New-York tribune., 1877-05-04
THrRsnAr. May =. NJ.

rlo oneratiOns of the Conl osSi0nal act Of
-, ,s-5 relative TO National bank currency and the
Of leeal-tender notes az the rate OF 50 per cent
To- new National bank currency issued, have been so
80 that but few persons appreciate the magnitude
80 ebanees which have occurred The act referred
o .,,it,ed free banking on deposit Of Government
With the Treasury, and also the surrender Of these
a. tbe hank wishing 60 retire It's circulation, upon
psot Of legal-tender notes equal TO the sum OF its
,tes 10 be retired II also required the Secretary
end Of each month TO cancel and destroy sum OF
.r5ers equal 10 50 rer cent Of the National bank
rs rbioh had been issued during the month.
~ ~ ,b,e one bank might deposit 81 100000 Of
- ,snders to retire like sum Of its notes, an
r.. h.nk taking out 100000 additional circulation
- the cancellation OF S4OO.OOO legal tenders. THE
Ir I.s- - today contained statement OF the Con
- n the Currency showing that since the law went
- esct 70 May 1 there bad been of National bank
-. redeemed retired, and surrendered, the sum OF
e. rs while the issue during the same tius
- ben -. .63I. .9o5 resulting in a contraction Of
<.aonal bank currency Of S554967s3. AT the same
a., the new issue Of National bank notes had required
,be retirement Of S2O5Oo 3S5 OF legai tenders. IN aGu
,yetir, Ike slm Of National bank notes. Hence re-
sseitu atug The contraction o. ne paper currency
~ he United states nom Jan Il $50 10 May l. Ie'0'
I'm il 70 be f69.3s6.5S7, a. touoW>; , .o, .-s,
ReIe,,ei Sr or iel to retire ike sum OF National
Lea i s tiey are ughJ in the Treasury 10 3s441s
?,
=. 9iessry not 20 confuse the OF legal tenders
- .lrt as being held 20 retire national currency
~ 49, s Der cent redemption fund held under act OF
W. SS "a N lch now amounts TO about SlJ,3CO,OOO,
SIN s--' 30 hanks count the latter part OF their
- tfe -ame as II held in their own vaults.
Ta stock market to-day exhibited steadily decilnng
- md The sales have had the appearance OF genuine
~ @l8rt" stock The coal shares particularly
- fr5 te start. and in decline OF about 2l2 per
- n nr time showed any natural recovery. Delaware,
Ist.urt and Western sold frOm 81 e 40 the opening
= go ot the end; Delaware aud Hudson from
~ fo 4J2845l2 aud Morris and Essex from
- Ia g. " Lhc trunk lines Central ana hudson
ssssueC early some degree Ol steadness at 9oAVJt'
1a ind closed 40 5Ul2, ana Michigan Central sold go
f.t1l, Rock Island adv anced flUm9l Il lO 9l'. put
ca0 r g0Is. Ils lowest prlee. The Nusth-N westerns
~ credited with OF the common at 1l's@-V'
cspc offered 90 1872. and ihe preferred at 44a4J' -
M, P4t, suffered by reason Of the large decline OF
- r.fIrlut'- earnings Tor this last week OF April
$4,000 aud sold at SiaGl1i for the common ana al
Zs[E4--0l1 Tor the preferred Illinois Cthtal
r lei d1 ld steady at J54 %, chicago ana Alton et
al and CHICAGO. Burlington and quincy heavy az
iWI44I0O4. Hannibal aud ST. Joseph lost 'htlr
Fil-tl. selling aI IiGlO- for the common ana az -
ea1l, .,r tAe preferred Western Union, ou large
bIu.s dropped .rOm o. 063l5 TO 6ll aud Paclhc
Mil r,r au untold reason, declined III per cent IoiL
2ls to Ill or the Expresses, American was lower al
s. lae others being steady.
IN s..,s al tie last call-3:15 p m.-of tie open
Rad were. 100 Central and Huiscu 9--f zoo Liit'
g. 200 Lake shore 5Ul2 800 ROcA island, Ju2 500
81 P4a preferred &C 7sa4I 100 Delaware Lack wanna
AM Western. asa 100 NCW-JcIsey tenu.i ---2j IJO
Ee,ts1. mon. 81 p, and $4,000 gold at lO6I'1e.
aANel or TAk NARKEI Al THE sTOCh EACuAN0E