market somewhat, the Treasury bought about $13,000,000 of National
securities on the Stock Exchange, but, lacking resources, that was the
only effort it could make. The German Government invested quite a large
sum in the new five per cents., so that the advance in public securities
lasted through the whole year: the market rate for 5-20's advanced from
91 per cent. in April to 96 per cent. in October, in the midst of the
market's panic.

The $15,000,000 of indemnity awarded by the Geneva Court of Arbitration,
and paid by England for having admitted privateers into her ports, was
put into 5-2O's. Apart from this strength in the public securities, the
railway obligations, especially those upon new roads, were very much
depressed; they could no longer be placed, ninety new companies having
stopped paying their coupons, whilst those of the old lines held their
quotations.

Great speculators, Vanderbilt at the head, formed syndicates, embracing
several companies, and made prices as suited their plans. The death of
Mr. Clarke in June dealt the first blow to this combination, and the
failure of George Bird Grinnell brought about its dissolution.

The liquidation of this tremendous concern kept down prices for a long
time.

The price of gold, still quoted at 112-1/2 per cent. in January, 1873,
rose to 119-1/2 per cent. in April, superinduced by speculation, for at
the height of the panic it declined to 106 on the 6th of November.
It is true that at that time all doubtful accounts were liquidated,
and demands for gold had disappeared; if we were to rely upon the export
figures only, we would find them less than in the preceding years.