Antelope - Segliman bond story.

chris72796 Member Photo

Clipped by chris72796

Antelope - Segliman bond story.  - T I '"letter ftora ' Ante lope. ! rSBfCial...
T I '"letter ftora ' Ante lope. ! rSBfCial CDRMmndiaM at the Plcsnm8.1 . U Nrw Yore, June 12. 1874. . . Trade eootSnues to wear a most unsatisfactory scpeet. k. Last fall some Of our ablest bankers and merchants predicted a pleasant revival of basiness with the opening of sprinr, but spring has come and gone and-the wheels of commerce are almost at a stand still. i . No doubt Congress is to blame, in a measnie, for this, but'I cannot think it is wholly so. Nor is it easy to explain what is the matter.. There i a sort of pall thrown over business interests an unmistakable lethargy that is difficult to acconnt for. Tis not the want of money, for the banks are bursting, and two per cent, per annum for call loang has been a common rate for weeks, i What, then, is it? Who can explain the dry rot that exists, with capital s hundred millions more abundant than it was a year ago ? ' Even' Wall street, which should be jumping alive with such a plethora of money, is about as dead as a cookea lobster; and some of the oldest heads on the street tell mo they are not making expenses. Indeed, thousands are living on their capital, which Is' never a pleasant procedure unless it bo an India rubber capital while thousands have nothin g at all to live on. The American Print V Works at Fall River, one of the largest establishments at the East, are to shut from this week and other establishments, it is expected will follow suit. This Kill take the bread out of 25,000 mouths, and cause a suffering that is sad to think of. ' And these things are happening.'not under a stringent money market, but, as I have said, with more currency than the United States has ever before had afloat. Yet we find Congress engaged in adding to the pile, or endeavoring to do so, though its action is almost certain to meet another veto. There are those who look for another panic as a result of the stagnation which now exists, but this is scarcely possible. I had rather believe that when Congress clears out we shall see a more settled and confident feeling; or, in other words, a disposition to put our abundant capital in motion again, instead of keeping it locked up and out of circulation, : as it has been now for months. . ...... I was talking yesterday with the Seligman Brothers, the well known bankers, and who have hosts of friends in New Orleans, and in speaking of the panio last year, Mr. Jesse Seligman. alluded to an incident which occurred at that time, and which .amused him and his partners very muoh. Banking and stock brokers' firms were smashing in every direction, and even Belmont was reported to have " gone." Nor was Seligman's great house exempt from crazy rumor. So a reporter rushed in to ask if the rumor that they had failed was correct. Mr. Seligman smiled, and simply raid. "How can a person fail when Le does not owe anything f The response wai a clincher, and nothing more was heard about the 'failure." What a grand postion every house in the country would be in if they.sdopted the principle of they bankers Seligman, never to owe a dollar ! Claims against the bankrupt estate of Jay Cooke & Co. are selling at 83 cents on the dollar. They have been as high as 45, and a sterling settlement was made at 50. There is talk of a suit of McCulloch & Co., of London, against the bankrupt estate, to test the validity pf a certain small claim. Rumor has- fixed this 'small1 claim at $2,000,000, but this is denied by one of the late partners. Antelope. An amateur reporter sent iu an acconnt of a wreck, in which he stated that "no less than fourteen unfortunates bit the dust." 1 .

Clipped from
  1. The Times-Picayune,
  2. 17 Jun 1874, Wed,
  3. Page 4

chris72796 Member Photo
  • Antelope - Segliman bond story.

    chris72796 – 12 Sep 2013

Want to comment on this Clipping? Sign up for a free account, or sign in