The New York herald., 1871-03-08

Go!d Daances.... S92, sos
currency balances. s....................... 9S9,7lS
Since the above was written London advces
have been received up to the close Of business
quoting consos olk an eighth lower, and i've
twenties s2ls. an eighth better. This contradictory
movement neeus explanation. AS the facts stand,
whatever activity exists in London seems to have
wrought disfavor in securities, but ratner to
have enhanced them.
MONEY FOUR TO FIVE PER CENT.
The money market was steady at four to Ave per
cent on stocks and four per cent on government
collaterals. The exceptional transactions at three
per cent the latter collateras seem to have been
eliminated, the market being in the main rather
more active than during last week. Prime COM
mercial paper is in fair request Gt 6S per cent.
THE NEW LOAN.
There were no further subscriptions 70 the new
loan, and the agents say that the delay on part
OF the public is due to the fact that the new bonds
have not yet been received from Washington They
still confess considerable surprise at the apathy
shown by the public but anticipate rapid suDscrip-
ton when the bonds are actually on view and ready
for sale London despatch states that there have
been numerous subscriptions made IN that Guy, but
no details are given
GOVERNMENTS STRONG.
The movement In currency skies, or Pacific bonds.
was active in the early forenoon, and some nominal
their price subsequently dropped of to 1l45s. We
learn that 1t Is the exceptional custom In the case OF
these issues to quote them in business st their value
without reference to their accrued interest," which IS
computed ana paid by the buyer in addition to the
market price. This custom OF the Government
Board is relic OF the early days OF the issue of
bonds by the United States, and is retained only in
the present instance. Adding therefore, instead OF
substractng one per these bonds are worth 115s
which, with gold at l11l strengthens the argument
Of the Treasury Department iii favor Of floating the
new loan. The 'iong" SKIES were strong and the
average sales were about an eighth per cent higher
The 'G2's sympathiZed with gold particularly as Lon
don was strong. The other issues were only barely
steady. The lnal street prices were-United States
currency skies, 1l41sa 114a; do slxes, 1881, regis
tered, 1l6 li6j4; do. do, coupon, li6 1e1l; do.
fve-twenttes, registered, May and November, 1928
. 112L; do. do, 1862 coupon, do, 1l2h ll25s;
do. do. 1864 do. do l12h l12h; do. do, 1885, DO
do, 112H 1127s; do. do registered, January and
July, Ill q 11114; do. do, 1885, coupon, do. III
111H; do. do, 1887, do do, 1l11s 1114; do do,
1885, do. do, ll1a o l11sS; do. teniorties. regis
tered, 1oehl loe15; do. do, coupon, 1O9ss lO3A.
STOCKS ACTIVE AND IRREGULAR.
The stock market was IN fevered and excited
state all day and wide fluctuations prevailed in the
leading speculative favorites In several instances
Cleveland and Pittsburg opened at 49, and, amid
great excitement, rose to 11o. In explanation OF
the advance 1t was rumored that the Penn
syvania Railroad wanted the road as
connection between pittsbnrg and Cleveland
and intended Offering to take 1t upon perpetual
lease guaranteeing seven per cent upon the stock.
increased by scrip dividend similar to the method
OF the lease Of the Pittsburg, Fort Wayne and
Chicago road. western Union Telegraph IN this
period rose to 55 and Reading to 1o21s; otherwise
the market generally only surgcd up to within
fraction OF the highest prices heretofore made.
Hannibal and st. Joseph sold at ee'l for
the common and lo4H for the preferred.
Northwestern preferred sold at 81 regu-
lar way and at e3 seller sixty-days in the
same instant. The revival OF the SUIT or
James Fisk, Jr, Tor his share OF the stock in the
Union Pacific road, to which he claims to have orgi-
nally subscribed, put the price down TO 29, from
which the quotation advanced to and closed ut 2g5a
a 30 upon the announcement that Secretary Boutwell,
had ordered The United States Treasurer TO pay
over nearly half a million OF dollars TO the road,
which had been Withheld on interest account until
the passage OF the Appropriation bin with its In
strucuons on this point. In the morning Pacific
Mail had touched AZ on tho supposed
discovery that an increased subsidy had
been quietly introduced into the Appropriation bill.
A perslstent denial OF this rumor By Washington
despatches produced fall Ia the stock to lirs, from
which rally ensued to 45h. The real facts that IN
the appropriations for the Post ONCE there the TWO
items folowipg:--"F0r steamship service between
San Francisco, Japan and China. $l,000,00o," and
"ror steamship service between san Francisco and
the sandwich Islands sT5,ooon Now, the Post.
master General must award the contract to the
Pacific Mail Company, which IS the only line on the
China and Sandwich Islands routes, it follows
that, wmle the company are not specially
designated to receive subsidy, they are
to be paid si,ooooco for service which
they have hitherto performed Tor 100000.
The washington reports were correct only in deny.
ing the letter OF an increased subsidy. These vari-
Gus rumors inspired fresh courage on the part OF
the operators for decline and also drew great