The Chugwaters.

Auckland Star, Volume XXIV, Issue 220, 16 September 1893, Page 1 (Supplement)

The Chugwaters.

The old Man Dispenses Information:

on Financial Questions,

'Josiah,' inquired MrsChugwater, as she poured the coffee, 'what does ib mean when the papers talk aboub tho financial situation being strained and tho money markeb unsotbled and all bhab sorb oi thing?' ' lb means thab thero is an uneasy feeling aboub securities,' answered Mr Chugwater, reaching for auothor biscuit. ' What does thab mean t 'Why, stocks and bonds and—urn— speculative values generally.' ' What makos them havo an uneasy feeling?' ' It's bhe operators, you understand, tha financiers, thab have thab. When bhere comes a stringency in the money market—' 'In the money market? Do they sell money ?'

' They soil securities, which ia about the samo thing, only they fluctuate in value. The condition of the stock and bond markeb is an index of the financial situation generally.' ' I don't seem to understand ib any bobber bhan I did beforo,' said Mra Chugwaber, dubiously. ' Whab is ib thab makos money scarce somebinies? Does bbc Government quib making it?' ' No. It's simply withheld from investmenb in ordinary epeculabive channels. Ib'a withdrawn from circulation and hoarded up. Can you understand that ?' ' Y-yes, I suppose so. What does anybody wanb to withdraw ib from circulabion for, Josiah ?' ' Ib'a all a mabber of public confidence,' said Josiah, bocoming slightly impatient. ' When everybody has confidence in hia fellow-men there's no stringency. It's thia ridiculous habit some people have,' he wenb on, warming with his. subject, 'of getting scared about nothing that makes panics. Somebody haa a litble money in a bank. He begins to'bo afraid the bank isn't all righb and he goes down town to take ib out. Ho tells some friend on the way down what he's going to do, and that friend tells somebody else, and it spreads, and the first thing you know there's a run ova perfectly sound bank, and all because some gourd-head haa losb confidence. And bhab reminds me,' said Mr Chugwater, checking himself hurriedly and looking ab his wabch.'that I've gob aboub §600 in old Gumbliug'a Bank that isn't any too safe. I'm going right down town now, as quick aa I can get there, to draw evory cent of it oub ?' And with nervous haste Mr Chugwater put on hia hat and overcoat, shot through the front door, and half an hour later was walking crazily back and forth on the side walk in front of old Gumbling's Bank,waibing for the*** doors to open.' — ' Chicago Tribune.'