Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1874-01-07
WALL STREET AND TIE NEW YEAR

NO 1ImcS says
The events of the few days in Wall
street which followed the ushering in Of
the new year have been of the most graf
flying kind TO investors who bought up
securities during the dark days ofthe pan.
ic. In many quarters it was feared that
'.hard times" would prevail everywhere
during the winter. and that for months
stagnation in business would naturally
follow. The wonderful recuperative ma
ture Of the country, however, is again
evidenced, and it is still clearer that while
immigration continues, and the country is
growing and being developed rapidly,
financial disturbance can only be tempo
rary. There is no dearth of building
material. no scarcity of breadstuffs, no
check to immigration, and no diminution
OF currency, which is used instead Of sill
yer and gold for money. On the other
hand, the country was never so rich as at
present, and the prospects for the imme-
date future are the brightest possible.
The stringency in money which was &C.
casioned by the locking-up Of legal tend
ers ct q time when the immense crops
were about to be moved, and which was
really the cause of the panic, is now abat-
ed. The Government is drawing every
day largely upon the ga 900, 900 reserve.
and 1t is the opinion of the best financiers
that it will in short time be all in circu-
lation. The gold which came over from
the Bank of England has been used to
good advantage in sustaining the markets
OF every kind and in moving the crops
The present indications are that it will
not be shipped abroad, but will remain
here, where by and by it can be made use
full In bringing about return to specie
payments. At present, money in Wall
street, ct o time when severe stringency
might be expected, owing to the calling
in Of loans to provide for the January in
terest disbursements, is loaning at five or
six per cent per annum, and will grow
easier every day. The best fnanciers
predict that money after the 18th of the
present month will be obtainable on call,
good collateral. at two or three per cent.
per annum. Of course this will promote
speculation on the bull side, particularly
as the securities dealt in upon the Stock
Exchange. in most instances, are far be-
low the figures at which they sold pre-
vious to the panic. There are no wild
cat schemes on hand to swindle investors,
and money will be used in buying up such
securities as are dealt in most extensively
upon the Stock Exchange. The report
OF the banks shows that the loan certifi-
Gates are nearly all cancelled, and that all
danger of trouble with weak banks is
past. The banking institutions left stand
ing have been proved by the panic, and
were never in so good condition as now.
While some have succumbed, those which
are lett intact will do more business, and
make up for losses which they unavoda-
bly, sustained. While it was expected
that very many of the best railroads would
be unable to meet their interest obligations
on the lst Of January, it appears that
comparatively few ofthem have defaulted,
and that by reduction OF expenses they
will be able to pay much larger dividends
hereafter to their share.