The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-05-06
The Race Between Western Union Tele-
graph and Pacific Mail.
SPECIE IN THE TREASURY.
SOUTHERN STATE BONDS.
Quotations OF St0ckS-PriceS OF Government
Bdnds--.The Bank Statement.
SUNDAY. Nav o. 1872.

About the only remarkable feature In the stock
Narket last week was the vacillation and instabil
1ty of some Of the leading shares which were strong
by sturns and NJ often weak and waverlng There
-seemed to be a contest between Western Union
Telegraph and Pacific Mail, not only as to which
should command abe greatest attention in the
ket, bat also 10 which should get the mastery in
price. western Union started Monday at 1917,
which fully two per cent ahead, but was nearly
overhauied on Tuesday, when Pacific Mall sold up
to 7s%. On Wednesday the Telegraph was fairly
Mapped, and they both stood at u. On Thursday
they were neck and neck at Tx, but on Friday
Pacifc Mail, after getting eighth in advance,
sost wind and fell two and half behind. The Tce-
graph seemed to possess the most endurance, and
when the week ended it was a full one and half
ahead, having sold at 77A while the Mail closed at
75A.
SPECIE IN THE TREASURY.
The xInited States Treasury is now in possession
Of abous $3.50, Ooo,o 900 in gold, OF which amount
SIS, 600 GOO is due to paper which is known gold
certificates, and s4o,ooo,0OO, less what has
already been paid on interest due in May for inter-
est and called bonds. The other equal half OF the
gross sum is available for any purpose In which the
Secretary OF the Treasury may choose TO employ it,
He will probably permit il to remain in the mOuldy
vaults OF the SuhTr asuries, using small portion
now and then, ostensiby 10 relieve the markets. or
larger suns occasions require to break the backs
ofgold corners" until his pepdng problem has been
solved and the bulk of the national debt has been
placed upon lower rate OF interest basis. Then
WHAT Perhaps return to specie payments.
But to produce consammation much desired
the Secretary must first get the consent OF the
national banks Such desirable change In our
financial affairs cannot even he preached to the
country without consulting those institutions SO
adrOtly have they interviewer their interests with
those OF the nation, and tightly do they hold the
money departments OF our government in their
grasp that IL would require a Secretary OF the
Treasury with more pluck In his composition than
Mr.. Boutwell, can boast OF 10 attempt TO discover
the cord that now binds the department to those
powerful and influential corporations. II must be
done, however sooner or later and we must await
the coming man who will possess the courage, the
sagacity and the financial knowledge to perform the
service without convulsing the country, checking
its prosperity and progress and coggng up all the
avenues OF trade.
SOUTHERN STATE BONDS.
The bonds OF the Southern States, never very
active In this market, gradually sinking In the
scale OF securities. This will continue to be the
until some different course OF policy from that
now practised in the South is inaugurated The
financial status OF nearly all Of the Southern States
is far below that or their Northern and Northwest
been drifting on from a bad to worse condition,
until they have actually reached point which
makes reputation almost necessary It is not yet
too late, however for them to their former
positions and save themselves from the disgrace
which attends and always follows a bankrupt gov
ernment Their political condition requires to be
revolutioDized. They must choose lawmakers who
are ready to go heart and soul into the cause OF
retrenchment. They must elect legislators who are
anxious TO perform their duties III the inter-
est OF the State and for the welfare OF
the people, and who are willing to work
for redemption instead Of for personal
ACKNOWLEDGEMENT. They must have officers less ac-
tuaed by selfish desires, and with greater affection
for the public good. Al who are entrusted with
responsible positions should possess in some degree
at least, those cardinal qualifications, virtue, JUS
tice prudence and fortitude added to honest
intentions and disinterested motives. Until
the Southern people effect change in their
political relations that will lead them nearer to the
requirements above recited they must not expect
TO regain the proud and commanding positions they
once occupied In the Union family The quotations
yesterday for Southern State bonds were as fok
lows:-Tennessee skies, DID, 69h; Tennessee sixes
new, 6sh; Virginia skies, old, So; Virginia Sizes
new, 90; Virginia SKIES consos, 53s6 Virginia SKIES
deferred certificates II; Georgia skies, sO Georgia
sevens, IS; North Carolina skies, old, SO; North
Carolina skies, new, 20A; North Carolina skies,
special tax, 14h South Carolina skies, old, So;
South Carolina skies, new January and july, Sss<;
Missouri SKIES 90: Missouri skies, Hannibal and St.
Joseph, 931s; Louisiana skies, levee, 90; Alabama
cights, IS.
PRICES OF STOCKS.
The highest and lowest quotations OF the leading
stocks yesterday compare with those of the preced
ing Saturday AZ follows:-
Nay A. April 27-
High LOD- High LO,C-
est. est. est est.
N. Y. Cen. and Hud. River. 90 9sL s97. esa
N. Y. Cen. and Hud X. Ger. OK go. 93s, 93i.
Harlem