New-York tribune., 1874-04-23
THE END OF INITIATION.


certainty bill would be signed. go positive
nevertheless the yocates of imitation. that down
to the moment before the dnal dispatch received
the Street continued sti In doubt. What has the Pres
dent donei Has he signed the bill Has he vetoed
Everybody discussed the al-absorbing question, aud
the flood OF rumors was even more bewildering ana
dismal than during the week. The stock mar
ket opened unfavorably under the Influence OF
the conflicting stories aud opinions, and there
pressure to SELL prices declining from to per
cent First IL reported that the President had
signed the bill and the market would fall of Almost
Immediately the bulls" would rally and the story was
the President has vetoed the bill" and the stock mar
ket would almost Immediately become firm again.
All day long kilograms were passing over the wires ana
the subject of the messages were what has the Pres
dent done 7" Back would replies OF various KINDS
the truthful however being noted for their truth
and breyty and simply SAID "Nothing." The uncer-
tanty attending the Presidents action served to mys-
tify the Dealers and their operations were conhneu
principally 10 quick turns they did not dare to haz-
ard anything for the future. After the changes had
been rung a score OF times on veto" and sig
nature" 1t was very difficult tell which party pre-
dominated on the street
At $50 p. m, just minutes before the Stock Ex-
change closed, brief and authoritative dispatch was
received and telegraphed tho stock indicators 10
the several offices, as f0lows
1.-THE President has vetoed the Financial bill"
Then there was general interchange OF exclamatons
OF gladnesS,
sentiments Of the several persons prompted them 10
utter In nearly every office there was general crowd
ing to the stock Indicator verify the intelligence as
perchance first glance had led them into error.
so short was the time the closing Of the Stock
Exchange, that the full effect OF an authoritative an
nouncement the could not have been felt but as
it was prices suened. ana there general advance
throughout the list. Union Pacific advanced to Jis'a
rise Of II per cent. Lake Shore rallied from 753 10
76 Pacific Mail from is to i2i Rock Island
from 99 1OO and Western Union from 72t to 5t ran
anna rose from 1O9 Erie weak, the price de-
clinng against 35. at the opening the hnal sales
at S4s.
The tendency OF talk among the operators, however
was that due solely to the relief of I'M
mediate apprehensiOns about the sudden contraction
which IL was feared the first workings of the bill would
induce. Regarding the veto as practically the doom oi all
na ton for this session. most OF the Operators
argued that its ultimate effect would be u deprerS
prices The effect of nfaon they argued, had already
been discounted and now that there was To Do hone'
prices after the first little furry must drop
Throughout the street, however. there was general
feeling relief the termination for the present ot te
vexed question OF the Senate Finance bill. AL whether
bulls" bears" seemed 10 concur in the becf that
the continued agitation detrimental TO the best In
erests of the country and that If possible to
carry out either theory OF imitation contraction the
best course would be to leave the question as 1t IS Its
perpetual recurrence only serving TO demoraze trade
and destroy calculations for the future. ALL howevei
expect a speedy resumption Of legislation affecting
finance and all are conecturng to what the future
course Of Congress Will be-
Outside OF the Finance bill the Erie trouble com
manded most attention. The resignation OF j. 5. Hun
chem the General Accountant Of the Erie Company and
his reasons therefor stated in his letter OF resgna
ton have seriously affected the popular consideration
of the Company and its administration. Dunans state
nents are considered corrObOrated by Hunchen ana
statement of a decrease in the earnings Of the roa1
with the other complications noted, helped it on its
downward course, when the rest OF the list became
Armer and higher The Improvement in Lake Shore was
attributed to alleged settlement OF the complications
between the Company and the Horace T. Clark estate
AT THE FIFTH AVENUE HOTEL.
In the groups OF spectators at the Fifth Avenue
Hotel there seemed at first some uncertainty as To the
real effect OF the veto. After general EXCHANGE Of
opinions, however, the operators NANNY So'.'e' u"n
TO the belief that meant steady Presidential hosty
TO any scheme of initiation, that the Imitation party
was not strong enough in Congress To carry any
measure over the Presidents veto that consequently H.
Gtion for this session absolutely doomed and tnat
the prces which have gone up because Of the belief In
the certainty of nHaton must drop BACK TO ther normal
point
In the evening, the Stock and Gold Exchanges seemed
to have transferred their members in body TO the cor
ridors and lobbes OF the Fifth Avenue Hotel ard an
omen session was held all through the evening In one
N
lions were made to extent of some several hundred
tbousand dollars at the closing rates OF the day, viz
1874 TO 113 AT the other end OF the room was the stock
crowd and several transactions we're mace at prices
ranging from to cent below The Closing quota'iohs
OF the street attention. however was psd 10 ae'ua
business than discussion OF the bi the motives WINCH
prompted the veo and the effect OF the Presidents
ocon There appeared be little disposition to wonder
outside Of speculative arena ana the cohver
sa,ion WAS principally as how tho veto would aIect
the stock market. what action Congress "ouo t"he !"
the matter and what new measures werc hkeB " pc
introduced As stock spectators, their temper ap'
peared to be decidedly "bearish" as was hui
Gated by the prices at winch the U'h''0
tons we made.
eVcited stock market ia expected at the opening OF
the stock Exchange to-day and brisk business Is looked
for What the conjecmres to what the course oi 'Ee
market will be- depended whether the speakers III
terest in it long" or short"
VIEWS OF PROMINENT BUSINESS MEN.
The lateness Of the hour at which the dispatch an
nouncing the veto was received ana the mesSer ou'
unes Of il in the evening papers, preeuded csrefn
studv of 80 important matter. Many busness mon
id not nnder the circumstances care to express III
onlnon but others who had satisfied themselves rs u
the matter did hesitate to express decuea opnons
Ont of a large number Of opinions obtained the iol-
lowing are published OF capable business men repre-
ep,,no the two phases OF the financial queston-4hha
ton and contraction:
n Jaffray the well-known dry goods nerchaht'
id that the President mad saved the country from
great danger in vetoing the Currency bii ne hahou
g., a,yo win ioy The bill a violation OF the fath
., the limited States and II it had not been Tor tue
nrompt action Of Gen. Grant 1t would have been last
inc disgrace to the nation 1t would have impaired tne
credit Of the United states and prevented future invest
nepts in American securities, and many OF those at
present held abroad would have been returned TOT pay
ment The argument Of the infatonsts Is that large
ortion of the citizens OF this country are debtors