The New York herald., 1871-03-06
GOVERNMENT BONDS.


The government list was irregular, but In the main
strong. The original rise, which was basea on the
Theory that the Treasury Department would exercise
thelr influence In favor Of the higher prices
rs preliminary to Offering the new loan,
was so much in advance OF the forei gn
market that sudden decline was pro-
huced by the Importation OF bonds from Europe.
But the foreign market reacted on the purchases
made for shipment to the United States, and hence
;when the debt statement for February, showing so
handsome reduction, followed the announcement
Hf tho treasury Secretary's intention to buy ten
Enllion bonds during March prices in London sud-
renly advanced and our market sympathized. In
TACT one theory Of the advance In the Bank Of
England discount rate Is that the directors of that
Institution were desrous Of repressing the growing
favor OF our securities. The following were the
Elosing street prices Saturday evening -
United States currency SKIES, l1SH Q 119X;
40. slxes 1851, registered, 11e a l165s;
10. do, coupon, 1l6 ll6X; do. fve-twentles,
Registered, May and November 1l2X a. 1123I; DO.
9o.. 1852, coupon, do, ll2K 112s; do. do. 1864,
AZ. do, 1121< ll2,s; do. do. 1856, do. do, l12a
112k; do. do. registered, January and July, 111H
= 111X; DO. do, 1885, coupon, do. 111H 111I;
40. do. 1857, do. do 1llX 1113I; do. do, 1868,
20. do, INK l11X; do ten-forties, registered,
40sx 10oA; do. do, coupon, 1o9H a 1o9A.
THE STOCK MARKET.
The signing Of the peace treaty at Versailles, and
the popular impression among m0neyed men that
kvery effort OF the Treasury Department will be
Thrown In favor OF keeping the money market easy
bending the refunding Of the debt into the new loan
started one of the most active speculative movements
t the Stock Exchange known In that vicinity since
the early days Of paper money imitation. The rise
kn prices, considering the period Of time covered,
y almost unprecedented. The excitement at times
xvoo Iura
Hundreds Of thousands Of shares changed hands
eyery day and the Stock Exchange presented its old
Eme scenes Of crowds OF brokers and spectators.
Fhe "bull" ciaues have entered upon campaign
which bids far to rival the OF lS0s-o9. Their
success has been 30 great that they have already ad
yanced prices IN many instances beyond the highest
points Of last summer, ana buyers who clung TO
Their stocks throughout the winter find themselves
with profit on their investments. It was only the
depression and detection produced by the war in
Europe that turned the tide last summer ana
brought about prices last winter which the HERALD
steadily advised Its readers were unnaturally low
When Northwest preferred was at 60 New York
pentral at SO, Reading at o4, Lake Shore at ssh,
Rock Island at lo2 and Western Union as 81, We de-
Pated the arguments OF tine spectators who en-
neavored to intimdate the public into parting with
their property at such sacrifices. We told the pub
lie prices were then on 'hard pan, and that specu-
Iatiye sales at such stage OF the market wore
highly dangerous. The fact is, we have yet tho
eane volume Of paper money which we had
Rt the close Of the war, and our progress
70 specie payments is only adding to the circulating
medium BY freeing paper money now set on against
gold. When we reach specie payments we shall have
the imitation Of tive hundred millions OF thrown
INTO the currency Of the country. The history Of
English finance shows that the great Of stock
speculation In 1925 was when the country resumed
specie payments and the released coin suddenly
eweled the volume OF money. 1t was only when
Parliament began contracting the paper money that
The great crash cnsued. ee
THE FINAL STREET PRICES.
The following wero the final street prices satur.
qay evening fos the leading stscxs;-WssterJ