The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-06-26
Southern Securities, Southern Poll
tics and Southern Prosperity.
A Strong Movement in the Old North
Carolinas and Continued Reac-
ton in South Carolinas.
|SWASHING" THE new ARKANSAS SEVENS.
Extraordinary Profits of the Ma
tional Banking System.
WALL STREET,


II On 'Change to-day wheat and -four were quiet.
VShe cotton market was duh and steady.
4 MONEY PER CENT.
Y The money market was steady ut "A q 5 per cent.
here Is some disposition to look for higher rates In
|the immediate future during the interval to the
cessation of the currency movement in connection
|fWth the wool clip and the preparation OF moneyed
institutions for the payment of the usual July in
|ferest and dividends; but nothing like strngency
pr even an aggravated activity is looked for After
|fhe LIST prox. the savings banks will be under
Fhe necessity OF holding good deal of
unemployed money in their uncertainty as
10 the amount of funds that will
pc withdrawn by depositors, who, with the ar
Fival OF interest day, quite likely to change the
character Of their investment move their money
From one institution to another.
The enormous profits Of the
NATIONAL BANKING
ystem combined with special local advantages)
Pre- well exemplied in the Of the First National
Bank Of this city, whose directors have just de-
lared quarterly dividend of ten per cent, payable
uy !, and carried twenty per cent to sur
plus account. The net profits of this bank for the
Past year have been over sixty per cent on its
apital, of which thirty-nve per cent has been
divided to its stockholders and the balance carried
0 surplus.
There is lull in the business in commercial paper
Md buyers are less numerous. Rates are steady
md range from five to seven per cent.
Foreign exchange was steady and moderately ac-
Eve. For sterling bills the prime bankers ra ties
~ 1909 for slxty-day and 11OH for sight, less
brokerage Of varying extent.
GOVERNMENTS FIRM.
The government list was firm at fractional i'm
Hrovement, in sympathy with quite buoyant feel
ing In the London market, the effect of which was
lot detracted from by the course of the gold mar
Eet here. The following were the closing quota
ions limited States currency sixes 1l41s 114sS
DO. do, 1884, registered 1141 114sl do. do. coupon
hog 1898 do. five-twenties, registered, May and
November, 1877 114h do. do, 1862, coupon, do
1sX 114h; do. do, 1854 do. do, 1857 114S |;
10. do, 1865, do do, 1141S 114A; do. do, 1867
registered, January and July, 1928 112S; do. do
1856, coupon, do, 1863 11eH do. do, 1867 do. do
NIX 1l71s; do. do, 1868, do. do, III 117; do.
en-forties, registered, 10Y 1l0A; do. do, cou-
ION, 1111 111A; do dves Of 1881, registered, 1l2h
1924; do. do coupon 1121a 1121.
SOUTHERN SECURITIES MORE ACTIVE.
The Southern State bonds were more active,
With, In several features q considerable improve
nent. Parties from the South say that the crops Of
lotion, wheat and corn will prove unusually large
his fall, and that more prosperous condition
xists generally in the Southern States. At the
anne time hope Is entertained that the expected
tx g In between the liberals and democrats will
4 ne the State administrations to the democratic
,ssy, in view OF which the socalled old bonds Of
nd Southern States will be certain to be most gen.
rously treated in all financial legislation. The first
Indication OF this state Of feeling given in the
I'D North CarOlinas which advanced about two per
lent In tO-days dealings closing strong at 80 q &c.
The reaction in the new South Carollnas continued
md the July issues sold at 316 but were subse-
uently offered at 81. The Arkansas sevens were
|un up to 67h by the process known as 'wash-
ng'-a discredtable practice, which only serves to
njure the securities subjected to it. OF course
must be very evident that these
ponds, which sold few days since at
6, are not legitimately dealt in to-day at 671a
ilssouris were strong in the vicinity OF 9s
ferry little is doing in the Louisianas, and it is diff
ult to get quotation for them. The following were
he closing quotations Tennessee, ex coupon, TAX
rs; do, new, IAN a IS; Virginia, ex coupon, 45 a
20; d. registered stock, old, 81 ass do. skies, con-
olidated bonds, IS 5514 do. skies, deferred scrip
OK -; Georgia skies, "a IS; do. sevens, IS q
70; North Carolina, ex coupon, 35 a SO; do. to North
aroina Railroad, 80 As; do, funding 1866, 2e 30
%. do, 1868, 70 u.s. do, new, % a 25 do, special
AK, Is a IS; Missouri skies, 97a 9s; do, Han
ibal and st. Joseph, o4a 95; Louisiana skies, 80
s.; do, new so IS; do. levee skies, go 90; do.
o. Fights, rs 80; do do. eights 1876, SO 81; Ala
anna fves, go IS; do. eights s5 a 90; South Caro-
"a skies, so a IS; do. new, January and July, 800
u do do, April and october. 20 a 80; Arkansas
xes, funded, SO a 90.
THE RAILROAD BONDS.
The following were the bids for the railroad