The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-06-23
FINANCIAL and COMMERCIAL.
An Exciting Day in the
stock Market.
A SUDDEN ADVANCE.
Is This the Effect of the New
Currency Bill?
GOLD UP TO Ill rs.
Other Securities Generally
Steady.
WALL STREET,


MONDAY, June 22-6 F. M.
This has been gala day among the buls-a sort
OF financial Fourth OF July-and all the more en-
Joyable because 1t was unexpected. AT the close
ON saturday there were no unusual indications OF
sudden change beyond that stifTenlng OF prices
winch has been repeatedly witnessed as the result
OF the ordinary covering process OF tne shorts. -
This morning, however, developed purchasing
Jtfrore on the receipt OF the news from Washing
ton, to which the market has been a stranger Tor
many weeks Indeed, it may be said that at no
time since the panic have the fluctuations along
the entire line OF stocks been more suddenly or
sharply marked. The cause Is doubtless traceable
10 the manner in which the street have inter-
presed the approval OF the Currency bill by the
President. While his signature is properly re-
garded as disposing OF a much vexed question for
a short period, the majority OF operators-if their
action to-day means anything-oelieve that the
law in its results will produce expansion and
consequently
HIGHER PRICES.
II may eventuate, however that this peculiar tone
has been purposely given to the market by artl-
ncial causes with the sole view OF inducing tie
presence OF outside buyers and the making OF a
basis on which further sales shall take place 1t
Is probable that when the nature and effect OF
this curious law understood and it Is dis
covered that our banks are beginning to sur
render legal tenders and lock up IN the vaults OF
the government money that might otherwise have
been probably used-in other words. that the
real result is contraction and not expansion-the
speculative enterprises OF the country that have
Deen so long lingering on the quicksands win
resume their steady decline towards ''the bed
rockn At any rate the question is being already
asked cui bono? The legal tender currency has
stood for months where 1t stanLs to-day, without
increase. No good, therefore, can come from that
quarter.
.REDIsTRrBUTIoN OF CURRENCY
might have taken place at any time when enter
prise elsewhere invited and absorbed it, and II any
law now attempts to force 1t out OF its profitable
channels it will as surely dow back as water finds
Its way down hill. The calling in OF five per cent
upon the bank circulation or seventeen millions OF
Yreenbacks if 1t means anything means contrac-
sfioH, for every New York bank Will be compelled
more or less to contribute TO this fund from its
store This, therefore, can do no good to the ax.
pansionst. Yet IN the end we look Tor the good
results which the President evidently had in mino
when he advisedy signed the bill. Possibly he an
ticipated that it would bring down prices and
cause them more nearly than heretofore TO APP
proximate
A GOLD BASIS.
Perhaps he saw that eventually, through some
such process this. the legal tender, the gold
dollar, would approach in value, and that this mon
ster of expansion would be held in leash by natu-
raj laws OF trade applied 10 his business by every
banker merchant and manufacturer In the land.
We can only wait for these results and be grateful
that the present Congress can no longer NEEDLE
with the subject. We shall look with interest for
the effect OF this law upon foreign securities,
because it will scarcely be regarded on the other
side OF the water that, soon after a veto mes.
sage and a semoflical memorandum of his views,
obstnately proposed to eight it out this line If
II took all summer''-afiX ed MS signature TO the
measure IN
THE INTEREST OF THE INFLATIoNIsrS
or without believing in his heart that it was only
another method for the accomplishment OF his
own purposes. We can well understand why Wall
street and It's neighDorhood should be for few
hours msled. This morning man might almost
count upon his fingers those who had carefully
read the bill ana were able to give an intelligent
opinion concerning it. Even now, 1t Will be seen
from tae report IN another column, that the num-
Der Is small who speak OF it IN more than general
terms. and willing to give comprehensive
and business-ike analysis OF its provisions.
THE COURSE OF PRICES
was as fonows:-Western Union opened at Il and
moved steadily upwards to 1879, closing at 72Z.
Harlem ex dividend sold at 1854, Pacific Mail at
Al. a4lH AS Lake shore at 69A a 6914 721a a ~
wabash at 81 30ss thence advancing to 33a, which
was the last price, Northwest common opened at
-, fell OF Il per cent, recovered and closed at
4oh. The preferred stock changed from 551z TO
57Ka57. Rock Island SOLD at s43s o71S 961s the
close. St. Paul common advanced rom 33% 10
37A, and closed at 367s; the preferred stock
from 54h to Sta a. ST. New Jersey Central
closed at 1917. New York Central sold at e77s a ss4
9Sh ss5.; ohio and Mississippi advanced rom
22% to 24A, closing at pa; Union Pacific i'm
proved from % TO 274, ending at 27IS.; G.. c. and
/. Z. sold az l64 a 49, a 49, Erie advanced from
2671 to 31K, closing az 3oz. THIS latter was the
largest gain OF the day, although OF proportion
to the improvement in London, which was re-
corded at from 23& TO 254. 1t VIII be observed
that the general advance was rom ] to 39< per
cent. with reaction towards the close Of rom 4
TO Ia per cent
HIGHEST AND LOWEST PRICES.
The following aole SHOWS the opening highest
and lowest prices OF the day