Knoxville weekly chronicle. [volume] (Knoxville, Tenn.) 1870-1875, 1873-10-29
FINANCIAL AFFAIRS In THE EAST.
Predictions of Future EOmbinatiOns-The
General situation Improving.

General situation Improving.
! The New York Times editorial of the
Goth says:
! Business improved very much last week,
| and there is no reason why the improve
ment should not be still more marked this
! week. Every vessel that leaves the port Is
| filled with our products, and foreign mar
kets can take as much more as we are able
to send them. We have commodities tor
sale which the world can not do without
| They must pay for them in money, for we
owe them little or nothing. The balance
of trade is all in our favor All that we
want among ourselves is a return of conf
dence. People are at present frightened
at shadows. Let those who have drawn
their money out of banks put it back
again it will be much safer there than in
old stockings. Economy is always wise,
but there is no reason why people should
be afraid to buy what they actually want.
Trade will soon flow in its usual channels
if people will turn deaf ear to the alarm
lists.
AN ELASTIC CURRENCY DEMANDED.
The New York Financial Chronicle ar
CUES that about S50, 0O0, 900, under the usual
500, 100000, is about the right contraction
of the currency in the non-business sea-
son of the year; but how to expand and
how TO contract is the query, and the
Chronicle suggests, first: One or both of
the following arrangements from June to
September. Let the banks be required to
keep a certain amount of extra reserve in
greenbacks, in addition to present require
ments. I'd. Let arrangements be adjusted
for treasury receipts and payments that
the currency balance i'll summer be sew
eral millions in excess of the average
amount OF the regular working balance.
Sd. Let these arrangements cease from
October to May, so that currency accumu-
lated in bank and in the treasury during
the summer cease to he passive and grad
ually expand so as to help business as the
active season advances.
VANDERBILT MATCHING UP NEW PLOTS.
The Times report of the general talk
among the brokers at Fifth Avenue Hotel
is as follows
In many quarters Commodore Wander
blt is accused of deep-laid plan to obtain
control of still greater amounts of New
York Central Harlem, Lake Shore, and
Western Union than he recently owned,
by allowing the obligations to the Union
Trust Company to go unpaid. a meeting
of the directors of the Union Trust is to be
held to day, at which important measures
looking to an increase of the capital stock
from 81 900, 900 to $4,000 600, and speedy
resumption of business, are to be consider
ed. The plans of Vanderbilt, so far as
TuilOT goes, are 10 lHduBuIdle u Jun ulONc-
ment in Wall street by paying up the Lake
Shore loan to the Union Trust Company,
and inducing the Directors of the Western
Union Telegraph Company to declare o
four per cent. dividend upon the capital
stock. 1t is said that the real object of
Gen. Mcclellan in visiting Europe is to
make some arrangement in regard to the
payment Of about 100000, which, it is
rumored, is due from the Atlantic and
Great Western Railroad to the United
States Rolling Stock Company for the use
of its locomotives and cars. The Rolling
Stock Company is anxious to get the
money due to it, particularly rs railroad
traffic in all parts of the country is in de-
pressed condition, and the longer the day
of payment is put off the less chance there
is likely to be of the Atlantic and Great
Western meeting the obligation. Rumors
prevailed at the Fifth Avenue Hotel of
trouble in Erie circles in London, in con-
sequence Of the recent severe decline in
the price Of the stock.