Year: 1873




In recovering from such a crisis as that through
which the country has passed, the stock marketas
the representative OF great leverage power-as
central sun in the planetary system OF finance
should not have been permitted to yield too sud-
denly to reactionary speculative influences. There
is as much danger in an unnatural rebound as
there has recently been seen in q violent decline
for. whatever may be the benefit to the few, the
many who do not speculate Will be apt to regard
the advance purely artificial and not at all in
accordance with the existing unsettled condition
cf the Conntry. Buoyancy therefore, while sign
OF health, if pushed to dangerous limit like that
which was verged upon to-day, possesses in itself
elements OF danger which ought to be checked in
their beginning. Reviewing some Of the prices
or the market it will be observed that they went
upward at almost


RACEHoRsE SPEED;


yet few really cautious men were to be found VINO
did not sincerely deprecate the advance in
dicative OF corresponding recession that might
be attended with the worst results. The market is
not yet strong enough to be as speculative as be-
fore the panic. The banks not afiording the
same accommodation to brokers, money is not so
much at command, currency does not
yet occupy and fill its accustomed channels and
there is less OF confidence than before between
man and man. No market in the world can be





stances, and it is, therefore, with something like
feelings Of regret that the artificial course OF
various stocks to-day must be regarded by all
all who desire to see moderation and


THOROUGH CONSERVATISM


prevail until the financial status of the whole coun-
try has been again established, the machinery of
trade can work without jar, and no fear attach
to the probability OF fresh revolution The lnfu-
ences that emanate from New York as the money



trolling in their reach to be jeoparded by
any cause whatever, and the broker commu-
nifty OF the city have thus far SO well and
shrewdly managed their particular phase Of the
situation that they cannot afford to make
mistake at the present moment. All that the
commerce OF the country now requires Is little
time; little more patience; a little more accumu-
lation OF confldence little more evidence that
things are settling back into their old places;
little more OF the same


GOOD, HEALTHY MANAGEMENT


that has already displayed itself, and we can let
the tide resume its cbb and now. But viewed
from purely prudential point Of view, it scarcely
yet seems safe to pull down the breakwater now,
and trust too bndy to the calmness OF the
current Better keep prices at a minimum where
they represent intrinsic value until faith restored
than push them abnormay to height from which,
II dropped the fall will be heard all over the world.
Festi1a1 lente. This may not be q popular
survey of the situation with the great operators,
but il the men who have their thousands to stake
on the varying shades OF the market will stop for
q moment and think for themselves their own
observation must satisfy them that they, and they
alone are the prey for whom the nets have been
set, and who are expected to be trapped by these
sudden, forced and fancy rises in speculative values.
There is as yet no basis which substantial re-
ocfin man ha aara pfa1 phi, rnpH 10 v-oif
ing ON the settlement OF the disturbed condition
or the country; and until This has been made, and
the commercial public can realize that no storm i'm
pends, and no disaster can occur as the legitimate
result OF the crisis through which we have passed,
it is perfectly useless to attempt to build struc
ture OF glass and straw


THE SITUATION ENGLAND.


The condition OF commercial affairs in England
As marked by several leading characteristics, chief
among which are the stationary and sluggish state
or trade, the rise in the price OF corn, deficient
harvest and an unpromi5ng aspect OF the money
market. 1t Is one OF the laws or finance that
short crop invariably produces stringency mas
much as the man who Is obliged to husband his
means for the purchase OF the necessaries OF life
has just SO much less to expend upon
its uxuries. These becoming heavy, dulness is
reflected through all the departments of trade.
Hence dimnution Is shown in the manufacturers
of iron and textile fabrics and the production OF
coal. falling or is observable in the note circu-
latlon OF the Bank o. England as compared with
last year. which Is also reflective OF the condition
OF trade The corn and wheat crop are deficient,
and prices have accordingly advanced. Finay,
England becoming bare of gold TO an extent that
must eventually affect the bank reserve. Money Is
being sent to every wheat growing region in the
world. 1t Is also significant in this connection





between this time and December from Australia
now the chief source Of England's supply, Is
scarcely f500,000. Whatever supply may reach the
bank, therefore, must be attracted thither by
higher rates OF discount, which will necessarily be
ut a cost TO every money market in the world upon
which the high rates of interest exert their attrac
tive power. Fortunately this mode OF cefnpensa-
ton Is always at the command OF the bank, and in
the absence OF any panic 1t may be count ted upon
as q measure OF substantial relief, Notwithstanding
the serious arrangements to trade resulting from
the causes above stated.


THE MONEY MARKET


shows a disposition to greater ease, vhe rates on
call loans established to-day were about l-l6 per
cent as the maximum, ana Z per cent as the mini
num- Heretofore they have been higher. The
quotations for mercantile paper are II and Is per
cent The monetary condition Is improving every
hour. Tne banks are growing stronger; boards
are being returned TO them; the savings banks
are rcpurchasing government bonds; currency is
getting back into its old grooves; greenbacks sold
to day ior u n d Il per cent as against and 3per
cent only sixty hours ago. and, In short, the pub
lie are beginning to realize that danger has
passed. More than $l,O0O,u00 OF loan ccrtihcates
were cancelled to-day, and 1t Is understood that
the Clearing House Ia preparing to reduce the
amount OF their outstanding loans. Foreign ex-
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