New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-04-27

they are entitled under existing loans. Money
that is currency which We call money-has
been plentiful and comparatively cheap for months
past. If the South and the West possess the u. S.
bonds which are necessary as basis for the estab
lishment of banks of circulation. they can obtain
currency for those bonds on very favorable con-
ditons now II they do not own such bonds (which
is the easel, they must buy them with currency or
its equivalent, and for every $1,000 of securities,
currency valuation, which they deposit i'll Washing
ton they may issue $500 National bank notes. How
this process would increase " fac iliies for bust
ness perhaps Gen. Logan or Mr.. Morton would be
kind enough to explain. II is capital that the West
wants, and neither the issue of greenbacs nor
the unlimited authority to establish banks will pro-
duce it. If capital will not follow the example of
many onterprising young men aud Ego West" then
the West must produce it from the earth and the
workshops.
Ii is yet too early to measure the effect of the veto
upon the general trade and business of the country.
speculative movement set in here in the early part
of the week, based upon the expectation that the
President would approve the Currency bill, which
created some little activity in and higher prices for
produce and a few other articles of merchandise;
but after the news from Washington. prices declined
again, especially on Thursday, and subsequently
partially recovered and the markets became more
steady. The dry goods trade continues dull. United
States bonds have not been materially affected by
the yetO but show q slight decline in response to
lower gold. In State bonds there has been next to
nothing doing, while in railway mortgages
there has been moderate business at
declining prices, especially noticeable in Union
Pacifcs. The railway and miscellaneous share
speculation has been very active during the week,
and the fluctuations have been wide, extending
from l to 10. per cent. Money advanced 507 per
cent on call, but finally, on the improved showing
of the banks returned to 904 per cent. There has
been activity in gold with 114l and 111s the
range and 1923 the closing price, which is II per
cent below the closing price of last Saturday.
There is nothing in foreign exchange deserving OF
especial notice. On Monday vigorous bear attack
upon c.. c. Il l. C. sent that stock from 800 down to
20. involving the suspension of a respectable firm
who carrying large aAount of it for the bull
pool This, of course, affected the general
market adversely, and though prices were
better the next day, the market had not entirely
recovered from the effects of this depression when
the street was surprised by the announcement Of the
veto, which again caused a heavy decline i'll the
general list followed by a partial recovery on
Friday The decline has been mainly in fancy stocks,
while fro-class dividend paying securities have not
suffered materially The falling off for the week,
comparing last Saturdays closing prices with those
of to-day, has been from to s. per cent. as follows
New-YOTk Central, per cent Delaware, Lacka-
wanna and Western, aud New-Jersey Central each
! Pacific Mail 3; Rock Island Z !; Harlem 1 North
West Preferred, st. Paul Preferred Union Pacific,
aud Pittsburgh, each 2; Erie 2. Ohio and Misis-
sippl, 8! Toledo and Wabash, 81 Hannibal and st.
Joseph Common, 81; Western Union Telegraph and
st. Paul Common, each 4 Hannibal and st. Joseph
Preferred, 4! Northwest Common, 81; ana C., c.
and l. c. 81. On the other hand Lake Shore adj
vanced per cent and Panama Railroad 1! per cent.
The details will be found in the subiOned table,
which shows the extreme fluctuations In United
States bonds, the leading railway and miscellaneous
shares and gold made during the past week, as well
as the closing quotations of each at the dates under
mentioned