The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1873-10-17
NEW YORK CITY.
An Entire Change In Wall street Yes.
terday...Depresslon Turned Into
sIlnnvaaav

| buOyduCys
New York, Oct. 1G.-The payment G
the semi-annual dividend Of the Nev
York Central Railroad was resumed thi
morning. Some oil the newspapers 10
innate that Commodore Vanderbilt die
not present scrip for his dividends. In
quiry, however, revealed the fact that hi
has drawn the full amount due.
At the Stock Exchange to-day, Phillil
speyer & Co, Scott, Armstrong q Co
and Alcott g. Co., had stocks sold under
the rule for account Of Grinnell & Co, a
follows: 5000 shares OF Union Pacific q
1Se419; 8, 200 shares oi Lake Shore al G0E
aO7E, 300 shares OF New York Central a
S34, 100 shares OF Pacific Mail at 32t
zoo shares OF Rock Island at S9s, and 2Ot
shares Of Northwestern at 3ss,
In explanation Of the sudden rise II
Vanderbilt stocks number OF frumors art
ahoat. Among them Is one OF ALLEGED
sales OF $40 ,000,0 900 in Vanderbilt special
ties 10 German bankers, the proceeds o
which are 10 be used by tho Commodore
In promoting a vigorous bull campaign
1t Is said that the Commodore has bought
largely to-day.
The Post says the day has beeh one ol
unhealthy buoyancy at the Stock Ex-
change, and considers the development oi
bull speculation OF present as uniayorable
Some prominent brokers believe that the
present strength only precludes to another
break.
The Express says the question oi
the banks resuming greenback pay
ments Is now being actively discuss.
ed In financial circles, especially as 1t has
an important bearing on the general sit.
uation. While the New York banks are
In state Of suspension, tho people In the
country have q good excuse for not pay
ing their debts 10 the Atlantic cities, and
consequently, collections are much slower
than they would otherwise be. In differ
ent parts Of tho country National Banks
are gradually resuming currency pay
ments, and this business would make still
greater hesdway If tho banks Of New
York and Philadelphia should resume
The Philadelphia banks hsve about three
million dollars Of their reserve In this
city, and II they cannot resume until our
own banks do, It does mot follow that
this money would be withdrawn from
New York In case Of resumption here,
but on tho contrary, It would probably
remain, as the Philadelphia banks
would not draw 1t as coon 1t became
apparent that they could get 1t. Resump'
tion by the New York banks is an i'm.
portant step In the restoration OF conf.
dence, and this can only be accomplished
by giving up the present system ol pool
ing greenbacks, which has always been an
injustice TO strong banks able to take care
OF themselves. These banks have carried
through the recent panic about dozen
weak banks, and 1t is but natural
they should desire resumption. These
weak banks would no doubt be called
upon to liquidate largely in consequence
of the withdrawal oi deposits and the can
collation. of accounts, and possibly some
might have 10 ,be wound up, but our
banking system would be placed on q
stronger basis, and the effect Of the re-
demption here would be telt tavorably
throughout the country. The deposit of
our city banks now range from $144 000,.
900 to $150,O00,O00, and the greenbacks
reported are from $5.500,000 to $6,0OO,'
600. It will be seen that the percentage
Of greenbacks to the deposit Is only about
4 per cent. and adding the city bank cir.
culation Of $2s ,O00,0 900, the percentage Of
the greenbacks 10 the total liabilities is
less than the percentage to deposit. This
Is certainly not brilliant exhibit, and the
only way toimprove 1t Is by discussing the
question and suggesting remedies. The
managers of sound and conservative
banks are daily refusing deposits OF green
backs for the reason that come or q large
portion ofthem will be Immediately taken
from them by the clearing house system
of "scaling." Where bank officers do &C.
cept deposits Of greenbacks they general.
" exchange the same for National cur
rency, II possible, at the Sub.Treasury
and by this means they arc enabled
to keep class Of currency on hand that
Clearing House cannot take away from
them. We trust that the Presidents will
take early means 10 restore currency pay
men,s, and thereby prevent New York
from being behind all her sister cities In
this important matter OF resumption.
NEW YORK, Oct. 1G.-At the session
to-day of the Transportation Committee
oi the U. s. Senate, Carlos Cobb, Of Mem.
phis, made q favorable statement concern
Ing the transfer facilities and storage ca.
paciiy Tor grain at that point.
jay Gould has been removed from the
Presidency Of the New Jersey Southern
Railroad and A. NJ. Serrat elected as his
his successor. Gould Is not even dircc
Tor now.
Eleven hundred dollars from the Pro-
duce Exchange were forwarded TO Mem
phis to-day.