New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-10-13

street under forced SALE Gold to-day closed az o.
payable in certified checks, which are at about
per cent discount, thus reducing the gold premium
really to "a in greenbacks; and many intcin9ene
and experienced bankers think they sec III TINS an
indication of return within short time to speci"
basis Of values If there any real earnest desire
on the part OF the Government aud the business COM
munity to return to that condition where what We
call dollar would be worth 100 cents, we should
think quite possible that we might quietly drift
TO that desirable end without serious sacrifices.
But it is reasonably clear that the Administrations
do not desire it from the fact that they are unneces
sarily and in the opinion Of many of the best legal
minds in the country. illegally initiating our ire
deemable currency by trenching upon what tho
Secretary Of the Treasury terms his Reserve Aud it is
doubtful if the business men of the country desire
return 10 specie payments If there were no Sc
rious difficulties in the way. They see, think
they see general shrnkage in values as the result
of adopting the worlds basis for the measure Of
values. So they prefer to wait till thoy
shall be in little better condition
till they shall be out of debt and
then they will have no objection to doing away with
the sham of calling 80 80 cents dollar Of course
if we wait for resumption till that happy time, when
no man shall owe another man. il 10 safe 10 say that
we shall wait many moons.
The returns of the banks to the Clearing house
show that they stand pretty much the same as yes
terday in point of legaltender strength There has
been considerable talk during the past few days Of
breaking up the pooling Of greeubacks on tho
part of the associated banks, and return TO the
payment of currency for checks but we opine
that unless the stronger banks desire TO SEQ
some of the weaker ones break-and
there is no telling how far such failures
g IL of 1rax.
from that bond of mutual protection into which
they have entered until by more perfect restors-
ton of confidence certified check shall pass for
its face in greenbacks. The foreign exchange mar
ket is rather moro satisfactory. or perhaps 1t
would BIO moro exactly accurate 10 say
little less demOralized, as bills do not
move at anything near the nominal rates. Tho
domestic exchanges are improving and will grow
more and more favorable if the glut of commercial
bills of exchange can be removed. In stocks to-day
the utmost istlessness apparent throughout tho
day, partly perhaps for the reason that the Ex-
change was pretty well stripped of its attendants,
large number Of brokers finding more amusement at
the Jerome Park Races. lThe prominent stocks
were Western Union Lake Shore, N. Y. Central, and
the fluctuations downward were from J TO per
cent To what extent Lake Shore will be affected
by the Grnnell injunction, remains to be seen. IL
seems to be the street opinion that the injunction
will be dissolved judging by the freq
sales of Lake Shore and Western Union
this afternoon. There were however no important
blocks of Telegraph pressing, and what little was
doing to-day was apparently in speculative way.
A fair trade was driven in Wabash OhiOs, and Now
York Central. Delaware Lackawana g. Western
sold at 9Ol09O; Harlem lit; Michigan Central 70.
and New-YoFk & New-Haven (25 shares) 125; Penn
syvania Coal fetched 2iO and Quicksilver 20.. Tho
general market left off weak. The opening highest.
lowest and closing prices of active stocks were az
follows.