The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-03-21

South Carolina may not hereafter be Increased with
out the due consideration and free consent OF rhe
people OF the STATE the General Assembly Is hereby
forbidden TO create any further debt or obligation,
guarantees endorsements or otherwise except for
the ordinary and current business or the state,
without first submitting the question as TO the
ton OF any such new debt guarantee endorsement
or loan OF Its credit TO the people OF this State
general state election; and unless twothirds OF the
qualihed voters OF this state, voting the ques-
non. shall oe In favor OF further debt guarantee
endorsement or loan OF It's credit none such shall
be created or made. approved March Is, 1871
The following were the closing prices OF the
southern list: Tennessee, ex coupon, 81 67A;
do. new, 81 67h; Virginia, ex coupon, So o SO;
do do registered stock, old, As 6o do. do skies,
consolidated bonds, SIX a So; do. skies, deferred
SCRIP ia Is; Georgia skies, 70 rs; do. sevens.
80 q 30; North Carolina. ex coupon 3S 3SH; do,
new, 23 "a do special tax, 10 II; Missouri
skies. 95 90; do. Hannibal and st. Joseph, 90 95;
Louisiana skies, go 81; do levee skies, 90 a 66;
DO. do. Fights, 10 q 80; Alabama fves, 62 o 65;
do. eights, 90 a 05; South Carolina skies, SO a
"a; do. new, January and July, 371s 3s; do. do,
April and October, S5H q 80; Arkansas sixes
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
twenty millions more Of the national debt. The
market Tor Erie was not 80 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
izing the recognized bankers Of the Atlantic and
Great western Railway to act as 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 repeal the Classin-
cation act lifted the stock into considerable life
again, and helped by the relaxation in money. ad
vanced the price to 5o1s But with the furry at the
close in connection with the sudden trouble in Pa
cific Mail the stock went or to 4o%. The conflict.
ing testimony OF the two rival news agencies as to
the fate OF the Pacific Mail subsidy resolution
occasioned brisk rise to SO and sudden fall to
5sZ-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 ''break" in Pacific Mail
OcCurreu II u UuScr uOur lHStedu VI Just DIS tuc
Board was about to adjourn it might have caused a
veler sensation in the general market than did.
ASH 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 Koopmannsch0OpG OF Amsterdam,
who, having sold his Northwest preferred. and hay
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 "A 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 30 willing to be 'stuck" by
them. This train of events took Union Pacific
up from 81 to esX. Next came rise Of
about per cent Hannibal and St. Joseph,
following an official sale OF 10000 shares, which
was ordered by the President Of the company, Mr.,
Fl. N. Smith, and conducted 0y Messrs. Van Schaick
& 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 400 shares at Al a Az a AK Az AK
per cent. The fact that TO- coo could be put
upon the market "for 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 5, advanced TO
6< and closed az 6H.
HIGHEST AND LOWEST PRICES.
The following table shows the highest and lowest