The New York herald., 1871-03-07
FINANCIAL Ind COMMEaCIal,
WALL STREET,
MlrsafH /. N lN


wALL srRrrr.
MONDAY, MarclA 6-6R M
on 'Chanee to-day wheat was arm and higher,
with an active demand for expect The cotton mar
ket was heavy ana quiet. Sales OF low middling
were made at 13hc., but the m arket at the close
was fraction better.
THE NEws NATIONAL. LoAN.
The books OF sub scrpton TO the new national loan
witch were received last week by The several desig
mated agents IL this city were opened this morn
ing but up to the close of business this
evening nad been inscribed with only one
single entry IN addition 20 the names
mentioned last week in our Washington dispatches.
This indifference en- the part of the public occa-
s.oned the utmost surprise, for after what had been
been said about the probable popularity OF The new
bonds the expectation was general among the var-
ons agents that a long file OF applicants would be
10 und standing in front or each OF their onces. But
such anuclpaons were not realized to-day or course
The storm had something 10 DO with keepn people
at nome, but the feeling OF DISAPPOINTING Mt could
not be disguised. The solitary exception referred TO
was that Of Messrs. Glendnnlny, Davis &
Amory, who placed their name on their own
books for S25o,ooo OF the 1--WE per cents. Messrs
Fisk & Hatch received en- application for a $1,000
live per cent bona, but ueclned the trouble OF so
small subscription. Our Washington dispatches
Bagker-has subscribed for 100000 The suoscrp-
uons announced at the Treasury Department up 10
last night were ST. ISL, 500. Rumors were current on
The street that the Rohschilds had subscribed for
500 03Q 600 but the foreign bankers reported they
lad no such adyices 10y the cable.
GOVERNMENTS sTRoSG-cURRESCY sIXEs ADVANCED.
The feature OF the days business IN government
ponds was a sudden rise OF fully one per cent in
lie currency skies, which advanced TO 1l4sl. These
issues are limited TO S64 0ls0o0, and constitute the
subsidy granted 10 the several Pacific railway
pauies for which the latter gave the government in
exchange second mortgage upon their roads and
franchises. They are ,hrty-year bonds bearing
interest at the rate OF per cent per
annum III currency and have an average Of
about twenty-three years to run before the
government may redeem Them. The long
period Intervening 10 their redemption has made
them quite popular as an investment, particularly
since the value OF the currency interest has steadily
appreciated with the decline In gold. But their
sharp rise to-day is not unattended with an uncnari.
table surmise That the friends OF Mr. Boutwell, have
given them special impetus at this time IN order
that the plan Of refunding the debt may be assisted
by a comparison of their price with that OF the new
bonds. Deducting the accrued interest on the cur
rcncy SKIES which IS about one per cent, they are
now selling at 1l394 with gold at lila dis
crepaney which argues considerably In favor
Df tue new loan. The inuendo Of special manipua.
noa In tins result goes to say that the friends OF
Mr.. Boutwell, first employed their efforts on the ten
fortles but finding the mass Of the latter too M
wledy to be controlled by them they turned to the
'ong' skies of 1885, which they advanced to 1l6.
Suggestions OF defeat in the latter enterprise again
caused them TO seek a new plan OF operation,
and they have finally taken up the currency
skies, which, being limlteu In amount and scarce
IN the market, can be more easily used
TO serve the purpose OF providing criterion
by which to convince the public Of the desiraoilty
Of the new bonds. We give these theories for what
they are worth. We are sorry that even the slight
est suspicion has been excited with reference to the
action OF the Treasury Department., but we only
record facts which are wen known in Wall street,
and which are given as the explanation Of the
several successive and abnormal fluctuations in the
tenforties, '1ong'' skies and currency bonds during
the past ten days. Il NAV be that these spasmodlc
rises In the several Issues just enumerated were
the result of the transfer from one 10 another
OF them OF hesiatng and undecided capital
which, not knowing the effect Of the cancel
laiion OF the fve-rwcnties, fitted about for
anew resting place. The five twenties during most
Of the day were only barely steady but the whole
market became strong towards the close, when
the following street quotations prevailed
United States currency SKIES, l4's a has;
40. skies, 1881, registered, 1le l76]s;
do. do, coupon, 116is a Il6i.; do. flvetweBties
registered May and November 1875 a 1924; DO
DO, 1862, coupon, do., 1l23a 1925 do. do, 1904
do DO. 1925 a ll2h; do DO, 1865 do. DO. Il2]5
ll214; do. do, registered January ana july, Ill
111I; do. DO, 1856, coupon, DO. Ill 111]s;
DO do, 1857 do. do, 1ll1s 11l14i do do., 1888,
do do, ll13s q ll1ss; do ten-iorties, registered,
io914 l,91s do. do, coupon, 1905 1925.
MONEY -FOUR TO FIVE PER CENT.
borrowers on stock conateras paid i've per cent in
greater number OF Instances than usual of late,
but the transactions were about evenly divided at
4a5p per cent. On governments the rate was almost
uniformly icur per cent. Rates FOR commercial pa.
per we're unaltered.
Foreign exchange was firner on the basis Of 100 \;
for prime sixty days sterling and 1101! lloS for
sight bills.
STOCKS ACTIVE. STRONG IND IRREGULAR.
The stock market was again active, particularly
toward the close OF the day when the bulls'' went
In quite confidently on tie HYPOTHESIS that the uu.
satisfactory response TO The Offering OF the
would only stimulate the Treasury Department.
10 further efforts in behalf OF easy money
ana generally buoyant financial status OF
the country. The fluctuations were wide
and frequent between the bear" and
.'buDr element. Ia fact. the "bearsn were greatly
encouraged by the diversion they created last SatuI-
day, and followed up tie attack to-day with des.
peratc vigor. The market now has the basis OF q
fresh and quite extended "shortn interest the result
OF the efforts at Its cultivation by the bul" ciques
The latter showed their power by running
prices this afternoon 20 the highest attained
the present season. as will be seen by an
inspection Of tue extreme fluctuations given
in the table below. Western Union Telegraph sold
at 54a4 Pttsburg at l121., Lake Shore at 9ol Ohio
and Mississippi at sis. and Pacific Mall at 481.
After the closing Of the Long Room the ''bears,
rallied upon the Sidewalk and gave the market
closing wrestle, which unsettled Rock Island in par.
ucuiar and oceasoned general reaction from she
highest points Of the day
HIGHEST AND LOWEST PRICES