The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-06-22

order JnaI IL may ODtaln tine currency In Boston.
Now. such being the case. where are the country
banks to get their legal tenders for deposit In the
Treasury il not by drafts on the large citesg And,
with nearly the whole OF this SIT 500. 00Q withdrawn
from the reserves OF the redemption cities, what
is likely to be the condition OF the remaining re.
serve held against their deposlts9 Taking as an
illustration the three cities OF New YORK, Phila-
deIphia and Boston, according to their last re-
ports they would, after depositing the per cent
their own circulation amounting to 49, $50 000).
hold In legal tenders only 26 per cent OF their de-
posts subject to further reductions by drafts from
the country banks for the purpose OF depositing in
the Treasury. The mistake OF the inflationlsJs on
this point is that their bill is drawn upon the
theory that every bank was holding In It's own
vault It's own reserve, instead OF upon the fact
that the same sum OF legal tenders Is counted In
two and three and sometimes four reserves.
TEE STOCK MARKET.
The course Of prices throughout the past week
continues to show the existence OF still un-
settled feeling with reference to tho future and
that tone OF depression which attends a half de-
fined fear that something may suddenly occur and
discover the street unprepared. The failure of q
We'll known and highly respected house, without
directly Affecting the market. contributed not o
little TO enhance the dlstrust above referred to-
while the occasional sharp fluctuations and the
persistency with which prices declined ELECTED not
only caution, but deferred the lesser operators
rom taking either long or heavy risks at is o
long lane, however, that has no turn" and when
least looked for change may take place that will
cause hundreds to regret that they did not make
their purchases while low 1gures-even lower in
some cases than during the panic-invite invest
ment.
THE TACTICS OF THE BEARS,
IN Mi ia
more or less OF present weakness among the rail-
roads, are well calculated to disturb confidence on
the part OF outsiders and prevent active specu-
lat0n. 1t Is to be regretted that the improvement
IN trade does not more quickly show itself in the
better reports Of the railroad earnings that are
published from time to time, for the cautious In
weston accepts these as a gauge or measure OF the
situation, and bases his judgment thereon. AS
one illustration of the decline OF business COM
pared with the first months of the year it may he
noted that the whole OF the earnings OF the Toledo
Wabash and western Road for the five months
ending May 81, show decrease OF only $4,000,
the first two weeks OF June show a decrease OF
$el, 900, making total decrease from January
to the date OF the last report OF $139,0o0. SIM
liar condition of affairs obtains IN other railway
corporations, and, doubtless, in part accounts for
the unwiiiingness to make their reports public.
THE CONFIDENCE
with which operators have recently put out op.
lions seller sixty days appears to be based, ire
spectve of financial legislation, upon facts like
the foregoing, and, possibly, upon the expectation
OF furtner decline and stagnation as the result OF
diminished earnings and defaults. The decline OF
the week ranged from to 5A per cent? the prin-
cipal sufferers beng Wabash, Northwest common,
Lake Shore, Rock Island. Pacific Mail, Western
Union, Union Pacific, g. G. and l. c.. Delaware and
Lackawanna and Erie. The recovery was excep-
tional and did not exceed IN any case 2 per cent.
Erie was weak. in sympathy with London quota
tions:-
THE HIGHEST AND LOWEST PRICES OF THE WEEK.
The following table shows the extreme fuctua-
tinns for the week in the leading shares:-