The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-03-11
FINANCIAL and COMMERCIAL.
~~~ncnaaStrste~~
The WEEKS D0lNGS IN WALL STREET.
The Pacific Mail Clique Swinging
Around for Panama.
>~~~~-~~~o.o~~~.o>.>~
A consolidated" Steamship and
Railroad Route to China.
Tho Hannibal and st. Joseph Clique Penitent
and Mending Their Ways.
Money and the ssApril Set
Elements"
WALL STREET,

y OriSkneSS Dy anu Dy. me winter mas Deen late,
At least in our colder experience Of It, and doubt.
less trade has been checked by the deferment OF the
spring relaxation.
THE MONEY MARKET.
The banks. still sailing very close to the shore OF
their legal reserve, have not ventured to expand
their accommodations to borrowers, although the
sources during the week were fortified by gain Of
over million and half in specie and greenbacKs,
and hence we ind not only an active and at times
stringent market In the street to the brokers bor-
rowing on CALL but slirer for paper, which for
the several grades Of bankers and commercial
has been done at 81 per cent On call
the rates ranged from per cent to that
rate plus commission OF 1872 q 1.16
The banks have curtailed their loans to the extent
OF q million during the week. which proceeding, in
view Of their gain in legal reserve, is regarded as
preparation on their part to meet during the next
few weeks Whatever demand may be made upon
them by the country banks In connection with the
rural activity in money incident to what are known
as the "Aprl settlements" This drain Is OF very
irregular extent and can never be even approx.
mately calculated. 1t may amount to very little
Ihis time and may be Of grave extent.
Foreign exchange hardened at the close of the
week and the leading drawers advanced their rates,
but rather in preparation for the ensuing week than
result OF any special demand on Saturday,
when, as usual, the market was dull. The following
shows tie new schedule Of rates:-Sterllng sixty
days commercial, 1854 l0914; DO, good to prime
bankers, 1O9 l09k; do, short sight, l101s al 10A;
Paris, sixty days. 525 $50; do, short sight, 518A
. 5.l5; Prussian thalers 70 a TX; Antwerp, 5.23X
. 5.l9h; Switzerland 5.23z a 5.19h; Hamburg,
s52s seA4; Amsterdam, 4oX 4OA; Frankfort,
<oX AN; Bremen, 7S% a 70.
THE.sTOCK MARKET
The chief Incidents OF the stock market were the
Of
Pacific Mail, rise OF over five per cent in Erie and
. sporadic upheaval Of quite number Of the OBJ
scure and miscellaneous fancies Of the share list
particularly towards the close OF the week. The
rival parties In Pacific Mail have encountered each
other not only in the street, but in the room
and the end is not yet. The ''bulls'' midway OF
che week advanced the stock quite sud-
denly to the vicinity Of g. but the
''bears' over night procured an Injunction
rom Kings county branch OF the Supreme Court.
and intended employing 1t next morning, when, as
they hoped, the withdrawal OF money from the
OF the ..buu" party IN carrying the stock would
Aaye accustomed smart fall In the price. AS 1t
che STOCK was offered down TO 60 al an uptown hotel
xae same night, in expectation or ''break" next
day. But the ''bulls' heard of the Injunction In
good time ana obtained Its immediate dis
solution. The stock recovered to 63X, but
again went or to COX a revival Of
proceedings for all Injunction, and recovered
10 90 IA lew sales. buyer threeb on the postpone
ment OF action thereupon but once more dropped
70 6lh on sales ny the ''bul" clique themselves,
who, seeing the preparation OF the banks for tight
mOney marked, had taken advantage of these inter-
mediate spells Of strength to unload, their ability
80 do so being assisted by coincident demand TO
cover short sales The clique have doubtless not
abandoned their general plan and intentions. But
they have become worried ana tlret, and in view Of
che April activity In money would prefer TO do as did
che honest Dutchlnan, who, uneasy In his sad
dle got OF his horse to get on better. The
upward movement III Erie mas been the direct
result OF the legislative propositions and measures
Tor turning out the present ring and giving the
stockholders fair chance 10 select their successors
The part oil this rise is Its origin with the
s'outsders" and not with the professional specula
tors, who, indeed, "short' OF Erie week ago,
but. forced TO cover by the advance are now look
xpg at the game between the ring on the side
and the legislative lobby and the 0utsders' on the
other. The rest o; the active list were only mod
eratey dealt In, and, while strong and higher,
exhibited less important fluctuations In the
shares ordinarily quiet, Panama rose to 90 on
purchases by The Pacific Mail clique, who
DESTROYS OF controlling the next election which
taxes place IN the first week OF April, In the inter-
est oil their own company. canton sold at "a, Mr.
theory thar hem 'ere sheers wuth $50 n they
wuth q cent" private opinion thus publicly
expressed which the community at large are al
perfect liberty to coincide with differ from. This
rage for the miscellaneous list embraced the several
expresses and the coal stocks. On Saturday Hannl-
and St. Joseph advanced to 40 ON tho adj ertise.
ment OF the company proposing to sell the goth
1nst., to the highest bidders in lots OF not
less than 10v shares, one million dollars OF the FIVE
millions OF new common stock The notice Is given
IN ouT advertising columns.
THE SOUTHERN STATE BONDS.
The Southern list was dull, but firm. The new
south Caronas touched SO and Virginia consoIs
as. Prices closed Saturday as ws:-Tennessee,
OK coupon, 90. 662l; do, new. 66h a 68sS; vir.
aina, ex coupon, SO a So; do registered stock, DID,
Is so; do, skies, consolidated bonds 57< 5s; do
skies, deferred scrip, lsk a19X; Georgia sixes 70
70; do, sevens. SO q Ss; North Carolina, ex cou-
pom, 8sK a 81; do funding, 1885, 20 n; do, do,
lses II ~; do, new, ~ "a; do, special tax, 10
a Is; Missouri skies, "a %; do. Hannibal and
st. Joseph, OF 90; Louisiana skies, 80 81;
do. new, so 60; do. levee SKIES. 62 a 90;
do. do. eights 10 80; do. do, 1875, so q IS;
do. Penitentiary sevens, 81 So; do railroad
eights 70 a 80; Alabama Hves 81 81; do
eighJs 90 95 do. eights, Montgomery and
Eufaua Railroad, SO 90; South Carolina SKIES So
\ 90; do new, January and July, "a 50; do.
do, April and October, 80 a 33; Arkansas skies,
funded, 90 81; Mobile and ohio Ran.
Foad, sterling, 90 95 DO. interest egnts IS 81;
90. second mortgage Fights, rs a 80; Mississippi
central Railroad first mortgage sevcns, "a q 81;
40. second mortgage clghts. rs 80; New Orleans
ana Jackson first mortgage, 30 e2; do. second
mortgage rs a 81; Memphis and Charleston Rail
Vao nrsl mortgage, So a 81: do. second mortgage,
~ ~; Greenvllle and Columbia Railroad, guaran.
teed oy south Carolina, 80 90; Macon and Bruins.
: WICK guaranteed by Georgia, 60 e5; wilmington,
charlotte and Rutherford Fights, 40 a so; Memphis
CITY sxes' 5S al 90; Savannah city sevens, SO a ss;
New orleans consols, DID, 70 a 10; do. issued to
railroads. slxes' "a q 70; do sevens 81 q 10.
GOVERNMENT BONDS.
Abe government list was strong, ana gradually