Year: 1873

CLOSING AND OPENING OF STOCKS.


WALL STRET, l


Monday, Sept 29-6 p. M
Not q cloud even so large as a mans hand, could
De discerned to-day on the horizon OF Wall street,
and 1t was only here and there that one heard
doubt expressed that the lorce OF the storm has
not passed away, to be succeeded by healthier
calm. Money was easier, loaning with considerable
freedom at d per cent and interest. This in itself
was significant. The bankers considered plan
for the purchase OF exchange and the movement of
crops. This was also encouraging. The Sub
Treasurer began the payment OF the anticipated
November interest-likewlse hopeful sgn-while
the reports pouring in across the ocean cable, of
gold en- route and buoyant market in London,
served to cap-sheaf all the encouraging features of
the situation and give TO men more hopeful faces
and cheerier voices than they have had for week.
The


GRAND INTEREST OF THE HOUR
is concentrated upon the possibilities that attach
to the opening and conduct OF the Stock exchange
to-morrow and it is not too much to say that less
apprehension is felt as the day closes, and since
the publication Of the resolutions Of the governing
committee, the salient points Of which are:-Frst
that all parties to unsettled contracts shall furnish
q satisfactory principal or furnish margin in cash
or securities, or be regarded as nsolvent Second
that rule rs, which closes contracts IN default, be
suspended as to existing contracts for three days.
and that committee be appointed to determine
the market price at which the contracts OF default
ing parties shall be settled Third. that all con-
tracts be settled by satisfactory certified checks
good in the Clearing House, and no demand for
greenbacks or currency be allowed. From the
present


LIGHT UPON THE SUBJECT


1t is dincult to conceive OF wiser policy that
could have been adopted. 1t partakes of a treat
ment that Is at once heroic and aleviative There
Is nothing homeopathic in the administration of
the medicine, but, at the same time it applies the
principle, "Stnltlia stnitoass curantur" The grave
question now to be considered is as to the course
Of speculation. For more than week there has
been market that established in the street,
where prices have widely nuctuated, depending
entirely upon the character of the transactions
and the financial outlook Of the moment. These
prices may or may not have been artificial; but, in
either case, 1t would seem to be impotic to ac-
cept them as the basis OF the renewed business in
the Board. There are two contingencies about
which 1t is we'll at this junctuIe to ask few ques-
ti0ns. First,


CAPITAL TO LARGE AMOUNT


Is said to be awaiting the opening OF the Stock Ex-
change, and the owners thereof hope to avail
themselves of reasonably low prices in order to





with an unnatural imitation Is it not reasonable to
suppose that this capital will be frightened away,
especially IT, as is confidently anticipated, high
prices are followed by sudden decline ? Win not
this fact in itself indicate instability and naturally
delay the opportunity for investments In other
words, would it not be more advantageous from a
general standpoint to commence at the bottom
and work upwards than to commence at the top,
then trip and tumble9 Second, If there be any
benefit to accrue from


THE RISE IN STOCKS,


Will it not be attended with unhealthy and
dangerous excitement9 No one can tell at this
moment how many really broken firms there are
in the Stock Excnan~c. who in their anxiety to
preserve credit Vii. wiily push prices to tnelr
extreme. La. tie stock Exchange as body
more willing to stand by these gentlemen, how
ever worthy they may be-perhaps at the expense
Of q new panc-than to acquire additional work
ing capital, for which the broker community have
been praying for last years, and which will
cnly show itself when prices are at fair min
imum 1t is said that higher prices will elicit


THE CONFIDENCE OF THE MONEY LENDERS.


No prudent man will lend greenbacks or any
other currency at this peculiar time on security
that has in itself either an element or symptom of
unsteadiness. Hence II the market shows soon
after the opening the pressure Of unnatural forces
the presence Of body OF men who are intent
simply on personal salvation and who may close
their headsn in their endeavors to regain their
credit, sacrificing at the same time in their i'm
patience the good OF the Of the fraternity, Is
1t not prudent, is it not the suggestion Of good
Judgment, il 1t not essential to the absolute well
fare OF the entire situation in all It's length and
breadth that individual members Of the Stock Ex-
change shall exhibit sense, reticence and con-
servatism in the freest meaning Of these terms to
the end that they may successfully contribute the
large influence that must now from dscriminat-
ing use of their business opportunities Those
who desire answer to these questions will nnd the
logical influences amply conclusive. AS regards


TIE VALUE OF STOCKS


there Is really little to be said but it is PROPOSE
tlon not requiring demonstration that by their
recent contraction the purchasing power OF a
greenback In It's relation to the stock market has
augmented from five to fifteen per cent. In other
words, while our currency has been actually in
nated to the extent OF say $685. 00Oo 900 during the
past week, It's purchasing power has not only in
creased put It's value, in comparison with GER
tined bank check, is represented by a premium Of
from three to I'VE per cent This IS another of the
curious anomalies Of the situation.


THE GOLD MARKET


to-day did not appear to be directly affected in its
fluctuations by other than local influences How
far 1t may have been agitated by indirect causes.
such as the news OF shipments from England the
payment Of the November interest on the nnbic
debt, possible future demand for coin or n d,sno.
siton to "lock up" 1t is difficult to say. The mar
ket showed no unusual excitement, although
active. The price opened at l1s, declined to ll2s,
rallied to 1l2X 49, went or again to 11lx, with
rally to 112x O 112h 1929. Loans were made
at nat to Il per cent for use; but at the opening
and close loans free OF interest to either bor-
rover or lender. After the market an offer Of
$4,000 in gold was made for 1oss in currency.
This approximately represents the difference be-
tween greenbacks and certified checks The prices
OF gold to-day were


10 A ::......... 113h II 80 a. M........ 112ik
A''0i A. A''....''' us'' H;0' J. N'...'... ll2'.