New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-05-16
NOT THE Result OF INDUSTRIAL DIS
AHTER.


The men who can be cool in times like these,
Law the foundation of large fortunes. Wall
Street is in trouble. 1t may be that the trouble
will reach other spectators than those who bave
succumbed But the trouble there is not the
result of industrial disaster. The legitimate
business of the country is on n soundcr basis
than usual Commercial credits have not been
inflated on the contrary, the extreme ease OF
the money market for long time past has
proved that the demand for commercial loans
was unusually light, and the volume of in
debtcdness not large outside of the speculative
markets. Great dulness there has been, but
not the wild expansion of credits which paves
the way for a general panic. Failures there
have been in various branches of trade, but
visibly caused in almost every instance, by ex-
cessive speculation on the part of those failing,
or others upon whom they were dependent.
With legitimate business everywhere on solid
basis, the country should be little affected by
cyclones in the speculative markets.
This is collapse of speculation. For many
long months The TRIBUNE has constantly
pointed out the harm done to all honest industry
and legitimate business by the reckless gam
bling in products and securities that has pre-
vailed. In one branch of speculation after an
other a terrible crash has brought ruin to Oper-
ators, and yet it was believed by many that the
Stock Exchange would escape with the com
paratively unimportant shocks which preceded
the stoppage of the Marine Bank. But the col
lapse of Grant, Ward g. Co. set in motion a
current which has swept away some firms OF
good standing, and brought to light the fact
IL IS tba had hppD lorpplv in
volved by officials. For the moment, the
scorching fame of panic sweeps over the city,
the sOundest institutions are distrusted, and the
safes and best securities find few buyers.
Right here it is time. to remember that ex-
cessive speculation has done nothing but harm,
and its collapse cannot fail in the end to co good
to all productive industry, and to the honest
business that serves both producers and con-
sumers in the exchange of products. Stagna-
ton in important trades and manufactures has
been the direct consequence of the wild fiuctua-
tons which gambling has produced. When the
gambling stops, there is chance to buy or to
sell things with some regard for their real
values. The great transporting companies,
whose securities have been thrown away by
panic-stricken holders, are not idle, nor is the
country unable to pay for their services. Some
of them have been injured by the building OF
too many competing lines, and Others by dis
honest stock jobbng management but the
roads are nearly all able to earn more money
than they could at times when.thcir stocks were
hungrily snatched by spectators at high prices.
There has been some change in earning power,
but a vastly greater change in the temper Of
stock gambling, and the markets for a long time
have been governed by the temper of the gam
bling fraternity, and not by the real values of
property.
Mr.. Seney was cOnspicuously engaged in
stock operations. Mr.. Emo was a Spectator
In stocks. Mr.. Fish, besides being a great
operator. in real estate, appears to have
been concerned through particularly reckless
firm in transactions which were either gam
bling or swindling. If we have any more bank
presidents who deserve as little of public conf
dence the sooner the fact becomes known the
better. Disclosures may hurt some individuals,
but the result cannot fail to be most beneficial
tot the community. The banks generally have
no reason to fear any scrutiny or strain. They
are strong, and will be stronger if they cut en-
tiIely loose from speculative alliances and fall