Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1873-10-01
The Financial Situation.
Reports Generally Favorable.
Opening of the Stock Exchange
RENEWED ACTIVITY.

New York, 80. Affairs continue on Wall
street to improve in financial circles, and un-
less some unexpected check is given, it is
| simply question of time, and short time at
that before business will arrive at a normal
condition, SO far as the regular markets are
| concerned. No failures are reported to-day.
The improved condition of the foreign ex-
changes will start the export trade and once
more set the crops in motion.
The benefits likely to arise from the i'm
provement in the exchanges cannot be over
estimated.
The stock market opened rather steady,
but prices soon fell under considerable heavy
sales, though there was no excitement.
The brokers seemed very much pleased to
get back again into the exchange. The mark
ct closed with partial reaction from the low
est prices of the day.
The President of the stock exchange, II.
G. Chapman, this afternoon, said he thought
the reopening of the exchange had occurred
in very favorable manner. There had been
no unusual excitement and the business had
proceeded as on an ordinary day. Stocks
had taken their natural course with reaction
from what might be called fraudulent high
prices of the street, as there had previously
been. From the fraudulent prices there had
undoubtly been real transactions at all of the
street rates; but only with an open exchange
could there be a genuine market and the
value of stocks be tested. He thought the
reopening of the exchange had been very ben
| eficial and that the financial excitement was
about ended.
The stock exchange closed as usual at 3
o'clock this afternoon, after day marked by
no important event except its reopening and
consequent general increase of confidence.
Just before closing, Abram B. Baylies,
nf fhn Cf
with the. clearing house, ascended the ros-
trum, the members having been called to
order, he, announced that the committee on
| settlement who had been in session from 2. 10
to 2.45 o'clock, reported tina no new failures
had occurred, and that all disputed contracts
brought before them had been satisfactorily
settled The announcement was greeted with
loud applause.
S. T. Russell, chairman of the committee
on settlements, when questionned after clos.
ing the exchange, said that this committee
had been positively sstonished to find all the
difficulties settled tremendously. Difficulties
which involved many knotty questions and
were expected to give great deal of trouble
were among those settled to the mutual satis-
faction of the parties. Men who were not ex-
pected to do anything, and who had said that
they would do nothing had come forward and
put up satisfactorily.
The committee had expected great num-
Der of suspensions, but as announced by Mr..
Baylies, not a single one had occurred. He
believed that confidence was rapidly return
ing.
1t is stated on authority of the clearing
house officials that legal tenders were receive
ed from the interior to-day in considerable
amounts.
Chicago, 80. The final suspension of the
Union National Bank to-day depressed prices
and the market ruled very quiet.
Washington, 80. Treasurer Spinner will
respond TO the request of the National banks
for the payment of interest on their new five
per cent. registered stock in the Treasury as
security for circulation and public deposits by
sending their checks for the amount of inter-
est due on the first of November, on such
bonds less rebate at six per cent. per annum.
Memphis, Tenn, so. The most response
BILE merchants in this city, have subscribed
and paid in $500, 900 to the first National
bank, which will enable it to pay all labi-
ties and resume business.
Charleston, S. C. 80. There is an improv-
ed feeling in money circles here. The Ma
tional banks and Union bank pay currency
deposits larger than disbursements. Three
fourths of the cotton sales to-day were for
greenbacks instead of exclusively for ex-
| change as had been the case since the crisis
commenced.
Cincinnati, 80. There was no very particu-
lar change in the situation of financial affairs
here to-day. The opening of the New
York stock exchange was looked to with
great deal of interest and the work Of the day
has been received with much favor. More
orders for provisions were received here to
day than for a number of days.
Everything in connection with the clearing
house is considered entirely satisfactory.