The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1873-10-03
THE FINANCIAL OUTLOOK
Symptoms of Returning Con-
fidence.
THEFLOWOF CURRENCY.

Before the opening of business the
firm had served on them an order issued
by the q. s. District Court in bankrupt
cy, returnable on the 11th inst, to
show cause why they should not be ad-
Judged involuntary bankrupts. The
order was issued on the complaint of O
creditor named Henry Meyers, residing
in Dutchess county, this State, who
complains that the firm refused to pay
him the balance to his credit with them
and they were bankrupt. Accompany
ing the order was an injunction re-
straining the firm from disposing OF
any of the their property and also their
creditors from selling or disposing IN
any way any kind OF securities pledged
as collatersls.
The effect OF this legal proceeding is 10
tie up for the time being, or until tue
court otherwise orders, all contracts
whish the firm have at the Stock Ex'
change and on the street. This
bankruptcy proceeding will raise an
infinite number of questions as TO the
liability Of brokers on contracts. 1t is
said that at least 1900 shares Of
Lake Shore are locked up by these
proceedings. There is considerable feel"
ing at the Stock Exchange at the turn
which the affairs OF the firm have taken.
The reputed contarcts OF Grinnell Il Co
were discussed this afternoon by tie
Governing Committee OF the Stock Ex-
change and members Of the firm were
called before the committee. When
questioned regarding their contracts the
mem bers of the firm refused to answer
any questions, whereupon, before ad-
journing, the Governing Committee
adopted the following:
WHEREAS, G. B. Gripnell aud j. {.
Williams have refused to comply with
the laws Of the New York Stock Ex'
change, therefore,
Resolved, That they be declared no
longer members OF the association.
4 member OF the Governing Commit
tee said this afternoon that he believed
the bankruptcy proceedings would be
favorable, as the stocks of GrInnell q
Co. could not be preci pitaled on the
market at present, so that one cause for
q depression was removed. In regard
to tue stock market he considered that
the feverish feeling this morning end
the general falling off in prices was
caused by the lack OF banking facilities,
the banks re lusing to certify checks un
less money is actually on deposit Gene.
rally he thought the aspect affairs WAS
favorable. Mr.. Grinnell says the
cause OF suspension is precisely as with
other houses which have goue under.
He says they cannot yet give the esIi'
mate Of assets or liabilities but is con
fdeDt the firm will pay every dollar il
owes. 1t is not ascertaind whether they
will resume or not.
After the excitement Of the announce
ment of the suspension OF Grinnell u
Co. had subsded, there was gradual
rally in the prices OF stocks and quo
tations ruled higher. Towards the close
of business the market became firm
and almost buoyant. nearly recovering
from the decline of the morniug. 1t is
that q combination has been
formed among the strong honses TO
sustain the market at present figures.
Among brokers generally there ID o
greater degree of confidence in the fu-
ture than was supposed would be ex-
hibi;ed after the decline this morning
They say that ITO morrow and Saturday
show the same record in the stock
market as to-day the relief that will be
on the street will be more
perceptible and that next week will
open much more cheeriully.
The flow OF currency from New York
to aid the country banks. has material
ly dropped, and in some instances adj
vices received, State that currency is
flowing this way. The President OF
the First National Bauk, declares that
more than double the amount OF cur
repcy has been received in this city
from the interior, within the past day
than has been sent out oil it, and funds
now begin TO accumulate in the banks.
Fisk g. Hatch are engaged in per.
fecting q plan for the resumption OF
business at an early day.
At the Produce Exchange there was
considerable less activity to-day than
yesterday, although the market looks
in q healthy condition. Holders are
disposed to insist upon full prices.
Despite the less active movement Of the
Exchange everything is now moving
along with considerable freedom, and
contract buyers take stuff without de-
lault still there is an unnecessary tone
and disposition to move with great eau.
ton.