Year: 1873

WALL STREET l


FRIDAY, Oct. 3l-6 Z. nj.
The atmosphere OF Wall street to day was full Of
gloom. The situation wore an aspect which it has
not had since the early hours OF the panic. Then
the trouble was apparently crcumscribed-re-
stricted to speculative limits. Prices had not
tumbed frightfully. The failures announced were
the result OF mad and reckless delying alter sud-
den wealth. Now, however, commerce begins to
suffer and succumb. The great channels OF trade
threaten to be blocked. Magnificent merchants
and manufacturers are being crowded to the wall.
A shrnkage OF values has taken place. Imports
are fall on and until this demon OF distrust Is
removed we shall doubtless be daily treated to


MISFORTUNE, REAL AND IMAGINARY.
served up in every variety Of DISH 1t is but nat
ural that combination OF incidents OF this sort
should produce their influence upon o sensitive
market like that OF Wall street. 1t is only natural
that they have resulted from dishonest practices
on the part OF both individuals and corporations.
the breaking down OF public faith and the loss OF
private confidence In those who have hitherto been
leaders in the world OF finance. Yet the situation
Is not so dark hopeless as 1t may seem. II money
had left the country instead OF flowing into it; if
crops were not abundant; If there were


DEMAND FOR OUR PRODUCE;


II emigration was not an element of our wealth;
III JneIe was no SIlHlulanC constantly at Work
In this life bloou OF ours we might reasonably
feel deep concern; but let any cool headed man
look around and find, II he can. rational and mate.
rial cause for permanent alarm. 1t cannot be done.
Practically we are just as strong as when prices
were at their best. Nay, in the very contraction
OF prices we have grown stronger The purchasing
power OF our seven hundred millions OF currency
has augmented. If


THE VALUE OF LABOR


has decreased, the cost OF that with which the
iaborer feeds and clothes his family is undergoing
the same process. Even if, step by step, every
thing Is to be dragged down like stocks, the coun-
try In the END might be the better for it. The pune
turing OF the balloon which for the last ten years
has carried in its basket not merely speculative
but domestic values would make a welcome COL
lapse; but 1t win not occur. There is not enough in


THE PRESENT DISTURBANCE


10 compel permanent change The causes were
sudden the incidents accidental, and the results
will only be temporary. We do not believe in
these failures, so much announced and gloated
over by newspapers for sensational purposes
Inability to meet an obligation at given time is,
true enough, from a commercial point OF view, "a
faiure;" but when the party thus unfortunate
holds IN possession solid, substantial representa-
tives OF real value-by whatever name they may
be known-while


THE GENERAL CREDIT


OF his customers and OF the country at large re-
mains unlmpeached we cannot and will not ac
cept In the present mere suspicious condition of
the public mind the announcement OF temporary
monetary misfortune as q proof OF real disaster
and treat 1t to the dignity OF exclamation points
There is more trouble on paper than in fact. There
are class OF men who always are striving to pro-
mote it, Hence in the review of all the situation
to-day. cloudy doubtful and full OF graver happen
Ings as it may be, still recognize inevitable
and immutable


LAW OF LOGIC


always at work-and a law that applies as much
TO the coming sunshine as TO the existing storm.
AS regards the stock market-that small geo.
graphical locality bounded by a single interest-it
is not key to the situation. Always tremuous
vibratory and full Of excitement; always respond
ing to the slightest influences as prices ascend
or recede with the whims Of the hour; and If to-
day can be accepted as an example, let to-day
illustrate the fact that stocks changed hands in


THE FEVER OF SPECULATION


which are absolutely worth more than the sums
elsewhere recorded. Values do not enter the brain
OF the speculator. He buys or sells according to
the spur OF the moment and the expectations that
cluster around the following twelve hours and he
no more considers an actual and direct value per
Sc in the transaction than he does the course OF
lbs
perhaps for weeks hence, q fluctuating, unstable
market, reports of failures, and all kinds OF un-
happy tidngs We repeat 1t and emphatcally in
the interest OF all the publicrich and poor alike
that there is no cause for permanent depression,
and no good reason for any man who has property,
brains or muscle, to fancy that a financial earth
quake is at hand which is going to swallow the
country and that our currency will 'take to itself
wings and ny away"


THE MONEY MARKET


was irregular during the day, some loans on call
being erected as low per cent currency
while others commanded a per cent per diem.
The market closed at per cent TO and interest.
The discount trade was heavy, prime names sell
ing at 2 per cent per month. Sterling exchange
was dull but steady; prime sixty days sterling
sold at LOG; short sight was firm at 1o7s4 to 10s
The nominal rates were 1868 and 1osA. The mar
ket for Continental bills Is dull. Cable transfers
are quoted at 951l. II will be gratifying to many
persons to learn that the city will commence dis.
bursting tomorrow, through the Mechanics Bank,
the sum OF $3,042, Ia, now due on various stocks
and bonds.


THE FOREIGN MARKET.


The cable advces to-day report consos as barely
steady, with American securities alternately weak
and strong-activc but irregular Eary In the
day there was an advance In all bonds or 4 a Y
per cent, but at the close there was a general fall
ing of In response to reports from Paris OF de.
cline In rentes aud or an unsettled condition OF
afrairs at the Paris Boursc. The rate for money on
government securities at the London Exchange
was ca per cent.


Consols for money, 92'S o2h; do. account e2h
ao2H. American securities weak and lower; old
'65s declined to 93x ten-fortics, to 9l and new
nves to 9oH. Tomorrow will be Bank OF England
holiday, and the Stock Exchange will be closed.


French securities were excited and nat. Rentes
declined in Paris TO 55f Soc. The amount OF bullion
which went into the Bank of England to-day was
100000. The following are the quotations from
Amsterdam Union Pacific Railway shares, 1871
Union Pacific first mortgage bonds, 63h; North
western preferred, 81; St. Paul preferred. Al; Erie
shares, AK.