The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-03-14
flNlNClAL and COMMERCIAL.
~~~C>>c~~~r~~~~~~~~
American Credit Abroad Enhar' ID hv
81: the Erie Reformation.
,>~'sss>'ns0ssS
A&rsne fs.-.un in Prospect and Erie Shares
49,. .D % :. -
PACIFIC MAIL AND THE SUBSIDY
Sudden Activity in the Ex.
press Stocks.
THE MONEY MARKET STRINGENT
Gold Dull---The Dial Moving Twice
Only During the Day.
Governments Firm-State Bonds StrOng-The
Virginia Consols Again.
Declaration of the Dividend on
New York Central.
Sudden Activity i'm the Eek.
press Stocks.
THE MONEY MARKET STRINGENT
Gold Dul---The Dial Moving Twice
Only During the Day.
Governments Firm-State Bonds StrOng-The
Virginia COnsols Again.
Declaration of the Dividend on
New York Central.


New York Central.
WALL STREET,
WEDNESDAY. March 1876 p. M.
On Change to-day wheat was duh and heavy.
1ne cotton market was quiet and shade lower.
MONEY STRINGENT.
Tho money market opened with moderate actlv ity
u per cent, which rate was paid alternately In
currency and coin, but became stringent In the In.
eorval between the Second Board and the closing OF
the banks. borrowers on stocks paying in this
period az high as 1882 in addition to legal
interest, while some small transactions were
reported at lie nat the business being
done in the shape Of turning stocks The
stringenCy Is regarded artificial In great part
and a. assisted by the clique in Pacific Mail, who
having sold out to the ''shorts while the latter
were covering, are now withholding the money, not
only as defence against any proceedings for an
injunction, but in order to break the market pre-.
lminary to buying back their stock. The out Of
Town demand for currency Is OF no Importance,
and the shipments to New Orleans have ceased. In
that city exchange on New York is worth a trining
premium.
The several grades Of prime papsr-bankers' and
oommercal-are quoted o per cent discount
without much dong.
Foreign exchange was nominally steady on the
basis Of l09x for prime sixty day sterling and l1O
Tor sight bills, but the drawers allowed very liberal
brokerages upon these rates. There is likely to be
better supply OF bills upon the market In day or
sWo. owing to large orders on European account
Tor Erie shares aud United States nve-twentes for
which the foreign demand has been suddenly stimu.
lated By the prompt justice done foreign investors
IN American securities, both in the Erie case and
In the revival Of good faith shown In this Instance
and In the overthrow Of the Tammany Ring.
GOVERNMENTS STRONG.
the governmentlist quickly reflected the healthier
tone Impaired to the financial situation by the
sudden routing Of the Erie Ring. : and
prices, in spite OF lower range OF the
gold premium and the continued stringency
m money, were firm. and In some instances
fraction higher. This change In the character OF
the market did not represent much business II we
except considerable quiet buying the other side
hut the day generally was a dull one. The following
were the closing prices:-United States currency
sxes, ll4K 1l4X; DO skies, 1884, registered, l14I
? lllX; do do, coupon. llt's ll6x; do. five.
twenties. registered May and November 111%
11x; DO do, 1852, coupon, do. l111S 111H; do.
do, 1894 do. do, l1lH 1l11; do. do, 1885, do do,
u2x ll21z; do. do, 1857 registered. January and
July, ll1K nix; DO do, 1895. coupon do., 11oH
HOY; do do, 1857, do. do 111X 112; DO. do,
1soa, DO do, l12A ll2>s; do. dves Of 1881.
funded, registered 100 losX; do do. do. coupon.
AVV AVSt; uOs tcu.IOrteb, registered,
DO do, coupon. l07a los.
GOLD sTAGNANT-1l0 A 110K.
The gold market was stagnant the dial having
moved only twice during the session of the board
once to record the change from 1IOX the opening
price, to no. the intervening period OF time being
over two hours. and second to record the return TO
lloK. The real quotation Of the day was, however
ITO lie, compromise which enabled the transac.
tion Of little business The followngi Is the record
OF the days fluctuations 1t goes down 10 history
on the shining pages OF Mersereaus book
10 4. 49,. I1oH 1906 p. M......... 11oh
l2:o5 p. M.......... ITO 500 p. M......... llOX
The very closing quotation was ITO lie, which
was offered BY some generous soul for the enormous
sum OF "s6 gold;' another equally generous, out
more reckless broker being willing 10 take 1t for
80 gold.n
In the 9old loan market the rates ranged from
gold for carrying 10 nat for borrowing. The
operations Of the Gold Exchange Bank were as fol.
lows
Golo balances OBSERVATION-DISCLOSURES. 1,653,977
Currency balances ACKNOWLEDGEMENTS. 2'Ol5 $40
The Sub Treasury paid out s4O4, 600 in redemption
OF called nve-twenties OF 1852
THE SOUTHERN LIST STRONG.
Inc Southern list was strong ana fairly active
with well distributed business nearly all the lead.
1nR bonds being dealt in The chief feature was
anorded by the new South Carolinas, which adj
vanced from 33X TO IS, but fell back to 34k Al.
vices from Baltimore state that the Stock Exchange
tnere have decided to accept "a good deliveryn
only such OF the Virginia consols as were issued
PRIOR 70 the amendment OF the law destroying the
asai'ao'iity OF the coupons In payment OF taxes.
iniS "cuon ID Simply justice to those who, having |
oo"Sns INC eonsols on time, having loaned them
may W paiu with or returned the new style of con.
bois autnorized by the latest amendments of |
tne Funding law. The following were the closing |
quotauons;-Tennessee, ex COUPON cav n essr. |
dos new, 66H coz; Virginia, ex counon IA a |
%; do, registered stock, Old, a. n 5o. do |
skies, consolidated bonds, sex n. co
skies. deferred scrip Tx ass Georgia s,xes N %
Is: do sevens. 81 O 90; North Carolina ex co,
pom, 80 o 80; do, funding 1856, n O 27lz: do 40 |
1858, % rs; do, new, 1871 %; do specia, tax =,
Is; Missouri skies. a5 o5t&; DO HannibaI ana |
IT. Joseph, OK "a; Louisiana skies, 60 a 90. |
do, new, 80 SIS; do. levce SKIES GO a "a. |
DO. do. Fights, 10 so; do. do. 1875, so a s.. |
DO. Peniientiary sevens. e5 q 20; do. railroad
eignts 70 80; Alabama dves 60 e5 do
eaghrs 80 IS; South Carolina skies, 81
50; do. new, January and July, "a 341s; do.
DO, April and October, 80 80; Arkansas slxes,
funded, 81 a 90.
THE RAILROAD BONDS.
The following were the bids for the railroad
b0nds:-
New New yors Cen g.: lssa ssh q West M 1885, ssx
New New y ySTs Cen Cen e. , ssa sIS
Enc Enc r. T., 81 e m @ IN Sss,sS :.:Iss
6as san j. New New j Jsr Cen Cent y +, ND
h hsa n Z; 30 % =: @ ~ ri.i: ii
S Siss Ss; i; Y =; p: sss