The New York herald., 1872-12-24


The Southern State ponds were dull and
irregular. The Tennessees and new South Caro-
lnas were heavy, the latter being also weak and
lower. The Missouris and the Virginia consols
were strong and IA Y better. The text Of the
opinion OF the Court declaring unconstitutional
tho law OF Virginia repeating the Funding act un-
der which the consols were created, illustrates she
matter as follOws:-"A and B owe to joint debt,
but in equal proportions as between themselves.
leaves the country, and the condition Of Aand
the circumstances OF the case make it reasonable,
In AS Judgment, that he should propose separate
adjustment OF the amount due from him as between
himself and B, and, as part OF the argument, pro-
poses, agent to collect BIS portion OF the debt
@ accepts the proposition AS individual
note for his part Of the debt, with extended
credt-takes his undertaking, in writing, to col
!ect If practicable, BIS part and s4rrsndeys rs e a,
for cancellation, the Joint note OF and b. Is there
an intelligent judicial tribunal on earth that would
tolerate the defence by A that his separate note
Was without consideration ~ Hence,
THE FUNDING ACT
is a valid legislative contract upon sufficient con-
sderaton and "the coupons should be receivable at
and after maturity" for all dues to the State. The
following were the closing quotations Tennessee,
ex coupon, so sos; DO. new, 80 S0h; Vir-
ginia, ex coupon, 45 SO; do, registered stock,
old, 3S AZ; do, skies, consolidated bonds, 56M
a 56sz; do. skies deferred, 15k a 10; Georgia
sfxes 70 80; do. sevens, So 9 20; Eorth Carolina
old 33A a 35; do, to North Carolina Railroad, so
o.; do. funding, 1895, IS 2s; do, do, 1868, "a
26; do. neWs 10 . q; do, special tax, IS 15;
Josepn o. ~ " - W. 's. :" -. 40 ON new w
'Vs0D" :. IS; Louisiana sxsss. o. %; ao, ne"'
so 55; do. levee skies, SO o 60; do ~. o's"''
65 a rs; Alabama fves, IS u 90; do. eights IS 81 ;
CCufh 10 ornlfno opiv An
July, % 2s4; do, do, April and October, 25 26
Arkansas skies, AZ a 46.
GOVERNMENTS STRONG.
The government bond market was strong and
buoyant with the easier signs in the money market
apd the steadifess of the gold premium The '67's
advanced u per cent. The rise precudes any
chance Of Treasury purchase OF bonds this
week. as prices are now above the par OF gold.
The following were the closing quotations limited
States currency skies, 1925 1928; do. do,
1884, registered, 114s 114X; doSdo., coupon, 117sS
1172s; do. flve-twentes, registered. May and No.
vcmber, 1924 1929; do. do, 1852, coupon, 112A
112}a; do. do, 1864, do do, 1124 l12H; do. do,
1885, do. do, 1925 127s do do, 1867, registered
January and July 112A4 1121S do do 1886, coupon
do, 1867 115zs; do. do 1857, do. do 1161s a116A
do. do, 1S6s do do, 1167S 1868; do tenforttes
registered, 1925 109A; do. do, coupon, 1926 o
do, coupon, 1l1h q l12.
DIVIDENDS AND COUPONS.
The following additional announcements are
made In our advertising columns:-
bonds Of the chesapeake and ohio railroad Com.
ean at aus the oos
street, on and after January2,
Central facific Railroad Company, the western sr
Pacific Railroad Company and the California and
Oregon Railroad Company due January ], 1873. WIN
be paid, in gold, at the office OF Fisk Hatch, No.
Nassau street.
The coupons Of the nrst mortgage bonds, or
seven-thlrty loan, OF the Northern Pacific Rail-
road, due January !, win be paid, in gold, at the
banking house Of Jay Cooke a. Co., corner Of Wall
and Nassau streets.
STOCKS STRONG AND BUoYANT.
The speculation at the Stock Exchange ran
strongly in favor OF the "bulls,n and the market
was also more active, as II the relaxing tendency
of the money market had brought in buyers de-
sirous OF sharing In the profits OF the anticipated
January rise." The first card was Western Union
Telegraph, which advanced to S21s and was fol-
lowed soon after by Wabash, which advanced from
72s to 753s. The movement In Wabash is based
upon the expectation Of an early payment OF divi-
dends, the road having gradually grown TO the
dignity Of trunk line, running East and West be-
tween such important points as Toledo and st.
Louis. 1t is, indeed, possible that q dividend OF
az per cent may be paid next month or in the
Spring, or at most when the road has formed con-
nection with Buffalo and New York, via the Canada
Southern after which 1t will take Its place along
side Lake Shore and New York Central. For the
next year the dividend will be hardly more than
7per cent for the present, so that
WABASH, AS AN INVESTMENT,
has many rivals OF equal attractions, such az the
preferred stocks OF st. Paul and Ohio and Missis-
sippi, which pay per cent regularly. For specu-
lation, however, it Offers unusual opportunities, as
its future is likely to be one OF uctuating
or disappointing failure. sudden rise In Lake
Shore to 96,l means doubtless that the directors
have generally agreed to declare a dividend Of
per cent cash. Erie acted again In an incompre-
hensible Misunderstanding oil day at range OF
one per cent below the London market, and allow
ing the foreign bankers to readily fill orders for
the other side. Rock Island advanced to 1l214, but
fell or one per cent before the close Pacific Mail
was weak and feverish, with break from 7s to
75A, and q rally to 70, and st. Paul declined from
55h to SAX. Union Pacific was steady at 37I a
3sA, to the great disappointment OF those who
bought in anticipation Of a sharp rise to follow the
report that the company were to bring suit for
SIS, 1000 against the Credit Mobier
HIGHEST AND LOWEST PRICES.
The following table shows the highest and lowest
prices OF the principal stocks during the day.
Hignest Lo,rest
New York Central. 97I 81
Erie. 0OA 69X
Lake Shore. eo1s y4I
WABASH. ....................... so1s 12ss
Northwestern preferred. ........s7 81
ROCK island .................." ."iiI4 iioh
st. Paul, o0ts O9H
st. Paul preferred. 77h Tx
Ohio and MISSISSIPPI. ........... asa ~