New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-09-21
THE CITY'S GREAT SORROW.
Continued from second Page.

General Arthur when Collector of the Port.
knew h S We Is aa a0f anf the nd
believe he will carry the same ability into the Presi-
dental chair"
OF course, in the midst of grief cannot help
looking upon what may result from the death OIL
cannot be compared with Mr.. Garfield as he has
not had the same practical experience; but the
the success OF his Administration, which feel will
be most successful The markets will not be
affected for a moment"
OPINIONS OF BANKERS AND BROKERS.
John A. Stewart, president of the United States
Trust Company, returned from Europe last Friday
Yesterday he manifested great grief and said sor-
rowfllly This is a sad day for us all "a sad, sad
day." In regard to the effect of the change of Ad-
ministration financial affairs, he continued ::
GThere will be change in the financial policy of
the Government. l do not mean to say by this that
there will be no changes in the Cabinet it is more
than likely that some changes will be made after
awhile l should be glad indeed if Secretary
Window should DO retained at the head of the
Treasury, because / think he has proved himself
capable and an excellent officer. But W hateyer the
personal changes in the Cabinet may he, the gen.
eral policy OF the Administration will continue
unchanged.
Great injustice has been done General Arthur.
lie has been prominent in politics, and fer this
reason naturally has made many enemies. He has
belonged indeed to a wing of the Republican party
but he can gam nothing now by being merely the
representative of faction. | believe that he will
rise above, all that, and that with the advice of
good careful men, his Administration will be sue
cessfuoroditable alike to himself and the country.
Ex-Governor Morgan Is one of his most trusted adj
yiSers, and on al important matters his counsel
will be judciOus and safe. In my opinion it be-
hooves the banks to exercise great under pres
ent business circumstances. When the grain
corner at Chicago shall be broken, grain will
come forward rapidly, and must furnish the
means for the movement. While 60 not look for
nand for money at and per cent until about the
middle Of January. think the banks viii have to
reduce their loans $50, 100000 before the is
over. The Government will have to invest some of
its surplus revenues in Government bonds, and il
becomes very important now to know what class
of bonds will be selected by the Treasury. II the
banks should be called upon to surrender any
sderabie part OF the securities held TO secure their
1"nk note circulation, the action of the Treasury
would be unwise and perhaps dangerous. 1t would
be dangerous because the banks would probably
what class of bonds the banks hold chiefly, but
presume they hold most of the extended issues.
know that many estates and savings banks have
invested in the new three and halls in the ex-
pectation that these bonds would be allowed to run
a long time. To have them called now would be
to disgust them with all Government securities.
l have no knowledge of the future course of the
not call the extended bonds at present"
Jacob D, vermilye, president OF the Merchants
not think the Presidents death will make any
material change in the price of securities, and do
As to the political aspect of the change Mr.. Yer
milyef
Il hope General Arthur viii make a conservative
President. Whateyer change of Cabinet he may
make hope he will not make a change of Admins
tration, He certainly cannot make change for tse
better in the financial policy of President Garfield.
In fact there is very little for him to do there ut
all; it is fixed and he has only to pay off the debt
There are bonds to renew. Now that the last has
it seems to that the events of the last two
months were providentially ordered. The grief
and suspense which the people have suffered have
torn down all asperity of feeling and President
Arthur goes into office under very different crcum-
stances than he would had President Garfield died
ruh no 10 Taolr,
and the people are now willing to give him every
possible chance to do right. He can have there sup
James seiigman, of j. & " Seligma Gp' & Co.,
said: The Presidents death cannot have any
effect upon business though it doubtless would have
had if he had died Immediately after he was shot
have no doubt that President Arthur will pursue
that S will remain the intention Of the S8d
the Treasury to keep the money market easy. Mr.
Arthur is a man OF intelligence and astaunch Repub
hcan, and lac wln be President for whole
country"
George, $. Coe, president of the American Ex-
change National Bank, said: THE event has been
long anticipated that business has adapted itself
TO it, There viii be no jar az all it had already en-
tered into all business calculations of Importance as
among the strong probabilities AS soon as the deep
sympathy which is everywhere felt for the loss of
so good man has passed away, all business viii
u. What. about the political future, Mr.. Coe ?"
That is something do not feel myself in a posi-
ton to talk about. l should think, however that
we have right TO assume that President Arthur
having been elected by the people the associate Of
eral views of the latter's Administration"
Russell Sage long retained great confidence in the
final recovery of President Garfield and his sudden
death greatly shocked him. After expressing sor-
row at the event and sympathy with the bereave1
family, Mr. Sage said yesterday: President Arthur
has an opportunity to ma Ike grand history for him
self; the greatest opportunity any man ever had.
always look on the bright side of things and be-
Heve he will take advantage OF this magnificent op
portunlty. III he rises above his ignoble surround
ings he will become tho IDOL of the people:
If he listens to the whispers of ambitious and disap
pointed polltlclans-a mere faction of the Repub-
lean party-his Administration will be q failure
within sixty days. But think the sight of that
poor, wounded President lying patient under his
sutierings has educated General Arthur to higher
aspirations. The prayers of the whole world have
been poured out for President Garfield; the hopes
they have felt have endeared him wonderfully to
the people. General Arthur has witnessed all these
things and they have made him n better man |
hope. L am confident that he will rise above his
former level and give us good Government. Then
business VIII resume its wonted channels and pros
perity reign once more"
. Donald Mackay, president of the New-York Stock
Exchange, said: All this has been 'discountedj
However do not look for high prices but think
the market will remain steady. The people believe
that the reiis OF government which have been
dropped Will be taken up, and matters proceed in
the direction they were going / think that this
morning 1T a sort of esprit du CORPS OF sympathy
that kept the market buOyant, together with tie
belief that there is something in the reported set
Element OF tue difficulties about freight rates."
Benjamin b. Sherman, president of the Mechanics
National Bank was positive that President Arthnr
would make no changes the policy OF the Govern
ment, even in the Cabinet, at present. have
known Arthur well for long time," he said, and
am that il will be his aim to make lust az lit
tie fuss possible. He will probably call an extra
Session Of the Senate, to provide q constlru-
tional succession but doubt whether he will con
rene the House. AS to the success OF his Admins
tration have high hope. He is a of ability
OF far greater ability than many people give him
credit for. Whatever some OF his associations may
nave been IN the past he Is smart enough To
that no must be the President of the people and NOT
the chief of a faction believe that he will give