The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-02-26
FINANCIAL and COMMERCIAL.
WALL STREET,
SUNDAY. Feb o. 1879

L
SUNDAY. Feb. rs, 1872.
| The course OF trade the past week was inter-
rupted by the pending legislation upon the tarir
| and the Intervention Of holiday. The difficulties
incidental to any change In the duties on imported
goods are already beginning to manifest themselves
and the several interests In tea aud coffee wnskey
and tobacco have been greatly exercised as to the
shape Congressional legislation VIII assume.
IL is season, too, wnen an agitation
OF this character Is productive OF much evil, for
with the prospect OF q changed basis for prices In
the summer succeeding the close OF the fiscal year.
tine merchants are disposed to limit their transac
tons to current needs. 1t is the imports from
week TO week are very heavy but the goods now
coming were bought months ago-before even Con.
gress had got together, and before Presi-
dem Grant proposed 30 sweeping an abolition OF
tariff imposts as that advocated In his message.
In articles not so closely affected by these infu-
ences the movement has been moderate. Wheat
frightened up in the beginning Of the week. but
lapsed into It's chronic dulness. Cotton was unset
tied and at the close weak. under an impression
that the heavy demand for money at the South just
now means more extended cultivation this year,
and consequently heavier crop In 1S72-73 than in
1s71-72.
THE WEEK IN WALL STREET,
The market at the Stock Exchange was IN the
main dull, ana dealings were still confined to the
more professional class OF operators ana brokers.
The chief feature of the week was the collapse
OF the great "bull' movement in Union Pacific,
owing to the alleged treachery OF some men,
bers OF the combination. The stock on Mon-
day had progressed as far as 35%, when
leak in the "corner' was discovered, which soon
wdened to a considerable breach owing to the con-
sequent generalization OF a number OF outsiders
who had joined the rising movement In hopes OF
participating IN Its triumph. The stock gave way
despite the desperate efforts OF the clique to hold
it, and BY Saturday had fallen to 32x, recovering at
the close to SAX. The other leading speciality now
In the hands of clique--vlz., Pacific Mail-alter
hesitatlng and on the whole steady market, be-
came buovant and adva need to 59X. when 1t was
known that the company had been compelled to
charter an extra steamer-making two for next
week-to do the business required or them. The
general market was lower under the influence OF
more active money, which was worth ON Friday
and Saturday as much as l-16 u Il per cent q day
in addition to legal interest. The Custom House In
taking In SO much specie daily for duties has weak
ened the coin reserve Of the banks. while with
now OF currency to the South the greenback
reserve Ia also impaired The domestic exchanges
are almost at standstill as between this city and
the West; but the demand In the South Is reflected
in the rates for New York drafts at New Orleans,
which are one-quarter per cent discount
With the return Of the Legislature TO Albany q
renewed and strong effort viii be made TO pass the
measure repeating the Erie Classification CT.
Every merchant, banker and business man in the
city, State and county who Yields any influence
whatever with any member OF the Lsgis.
iature should exert his persuasive powers to their
utmost capacity in helping this movement, than
which there is hardly any other more important to
their several interests. The chtcanery and corrup-
ton OF the Ring In the management OF the Erie
Railroad have done ncalcuiaole harm to our inter.
ests in Europe where the enhancement OF our credit
has had to fight constantly the aunts and reproach
OF those who have pointed out the Erie corporation
as q warning against help to American enterprise.
Competent financial authorities have estimated that
the Erie swinde has cost the country hundred
millions annually In the check 1t has given to the
investment with US Of foreign capital-a statement
at which we cannot wonder In view Of the glut OF
money in London, where the temporary inter-
est rate Is now and has been for nearly
year only ~ per cent. Now that
this great measure Of reform Is contemplated,
eveN good citizen should contribute what he can
toward its contamination. "a long pull q strong
pull and pull all together" and we may lift from
our good name the deep discredit and disgrace Of
this Erie tnfamy.
In the gold market there has been o steady rise
nom l1oK to Ill. under the growing discrepancy
between the mercantile exports and imports and
between the outcome from the Treasury the pay
ments thereino. not to speak Of the hrmer tone of
the foreign exchange, and an advance for the week
In sterling OF quite quarter per cent. The policy
Of MIR. Boutwell, IN adhertng to small gold sales,
outside OF its alleged object In diverting Congress
from a too close inquiry TO the excess OF the
revenue over the needs OF the government Is posi-
bly, constrained Dy an apprehension that with
the cooler relations existing between the United
States and Great Britain the foreign market for the
new loan offers no very hopeful prospect of provid-
ing the mems OF redeemIng the forty millions
OF hve-twentes, which he has "called'' for March,
and which, being held almost entirely In Europe,
WILL In lieu OF corresponding subscriptions to the
new loan, the coin resources OF the Treasury to
the extent Of about thirty five millions OF dollars
Government bonds were firm, but without special
activity Toward the close the currency issues fell
of q consequence OF the advance In gold.
LATEST PRICES OF GOVERNMENTS.
The following were the closing prices on Satur.
DAY evening for government bonds:-United states
currency sxes 1884 q ia; DO skies, 1851,
registered, 114E l145s; do. do, coupon
1l6H 115I; do. five-twenties, registered,
May and November, Ill a 1l1il; do. do, 1862
coupon. 40, 111K 1l11s; do. do, 1854, do. do,
l111s 1113s; do do. 1855, DO. do, 111X 1l2; do
do, 1867 registered, January and July, Ill ILL.,
do. do, 1866, coupon do, 1loS HOY; do. do 1867
do. do, lily 1l1X; do. do, 1868, DO do, 112K
As>si uo lives VI 1851 iunoed, registered, 1855
1857; do. do. do, coupon 1885 1857; no. ten.for.
ties, registered, 1914 1878; do. coupon 1loss
. 1l0X
THE COURSE OF TIE GOLD MARKET.
The extreme fluctuations daily in the price OF gold
during the week were as follows:--
Highest. LOWEST
Monday. NEUTRALITY-SUSPICIOUS.. 110h 1l0K
TUESDAY. llOh I103s
Inursday..... ............ (Feb. %. holiday
fTlday. OBSERVATION-DISCLOSURES. Ill 110Z
saturday. NEUTRALITY-SUSPICIOUS.. Ill 11OX