The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-06-29

surrender their circulation, in whole or In part
not finding 1t profitable to the same extent that
the capital required TO support it could be EN-
ployed IN other shape. With money ranging
from TO per cent on the best approved col
laterals as 1t has been for long. the circulation
ceases to be remunerative feature IN the busi-
ness OF banking; hence 1t Is not surprising that
some OF our wealthy institutions should have de-
cided to reject 1t. This is not the case in the
country districts, however. where, there being
fewer bank accounts, there are fewer bank CREDITS
other than those which take shape In the ordinary
bank notes. hence the greater demand for crcu-
lation and higher interest upon the capital In
vested therein. 1t would seem rom this that the
operation OF that section OF the new bill which
provides for redistribution Is not likely TO produce
any disturbance, IN fact effect any movement IN
this Market or, speaking generally, IN great trade
centres. II avalled OF by the country districts 1t
will stimulate production and manufacture all ke
as well as movement and benefit us, while the
withdrawal OF circulation from those great COM
mercal cities like New York that DO the most OF
their business through other forms OF bank credits
than notes, will be virtually imperceptible. Such
In brief are
THE FEATURES OF THE NEW SITUATION
In the financial ana commercial world growing out
OF the passage OF the new Currency bin and the
adjournment Of Congress. That they are hopeful
cannot be gainsaid, except facts admitted and
recognized by everybody be distorted TO produce
unfavorable conclusions. This furnishes. there
fore, clear field Tor new enterprise
on removing all abnormal influences, cramping
energy and retarding action that grew OUT Of pos
sble legislation. There is greater encourage
ment in an observation OF the natural influences
that surround the markets to-day. Recuperative
forces are at work in every direction. and a
awakpneu cheerfulneSs and restored confidence
are noticeable in all trade circles.
THE COTTON CROP
which at one time seemed threatened with serious
damage, gives better promise every day. Reports
from the cotton growing States received up to
June 20, by the financial Chronicle show a de-
crease in this years planting OF about s per cent
in total average, win the promise, should the
season hence prove unfavorable. OF crop OF about
34OO, 900 bales, If 1t equal the unusually good
OF 1870 and 1871 about AGO. 900, or II the
weather and surroundings are similar to last year
37so,O0O bales; or If similar to the previous year,
1872 and 1873 about 100000. With regard
to the present condition of the plant reports are
full and very satisfactory the favorable conditions
being enumerated, "Plant strong, healthy root
long; more free from grass and weeds than for four
years; free from insects OF every kind" The UNI
favorable condition Is simply backwardness to the
extent Of ten or fifteen days. 1t started from
three to four weeks late, but If the present prog
ress continues 1t will everywhere have made good
that loss between the LIST and 18th OF July. This,
1t will be acknowl edged, is most encouraging ex-
hibit and when to that is added the TACT that the
recent famine in India will doubtless operate
largely to withdraw it from anything approaching
to rivalry in the market, we have good ground
Tor substantial faith in the future.
THE GRAIN CROP
condition in respect to rivalry from other
OF supply. Every year seems to demonstrate more
clearly that this Is the granary of the world, and
the cupidity which early marked its settlement,
and which later peopled California Is to have its
compensation in a way little dreamed of by first
settlers. A distinguished statesman once remarked
that If the women OF China could only be induced
to wear cotton nightcaps the mills of Manchester
need never be iale, but the women Of England do
wear them, and cotton there as well as In Europe
is essential as an article OF clothing. Europe, too
nungers as do our transatlantic cousins, and we
have the bread with which to iced 1t well as the
staple to cover the nakedness OF It's people.
While we mold this relation to the rest OF the
world we are safe from universal bankruptcy, ex-
cept in the impossible contingency of universal
abandonment OF endeavor
THE OPERATIONS IN THE STOCK MARKET
the growing understanding OF the lesson to be
learned from these great facts. Occasion was taken
during the week to point how far separated deal
ngs there often are from legitimate Influences how
wholly much OF the business done on Wall street
was OF q gambling character equal with betting.
In this no rejection was intended to be cast upon
those great enterprises which in some cases take
birth and IN all fnd encouragement and financial
support there; enterprises which have In view the
greater development OF our natural resources ana
the increase Of trade, and which, without such
announcement and support, would fail OF accom-
pshment The reference here to stock gambling
means the dealings in stocks by the great outside
public who know very little of their value and are
moved by the very lightest wind OF opinion, which
constitute much OF the daily business OF the
Stock Exchange, giving opportunity to the cques
and preserving from the necessity OF more useful,
II not honest an attempt at making living,
"buln and ''bear'' alike. Take
THE WALL STREET BEAR
for instance FIRST as he is the most pronounced
character OF the two. He is an individual SUI
generis-that is none but himself be his parallel
He is utterly without faith except in universal
chaos, which he believes impending ana OF which
he is the prophet He reves in stories of individual
and corporate bankruptcy and next to o defaca-
ton, goats over fire. freshet or the sudden
taking OFF OF some man of property He feels
and acts this, too, with sucn honest enjoyment,
such perfect appreciation of his own wonderful
prescience in anticipating these, what other
people would call, untoward results that he is the
happiest man alive. And why not ? Other people
may become embarrassed, may break or die insol-
vent; it is only to his advantage they do it. Spec
uating on the side of general misfortune, indvid-
ual misfortune only helps to swell the total.
THE WALL STREET BULL
is different sort OF being and not happily con-
sttuted. He wishes to look on the cheerful side
OF the world always and shares in the misiortunes
that give so much satisfaction to the bear with
more than mere feeling OF sympathy. He hates
the .bear" too with worrying hate that Is wholly
unphilosophic, and always attributes to him any
loss he may suffer in his speculative ventures,
never thinking to ascribe IL TO any error in his