The New York herald., 1873-08-14
GOVERNMENT BoNDs

GOVERNMENT BONDS
remain steady, with moderate business-the bar
being an Inadequate supply. Germany, England
and America are each eager buyers, and prices are
consequently well maintained. We learn from
London advices that our bonds Of 1857 have there
advanced TO 95 and ten-forties to 81. The quota
tions hero are as follows limited States currency
skies, l13K ia; do. do, 1881, registered 11s
1lsk; do: do, do, coupon, 1l95S 1905; do. Gve-
twenties registered, May and November, III
1l7h; do. do, 1852, coupon, do, 117n 117%; do.
do, 1864 do do, 117,S a117s; do. do, 1865, DO do
11S2S 119I do. do, 1867 registered, January and
july 117A 1l7X; do. do, 1885, coupon, do. 1l7}s
NIX; do. do, 1867 do. do, 119A 1lS3S do. do,
1868, do. do, lis 11s4 do tenfortles, registered
112H Hex: do. do, coupon, 1857 115&; do.
do, 1881, coupon 1145s 114Js.
SOUTHERN SECURITIES
This department showed little change and the
prices are presented as follows Tennessee, ex
coupon, SO a s21a; do. new, S1A s2I; Virginia,
ex coupon, 43 43; do. skies, consolidated bonds,
53E 53k; do. SKIES, deferred Scrip IL 12H;
Georgia skies, 70 76; do. sevens, SO 90H; North
Carolina, ex coupon, q %; do, to North Caro-
lima Railroad so So; do, funding, 1868, II 10 do
funding, 1865 10 49, dO new, 16 q II DO, special
tax, IL ID; Missouri SKIES, 92a s3A; do, Hanni-
bal and st. Joseph, 90 90; Louisiana siXes as 5O
do new 43 a 80; do, levee SKIES, IS so; do
eighths. so 20; Alabama fves, 40 SO; do eights
10 so; South Carolina skies, 80 40; do., new,
January and July, 15 15H; do, do, April and
October % q 25; Arkansas skies, funded, IS a 40.
THE STOCK MARKET.
It was evident at an early hour this morning
that the 'bears" had taken possession OF the
stock market and intended to hold their skirmish
lines as long as there was anything to fight. They
raided miscellaneously, and the consequence was
a fractional decline In the price Of nearly every
stock on the Board list, which was maintained
until after one O'Clock, when they withdrew their
batteries and a reaction ensued This reaction
testifes an inherent strength, for the present at
least, that cannot be disturbed by any but strong
combination Natural causes may, after while,
exert influences which, for the moment, will be
irresistible, inasmuch as they will be responsive
to certain laws OF trade and changes OF
values, over which there can be no individual con-
troll but for the present any attempt to break the
market as an entirety will be met only by failure,
because it must aDtagonize and eventually be de-
feated by an immense amount Of capital that Will
not permit the Summer season to pass without the
reward OF profitable realizations. It Is not to he
blindly assumed, therefore, that the present dull
situation is permanent The firm close to-day Is
indicative OF elasticity, and elasticity means
strength. Western Union, for instance, opened at
917S, declined to OH, but rallied to 91a Pacific
Mail followed much the same course, commencing
business at 392S, receding to SsT but closing
at the first named price. New York Central
fell OF from 1861 to 1oiX, and subsequently
recovered to 1855. Erie opened at 60 and
closed at 59's. Union Pacific descended from 2sh
to 27n, winding up 4 per cent better. Lake
Shore underwent the same purgatorial experience,
going from 94a a 941s to 93a<, but closing at 94X.
St. Paul sold at 50 5lX a5iX SiA 53 a SIX.
Toledo and wabash at Tx o 7k a II 7OT. Ohio
and Misslssipppi was steady at 395S a 39h 30k a
3sX. Hannibal and 81. Joseph sold at 3sX. At
lantic and Pacific at 27k a 277i 274 81 o 261z
Panama closed at III. O. c. and l. G. yielded to
the sympathy Of the market, but Is susceptible OF
great change certain events being in process
which are calculated eventually to make the stock
OF more than usual value. The rest Of the market
was quiet and needs no special comment.
The Union Pacific Railroad shows increased
earnings for June and for the first six months of
1873, as seen by the statement here pubshed:-
Earnings June, 49,. S969,s63 June w. 1886, 459
Expenses, June, 49,. 417,l1s June, '72... 91,667
Net earnings...... $b52,74o S4i3,739