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

A DECLINE IN THE STOCK MARKET-CHANGEs UNDER
THE NEW CURRENCY BTLL-MoRE CIRCULATION
TO DE GIVEN UP THAN WILL BE TAKEN IN THE
wEsT-THE ERIE ELECTION.
The sanguine feeling which has characterized
the stock market appeared to have relaxed yester-
day. The idea appeared TO be that the smaller
"bears" had covered their shorts" aud the
"buIlsn had secured enough stocks TO suit
them for the time being. Whether this was so
or not the markets declined from to II per cent In the
earlier part Of the day. but later reacted from to per
cent In the Gold Room there was little activity, ars-
ing from the reported demand othe United States upon
the Spanish Government for indemnity In money for the
lives sacrificed at Santiago The matter created consid-
cradle talk and started the price up from III TO ll1t
In banking circles the finance measure continues
to be the subject OF discussion None OF the nanciers
think that than few banks II any, will return to
the old State system. The New-York City banks are
beginning the work Of deposlting their per
cent legal tenders with the Department. at
Washington for the purpose OF redeeming
their circulation and also acting to limited extent
for the country banks In the Some OF the
National banks are already giving up circulation
Mr.. Jordan Of the Third National Bank says that his
bank has taken to reinqush Its circulation
but will make change from the National TO the State
system. The reduction In the circulation OF
this bank will be from 100000 to less than
$4,000 BY this tho bank releases about $4,000
American Exchange Bank has given up part of ts
circulation and withdrawn about 1900 worth OF bonds
Other banks-and several New-England and Western
banks-will probably abandon their circulation.
With respect TO this abandonment Of circulation, an old
and astute fnancer SAID yesterday that more crcula
ton would be given up than will be taken by the Vest
There was a method however, IN the abandonment OF
this circulation he understood that the Con
troer of the Currency had promised some OF the bank
that II they wanted their circulation back at future
period they could get it.
In Erle Railway circles the coming election engrCsses
attention list OF the probable directors has been
given out but 1t will be unsafe to say who will compose
the board until after the election several changes
will probably be made. Hugh j. Jewett was closeted
with the controlling Eric officials yesterday discussing
the present and prospective status OF the road The
legal advisers OF the road are receiving an immense
number OF proxies from tho foreign shareholders. and
there doubt Of the result vz the continuance
Of the Barlow administration.
The New-York Central and the Harlem railroads ad-
vertsed for bids for 100000 Of the bonds OF each road
The bids numerous and were opened yesterday,
but the result did not reach the street
The members of the Stock Exchange held informal
meeting yesterday and adopted resolution recommend
ing the Governing Committee to close the Exchange
from p tomorrow to IL a. m. Monday The Commit
tee will meet to-day consider the recommendation.
OFFICIAL CURRENCY STATEMENT.
WASHINGTON, June 30.-The following is
statement of United States currency outstanding at