New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-07-01

.h;,., vh,cb tho hanks cannot and do not mean 10
| toleraxe much longer. Hence, as we learn two OF
our city banks the Third National and the Amefi-
can Exchange, have decided to withdraw their CHI
culation. amounting to one and a half millions III
others follcw their example, as 1t is supposed many
will we shall soon be the high road to specie pay
ments. The small country banks have heretofore
found more profitable use for their ioanaDie iunu'
than have our city banks, having been ao'e
to earn fair rates of interest, ana 30
long "a their circulation remained out
their business was pleasant and prohtame' ou'
the new system of redemption will give rise to
regular and constant asserting Of notes, compelling
the banks at once to call in money in order to DO
prepared for any demand that can be made upon
them from this new aud, heretofore, unexpected
source We know of no useful business interest that
can be affected otherwise than favorably by the
prospect held out by the changed condition OF
things 1t is sure road to specie payment,
will compel q conservative course by our moneyeo
institutions, and give strength solidity, ana cel
taipty to all the important operations Of trade III
il shall at the same time diminish speculation and
bring inflated values down to specie standard only
those pursuits which thrive by imitation and hcti-
tious values can DO njuriously affected. Inc mere
SPECTATORS may be said to have had high carnivai
ever since the issue Of paper money reached its
highest during the war of the Rebellion. Ihoy can
well afford to stand aside or betake themselves to
to some productive industry. This class has had Its
day. Legitimate trade must now como to the front
decided change came over the spirit of the stock
SPECTATORS dream to-day, and for the first tme
in several days we have to record lower quota
tions on nearly every stock IN the list. Erie
was the only exception worthy of MENTION and that
was influenced entirely by the London market. as
a rule the business opened with fractional decline,
and prices were droOpy and unsatisfactory 10 the
bulls during the greater part Of the day. AFTER
o'clock there was hesitation, and finally sheht
recovery: but it was not sufficient to prevent
material loss on the days business At the final close,
the losses compared with last nights closing prices
were found to be on Lake Shore, on RocK isianu,
on st. Paul and Co. c. and l. C.,s on Hannloa,
on Northwest and Pacific Mail, and ION Omos'
The gains were on Erie, and each on WABASH
and Western Union. One of the causes, and per-
hans he chief cause of the tide in stocks is
the fact that many who supposed that the new
Currency bill was a of imitation have been
persuaded by experienced bankers that they were
in error Should there be still further
decline Tomorrow and the remainder OF
this week. it will be due IN large
degree to this feeling well to the fact that rail-
road managers are shy of making the public ac-
auainted with the actual condition OF their busl-
ness; that in few days all who can Will get
away from temperature that rises to 1O2 degrees
Fahrenheit in the shade and that fancy stocks are
not safe security for permanent investment. III
is not TO be denied however, that the fight IN stocks
is a severe one and must result in great dam
age to some of the principal combatants.
As prices must yet rise considerably before recover
ing all they have lost since the campaign began, the
bears have so far, decidedly the advantage. The
hesitation and decline in prices to-day was core
disappointment to the bulls, because they supposed
tho public had been fully convinced that the enect
of the Currency bill would be in favor of their 1.-THE
bull speculators interests and that the advance Oh
the past three days would continue throughout the
rest of the week. After the first of July the
bulls will be deprived of much of the outside sup
port that has helped them so efficiently, for 1t Is
only your first-cass dyed-in-the-wooi Spectator
that will stay in New-York after the LIST OF July
unless he is too badly crippled to get away. Inc
prominent dealings to-day were in Lake Shore, Erle
Union Pacific, Western Union Telegraph, Wabash.
ST. Paul, Northwest, and Rock Island. The aggre-
gate number of shares sold was $4,000, or nearly
100 900 shares less than the business Of yesterday
and the striking fact of the dealings was that the
sales of Lake Shore larger by about 5000 shares
than those of yesterday, while all the rest show
decided falling off in the amount OF sales Inc
opening highest lowest and closing prices OF stocks
I'll.