New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-07-05
faction will grow more common and more
dangerous to the country.
NO CAUSE FOR PANIC.

The markets at the close of last week were
Influenced almost exclusively by the terrible
event at Washington. With or without reason
immense sales were made in panic or under
cOmpuisiOn. II was conceded by ali, however,
that there could no longer be any question as to
the wonderful strength of the market, since it
sustained so well shock of the most unex-
pected and violent character. Had it been
true that the strong bidders were ont of stocks,
and waiting for an opportunity to cause a
great break had it been true that the leading
capitalists believed stocks far too high, and
looked for a decline of 10 or 20 per cent, i
general disaster and fail at least great
rs anybody had expected would have been
caused. The result proved beyond ques-
ton first, that the great proportion of secu-
rites is very strongly and confidently held and
second, that the most powerful capitalists and
many investors have been ready to buy largely
at moderate decline. Tho question now is
whether fatal termination OF the Presidents
injury would essentially change tho condition
of the money and other markets.
1t is evident to all, on cool reflection, that no
change whatever would be made in the real
value of railroad, telegraph, and other corpo-
rate securities. The corporations can earn just
as much, if the general business of the country
is not Frustrated, as they would have earned
had the great crime not been committed. The
Government securities ought not to be unfa-
vorably affected by the transfer Of power from
the first to the second officer chosen by the
people, because the differences between them
did not relate TO finances nor TO the treatment
of the public debt. Secretary Window was an
especial friend of Mr.. Conkling years ago.
and went into the Cabinet in some sense
,4,t;-- e 11a
which MIR. Conkling led. He has done his work
so splendidly and gained such great honor for
himself and his country, that lie would be a
President OF extraordinary holiness who should
venture to remove him from the Treasury
Hence it is altogether probable chat the tinan-
cia policy of the Government will be in al
respects the same, whether The Presidency
changes or not. There will be nothing to shake
faith in Government bonds nor n the future of
the money market.
At first blush, it may have been the impulse
Of some foreign capitalists to withdraw funds
from this country, either by sales of stocks or
bonds or IN other ways. But the events of
to-day will probably show that sober second
thought has led to different course There
is no danger here, rs there might be III other
countries, that sudden and violent transfer
of political power will disturb society, over
throw order or cause resistance to law. The
country will peaceably obey and sustain the
constituted authorities, and there will be
no occasion to withdraw funds from this
country in apprehension of any possible ont
break of violence. When foreign capitalists
perceive This and sec that there WAS no diff
ference betw', n President Garfield and Vice
President Arthur about financial question,
and realize that the earning power of all the
great corporations will remain entirely I'M
changed, they will be moro disposed to buy
than to sell. Similar conclusions were reached
even more speedily by great capital
lists of this country, whose knowledge
OF the institutions of the country and of the
circumstances enabled them to avoid panic
even at the outset. 1t Is notorious that the
market was powerfully supported on Saturday
as well by MIR. Vanderbilt as by Mr. Gould.
The call issued by Secretary Window for all
the outstanding five por cents not previously
called, provides for the complete extineuish-
ment of that class of Indebtedness in October
Those holders who desire can have their bonds
paid with interest to date at any time, and
many of them will certainly seize the
opportunity, if there should be temporary
decline iii prices, giving them chance to
purchase at low rates The payment OF about
$l2 200, 900 of uncxtcndcd coupon iivcs will
not begin until August y, unless the Sccre-
tary should see fit to issue u notice permitting
the surrender of these also 1T any time. There
is no indication Of possible morct"ry stringcncv.
unless unrcaSonng and unreasonable panic
should cause sutdon sacrifice of many sccur-
ties now held abroad and in the interior. In
short, financial disaster ut this time would be
peculiarly callscleSs and unreasonable.