The New York herald., 1874-07-01
Continued Improvement in
Business Circles.
secoseU from the FURRY -Nytf the htV
Currency Law.
ACTIVITY ON THE Stock LAcaAaar.
&d iil-foreign EIchangs steaoy-inys :.
msns Securities aaist, but Erm, and
Forssgn Advices Tavorahie.
A NEW MOVEMENT nv MRIE.
WALL STREET.
TUESDAY. June SO-6 p. NJ.


TUESDAY, June 800 p N.
Gae operation or the aew feature in banking
iatfonuced Sy rne currency bin is recognized
AZ encouraging, len should any disturbance
"sAch - by ~ Iaeans ieIt to be cerTain, result to
our loea re arves rom the new movement OF cur
rency superinduced by the acton OF this BILL The
iear that such would be consequence or its early
OPERATION which prevailed to some extent yester-
day, seemed to be wholly dlssipated to-day by the
thought that unemployed money would gravitate
here anyhow, ana that employed money, wherever
1t found employ ment added TO the national pros
perity. Thus
MONEY RULED LOWER
the current rates being and per cent on call,
with large amount o. loans undisturbed ut per
cent on governments and other first class collate-
raj, which were entirely unaffected by tue illogcai
hurry Of yesterday. In this connection, as IL Is
important TO proper understanding OF the status
OF the banks in times OF possible dlstress' IL ls
worth while to remark that call loans on such
collateral as governments and other sound
investment securities are virtually as good as
so-caled reserve. In fact viewed in
the light of sound commercial principles, such
loans promise more safety to depostors than II the
same money were locked mp in the bank vaults, as
loaned out 1t helps TO relieve any dangerous strin-
gency that might be threatened as well as
strengthens the banks by adding to their income.
This remark is however, not pertinent TO the inn
mediate situation, which Is still one OF extreme
ease but is worth consideration by those who
cling so pertna ciousy and with shOrtsightedness
equal almost to uierstition to systematic lock-
up Of currency as security against bank insolv-
encv. Discounts rejected q healthy movement in
trade, prime mercantile paper ruling al 5s to 6,l
per cent. The following Is the Clearing House
statement
Currency exchanges. $73 100, 500
currency balances. 3403, 1862
Gold exchanges. es........................ 1854, 1894
The July dividends and interest thus far an
nounced for payment amount to s52.O ,l70 in
cluding the interest ON government bonds.
FORElGN EXCHANGE
ruled steady on the basis OF 4S7I q ASS and 49O<
for prime bankers sterling.
STOCKS WERE ACTIVE AND EXCITED
during the day, opening with an unsettled feeling,
the result oil yesterdays realZations and hammer
ing. which early carried the market down y to *
per cent. The principal activity was In Lake
Shore, Western Union, Wabash, Union Pacific.
Northwestern, st. Paul common and Erie, upon
smaller volume OF business than yesterday.
Erie was Influenced BY the publication
OF the names OF prominent gentlemen in connec-
ton with new directory. and further advance
in London there were also further rumors to the
effect that recent published statements with re.
gard to the financial condition OF the road OF an
untr1endly character had oeen ''errOneousn COM
piiations, the English examiners having DIS
covered. This report must. however, be taken
cum O7'dno salts with that which 1t AIMS to con-
tradict. as these examiners are not likely to lend
themselves to o stock speculation pending the
completion OF their WORK, until which time they
Woulo not be In position TO speak with GER
tsinty by hazarding opinions on this head. 1t is
not likely, either, tnat any such report would
emanate from the present management, as it
would be In manifest Ill taste for them
70 attempt thus to forestall public action on an in
vesttgation not yet completed hence the strong
Inference that they proceed from the party in op-
position for some reason or other dnncuft, Of
course, to comprehend, yet wholly within the
chances OF stock dealings. In the afternoon the
market showed q recovery OF u to per cent,
most easily explained by the removal of fear re-
garding any disturbance in the money market.
closing firm and quiet. The advance was most
marked In Western Union Northwest common
wabash, Lake Shore, Rock Island, Ohios and
Union Pacific. The days business aggregated
223, 600 shares, distributed as noted in tEe sub
Joined table, giving