Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-11-08
A Better Feeling.

From the New York Times, Nov. s.
Nothing was done i'll Wall street yester-
| day, the banks, Stock Exchange, Custom
house, and business houses being shut up
as close as on Sunday. The day was passed
by the stock brokers, in most instances, at
the various hotels up town, where plans for
the manipulation of the market were
formed, and the financial situation freely
discussed. The general feeling seems to
be that confidence is at last beginning to
return, and that the future, as far as Wall
street is concerned, presents a brighter
| aspect than it has for many days. The
banks have discontinued the pooling ar
rangement, and are now paying out money
III any sums called for by depoSit0rs.
While it was believed that they would not
be able to stand the strain Saturday and
Monday, they have proved their ability to
do SO, and not only that, but there has been
gain of Sc, 100000 inlegal-tenderS. When
1t was discovered that they were determined
to assist each other to the extent of their
entire capital, and defeat any attempt in
the way of ''run," and that the loan GER
tificate system would be continued, people
who had money in safe deposit companies,
and locked up in private safes and strong
| boxes, transferred it to the banks from
which it was drawn at the beginning of the
panic. Now that it is known that the
banks are strong, and that money intrusted
to their care is safe, there will be an in
creasing line of deposits which will be of
the utmost service in remedying the present
condition of affairs. There is a much
greater amount of money in circulation
than at the beginning Of the panic, but it
has been taken out of the places where it is
usually kept, and where it becomes avail
able for business requirements. The
banks, which have gone through such a
severe ordeal already, will not fail now,
and as they gain in deposits so will none
tary Stringency become thing of the past.
The large manufacturing establishments
throughout the country in many instances
closed, and consequently the capital of
banks in their vicinity will not be called
for to carry on the operations of their chief
borrowers. The money which would Or
dinarly be needed by these concerns will
not be allowed to remain idle, and for
months to come the only place where it can
be used to advantage will be in Wall street.
The stocks and bonds dealt in upon the
Stock Exchange are now lower than they
have been known for years. The roads
which they represent are of immense value,
and with the entire country bankrupt,
would be Of certain worth, based upon the
revenue derived from traffic, which never
ceases. Railroad securities, too, like Gov
eminent bonds, are available at certain
figures in any condition of the market.
The truth is, however, that railroad stocks
and bonds have been forced down by
''bearS" in the Stock Exchange, with reports
of failures and huSinpSS dpnrpSSiOn of every
kind to aid them, to point far below their
real worth. The earnings of different
roads, which suddenly fell off during the
first two weeks of the panic, have been
gradually Increasing of late, and are now
nearly as large as they were previous to the
financial disturbances. The running ex-
penses, too, have been reduced by cutting
down salaries and the lower prices of ma
terial used in repairs and construction.
The panic has also made existing roads
worth more, by putting off for long time
schemes for building new lines in unde
yelOped regions of the country.