The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1884-05-15
the FINANCIAL rnoUnLEs,


Wall street was excited yesterday and
responsive throbs beat throughout the
country at the surprises which certain
financial reve ations begat, for the failure
OF GRANT & WARD met their quick supple
ments by The faiureo aud Suspensions
which our columns this morning r,cnd.
II was not to DO wondered at that tina
looseness OF business methods, the general
crook edness, and the kite-nying operations
Of the above firm, should wind up In hope
less insolvency. but that tho great Metro
politan bank should close Its Iron doors
aud guard Its etone steps With |
policemen, that BooAEr & Co. who
were regarded as solid. cautious
firm, that HArcH & FooTEi and
DossHLL, LAWSON & SIMPSON, az also
NELSON, RoDIssoN & Co., and GEoFR and
RANDALL should oil Euspend,w more seri-
Gus business. How did this ugly condition
OF things come about 10 question that In.
terests, and how far viii the panic spread
10 tho problem that most concerns the gen
eral public just now. Foreign exchange
had recently decidedly fallen, E,opping the
export Of gold; rates Of interest in Europe
are quite low just now, which induces Eu-
ropean capital TO this country; railroad
earnings have been satifaclory tho tariff
for-sevenue. only question had been laid
sway 30 no feeling Of eeeo and security,
which had been disturbed by prospective
legislatiun; the crops la oil the
sec,ions are In promising condition.
: there were DO WARS nor runors OF VARS
And yet, Ike u thupderbolt from a clear
sky, dashes down upon us the big newf. IL
IL true some railway securities ware de-
ranged. but special and known causes
: existed for this. Erie fell on the suspension
!. OF the Marine bank from 20 to IL; Reading
tumbled from IL 10 30; Jersey Central
dropped from so 10 72; all In two days. But
the Marine bank was known ns an Erie
Institution, while the Readiog railroad
: company carried 5000 shares OF Jersey
J. Central stock on margin OF only 10 per
cent, and II hes been an open secret for
soma time that the Reading company
IA some 100000 behind on
earnings as against Its interest
$ aud rental charges for the past six month";
4 Hence, there appears no good reason why
ANYTHING like general tumble OF values
should occur. II is aleo true that trade in
ell lines for the past month has been quiet;
3 that manufactured goodn we're moving only
, moderately; that merchandise saies gener.
orally have been somewhat less than lost
year, but IL 10 equally true that money has
been easy, collections have been fair, the
3 jobbing trede was reported good all along
, the line, and the current OF businesB'
though not brisk, seemed serene and
promising. In the industrial line
the only threatening cloud was
Q the ftrike OF the 10000 on the
4 Morougahela river, and that OF the stone.
moulders in Troy, Albany and Pittsburgh
together with the shutting down OF three
large iron mills in that vicinity and the
closing OF six OF the leading carpet factories,
but there was regularity shout the iron
= trade aud the woolen,a we'll that BODIED no
troubles.
The status of our financial and commfr-
ol-l affairs, therefore seemed sufficiently
fair and lattering. Aud II would appear
that all business that has been conduct.
ed on legitimate principles aud
careful msthods Is without cause
for alarm. Let eli specuisting,
kite-hying, ioundationless concerns SO.
The sooner they are wsedsi out the better.
A soldier 10 not NECESSARILY Il merchant,
! and not his name but his mercantile nbili'
ties should command confidence In COM
mercial transactions. Speculators, indi-
: vidual or corporate, are unworthy OF trust
for deposits or advice. The country feels
this way, so let them 60, and the Sooner
/. the better. We viii then have honest bus
' iuess, transacted by honest merchants, who
will not have TO share the approbrium and
= the dissstero that folly and rascslity 20
D Frequently involve Them IN.
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