The New York herald., 1873-10-01
WALL STREET.
A Valuable Christian Lesson from the
New York Stock Exchange.
HOW TO BEAR AND F0RBEAR.
Taking the Bull by the
Horns.
The Corn in Egypt Typically Re-
ferred to America.
10 TR 81 U N r O!
The Great Conservative Growth of Our
Business People.
10 TRIU N r O.!
The Great Conservative Growth of Our
Business People.
FEEDING THE HUNGRY.

ant era in our financial history for transcending, In
its great results, those dreadfnl episodes OF the
past known as 'S7 and '57. In the familiar lam
guage OF "the boys" we are twenty-one years old
to-day, that is, We have passed from the gushing
period OF adolescence, into the station OF man.
hood, when boysh dependence gives place to
manly sefreance. We have reached the stature
OF a full growth, however much may yet be lett us
to mould that stature into the funess OF grace,
and give 1t dignity and character worthy OF its
birth. The important incident or the day, and
which it may be said gave color to its entire his
tory, was the reopening Of the STOCK Exchange. 1t
was
THE GRAND CLIMACTERIC
of1eelng expectation, thought, anxiety-o possible
rest. Seemingly the mass crowded in there thought
lessly, curiously. expectanrly. When the call was
announced, amidst the most eager striving and
anxiety, the President, bringing down his gavel,
claimed silence. With surging mass OF brokers
before him, calmed however. by the interval which
had occurred since its last meeting from the wild
ness that "mght have been," he briefly stated the
new conditions under which the Exchange
was opened, the regulation In regard to
settlements and other points necessarily
observable in respect to dealings. The
result was a quiet market, some purchases
were made first by an enervescent investment
spirit, which advanced prices, but later there was
q reaction, AMI business, as the HERALD has pre-
dicted, after the furry natural in such an event,
settled down 10 a quiet, conservative tone. Just
before closing Abram b. Bays, chairman OF the
Committee OF Conference with the Clearing House,
ascended the rostrum.
The members having been called to order, he an
nounced that
THE COMMITTEE ON SETTLEMENTS,
which had beenin session from 2:i5 till 245 O'Clock
reported that no new failures had occurred, and
that all disputed contracts brought before them
had been satisfactorily settled The announce
ment was greeted with loud applause.
S. 7. RUSSELL the Chairman OF the Committee on
Settlements, when questioned after the closing OF
the Exchange, said that the committee had been
positively astonished to find all difficulties settled
harmoniously.
Disputes which involved many knotty questions
and were expected to give great deal OF trouble
were among those settled to the mutual satislac-
tion OF the parties.
Men VINO were not expected TO do anything and
VINO had said that they would do nothing had come
forward and. put up satisfactory security. The
committee had expected great number Of suspen-
sions, but, as announced by Mr.. Bays, not single
one had occurred. He believed that confidence
was rapidly returning.
During the day Vice President Wheelock read
Smith & Seaver, brokers. announcing that they
had made their account good, and were ready to
pay all claims against them in full.
or the actual operations it may be said there was
generally
WELL DISTRIBUTED BUSINESS
throughout the list, but the prominent features
were Western Union, Lake Shore, New York Gen.
trail, Rock Island, Pacific Mail and Wabash. Among
the investment shares Delaware Lackawanna and
Western were the principal features selling at
SIS as9a SEA IS. Western Union rose from 6s to
&C co.,. Lake shore fell or from II to 72l.
recovered to 75'4, with latest sales at 74is a
IS; New York Central receded from 92 to 80, rose
to s2a and still later reacted TO 81, with closing
transactions at 9lss a s12; Harlem sold at ia a
ll5 llo llls, Rocs Island at 80 ol "a ssH 81
81 5Osl 5l3s 5iI, Ohio and Missis.
sippi at 295s 80 2ssi 29s, Pittsburg at so 791s
SO, Northwest Common at 43h Az 4s, pre-
Ierred at CT Ga a 65 ST. paul common at 35A
a 324 80 "a, preferred at. SIX So so,
Wabash at 46 4s|s As, Hannibal ana st. Joseph
common at "a rs 23al "a, O., q. and |. G at p
2S1s 227i 2S1s and Union Pacific at 21 1914 a
The main feature OF the day in respect to general
anxiety was the foreign exchange market. Prices
nuctuated extensively during the day. The leading
bankers advanced their quotations step by step
sixty days sterling and los or sight. Early in the
day sales were made at 1o51s, and afterwards up to
sight bills sold ali the way rom @ 1877 SlTs to PoT
Commercial bills were in demand at quotations
about 4 ~ per cent below bankers sterling.
This improved condition OF the foreign EXCHANGES
will start the export tfade, and more set the
crops in motion. The benefit likely to arise from
the Improvement IN the exchanges to-day cannot
be over estimated
Thus it may be said Have we reached the end,
the wind up OF period of distrust that threatened
dire dSasterY And hOw2 The average AVS re-
porter outside OF a legitimate newspaper connec-
ton would picture the Stock Exchange to-day as a
scene OF tumult: but wish TO correct this I'M
preston, as iollows:-"The Committee OF Three,
appointed by the Governing Committee OF the
stock Exchange to adjust differences between
members under the rules adopted yesterday, met
at fifteen minutes past two O'Clock and adjourned
before three O'Clock. 1t was found that nearly
everything had been settled up privately, and
tee."
10 Tri,tafo might be safely uttered by the men,
bers OF the New York Stock Exchange upon the |
events OF yesterday.
from l12s to 111'S, and closed at 1113s 11l The
market was moderately active, but speculation was
not attended with any special features.
Tne rates paid Tor borrowing to-uay we're l-64 ana
1-s2 per cent to dat and, for carrying, ls2 and
lilo per cent. The 1nal rate was l-32 for carry
ing.
was nrmer, the basis OF 1864 asked for sixty |
days, and los for sight. further withdrawal OF
ESQ, 900 OF bullion from the Bank OF England for |
shipment here Is reported.
IN BREADsTUFFs
the nour receipts were IL, 740 bbs. There was |
better tone to the market for all grades, though /
the business was not particularly active still
holders were not so anxious to realize. The de-
of extras were inquired Tor to fair extent. The
bulk Of the sales was OF local character and ag-
greaated 5000 bbls., including Western shipping
extras at SO 25 a s6 rs, State extras at s6 50 a
So so. Wheat receipts were Alb, 100 bushels. The
improved tone In the market which prevailed Mon
day still continues and buyers are operating quite
freely, some holders even asking a little more
money, but the stock on hand Is large and buyers
rather have the advantage. Sales were In good
part for shipment, as the market Tor exchange was
better. sales all told l2s 900 bushels includ-
ing car loads OF No Chicago at 81 3S and full boat
q n n
No. spring at 81 IS 81 361 and Northwest 81 40.
MONEY
Is once more In motion. Early i'm the day lenders |
exacted per cent per diem but later the rate fell
to y, and at the close loans were made between
the brokers' At per cent. The events OF the day
are likely to unlock large amount OF money and |
restore TO active circulation the currency with
drawn through lear last week. Greenbacks were |
az premium OF per cent early in the day.