The New York herald., 1873-10-17
Revival Of the Speculative Spirit
Of Wall Street.
STOCKS UP AND MONEY EASY.
BuOyant Outlook in the Prod
uce Markets.
The Question Of Re-
sumption.
OPINIONS OF BUSINESS MEM.

Yesterday showed very marked revival Of
spirit in the Wall street markets, especially notice.
able late In the day, with sudden turn In the
monetary situation that brought currency on the
street seeking employment at as low as three per
cent. What this means-ifit means anything more
than stockjobDing trick-it Is difficult to say but
the game now being played, II game there be. or
any one strong enough TO control IT. would seem
to be alternate contraction, with tghtness, and
ease, for the purpose OF helping short turn In
stocks. Wall street Is temporarily In STATE OF
anarchy. 1t has dethroned its kings and finds its
freedom no more satisfactory than do the French
people their transition government. With "the
Commodore" suspected of weakness, what Is left
the average Wall street operator on which to build
condolences
ICoNoCLAsM RULES THE HOUR,
and the high priests, once SO honored and re-
spected In the Temple OF Mammon, ind no longer
humble worshippers as OF yore, bringing gifts OF
propitiation. What the end will be Ia happily q
question that late experience has proven to be
more circumscribed in the sphere of its relevancy
than was feared Wall street may be permitted to
recover It's lost prestige and It's kings to struggle
anew for pre-emnence without other feeling than
curiosity, provided commercial interests do not
suffer In consequence. And despite certain
gloomy sense OF insecurity because Of the many
other markets appear to be working healthily
enough, although not with that animation usual 40
this season OF the year. The action OF the banks,
In curtaiing their ommodation to the street in
order to give increased facilities to commercial ex-
changes, has had the erect designed in relieving
THE PRODUCE MARKET
nom the pressure OF the Wall street crisis. Yester
day the outlook there was said to be very
promising, with o steady export demand fully up
to the current supply. In spite OF the derange-
ment OF our domestic system OF exchanges BY the
recent monetary stringency, the fact that Europe
wants bread and wants it SO badly as to send gold
for it, has STAYED or the apprehended deadlock"
which 1t was feared might interrupt the steady
for ward movement from the West. Matters at
THE COTTON EXCHANGE
show similar satisfactory condition, with the
usual average OF dealings for this season and only
q slight decline in prices.
"uNDER THE RULE"
The following sales were made yesterday az tne
Stock Exchange under the rule, for the account OF
Grinnell & Co., having been ordered BY Messrs. T.
Co and Ocott j. Co. 5000 shares Union Pacific.
a 100 shares Lake shore, 800 shares New York Cen.
trail 100 shares Pacific Mall 200 shares Rock lsiand
and 200 shares Northwestern.
THE NEW YORK CENTRAL DIVIDEND
Payment OF the New York Central DIVIDEND was M
continued yesterday. 1t being limited that the
Commodore would not present the whole OF hls
scrip for payment inquiry at the office OF Duncan,
Sherman 4 Go. ELECTED the statement tnat he had
done so and received the iull amount due.
THE UNION TRUST COMPANY.
the afrsirs OF this Company are stIll at work Mr..
z. B. Wesley, the receiver, when questioned yes
tsrda said that the cempaNny mould either @Y
dend-tf this could be done legally.
GOLD TOUCHED 107x,
the lowest quotation yet made since 1891 The
other extreme Of the market yes yesterday was losh,
OF the premium in period OF much alarm and dis
trust is one OF the anomalies Of the present situa-
ton, and although due in large measure to the
heavy aa o he ths otsef ernbsm naee
awaiting q satisfactory solution. This decline.
taken in connection with the Presidents expressed
views on the subject. has started anew the discus
sion OF the subject OF resumption as an event yet to
be consummated. In this connection the opinions
given below Of gentlemen having an interest in
such an event will be found interesting. They are
various; but the subject Is one that suggests dl-
ana y NV win net pe DSrue a II ma
mind Is made up now as to what RECOMMENDATIONS
he would make II he were now writing his message,
yet he may be led to change or modify his views
before the time comes to put them into shape.
VIEWS OF BUSINESS MEN ON THE SUBJECT OF RE.
Mr.. Norton, OF the frm Of Norton, Slaughter
Co., one of the leading cotton brokerage houses In
this city, said In answer to inquiries on the SUP.
ect that resumption of specie payment Is not now
possible, chiefly because OF the small amount oi
funds in the Treasury. The policy OF Mr.. Boutwell,
and the present Secretary OF the Treasury Is re:
tarding our return to Q specie basis. The financial
department OF the government ought TO nave pro-
cured an accumulation OF $500 900 or
in the Treasury vaults before beginning to buy up
any Of our national liabilities, as sometimes was
done even ere they were MaLured Inen tne De,
partment could have met all contingencies and
prevented the making OF corners" thus avoiding
such dire misfortune as was experienced IN the
famous 'sblack friday
THE PRESENT FINANCIAL PANIC WILL TEND TO HASTEN
OUR RETURN TO A METALLIC BASIS,
because II WIN check speCuaton ann Te
tendencies now are for men to rusn recklessly
into innated speculations OF one Kind or another,
in hopes OF amassng large fortune speedily.
The national idtosy ncrasy-so to say-aGords pecu-
liar facilities for this sort OF trading on hypothetical
snecniator' The return to specie would not AFFECT
the cotton trade, as business In this staple u
always done on o cash footing. N tU
Mr.. Drexel, OF the firm OF Drexel, Morgan Co.,
bankers, Wall street, thinks that there rs no
present appearance Of our ., soon seeing gold and
There is too much paper money anoat In
the country to permit Of Its quickly
silver. Even now the market shows that gold is
again asserting Its acknowledged superiority in
she status Of gold and paper With respect to each
other. The late urry In Wall street and failure OF
some eminent Arms win act as . WI warning ana aa,
Business will now generally be transacted on
armer, surer, II somewhat more contracted sys-
to be gathered from our present financial dificul,
ties is that Of retrenchment in speculative opera.
tions and return to the habits Of the good old
times before the late war when ds.iar meant
100 cents Of actual value, whether man carried
paper or gold IN his purse.
Mr.. Inman, OF the firm OF lnman, Swan Co.,
Cotton Exchange, says that return to specie pay.
men cannot be brougnt about before three or iour
years shall have passed gold would nov now
fall to four or five per cent IL Would
afrord much needed relief TO the market.
But this can hardly be oclo Looked ssanmamt;, lor,
when, In view OF the enormous speciSe, smpmen.s
an upward tendency Should gold fall so low as
the rate named silver would then oe about par
but even se ft would hardly come into general
circulation First because for obvious reasons the
metallic circulating media could not long remain
cause there is but an insufficient amount OF silver
coin In the country 81 u q S1E ~
THE POLICY OF THE TREASURY DEPARTMENT
can only remotely influence the price Of gold. the
government can never regulate 1t any more than