The Portland daily press., 1884-05-16
The Wall Street Panic.
VIVA, the Pres. Say. i'm Relation .. Is.

NeW York Post)
The finances of the country are distinctly nm.
der cloud which must operate to retard tho
growth Of confidence until either greater pub
lcity or more widely disturbed responsibility
is introduced into the management OF great
moneyed institutions. The boss system In
politics has broken down. 1t is apparently
breaking down in finances also, but no good
substitute for it has yet made its appearance.
All attempts to make directors take an active
and intelligent part in the management OF cor
porations have thus far failed. Talk OF impos-
ing stringent penalties on them for remissness
or ignorance is met by the assertion that men
who are the right kind Of timber for director
ships will simply refuse to take them In case
they are made any more onerens or perilous
than they now are. But, whatever the proper
remedy may be, it ia quite certain that q rem
edy will before long be found.
(New York SUM-
Yesterdays panic was emphatically Q panic
among stock gamblers and nothing else. To
be sure, merchants will be inconvenienced by
its results, but not for long. The only serious
mischief which is likely to follow is d!s.Tust
OF all banks, arising from q failure of q few
among them, which are plainly traceable to
dishonesty, to use the mildest Language, gross
imprudence on the part Of its officers"
(Journal of ComTercel
A few spectators have come to grief, their
dupes are entangled with them and not q few
innocent persons have been called to suffer, but
there is no occasion for a widespread panic.
Capital is abundant, and the insolvents are the
small minority. The dry goods trade never
stood stronger than it does today, and the Rroc-
ers can stand any amount Of pressure without
yielding their place.
New York Commercial Advertiscr1
In any case, il aught OF comfort is 10 be
found in series of financial wrecks that will
bring misery to many happy home, 1t will be
that reckless speculation has received a check
at last, the lesson Of which will not be forgot
ten in a day, but which, we may hope, will
have something like permanent, healthy ef-
feet.
Cyrus W. Field in the Mail and Expressly
There are few of our banks or prominent
operators who regard the situation with any 9TH
or feeling than that the process Of eliminating
bad methods Of doing business must 90 on. OF
course those immediately interested in recent
failures do not feel very comfortable, bat there
is no reason for any general grief or excite
and retain their common sense will feel best,
do best, and come out best"
Springfield Republican,
The depression is not OF course confined 70
New York, but destroys confidence and value
all over the country. The marking of of
values in the last year can only be reckoned
by the hundred million, and far exceeds the
most disastrous fire which ever visited this
country. To some men this marking of is
dead loss for they are in a position compelling
them to realize, when to realize is to sacrifice.
To others, it is temporary loss, part of which
will ultimately return, but for the time this
circumstance will make them timid and eau
tious. On the other hand, the depression NAV
prove to be the opportunity of new investors
Caution and GOODNESS In the meantime ara
saving virtues.
Boston Advertiser)
There is reason to believe that the New
York banks will stand well together, and
that the experience of yesterday will mot be
repeated. The outlook in Wall street is lees
clear. What has happened offers great at
fractions to spectators, and they will not be
wanting. But the country will not be very
much happier II the spectators flourish. For
the country flourishes best when men are tenn
perate, when they produce much, when they
create capital, and when they invest their cap
ital where 1t brings moderate rate Of inter-