The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-03-25
The vagaries Of the Speculative
Current for Six Days.
Tho Rise and Fall Of Erie-The Truce in Pa.
eific Mail-The 'Jump" iu QUICKSILVER
The Generalization Of Union Pacific.
The April Settlements and the Strategy
of the Cliques.
WALL STREET.


more important OF these was the 1rmer 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 duness and depression OF which
had begun to impugn grain paper with the banks.
The cotton trade has been more active and rregu-
lar. but on the whole Grmer. newer feature OF
the market Is the speculation IN futures running
over six months. In dry goods there has been a
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 season.
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, ap.
parently to revive the speculative sentiment, aud
once attaining q price which was deemed q
discOunting OF all that Is to be done
under the new regime, the inquiry branched
out in other directions. inspiring fair AM.
nation In large portion Of the list. The
extreme nuctuatlon in Erie was four per cent, viz,
between 4s and 81, with 80 an average for the
weeks business. the street has discussed all the
merits and dement's OF the contest between the two
parties and Is inclining 10 the BELIEF that the
Mchenry party have gained possession of major
lily OF the stock. Indeed, 1t was the discovery Of
loan from the London bankers OF the Atlantic ana
Great Western Railway to the Erie road, amounting
TO a40OOoo that occasioned the decline from 50 to
49, Yet. with this impression existing, the
stock recovered BY Saturday t9 elA: T!he
rest OF the iiss was Unsettled and
without special movement either way, uil
Afer the middle Of the week when the relaxation in
money gave sudden and strong upward impetus
to prices, the usual gossip being circulated to &C.
Hount for the rise in each specially as soon as 1t
came into notice. The Pacific Mail litigants 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 o magnificent
rise in the spring and summer 1t Is even said that
the "bus' sold out to the street pending the favor
able prose- OF an increased subsidy, the move.
ment for which IN Congress they thereupon helped
TO defeat. The next string to be pulled Will be the
bill before the Legislature to allow the reduction Of
the capital stock to Sl0.0oo0O0. 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
tilver preferred, which is under the manipulation
being simply that OF a fgurehead Tor Wall street.
The stock has been up suddenly to discount the
termination on April J., Of the contract with the
Bank OF California by which the product OF the mine
as been sold below cost, the price OF quicksilver in
the open market being nearly twice that obtained
for 1t under this contract. Union Pacific early IN
the week was In strong demand for the Dutch mar
&et, but freely supplied and broke down, being
fhe weak feature at the close. when the general
market was strong.
( Money was worth In few instances as much as
Il per cent day, but closed Saturday ct q per
cent per annum. The sudden change is attributed
TO speculative manipulation, the relaxation being
abnormal and intended 10 make market Tor
stocks which the larger holders unwilling to carry
Through the expected strnGency OF the next two Or
three weeks.
Gold fell OF from l10H to 1898 on the weakness
Of exchange. the result In turn OF heavy
shipments Of Erie to the London Market
but closed at ITO on pretty large specie
shipment Notwithstanding and small loss
pf specie in the bank statement, the anomaly OF
which surprising in view Of the heavy coin dis
bursements OF the Sub Treasury during the week.
Governments were firmer and for time buoyant
pnd active, but closed quiet and steady.
\ The Southern State bonds were moderately active
and irregular. The Virginia consols were In de-
mand Tor the German market, and advanced to
b91s thereby causing the failure OF Baltimore firm
Yshort" of them. The new South Carolinas ad-
yanced to S9,S fell OF to S65s and closed 8s1d.
CLOSING PRICES OF SOUTHERN SECURITIES.
| The following were the closing prices Saturday
evening for the Southern state ponds:-Tennessee
ex coupon, u 67I do. new, CT G7A;
Virginia ex coupon, "a q So; do registered stock,
old, As o so; do. SKIES, consolidated bonds, 30
D 59H; DO. skies, deferred scrip 151a 1917; Geor-
Hia skies. 70 IS; do. sevens. IS 90; North
Carolina. ex coupon, 81 IS; do. funding, 1866
ri o 2S; do. do ls6s, % "a; no.. new, % a "a;
DO. special tax, 10 a II; Missouri skies, p5A
95h; do. Hannibal and vt. Joseph 90 o "a; Louisi.
Una skies, SO q so; do. new, 90 90; do levee
Bikes 60 a 65; 90. do. eignts, 10 80; 90. do.
Fights, 1875, rs 81; do. penitentiary sevens,
Bs 81; DO. railroad elghts, 10 20;
SAlabama hves, SO e5; do. eighrs, 80 a e5; DO.
Fights, Montgomery and Eufaula Railroad, 81 90;
South Carolina skies, 50 55 do. new, January
and July, 3s a $50; do. do, April and October,
B5 80; Arkansas skies, funded, 81 81; Mobile
Ind Ohio Railroad, sterling, 90 e5j do. interest
eights, SO 81; do second mortgage Fights, 70
fs; Mississippi Central Railroad first mortgage
eevens, So a 81; DO second mortgage Fights,
he IS; New Orleans ana Jackson first
mortgage, 90 90, do second mortgage, 70
b 81; Memphis and Charleston Railroad first
mortgage, SO a 81: do. second mortgage, Is
b 80; Grcenvile and Columbia Railroad, guaran-
iced by south Carolina, Al q So, Macon and Bruins
wick guaranteed by Georgia, es e5; Wilmington,
charlotte and Rutherford Fights, 46 80; Memphis
City skies, 81 a 50; Savannah city sevens, SO SO;
New Orleans cons0ls old, 70 10; do. Issued to
Railroads skies, "a a 70; do. sevens, 0S O 20.
THE BANK STATEMENT. 'A~
The weekly statement OF the associated banks Is
Slightly unfavorable, but Is without important
feature. The tendency seems conservative in view
of possible active demand for money In the
country about the LIST Of April and the loans have
peen contracted two millions. The specie Item Is
not readily reconcied with what is generally known
pr the difference between the Treasury receipts and
disbursements Of coin during the week, but as the
average is a rising one the statement next week