New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-09-30
RESUMPTION OF STOCK SALES.

clearly apparent.
RESUMPTION OF STOCK SALES
-11r GREAT EVENT LOOKED FORWARD TO WITH
NEUTRALITY-SUSPICIOUS. DAYS MORE ALLOWED FOR
THE SETTLEMENT OF panic" CONTRACTS.
feeling of positive cheerfulness character
izsd the opening OF business in Wa-st, yesterday
nearly all the brokers' forbidden 10 join the hury-bury
81 curbstone operators looking confidently forward 10
She reopenng Of the stock Exchange, which is to be
tle great event Of to-day. Much OF the complication
shat has existed for the past ten days has been done
away with Many CT the prominent houses report that
with few exceptions they have Effected settlements OF
their transactions before and during the panic days
It's the belief of all who well informed that the
abatement of these transactions Will greatly reduce the
number Of insoyent defauting members of the Ex'
change who will be reported on the reopenlng
OF that institution to-day. On the evendul satur-
day when the Board adjourned 10 prevent further de
probation values and to repress the panic is sald
That the vicePresden held in his hand 80 notices Of
suspension of members who could not meet their en-
gacements but owing 70 the excitement he was unable
o. read them TO the Board Nearly all Of these members
have withdrawn their notices and having settled thelr
transactions, are prepared TO resume business Some
failures however inevitable, and several Will he
announced at the expiration OF the three days
allowed by the suspension of the rules 1t is 10 lessen
TIE number as much as possible, and TO render settle
msnts between brokers easy as possible that the
members of the Governing Committee Of the Exchange
have been directing their attention Their operations
from time to time have been noticed III THE TRIBUNE,
but until yesterday they have devised hle Of practical
elect
As the time for opening the Exchange rapidly APP
proachng it was essential that some measures should
b. taken to facilitate the general resumption of bust
moss with the least possible loss or risk TO all concerned
Accordingly the Committee met at 1880 a. H. yesterday,
and resoutely set themselves TO the task After long
Cd Tho ,l1ov -ir,t,r ,r,t
hons: 60 IS
Resolsed That nothing in the action OF the Governing
Committee Of the New-York Stock Exchange shAu ne
construed aDsolyng any member from his Obligations
Resoiced That all parties TO existing unsettled con
tracts who solvent at the closing OF he Exehahge
but who shall refuse 20 surrender satisfactory pr1VF
pal furnish margin IL cash OF securities shdII DC
regarded as iusOYent 40. -
authorizes the Board 70 close contracts OF parties IN
default be suspended as TO existing contracts during
President shall appoint Committee OF three wbch
shall be in session from p p NJ unl 2 O'CLOCK p M 10
marquis shall be made conform, and also 10 deter
the market price at which the contracts Of DEFAULT
lng parties shall be settled.
eSOlred That all contracts shall he settled by checks
rcrtifed ~ Good through the Clearing house where
check is rendered upon bank which Is not sauslac-
tory the parties must agree upon what shau be satls
factory. But no demand for green0acks or currency
Resoioed, TGat all Government coupon bonds on which
Che interest payable Nov le shall he called eXcoupon
after tomorrow.
The main feature the resolutions is that three days
additional are allowed for the settlement Of panic
contracts Much arbitration and litigation Will grow out
OF these transactions but the members of the Commit
Tee regard these troubles unavoidable some failures
The Exchange hours will continue 70 be from 10 a. H.
until 3 p. IN, for the present.
VIEWS on THE REOPENING OF THE STOCK EXCHANGE
The proposed reopening of the Stock Exchange to-
day was a subject OF general discussion among the
bankers brokers' aud street operators, yesterday Its
probable effect 90 commercial and financial interests is
such Importance that the views OF prominent bankers
and operators thereon sought yesterday by THE
TRIBUNE reporters
George Opdyke Co. stated that they dealt so little
IN stocks they had hardly formed very opinion,
Dat they believed the reopeung of the Stock Exchange
would produce trouble provided it true,
ported the operators have generally settled
themselves. The Governing Committee have acted
with such good throughout that doubtless they
had considered this point and have assured themselves
OF general settlement before ordering the reopeung
A few small operators be sold out under the rule
but Otherwise there seems TO De 10 apprehension OF
trouble.
Edward Raght Of wallst. said the reopeulng OF the
Exchange would be most beneficial Il the rules should
be suspended fifteen days. Prices would then
regulate themselves a basis somewhat approaching
values, and feeling of confidence would be restored
Many millions Of dollars are ready to come on the
market prices are regulated. A great MANY
merchants drew their deposits during panic put
them their boxes, and slowed them in the safe
slowed away IN this manner which only awaited the
reopeBiuc OF Stock Exchange aud the restoration
siorkdeaDg and OF business " BE- put on the market
again While the effect would be highly beneficial IL
the rules were suspended, il would he extremely dis
astrous on the other hand, II they not, and
worse pauic than before would ensue. The spirit OF
uatiOh would drive prices again out OF their normal
condition. under the rules stocks might be sold
AT inflated depressed prices every day. without
regard 10 values. The Old trouble would theI
retnIn; confidence would be again destroyed and tho
rest be iOreseen.
W. sehgmsn banker Of Broad-st., thought the re
opeuing would be very salutary If the rules sus
pended for three days. The boarded money would
ont for II is all the country. Notwithstanding III
stnneency, the is not destroyed There may
b somewhat less OF IL D the city. because great dea
has heeD sent 10 The country, but large amount OF IL II
mere and only unavailable because holders are timiC
and lear for the stability Of values Let the STOCK TX
change reOpen aud opportunity be given to operators by
me sussiOn the rules 10 settle among themselves
and urices would adjusted 70 values, cODndenct
would ne resOred and the money would pour out again
PDT,yD exchange would be iOOsencd IL ls already
Tsng and sells better prices to-day tnan u Ola sdu
day. Tue great crops wOuid Deglu 70 move anu ina
after ala II The great necessity of The moment
KBots Of operators on the street talked IN smllSi
vein They said nearly all the operators had settled
among themselves, aud IL was known that one large
house preparing TO settle up an immense operation
OF the panic days" on q basis OF mutual concession
They seemed to think it generally understood that tht
ruler would he suspended when the Exchange rtOpehcd
aud the disposition seems 90 he 20 " maTglD o'TIy
GI4s IA.Ler Ina" '"'~S 0DeTatorA s0uDd Stoc" "0uO