor
a single one of the banks it can hardly be
said that operations in the Street have been
very ieclirssiy conducted.
1t Is 20 be regretted, on the other
hand, that many hopeful people have
thrown away the savings Of years in too
great haste to get rich. 1t would have
been far better for the country, as well
as tor them. if they had employed those
savings III supporting or building up some
productive industry. Every generation has to
learn The lesson for itself, however. that
in mo ey-gettIng almost always haste makes
waste, and the danger of a prolonged and wide
sread speculative fever has been diminished
10y the sudden collapse of great movements in
wheat, in cotton, nd now stocks Since
thcs lessons have been gained by thousands
OF smlIl dealers without any general disaster. it
may be hoped that there will be enough of eau
tion in buying hereafter tn avert serious public