The New York herald., 1871-03-03
FINANCIAL and COMMERCIAL.
WALL STREET.
THURSDAY. March 2 Is +. M.

WALL. STREET. I
THURSDAY. March 2--8 r. M.
On 'Change to-day wheat was frmer and more
active. The cotton market was heavy and toward
the close became weak and declined.
THE IMPORTS OF LAST WEEK.
The figures of the Custom House snow that our
imports, exclusive Of specie, for the week ending
February "a were $s,O35.e53.
MONEY THREE TO FIVE PER CENT.
The money market continued easy At four to five
per cent on STOCKS and ar four per cent guaran-
tees On the latter coaterals exceptional loans
were made at three per cent The discount market
was active, and large business done in prime CON-
mercial paper at 6l per cent. Confidence in makers
is on the increase owing to the promising Signs in
general trade
Some Of the leading bankers made nominal ad-
In the rates for foreign exchange, which they
quoted 1925 for sixty days sterling ana HOY for
sight bills; but they allowed brokerage OF one.
eighth per cent from these rates. The gold market
was wholly unalf cted 10y the higher quo otations.
STOCKS STRONG AND BUoYANT.
The attraction OF the street still centres in the
Stock Exchange, ana tho progress OF business In
that department develops new features OF interest
every day. Heretofore the rise was quietly ac-
cepted as a strong upward movement. but was
attended with little or no gossip. IL now appears.
however, that the two leading champions OF the
deadly opposition once more, and the tide
OF battle has been most elrectuay turned
in favor Of tae parties who were regarned
as the great sufferers in The original campaign
Street rulaor also asserts That leading frm sup
posed TO represent In their operations quite large
party OF their customers and friends, are short Of
Union Pacific to the extent Of q" east twenty fhou
sand shares, on which they / so far 'made''
loss or nearly a quarter OF q n. ION dollars The
speculators who last winter thougn the short road
to wealth lay IN selling the stocks other people
are in great extremity, now that pc lie are willing
to pay much more for these stocks than they
hurried 10 sell them at. When the HERALD at that
time warned the public that prices were on 'hard
pan' it was only giving advice derived from a
knowledge that the brokers' offices were filed with
orders to buy for investors. who knew that prices
We're depressed by speculation far below
their real standard. Since That warning
was given IN this column the market
has advanced rom five TO fifteen per cent. The
present natural reaction Is assisted by the exceed
ingy hopeful promises OF a prosperous season in
business throughout the country, ior which the ln-
dcatiens are strengthened by the cessation OF the
war In Europe and by the prospective speedy adj
judication Of the Alabama claims and the removal
or all obstacles TO the further progress OF
as great wealth making country. Not the least
on this side Of the Atlantic Of the vast sums
OF foreign capital which it was supposed would go
back TO Europe on the return Of peace. AT present
it would seem that not only viii this money remain
with us, but that numerous enterprises for procur-
ing capital in Europe which were suspended by the
war viii be revived, with The effect of bringing still
larger amounts OF foreign wealth into the country
Considering the various circumstances attending
the present situation it s not difficult 10 understand
the extraordinary activity and buoyancy OF the
stock market Easy money and pros
pect OF an abundant supply for the
rest OF the spring and summer; the fever specula-
tive movement In commercial circles; the revival OF
trade; the changed current OF the feeling IN real
estate operations; the early spring promising as it
does abundant crops and speedy recall
to employment or all the various industrial
classes and the settlement OF the great
war In Europe, are influences combining to render
the pubic mind cheerful and confident.
To-day the speculation ran upon fresh favorites,
while keeping up Its interest in those which had
been the earlier recipients OF Its favor. 1t is true
that Western Union Telegraph and OHIO and
Mississippi were not as high they have been but
they were strong and very high as compared with
their price ten days ago. Union Pacific, on
the report OF the large uncovered short
interest referred 10 above, advanced to
Washington reports that the Senate measure re-
strctlng the Treasury Department to the letter of
the law in the matter OF interest on the subsidy
bonds was certain of adoption by the House. The
annual election for directors OF the company will be
held In Boston on the 6th INST. The Vanderbilt sc.
curtes were better, but less buoyanS than other
stocks for the reason that an unfavorable
decision is apprehended on the question
or the revenue tax upon the scrip digi-
dend. The whole market at the morning
board began to give way, and for time the 'bears
sold quite freely in rhe belief that the turning point
in the tide had come, but the current changed again
in the afternoon and once more the final street
prices were generally the highest OF the day. The
day developed sudden movement in Columbus,
Chicago ana Indiana Central, which ran up from
1ss to % on very heavy transactions, dealings
having been nearly 10000 shares. The cause OF the
rise in this stock Is explained in o paragraph
given to the public in the HERALD about two weeks
snce when the resumption OF the lease OF the road
by the Pennsylvania Central Company was an
nounced The &C., G. and y. Is, In fact, parallel
to the Onio and Mississippi, the virtual acquisition
OF which latter by the Baltimore and Ohio Railroad
necessitated the possession OF the &c, e. and j. c..
as rival connection to ST. Louis for the Pennsylva.
MA corporation.
HIGHEST AND LOWEST PRICES.
The following table shows the highest and lowest
prices OF the active speculative stocks during the
day
Highest. Lo,ceSt.
New York Central consolidaied...... 91M 962l
New York Central scrip. .............. 83H e2Z
Erie. .............. 22a 225&
Rea ding Observation-Disclosures. 1004 991s
Lake shore OBSERVATION-DISCLOSURES. 984 917S
Wabash Observation-Disclosures, So 543f
Northwestern. ........ ............. soM 79I
Northwestern preferred. o2al e0iI
Rock Island. Observation-Disclosures. liz 1l0M
Milwaukee and ST. Paul. ..........,. 54I 53M
Milwaukee ana st. Paul preferred. s57s s5n
ONO and MISSISSIPPI. ................. 42G 4l&I
Union Pacific. NEUTRALITY-SUSPICIOUS., 3iL 2aa,