The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1871-04-18
FINANCIAL And COMMERCIAL.
WALL STREET,

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WALL STREET !
MONDAY. April fS,eP. NJ
On 'Change to-day wheat was firm, but only mod
efately active Cotton was quiet and about steady.
MONEY FIVE TO SEVEN PER CENT.
Money was in good demand among the stock
brokers, who paid six ana seven per cent alter
nately. Among the government dealers the rates
were i've and six per cent.
Commercial paper was without new feature and
quoted q per cent discount for prime names.
Foreign exchange was quoted 1927 ITO for
prime bankers sixty day sterling. and HOY 11ox
for sight bills but closed with rather less rmness
THE NEW LOAN.
The additional subscriptions to the new loan re-
ported at the Treasury Department up to noon TO-
day amounted to $4,000, making the total SUBJ
scrintions TO date S59,e7e,75o.
IMPORTANT FINANCIAL MOVEMENT IN CONGRESS.
washington telegram states that
resolution was offered In the House to.
day limiting the amount to BIO raised annually
by taxation to s25o.o0o,O0o and prohibiting
the Secretary from purchasing or cancelling moro
than $26, OOo,OC0 annually Of the public debt A mo.
ton to lay on the table was defeated, and motion
to order the previous question was not seconded SO
that the bill went over under the rule until next
Monday.
GOLD sTRoNG-l1Ox A Ill.
The gold market. after o morning OF intense dul-
ness at 110ss 11OX, suddenly became active late in
the day, on O rumor that the specie shipments OF
the current week Will reach nearly S. 900, and
upon this advanced to ILL., The sales at this figure
were purely nominal, and were quite large on
reaction to 11ozs The engagement OF specie for
to-m0rrOw's steamer Is 100000.
GOVERNMENTS FIRM AND HIGHER.
The advance in gold, coupled with better market
for hve-twenties in London. where the co.'s re-
covered to 901+, strengthened the government list
and induced general advance In prices. The an
| nouncement OF the action OF Congress proposing
Limitation OF The Treasury purchases OF bonds to
$25 10000 year seemed to produce no effect, and
the market closed at the best figures OF the day.
STOCKS ACTIVE, STRONG AND BUOYANT.
The stock market was the scene Of great excite
ment over sharp rise In Pitrsburg, which suddenly
usurped tho place of Lake Shore as the leading
feature Of the market and advanced to 12S against
1l7A at the opening Of business. The old rumor Of
o scrip dividend is revived, and report goes SO
far as to say that the dividend was actually
declared to-day, but will not be publicly an.
nounced for some time to come Meantime
the street fixes the Dividend at all the
way from 40 to rs per cent with the omission OF
the former inmatton OF lease to the Pennsylvania
Central the controlling parties believing In their
ability to pay dividends on the enlarged capital with
out the aid OF the latter corporation. The market
was at the same time strong and buoyant In almost
every direction, but the absorbing attraction Afforded
by Pttsburg almost diverted attention from rise In
Ohio and Mississippi TO $50, In New York Central to
99h In New York Central scrip to 9814, in ST. Paul
to 621s and in st. Paul preferred to 50, which
figures are the highest made this season.
The speculative feeling also ran stronger on Union
Pacific, Western Union Telegraph and Wabash.
Pacific Mail, which, as the street expresses IT,
"hasn't had its rlse,n advanced to a6. ExCep-
ttonally, Northwestern common was weak, and fell
of to sSZ, while IN the Investment list Panama
broke to 54,s The Generalization of the latter IS
the foregone result OF O Tehuantepec canal, moi 20
speak OF the original aud still existing influence Of
the Pacific Railroad as thoroughfare between the
Pacific and Atlantic oceans. In fact, whatever
future glory Is destined for Pacific Mall
lies In Its prospects as steamship route
between Asia and California. Lake Shore, which
seems to be Temporarily snoivcd scrip. dividend and
Advent down to 1861 but recovered to 1861, and
closed 1o0A. The street was in the mood for fresh
favorite and hence took up PittsDury quite readily.
Indeed the upward movement IN prices is gradually
visiting the whole list OF active speculative stocks,
and tickle and uncertain may be It's selections, 1t
certainly makes the round OF them, until at length
the most neglected comes In for Its favor5.
HIGHEST AND LOWEST PRICES.
The following table shows the highest and lowest