New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-01-22
FINANCIAL Tendencies.
RESULTS OF A SWOLLEN CURRENCY.

RESULTS OF A SWOLLEN CURRENCY.
TIE UPwARD MOVEMENT IN sToCKs-FINANCIAL
LEGISLATION AT ALBANY NOT NEEDED. ACCORD
ING TO wALL-Sr FINANCIERS-A PROMINENT
BANK OFFICER SPEAKS FREELY.
The upward movement in stocks continued
yesterday with slight fluctuations At the opening Of
business st the Exchange the market was firm and
prices advanced from ! to per cent. The volume Of
business at that time was not large, but
Mt the First Board realizing sales made.
causing n reaction, which, however, rec0v-
cred From this time prices steadily advanced to the
close OF business. when all the stocks in which
there the largest dealings above the
prices OF tho morning. Lake Shore was the
most irregular, nuctuatng from 79i to 8Oi and
closing at 50 asked. NewYofk Central advanced per
per cent. and Western union Union Pacific Northwest
Common ST. Paul Preferred, Rock Island, Wabash. ana
Ohos and strong. Gold closed ut llls tho
principal business OF the day having been done at lls
the subTreasury f5 900 paid out as interest and
5000 in redemption OF bonds. The Customs receipts
$4,000.
Tho transactonso OF the day not large, and the
strength Of the market the midst OF weather such
usually eXerts depressing influence the street, was
generally attributed to the announcement from
Washington that the Committee on Ways and
Means had decided to report in favor of fixing
the egatendcr circulation at tiOO.O0oOOo This, II ac-
copied by Congress will not only forbid the calling In
OF that portion the ocaed which has been
paid ont by the Treasury Department, but VIII admit
Of still further initiation Though all prominent
operators the street have for long time expressed
the Grm conviction that imitation would he the policy Of
Congress every report the subject of financial leg'
lation exerts an immediate influence on the market.
The bills introduced by Mr. AvOrd IN the Legislature
on Monday and that introduced by Mr.. Waehner On
Tuesday have been the subject OF some comment,
bat OF serious discussion The nrst
aim. TO prevent overcert,hcation of checks
and he second 20 prevent time sales OF gold MI
Waehner'- bill covers the ground AZ the nrst OF
sir. Alyord's bills TRIBUNE reporter talked
with several leading bankers and brokers yes
terdsy in reference 70 tho probable effects
Of the bills II they become laws. The
opinion was general that they not likely to pass
The Legslature and If they should they would DO mop
erltIye. Mr. Ayord they SAID. was treading well worn
paths, IL reference TO the first bill, Congress mai
llade laws establishing tho satno rule for National
bank. and he wished 10 have law covering state
banks. This could have good result. Toe former
violate law constantly. and so would the latter As
TO the gold law that could never be enforced.
prominent bank officer said: We are frequently In
positions where have 90 act IN manner which
would be al violation OF that law, aud we should con-
tnuc TO do after At became law. For example,
a customer sends us for collection bill paya
slo IN gold thirty days. with instructions 70
sell She gold If it reaches certain point. When 1t
rca he, that point sell though the bill ~ not yet
r,aturca. W could whip the devil rouad the stump by
delivering gold and paying ourselves when tbs
bill became payable; but in effect it would he thb same
thing. The less law there is III such matters the better
lie thought however, that tho panic was over too so0n
and was IN danger OF being forgotten too Prices
wore going M, and would continue TO advance, simply
from the plethora OF money Counting the actual
imitation Of the currency and 'hc which had been
attracted business ccnters from remote parts of
the country thought the increase in the currency
49, y'ilIi0n was thrown into the market by
The closing Of manufactures. The stoppage OF large
railroad building aud other enterprises, 80 that the
currency practically siOooo)0lo greater INN II
would have been mad ii not been for the panic All TINS
ryerp- OF money e; Loose for speculation and yet
Congress was talking about monetary sringency, and
encd Determined TO increase the currency o;ill rtacr
The ,trnsoncy IN TIE South would continue until they
could send something OF value in return for money The
Wh,ch have heretofore depended upon the
sale OF thcir railway bonns lie e * ,
ston than even before the panic; prices wonid con
Duo To advance Tor Indefinite period ana thon ihtro
would BE- another chance to learn wisdom from disas
ter The NEEDING of the legislators always
made things wors and couldn't make them better II
They wanted 10 d" good they could repeal the usury
law. AMI permit money 10 be treated Ike any Otncr
rlanufac urcd arc.e-and 1t had como TO be nothing
Tnere was a report on the street yesterday that
another attempt would be- made by the Atlantic aud
Great Western ,ilway to obtain control OF The Ceye-
Rsiiiosd at ihc elecrion on the ath of Mircn.
Tue proposed plan IL to Obtain Lease OF
the g. e e. n on "A guarantee Of 7p'r cent dividends.
shares the anount OF 6ooO are said 70 be neld by
person, la OF the Atlantic and Great West
crn and stOckh0lders opposed 10 tine arrangement
sad TO be gathering proxies III order TO resist the move
ment.
Geo. Bird Grnne appeared before the Governing
Committee of TIE stock Exchange yesterday AFTERNOON
ana made personal explanation Of transactions
which led 70 the dropping OF his name from the
list Of meinhers. The Committee, by nearly
unarinOns vote, urged upOn the Committee on Admis-
ous the proprrty OF relnstating him. The case or Mr..
Berdan VINO recently expelled for buying and sell
ing stocks al lower rate ~ brokerage than hat re-
0ltd by the rules OF the Exchange. was also cOnsld
err