The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-03-20

were 0cLlVe ueol-
inas at ssX a9s<. The Validating law recently
passed by the Legislature at Columbia is quite
favorable to the interests OF bondholders. It's
principal features are as ADMINISTRATIONS ana
ratiny and confirm as obligations OF the State all
the bonds mentioned in the Treasurer's report OF
October /, 1871 amounting, In ALL to SIS, zoe, 000
section continues the tax already imposed for the
meeting OF interest on these bonds and provides
additional tax. not TO exceed four mills, sufficient
to pay the interest, &C, until the principal shall
become due, such payment to be made In United
STATES currency only;" sections and provide for
uniform style of bonds by gradual conversion into
the style known as January and July bonds; section
makes valid all bonds hypothecated Tor loans to
the State and sold for expiration OF margin; sec
tons and are routine, ana section 10 provides
place for registering in New York. Charleston and
Columbia for the State bonds and stocks. In addition
to this bill the legislature passed laws to settle all
accounts with the financial agent here; also to
amend the State constitution so that there can be
no further increase OF the bonded debt without
two-thirds vote OF the people. The Legislature also
levied tax OF eight mills on the dollar on all tax
able property TOR the expenses or the current year,
and adopted license system which IL Is estimated
will bring 100000 per year into the Treasury also
amended the requiring the ST. 100 900 past due
taxes to be paid before the first Monday IN June on
tine penalty OF peremptOry sale OF the property. The
following were the closing street prices: -Tennes-
see, ex coupon u 671; do. new, 81 f11z;
Virginia. ex coupon, SO IS; do. do. SKIES CONSOLE
dated bonds, 667 81; do skies. deferred scrip Tx
1877 Georgia skies, 70 70: do. sevens IS 90;
North Carolina, ex coupon, 3s 3SK; do, new, %
"a; do. special tax 10 q II; Missouri skies, 951
e52l; do. Hannibal and St Joseph, 9S %; LOuisi-
ana skies, 90 81; do. levee skies, 60 65, do. do.
elghts, 10 q 80; Alabama fves 90 q IS; do.
a
"a; do. new, January and July, SO s9h; do. do,
April and October, 36H q 37H; Arkansas skies,
funded, IS So
STOCKS HEAVY AND LOWER
The stock market outside Of Erie, which has been
and may DO for some time yet, subject to the acct.
dental influences arising out Of the new state Of
AFFAIRS at Twenty third street. was heavy and
gradually gave way to the pressure Of the demand
for money, no important decline being registered,
however. until late In the afternoon when, subse-
quent TO the payment Of 1-1e y per cent for
money there was o yielding In prices rang
ing from quarter 10 one and quar-.
ter per cent. Erie nuctuated In direct SYM
patty with the London quotation for the stock,
necesslratlng some pretty close figuring at one
time when the domestic and foreign quotations were
quite near together. London, having had the start
OF New York by four or five hours, was well ahead
with the price OF Erie wnen our Stock Exchange
opened at ten A. M. about three O'Clock P. NJ. in
LOndon) and hence there was an immediate jump
in the price to 49, as against 4sK at the close the
night before. Old "orders' in the market caused o
temporary decline To 49, but at this latter point Erie
took on fresh buOyancy and by grand movement
cleared the intervening space TO 81 almost without
pause. Meantime the London market had been
weakening, and an eventual decline there took our
market back to 49H, the price closing at 60%. AS
we SAID In the HERALD last week London must con-
troll the price OF Erie inasmuch the amount held
in London and Europe generally Is over two-thirds
Of the capital An Official letter to the Stock Ex-
change this afternoon notifies the public OF the
opening tomorrow "wednesday OF the Erie trans
fer books. Boston, Hartford and Erie declined from
TX toe. Quicksilver preferred advanced to AZ.
HIGHEST AND LOWEST PRICES.
The following table shows the highest and lowest
or ha nrlnc nal n