The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-03-21
NEW YORK HERALD THURSDAY MARCH 81 1s72-rRlPLE SHEET

South Carolina may not hereafter be Increased with
out the due consideration and free consent OF the
people OF the Stale. the General Assembly Is hereby
forbidden TO create any further debt or obligation,
either by the loan OF the credit OF the State, by
guarantees, endorsements or otherwise, except for
the ordinary and current business or the state,
without first submitting the question as 10 the crea
tton OF any such new debt, guarantee, endorsement
OF loan o. i.s crea 10 tne people OF ths state al
qualihed voters OF this state. voting on the ques-
on. shall oe in favor Of further debt guarantee,
endorsement or loan OF Its credit none such shall
be created or made approved March 49, 1871
The following were the closing prices OF the
southern list: -Tennes see, ex coupon, 81 67A;
do. new, 67 67A; Virginia, ex coupon SO SO;
do. do registered stock, Old as so; do do. skies,
consolidated bonds, SIX 5s; do. skies, deferred
scrip, III a Is; Georgia skies, 70 70; do sevens.
IS o 30; North Carolina, ex coupon, 3S 3s1S; do,
new, % "a; do, special tax 10 II; Missouri
skies. 95 q 90; do Hannibal and ST. Joseph 90 95;
Louisiana skies, go 81; do. levee skies, 60 90;
do. do. Fights. 10 80; Alabama fves, 81 Go;
do. eights, 90 q o5; South Carolina skies, So a
"a; do. new January and July 37,z 3s; do. do,
April ana October, 36h 80; Arkansas skies,
funded, IS a 81.
STOCKS STRONG AND IRREGULAR.
The stock market was strong, with general i'm
provement consequent upon the relaxation In
money the advance IN United States bonds in Lon
don and the expiration to-day OF the call redeeming
twenty millions more Of the national debt. The
market Tor Erie was not so lively, and that stock,
was less OF feature here and In London. 1t
In fact, tame in the latter place and to per IT
OF from the best figures 1t attained there
in the excitement earlier In the week. The
most probable theory Of the decline is
that the public on both sides OF the Attain
tic have become alarmed at the resolution
Of the directors adopted Tuesday afternoon author
izng the recognized bankers OF the Atlantic and
Great western Railway act the transfer agents
and bankers OF the Erie Railway In London. This
feeling occasloned decline In London TO AK and
In New York to 4S. subsequently the signing by
Governor Hoffman OF the bill to repeal the Classin
cation act lifted the stock into considerable life
again, and, helped by the relaxation IN money. ad
vanced the price 10 501s But with the furry at the
close in connection with the sudden trouble III Pa
cinc Mail the stock went or to 49%. The conflict
ing testimony Of the two rival news agencies as to
the fate OF the Pacific Mail subsidy resolution
occasoned brisk rise to SO and o sudden fall to
5sN-the momentarY extremes which were reached
when one despatch announced that the resolution
had been adopted and the other that 1t had been
defeated In Congress at late hour this afternoon.
We leave to the news agents the pleasant task OF
explaining 10 their patrons the Inconsistency OF the
two messages. Had the 'Dreak' in Pacific Mail
occurred at a buster hour instead OF just as the
Board was about TO ADJOURN IL mlgnC nave caused u
llveer sensation In the general market than 1t did.
AS was 1t unsettled prices enough to prevent them
from closing at the best OF the day, the upward
tendency previously having been undisguised. The
other leading feature OF the day was Union Pacific
which was wanted eagerly by the eminenC banker
the Mynheer Van Koopmannschoopf, OF Amsterdam,
who, having sold his Northwest preferred. and hav-
ing been written bad stories about ST. Paul preferred
and having, furthermore, sold all his Erie to Lon
don and New YORK, cast about for q new Investment
and landed upon Union Pacific, much to the sur.
prise OF the Vanderbilt party, who, having been
.stuck" by Tom Scott, were wondering who
1t was was 80 willing to be 'stuck" by
them. This train of events took Union Pacific
up from 81 to ss3s. Next came rise OF
about per cent III Hannibal and st. Joseph
following an Official sale OF 10000 shares, which
was ordered by the President Of the company, Mr.
II. N. Smith, and conducted by Messrs. Van Schaick
g. Co., the genial reform Alderman acting as auc-
tioneer on the occasion, and selling at the first
session OF the board the stock for cash In lots Of
400 to 3,4OO shares at Al .4lA 4l2s AKA AK
per cent. The fact that TO- coo SHARES could be put
upon the market sfor cash" at advancing figures
turned general attention to Hannibal and ST. Joseph,
with the result of stimulating the outside demand
later In the day and advancing the price to AJAX.
Boston, Hartford and Erie fell or to 5s4, advanced TO
| 6s1 and closed at ca.
HIGHEST AND LOWEST PRICES.
lnty