New-York tribune., 1873-12-10
FINANCIAL ACTIVITY.
BUSINESS INTERESTS.

-sfE INITIATION or THE CURRENCY CoNTINUING-A
MILLION MORE OF THE RESERVE ISSUED YES
TERDAY-PRosPECTs PoR A PROSPEROUS SEASON
NEXT YEAR-RAuRoADs PRoFTTING BY THE
ECONOMIES AND LOW PRICES OF THE PANIC
BUoYANT STOCKS.
The imitation of the currency by the issue of the
iorty-four million continues. Yesterday,
sitter the close of the transactions in Wall-st the
fact became known that an additional million had
been issued. bringing the total circulation now up
TO $S70 100000 The announcement was too late to
affect yesterdays prices, but no one doubts the
inevitable result. Operators are all calculating on
continued initiation, and on this as well as on the
belief that the present rise in stocks is legitimate
and natural, are basing anticipatons of rapidly adj
Vsncing prices. Short interests seem to have abso
1utely disappeared from the Street. Nobody at all
to be selling short the only sales are to re-
alize.
The Street is largely affected by the continued
ports of the general revival of business Merchants
and manufacturers during the stagnation of the
panic have been forced into good deal of lquida-
1ion consumption has necessarily gone on, and
stocks on hand are thus in many cases largely re-
duced. The various indications are thus thought to
point to a prosperous year ahead.
Railroad men generally report the prospects of
the leading lines as improved. The panic enabled
them TO reduce their operating expenses largely,
wages have been cut down, needless employees cut
OIL. and many leaks stopped. At the same time the
prices for material and supplies have been largely
reduced. Railroad expenses ought thus to be much
lighter
marked improvement is perceptible in some Of
the leading Western stocks-Wabssh, St. Paul,
Northwest, and the like. The cliques which have
been the curse of these stocks were largely broken
up by the panic, and the heavy blocks they held
slaYe been pretty widely distributed. The
prices are stll below any figures ever touched
,ccpting i'll the alarm after the Chicago fire, and
operators this fact in explaining the strong up
ward tendency marked within the past day OF two.
IA strong speculative movement seems also to have
set in In Pacific Mail. The advance IN Western
Snon and other Vanderbilt stocks is well sustained.
A suit of considerable Importance to brokers
HAS just been begun in the Supreme Court by
n}rdsall & Friend, counsel for Maurice Cuvilier,
plaintiff against the Drake Brothers, brokers' to
hest the legality of the heavy interest charged by
brokers their customers balances The motion to
plsoe the estate of Howes g. Macy in bankruptcy
fwas made at the instance of Alonzo r. Morgan, O
creditor originally to the amount of 24OO. who has
since purchased certificate of deposit for 800.
Ghe members of the insolvent firm consulting
yesterday with of their larger creditors to
Rhe prOpriety of contestng the motion. The Com
mOnwealth Life Insurance having become embar-
Passed have made arrangements for transferring
their policies to the National Life Insurance Com
pany Another defalcatlon has come to light in the
vicinity of Wall-st Harry Hosford cashier of
Augustus w. King broker and banker at No. "a
Bne-st. disappeared on Monday after obtaining the
money on $1,000 check drawn by his employer.
nIe is alleged to be defaulter TO the amount of
$4,000. but the books of which he had charge have
mot been fully examined.