Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-09-30
for Opening the STOCK
Exchange To-day.
Diverse Opinions of Its Eifect.
Efforts to Relieve the Carrying Trade.
A Large Manufacturing Company
Fails. &A&.f
shSiock,s Outlook.

low and in that of good dividend paying
stocks very large advance is necessary to
bring them up 10 their actual worth. The
reasons for an advance are: That tbs
money market viii become easy IS soon as
the stock exchange is opened, owing to the
very large quantities of greenbacks which
have been disbursed by the government in its
late bank purchsses;t that an immense amount
of capital has been put into circulation
by the action of the banks in issuing Clea--
ing House certificates which displace cor
responding quantity of currency; that Eng
land is sending over millions of gold which
witt come into active use Immediately on
arrival, and that speculation has had such q
long sleep that it will be all the more lively
when it wakes up again. 81
Diseharging Mechanics.
The disturbed state of the money market
has made it necessary for some large firms
in this city to discharge many of their
hands and to give others only three CT lour
days work q week. A large manufacturing
firm has closed up altogether. Much diff
Guilty is experienced by employers in getting
cash for their wockmen and Oh Saturday
last many were paid either in whole or in
part in checks. In neighboring cities a
similar condition of affairs exists.
The Opening Yesterday.
The week orened with quiet and more
cheerful feeling Foreign exchange was
dullzwith sales of prime bankers sixty days
sterling at 1O4E6105. There is a liberal
supply of grain bills Offering. Gold was
weak and lower chiefly on account of the
order of the Treasury to commence the
payment without rebate of the November
interest, and cable reports of further large
shipments of gold. In street dealings
stocks declined at the opening as compared
with the closing prices of Saturday, bu
afterwards became strong and advanced, the
The Clearing Honse Association will
meet at their room to hear propositions in
regard TO removing the block now existing
in export trade. The bank officers, at theil
meeting this morning, matured a PROPOSE
ton to be submitted to the Clearing House
Committee, and it is thought something
win be done to-day to facilitate the move
ment of crops.
The Executive Committee Of the Gold
Exchange has decided to close the Exchang
hereafter ats O'Clock.
The Governing Committee met again a
1:3O and continued in session until P. NJ
1t was decided on the resumption OF busi
ness tomorrow that committee be ap
pointed to whom all claims viii be referreC
and sales under the rule, if necessary, vii
be made privately instead of publicly. Blu
three days of grace will be granted befor
gong into the hands of the committee
Gold closed at 1I2s.
Night Dispatches-RuIes for Openini
the stock Exchange To-day.
Additional advices to-day touching th
financial situation at home and abroad ar
of reassuriDg character. The re-openin
, of the Stock Exchange tomorrow is 3
event anticipated with much less sppreheT
sion than has heretofore been the case, oW
ing to many private settlements, and to tn
disposition towards torbearance and genel
GUS dealing between man and man. AT To
meeting of the Governing Board OF th
. Stock Exchange this afternoon it was rf
! solved that nothing in their action shoul
be construed as absolving any member froI
. his obligation to the rules; that all partie
= ! to existing unsettled contracts who wei
= | solvent at the closing Of the Exchange, bu
| who shall refuse to surrender their primo
pal or furnish margin or cash in secur
ties, shall be regarded as insolVent; that 6
much of Article 25 of the bylaws as autho
ises an Cfficer of the board to close the COZ
tracts of parties in default, be suspended
to existing contracts during three days al
the opening of the Exchange. The pres
, dent shall appoint a committee OF thre
which shall be in session from 2:l5 TO ~
each day TO determine the equitable mark
: prices to which q margin shall be made
, conform, and to determine the price
4 which the contracts of defsulting partl'
: can be settled; that all contracts shall
u settled by checks certified IS good throug
the Clearing House, but where check
; rendered upon bar L which is not sstisfs
tory, the parties must agree on what sbs
J be satisfactory, but no demand for gree
= backs or currency shall be allowed; that
: Government coupon bonds on which inte
) est is payable Dec. l, shah be called g.
;, coupons from tomorrow.
= Varying Views.
e Very many and among them some OF t
n shreWdest of the Exchange hold to the
r lief that it is yet too early to set in mott
le the wheels of the Sock Exchange machin
n ~. Assuming that great degree OF t
confidence has been restored in this cent
as evidenced by the checking of the runs
the banks, banking houses and savings !
stitutions, yet throughout the country
longer time must elspse before feeling
security can be engendered. On the 9th
hand it is claimed that the moment stoc
can be regularly traded in legitimately, t
greenback and currency which have be
9r boarded during the last week or ten da
IS will be generously sent on here Tor the pl
or chase of stocks and thus gain general C
A, cnlation again and eventually find tn
or way into the banks, thus swelling their
ie serves.
II On the Produce Exchange.
IL Business is decidedly improving at
produce exchange and q much more hope
feeling is expressed. Business is said to
Y getting back into the old channel, and
or elo my apprehensions as to Foreign {
be change appear to be yieldingito brighter pr
poets. A meeting of tha Clearing Il u
Association was held at the late Merchan
w Bank this evening to take action on prol
sition submitted by a committee OF !
Produce Exchange to the committee OF
Bank Presidents with the object of add
Foreign Exchange. Daniel Drew and
Humphrey represent the Produce exchan
and spoke in behalf Of their plan. IL
90 desired the Clearing House Association
20 appoint committee of five, representing
- msny different banks TO buy commert
- - bills with bills Of lad ng and make reqnlsltl
~ - on the loan committee for the issue
: Clearing House certificates for the benz
ns of shippers. The proposition was refer
70 to the loan committee for port at the nj
: ~ meeting, which wilEprobably be held
q morrow.
n n Wesley, Receiver Of the Union Trust {
nt' this morning denied the report that Co
" modore Vanderbilt had returned to
Company their lean to the Lake Sh
no railroad.
- 20 The Loan Committee of the Clear
- House met this morning to continue Inc
= sue of loan certificates. Everything, Io'
- favorable for the banks and public and co
see no reason for further trouble.
A Heavy Failure. (
The Glenhsm Mar ufacturing Compa
a flourishing corporation for more than
of years, having extensive woolen mills
n Glenham, and its ofiics at " Broadw
ut suspended this morning. PRESIDENT u
/ said II WAS dine tn the depression OF Dl