The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-03-25
FINANCIAL and COMMERCIAL.
.~s>~~~~~S~~<'e~~~>~~-
RETROSPECTIVE AND PROSPECTIVE.
The Vagaries Of the Speculative
Current for Six Days.
Tho Rise and Fall Of Erie-The Truce in Pa.
eiiic Mail-The slump" Ia Quicksilver
The Generalization Of Union Pacific
The April Settlements and the Strategy
of the Cliques.
WALL STREET,
GfNpAv. March %. 1879.

rered several features OF considerable interest The
more important OF these was the hrmer tone OF the
grain market which emerged from Its recent de.
preston and underwent promising revival. This
change has been all the more remarkable for the
contrast with the immediate previous character Of
the market, the dulness and depression OF which
had begun to impugn gram paper with the banks.
The cotton trade has been more active and irregu-
lar. but on the whole frmer. newer feature OF
the market Is the speculation 10 futures running
over six months. In dry goods there has been q
diminution OF the movement and deierment II not
check TO business by the protracted coldness OF the
weather. There Is little complaint from the uptown
trade, and retailers are doing well for the
THE WEEK IN WALL STREET.
The amount OF business on the stock Exchange
has been large and rather better distributed than
during the previous week when the attraction was
almost exclusively Erie. That stock served, APP
parently, to revive the speculative sentiment, and
once attaining q price which was deemed
discOunting OF all that Is to be done
under the new regime, the inquiry branched
out in other directions inspiring fair AMI.
nation In large portion OF the list. The
extreme fuctuatlon in Erie was four per cent, viz,
between 4s and 81, with so as an average for the
weeks business. the street has discussed all the
merits and dement's of the contest between the two
parties and ID incliniug 10 the belief that the
ity OF the stock. Indeed 1t was the discovery Of q
loan from the London bankers OF the Atlantic ana
Great Western Railway to the Erie road, amounting
TO a40O QUO, that 0ccasioned the decline from 81 to
as Yet, with this impression existing, the
stock recovered by Saturday 70 5lA. the
rest OF the iist was Unsettled and
without special movement either way, udn
after the middle Of the week when the relaxation in
money gave sudden and strong upward impetus
6ount for the rise in each specially as soon as 1t
came into notice. The Pacific Mali litigans buried
the Ratchet Saturday and are now reported to be
working tremendously, but their plans of operations
are not definitely understood. II is generally
believed that the "bears'' settled on the basis
OF Ga a 65 with the ''bulls,n an agreement
then being entered into TO depress the stock
below 90 and load up for magnificent
rise In the spring and summer 1t Is said that
the "bus" sold out to the pending the favor
able pros cects OF an increased subsidy the move
ment for which In Congress they thereupon helped
TO defeat. The next string to be pulled Will be tho
bill before the Legislature to allow the reduction Of
the capital stock to SlOOo0,OOo. The Northwestern
shares improved nearly four per cent, after an inter-
val Of inactivity on the part of the pool
controlling them, and OnIos nearly three
per cent. The greatest rise was IN quick
bilver preferred which Is under the manipulation
of the R0thschds, the part Daniel Drew Is playing
being simply that OF 1gurehead Tor Wall street.
Fhe stock has been run up suddenly to discount the
Termination, on April ], OF the contract with the
Bank OF California by which the product OF the mine
mas been sold below COST the price OF quicksilver In
the open market being nearly twice that obtained
Tor 1t under this contract Union Pacific early IN
the week was In strong demand for the Dutch mar
Set but was freely supplied and broke down, being
the weak feature at the close. when the general
market was strong.
Z Money was worth In q few instances as much as
X per cent a day, but closed Saturday OF IS per
cent per aunum. The sudden change is attributed
TO speculative manipulation, the relaxation being
abnormal and intended to make a market for
stocks which the larger holders unwilling to carry
Through the expected strngency OF the next two Or
three weeks.
Gold fell OF from ll0At0 1898 on the weakness
Of exchange the result In turn OF heavy
shipments Of Ere to the London market,
but closed at ITO on o pretty large specie
shipment Notwithstanding and Q small loss
pf specie In the bank statement the anomaly OF
which was surprising in view Of the heavy coin dis
bursements OF the sub-1reasury during the week.
Governments were frmer and for time buoyant
and active, but closed quiet and steady.
The Southern State bonds were moderately active
and irregular. The Virginia consols were in de-
b9h, thereby causing the failure OF Baltimore firm
yshort' of them The new South Carolinas al.
yanced to 39A, fell OF to 3o5s and closed Ssh.
CLOSING PRICES OF SOUTHERN SECURITIES.
The following were the closing prices Saturday
evening for the Southern state ponds:- Tennessee,
ex coupon, u 674; do. new, 81 6714;
Virginia ex coupon, "a So; do. registered stock,
Old, 45 so; do. skies, consolidated bonds. 90
D soy; DO. sixes deferred scrip, 151s 1917; Geor-
- cfxr IN
Carolina, ex coupon, 81 IS; do. funding, 1866,
III Is; DO. do. 1865, % "a; do., new, % "a;
DO, special tax l6 q II; Missouri skies, esq q
9SI.; do. Hannibal and 1T. Joseph, 90 "a; Louisi
hna skies, SO q so; do. new, 90 q 60; do. levee
BIKES, 60 65; DC. do. eignts, 20 80; Go. do
Fights, 1875, rs 81; do penitentary sevens,
20 o 81; do. railroad elghts, 10 TO-;
alabama nves, 80 o IS; do. eighrs, 80 a e5; DO
Fights, Montgomery and Eufaula Railroad, 81 q 90;
South Carolina skies, 50 q 90; do. new, January
and July, SO O $50; do. do, April and October,
BIS q SO; Arkansas skies, funded, 81 a 81; Mobile
Ind Ohio Railroad, sterling, 90 a 90; DO. interest
eignts, 50 a 81; do second mortgage Fights, 70 a
rs; Mississippi Central Railroad first mortgage
eevens, So 81; DO second mortgage eghts
10 o IS; New Orleans ana Jackson first
mortgage, 90 90, do second mortgage, 70
b 81; Memphis and Charleston Railroad first
mortgage, 80 81; do. second mortgage, Is
b so; Grcenvie and Columbia Railroad, guaran-
iced by south Carolina, Al o GOT Macon and Bruins
wick, guaranteed by Georgia, So q Go; Wilmington,
charlotte and Rutherford Fights, 90 so; Memphis
tiiy skies, o. 90; Savannah city sevens, SO q &c.
New Orleans cOnsols old, 20 10; do. Issued to
railroads, skies, "a a 70; do. sevens. 6s O 10.
THE BANK STATEMENT. ~
The weekly statement OF the associated banks Is
ehghtiy unfavoraple, but Is without important
feature. The tendency seems conservative, in view
pr possible active demand for money In the
country about the LIST OF April and the loans have
been contracted two millions. The specie Item Is
hot readily reconcied with what IL generally known
the difference between the Treasury receipts and
Disbursements OF coin during the week, but as the
average Is rising one the statement next week