New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-02-17
changed from that of Saturday last Business drags
ts very slow length along while operators in stocks

changed from that of Saturday last Business drags
its very slow length along while operators in stocks
and other securities likely To be affected by the vol
ume of currency closely watch the daily movements
of Autocrat Richardson, and prices advance or re-
cede as he contracts or expands. To-day he mas re-
duced tho legatender circulation to the extent OF
about $500 900, and it 10 runored that he contem-
plates the withdrawal Of S200o.o00 during the week.
This. if true, will be regarded by oil soberminded
business men o move IN the night direction; but
what we need TO give 10 force Is the assurance that
the Secretary will not take it into his wise head 10
expand three or four millions next week. No one
man, even though he be as great statesman as Mr..
Richardson, should have the power to contract or
expand the currency at will and in the opinion OF
the Finance Committee of the Senate the Secretary
has no lawful power to issue legal tenders beyond
the limit Of 1855 100000 Nevertheless, be exercises
such power In the first instance, what is called the
1000 reserve" was encroached upon as po-
tcal necessity in the Autumn of 1872 and the Issue
has since been continued upon the plea Of financial
necessity But as the Secretary gave timely notice
that he should use the reserve when ne deemed 1t
necessary to do 80, unless forbidden by Congress-
the responsibility of the expansion must be borne by
Congress or at least shared by that body with the
Secretary Gold is strong, and up to the advance Oh
Saturday, though lower at the opening. by reason
of the decline in foreign exchange. Governments
were strong also, and money in ample supply. Lon
don sends cheerful news in the advancing prices OF
United States securities, while Consols were also
higher. Money in the open market was reported III
good supply at 2. to per cent and on three months
discounts at 8 SIG per cent the rate at Bank OF
England (which institution lost 10000 bullion on
balance to-day still standing at 81 per cent. The
influence exerted on the home markets was lmma-
terial. At the opening Of the stock market prices
were fully a. high az at the close on
Saturday night, and in the speculative light
fapcies higher range of prices was reported.
After the Board, however the market began to sag,
and was helped by decline Ia Harlem OF nearly two
points on Saturdays best price, and heavy raid on
Wabash which broke down the quotation one per
cent In the mean time Lake Shore and Western
Union as well as some of the other active stocks,
began to wayer, and before the o'clock Board the
whole market was weak. Union Pacific a con-
spicuous feature and ruled strong and higher all
day, under strong contest for the election, on
March IL, the books closing on the 18th inst
Atlantic and Pacific preferred, and its parasite
Missouri Pacific attracted great attention during the
day. Michigan Central of the investment shares
sold down TO 9l2. We note sales of Panama at ll6a
G116; Chicago and Alton 112l; NewJersey Central,
1911, and Delaware Lackawanna and Western at
ll1s to 1lI9. The miscellaneous shares except for
a sale of Quicksilver at "a to 3is, were very gener-
ally neglected. Consolidation Coal fetched 49,.
American District Telegraph suddenly stifteDed up
to Goa. The Express shares were i'll better demand.
The general market closed weak. The opening.
highest lowest, and closing prices were as follows: