The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1871-05-22
THE BANK STATEMENT
The following shows comparison OF the tOta
with fhnsa OF the nreylous weeks aIatement:-
GOVERNMENTS STRONG AND HIGHER.

GOVERNMENTS STRONG AND HIGHER.
The weeks dealings in governments have resulted
vorably to the credit Of the government In 30 TAR
as higher prices may be supposed to Indicate It's
appreciation. This has been in part OF course the
logical consequence OF the advance In the gold pre-
MUM and the frmness OF foreign exchange but 1t
was likewise assisted by the purchase OF some round
lots by foreign bankers, who bought them for snip
ment in preference TO bills or specie In the recent
scarcity Of large coin, The Market upon the reac-
ton IN the gold and foreign exchange markets,
went up slightly from the highest figures but cosel
firm. The new bonds made their appearance on
the street on Wednesday, wnen market was made
for them at once, and the price, 1l17s, established.
THE STOCK MARKET FOR THE WEEK.
The market opened on Monday with an unsettled
feeling, and dealings were irregular. bofh in volume
and tone. The earlier transactions were confined
to Erie and Union Pacific, outside OF which almost
stagnaton prevailed, with the exception Of Boston,
Hartford and Erle which was bought simply be-
cause there was 81 little TO lose even II nothing was
made on II. Union Pacific advanced to IS *, Erie
to %, and Boston, Hartford and Erie to 4. In the
afternoon the market became weaker, upon the
assumption that published opinion Of the Attorney
General IN re pect to recent decision OF Commits
sioner Pleasonton, and reversing the same, as to
certain questions OF liabilities to lax included the
scrip dividend OH New York Central, the tax on
which, therefore, would have TO be paid. Al gene
raj decline then ensued, New York Central leading,
which was assisted by statements to the
OBJECT that the Senate would refuse to ratify
tho washington treaty, aud the market closed
weak. On Tuesday, on the explanation that
the question OF the liability OF the scrip dividend
to taxation had not yet been acted upon, and was
not included in any order made by the Commissioner
or Secretary Boutwell,, the course OF the market was
reversed, and the decline OF Monday made up in
most instances, Erie establishing an advance.
Wednesday was day OF much excitement and
interest,"
THE MOVEMENT IN ERIE,
which may be said to be the leading feature OF the
weeks operations, this day developing into some
thing very like popular enthusiasm The dealings,
however, were not confined to this stock, but en-
braced O wide range extending TO most OF the
prominent stocks. Erie advanced TO 81, Union Pa.
ciac to 81 and Lake Shore to 1l01s. Harlem was
favorably Influenced by the result OF the annual
election, and advanced to 1881. On expectations
OF five per cent dividend on both classes OF North
west stock tue common rose to Soh and the pre-
fcrred TO 9sx. The weak spot OF the market was
Paclnc Mail, which broke to 44Ss, but eventually re-
covered to as The closing street prices were gene
rally tho highest OF the day.
Thursday was another field day in Erie, and, on
the announcement made to the stock Exchange
that the saoooooo OF stock Intended to be issued In
exchange for convertible bonds had been cancelled.
advanced to s4a, amid great excitement and the
most ABSURD rumors. The general market was &C
i've ana prices advanced IN almost all directions.
Lake SHORE ana New Jersey Central went up, SHE
BY side to 49, New York Cen raj touched ee1,
Read ng 115A and Rock Island 115h. The closing
street prices outside OF Erie were IN most Instances
the highest OF the dry.
Friday Witnessed eversal cf the speculative