New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-06-30
LOCAL MISCELLANY.
RENEWED LIFE IN wALL-sT.

RENEWED LIFE IN wALL-sT.
AN ADVANCE IN srOCKs-RUMORs OF THE STREET.
RELATIVE ADVANTAGES OF THE NATIONAL AND
STATE BANKING SYSTEMS.
The extraordinary buOyancy of the stock
market which began with the passage Of the Finance
bill and continued through last week, was renewed yes
terday morning vigorous scale. From the opening
Of the Exchange there was strong bul feeling, and
under Its influence prices ran up from to 81 per cent
While Lake shore appeared to be the favorte the rest
Of the list by neglected. When the gen.
era dealers thought that they had realized fair mar
gin Of profit there pressure to SELL and prices
reacted from to per cent. The advance was attrb-
uted to various causes and numerous rumors OF new
combinations circulated. One rumor was to the
effect that Jay Gonld had turned about and be-
come the bull leader Another to the effect that
he still "short," and that Daniel Drew, having
emerged from his retirement had clasped hands with
his old.time enemy, Commodore Vanderbilt and they
had combined for the purpose OF wreaking vengeance
upon their successful competitor OF course 1t was i'm
possible to verify OF these Stories aud they are SIM
ply given as the current gossip Of the street
Bankers have been considering statement which has
suggested abandonment of the National system Of
banking and return to the State system of banking
While many that there are advantages under
the State system which the National banks do not enjoy.
yet they believe that the difficulties in the way OF ex
change would neutraze the benefits to be gained
Others think that the National ID Oest
prefer to make change. The specific announcement
that some the banks intend to abandon their crcula
tion Is regarded premature, however The principal
objection the supervision espionage OF the Govern
ment. The following the views Of representative
banks on both sides OF the question:
At the Bank of the State Of NewYork proposal to
change has been made TO the directors In regard TO
the Is per cent Of which compliant was made III some
quarters institution dong large business coud Cd
ject to such requirement as any welregulated bank
would OF itself maiDainsas large reserve. some Danks
could not afford it, and some OF the old city banks
declined circulation at the expense OF the 70 per cent
deposit required. SO far circulation was concerned
there little profit In It, .
The Leather Manufacturers' Bank has not given the
subject OF change any consideration in Its board OF
directors Individual opinion is thoroughly In favor OF
the National SYSTEM the advantages OF which are con-
slider ed be much greater than those Afforded by the
law Then IL is thought in this bank that the Sc
curty stockholders and depOstOrs Is assured by the
right which the Government has TO inspect the accounts
scarcely made the exercise OF tha right by
banks conducted in "a careful manner.
In the st. Nicholas Bank there IL an anti-Nauonal
ointment and readiness ia expressed on the part or
OF the officers IL change AT once II tine directors
desire Stability would be secured by organization
under laws OF the State and bad law we'll "stdck
to" would DC preferable to new law OF any description
every day. TIE State law was deemed altogether the
most favorable for the interests OF the bank.
Tue Fulton Bank which was understood 10 have taken
some action in the matter remains stationary, though
the subject OF a change has been considered The In
1t is understood in Wall-st that the redemption OF
National bank circulation will not take place III this
city. but in Washington, under the supervision Of
Treasurer Spinner