New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-10-17
WALL-ST. Treasured.

WALI-ST. Treasured.
ANOTHER ADVANCE IN STOCKS AFTER A SLIGHT DE-
PREssIoN-THE GRINNEIL BANERUPrCY PRO
CKEDNGs NOT FULLY UNDERsTooD-CHEERFU
SIGNS
The financial reaction which had begun on the
previous day on the Stock Exchange, tagged for a
brief period after the resumption of business yester-
day morning prices declining from one-fourth 70
two per cent Soon. however the better feeling
which had been shown on the foregoing day mani
tested itself. and q buoyancy as marked as
the depression soon succeeded. Under the skill
full manipulation Of the bulls" prices coll
tinuod to advance until the smaller opera
tors entered the speculative arena, and there
was general rush to purchase. The advance was
generally hailed by the more speculative as the har
binger of new era Of confidence and good feeling
No failures were announced. The advance ranged
from TO % per cent and was well distributed
throughout the list. As usual the largest transac-
lions were in Western Umon Lake Shore, and New
York Central. The first named opcned at 4G54!,
fell off to $751; advanced to &C., reacted to SO, and
afterward reached 5ss. Lake Shore rose from &C to
Gs. fell to ca, and finally reached 20. Eew-YorlI
Central ranged between sGl and S93 with the latest
sales at neaHly the highest point. Northwest COM
mon advanced from sc to 40. ST. Paul common from
e to 3ll, and Wabash from Ss2 to At Investment
shares were hrmer, and express shares made an adj
vance over the previous days quotations.
The reaction was the topic Of discussion through
ont "the street and hopes expressed that the
panic, having done its worst, would subsde and per
NIT the transaction Of legitimate business. The
weakness in prices at the opening of business was
attributed to the fact that the Grinnel injunction
having been dissolved by Judge Blatchford, those
who held Western Union, Lake Shore, New-YOrk
Central and other stocks for the account Of Grin
nell, having failed to close them out under
the rule on the day Of the dissolution,
had done 20 yesterday morning Whether all
who were concerned had closed out Their CON
tracts OF course could not be definitely ascertained
Considerable confusion exists concerning the Grin
nell bankruptcy proceedings. The first injunction
having been dissolved Grinnel & Co, instituted
new and voluntary proceedings in bankruptcy, and
the usual notices were issued informing each cred
itor that "a warrant in bankruptcy had been issued
out Of the District Court Of the United States forthe
Southern District Of New.YOrk against the estate of
George Bird Glnnell and Joseph c. Williams and
the firm of George Bird GTigneD Co. adiudged
bankrlpts upon their own petition; That tho pay
ment of any debts and the delivery Of any property
belonging to said bankrupts to them or for their
use and the transfer by them are forbidden by law"
BY some it was thought that this was
another form Of Injunction and restrained the sale
of their stock !" turned" OF "hypothecated" with
other dealers, and TO 1t they attributed the with
holding of the large bulk of the stock from the
market To those who sold the stock under tho
rule" there was no such intimaton in the order.
The affains of Grinnen & Co. continuo TO 10 the
topic of conversation in the street"
The continuation of the payment of The New-York
Central dividend was also regarded as a cheerful
sign. Application at the Office Of the bankers
nd,
bilt had drawn al the dividend he was entitled to
upon his stock.
THE GOLD EXCHANGE.
The downward course of gold has been the object
Of mach comment and speculation on the Gold Tx
change The highest price during the day was 1854,
and the lowest 1919. This latter figure is the lowest
that has been reached in II years Tho closing quo
tation was 107 to 108 The decline is attributed TO
the absence Of any very large short interest, the
near approach Of the payment Of the November in
terest on United States bonds with the continued
flow Of foreign specie this way, and the inability OF
the merchants to make Tenittances this way. The
days business at the Gold Exchange Bank covered ::
Gold cleared $4S8Ol 900; gold balances, Sl,OS4,3Ol
currency balances, 81 205 200.
Foreign exchange closed weak at 106 for 60 days
bills and 1O7 for sight with sales at 1861 to 1867 for
the first named, and 1867 01O6, for sight CONNER
eial bills are quoted OF 10i! 90 1861 and cable trans
fers, 107.
The course of the money market, however, caused
great surprise Early IL the day it stringent at
per cent and interest but toward the close of bust
il was offered per cent per annum, and after
Sp. III. loaned at per cent per annuu This latter
figure was 50 remarkable that IL was supposed to be
another feature Of the new tide of speculation
No failures were reported Yesterday. brokers who
have made satisfactory settlements are being read
rpitted to the Exchange. Among the latest adms-
siOns are Brown W&dsworth d Co. and Fearing q
Dellinger Gilman. Son d Co. and the other houses
have nothing TO report.