The New York herald., 1873-10-16
GENERAL GRANTS VIEWS REVIEWED.
The Conqueror Of the Rebellion Organic
ing His Fayorite Flank Move
ment in Finance.
ANOTHER FURRY IN STOCKS.
Prices Down in the Morning and Up in the
Afternoon, with Restored Confidence.
MONEY STILL UNEASY

Yesterday showed revival OF spirit on the
Stock Exchange, and prices generally advanced
upon more confident feeling in regard to the
future. The question of resumption, notwithstand-
ing the Importance given TO 1T by the President In
his recent expressions. does not appear to impress
the street with any peculiar force, being generally
regarded as purely theoretical. Notwithstanding
the heavy movement Of specie in this direction
from England there is not much belief expressed
in the possibility Of resumption, the more so that
the Old Lady OF Threadneedle street has now, not
to put it more elegantly, got her back up on the
subject OF specie exports to America, and, in ad-
vancing her minimum discount rate TO SIX per
cent, has sought TO put stop to this outflow.
There Is no danger to US in this however, while
money remains at three and one-half per cent in
the open market, or even five per cent, as re-
ported yesterday afternoon while our export in
terest would be largely benefited should the Old
Lady gain her point by recovery in the premium
here.
Conversing with many connected with Wall
street movements and operators not sufficiently
known to the general public for their names TO
give weight to their opinions, but OF clear sound
judgment, the impression is gained that
RESUMPTION IS NOT SERIOUSLY CONTEMPLATED
as among the possibilities OF the near future, while
even any attempt at is it deprecated in such form as
shows it, too, TO be regarded as unlikely expert
ment. We are too much OF debtor nation 20 try
any such boy play with our creditors abroad or
tempt them with the prospect OF conversion into
gold OF many OF the securities they now hold Of u.s.
The expression OF thought on the part Of General
Grant on this subject is commended as showing Q
lively desire the part OF the government to bring
about this "consummaton most devoutly to be
Wi rac w ha Qan ha wi N.
out injury to the general business Of the people.
Satisfaction is drawn from the fact that President
Grant carefully avoids any suggestion OF purpose
looking TO forced resumption and his antcipatory
recommendations to Congress are regarded with
complacency but another Illustration OF his
FAvORITE FLANK MOVEMENT,
whereby he hopes to become master OF the situa-
ton without rlsking a general engagement. This
is precisely what we want, and with this as the
policy OF the government there need be no fear OF
any cardinal disturbance. In regard to silver
there is general indifference on the street
respecting its return to circulation, and it is not
taken much into account in the discussion OF either
resumption or currency reform. Individuals are
reticent about giving their views tn erte7lsO upon
either OF these questions being uncertain both as
| TO how they stand themselves IN the issue and to
some extent as to the actual facts of the present
situation. 1t is not known certainly how much
gold would be brought into circulation by any ex
pertinent in the way OF resumption, but fears are
ENTERTAINED that such experiment would still
further stimulate boarding when IL was known we
had not the actual coin behind our paper credits.
The point to be sought In resumption is conceded
to be that it shall be inaugurated without popular
excitement SO that it may be alrIy set working in
the domestic exchanges and grow into such re-
cognition that it be regarded indiferentiy before
any formal publication OF the fact be made. In
this connection the
POSSIBLE LEGISLATION
at the approaching session OF Congress Is looked
forward to with much interest III financial and
business circles. II census were taken OF the
whole number included IN this descriptive phrase
to determine their preference In regard to this
legislation the weight or expression would be I'VE
want 70 be lett alone = but there are others among
say the tune has come for reform, let US begin to
look forward TO the possibilities of return to
specie standard, and let us so direct legislation
that it may be brought about with the least possi-
BILE shock to existing currency values. Thus the
great question OF resumption is viewed "the
Street, That there are individual opinions outside
OF this general testimony does not invalidate the
correctness OF this summary OF the noatng mass
OF thought belonging to the stock Exchange that
only on occasions like this finds its full representa-
tion in PRINT. Individual opinions justified by ex-
in great crises ike this we are recovering FROM but
The roI popM has also with it an element OF truth
fulness deserving Of its share or appreciation.
AT THE STOCK EXCHANGE
There was partial revival OF the excitement OF
the panic times yesterday morning IN the stock
Exchange. but as the day wore on and the droop-
ing stocks recovered from the sudden prostratlon
OF the day before better and easier feeling pre-
vailed. While the attendance OF members at the
Exchange was large and eager IL was not SO nu-
merous as In the days before the panic. Some
that the scenes which knew many Wall street
operators but lew brief weeks ago will know
them no more. quite number have left the
street in utter WEAKNESS OF spirit, disGusted
with the caprice OF fortune and the uncertain
ties OF speculation. The opening OF business at
ish interest, and when it fairly commenced
there were rapid sales oil New York Central Lake
IGeao eo ana Mss au ana m
fashion. 1t started out bravey at 81, tumbed down
to 45, rallied to AK and again relapsed to AN.
New York Central passed through nearly the same
vagaries. Lake Shore had similar experience,
and Rock Island astonished everybody by its elias
tcity. Despite these indications OF the extremely
sensitive character OF the stock market really
better feeling prevailed than on the day previous.
These spasmodic excitements are but the natural
result OF the late condition OF panic They the
expiring efforts OF the disease through which wall
street has recently passed, and may be viewed
without serious apprehension In the second
board prices assumed more steadiness ana adj
vanced from one-half to two and a hall per cent. A
we did not reach the end OF the panic before we
certainly have now; tnat the banks were IN q
sound condition ana tnas sne an ew sa an aures @ oi
PETITION OF @. B. GRINNELL AND co.
petition to be adjudicated bankrupts was filed
yesterday by George Bird Grinnell Co. The next
proceeding will be the issue of warrant from
the Register restraining all persons from any in
reference with their property. The action hereto
fore taken IN regard to TINS nrm by creditor named
ton IN that case is dissolved, Judge Blatchiordis
decision the application Of the firm to he thrown
into bankruptcy being In these words:-"in these
matters and all OF them let orders be entered dis
solving and vacating all injunctions granted
herein" This decision gives release TO about
ninety Thousand shares OF stock, and produces
great satisfaction on the street.
MORE SUSPENSIONS.
the house or Gilman, son Co., No. ~ Exchange
place, suspended payment yesterday morning. Mr..
Gilman stated that the cause OF suspension was
the continued drain of deposits, the non-payment
OF collections due to the house and the depreciation
at the Oiice:-
mo checks paid until further notice. Drafts
Will be paid as far as remittances received VIII
allow, by Gilman, Son Il Co., as trustees"
Mr.. Gilman stated that, notwithstanding the sus
pension, the firm was perfectly solvent.
The announcement oil the failure OF this concern
ncca annnd considerable surnrise az IL was ALWAYS