The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-02-10
THE SYNDICATE

which
THE SYNDICATE
entered upon the negotiation of the new loan and
the general belief that they were certain to sue
coed In placing the entire amount OF bonds onered
for disposal. impaired great buoyancy to the specu
lation at the Stock Exchange early In the week,
and led to reaction in gold, which carried the
price Of the latter down to 112z, but with the
actual opening of the books ON Tuesday arose
doubt OF the complete success OF the undertaking,
ana the scepticsm Of the clique in the Gold Room.
whose speculation was father to their doubts, won
them reputation for Judgment which their
PREVIOUS MOVEMENTS
had gone far to withhold from them. As the event.
full four days to which the reception OF subscrip-
tions had been limited drew to close the absence
OF enthusiasm on the part Of the Syndicate began
to excite further strust of the success of the ioan
BY Saturday the fact became evident that the
Syndicate had not accomplished all they under
took. Figures and details are still wanting, and
probably will not be forthcoming until the Syndi-
cate feel less mortified and are in q more commu-
nicable mood. But from the issue of one call for
the redemption Of
HUNDRED MILLIONS
Of nve-twenties and the promise Of another in
early sequence the inference has been drawn that
che subscriptions to the new loan have been about
two hundred millions Of doars-and such will
probably prove the case when the Syndicate come
to reveal the facts The effects upon speculative
movements at the Stock Exchange were exactly in
inverse ratio with the chances Of entire success,
the beartsh elcment-and to great extent the
bulltsn element too-being Influenced apparently
by no regard for any partial success however large,
In the operation of floating the
THREE HUNDRED MILLIONS
Olive per cents, but demanding sort Of aut
Cesar, 0ut null,Is result from the Syndicate. At
the Gold Board the consequence was fresh up.
ward turn, with an advance to 1l4X-a figure SO
Illogical as to require belief in the paradox that
with the negotiation Of the entire loan, instead OF
twothirds Off, the price Of gold would have risen to
about 115X. Meantime the ''bull" movement at
the Stock Exchange weakened under the same in
ouence, but without as marked results as in the
gold premium. While the decline was general
THE RANGE OF PRICES
at the close was still above the starting line, and
the tone Of the market displayed comparative
steadiness particularly 1t had been In the inter-
val subjected TO the unfavorable operation OF
more active condition Of the money market. In
deed, this last matter is destined to have more
important eject upon the immediate failure of
speculation than will the dOings OF the Syndicate.
The scarcity Of money has gradually grown to be
recognized obstacle which it was thought from Cay
W uoy WOulu 10 TeIuOVeu ny Tie USUAL CeuuenCy OF
THE DOMESTIC EXCHANGES
at this season OF the year. But as heretofore ex-
planned by us, trade and crop movements are all
month to two months late this year, and our
money market in its return to ease is retarded by
this lateness. The West is still in want OF funds,
and greenbacks are going to Chicago and Cincin.
natl to supply the needs OF those centres The
renux may be expected at any moment, 1t is true;
but meantime the advance in prices at the Stock
Exchange and the wider speculation in Wall street
generally, not to speak Of the absence Of the
capital which previously was so readily furnished
for the carrying" Of stocks by foreign bankers,
cause hide-bound condition Of
TIE MONEY MARKET.
The chief feature In the active transactions at
the Stock Exchange was Western Union Telegraph,
which advanced to Sax on purchases to "corner"
parties who were supposed to have gone short Of
the stock in the vicinity Of IS, but who, subse
quently developed had sold the shares, about
$4,000 In number, nom the companys supply, for
the purpose Of buying the Cuba telegraph cable,
the sale being formally ratified by the Executive
Committee OF the company at a meeting on Satur-
day, whereupon the price fell back TO gOx Erie,
which advanced to os1< on Tuesday, fell or to esq.,
but By the close OF the week had rallied to o. on ru
mors that the 3K per cent dividend would be paid
on the preferred stock ana X per cent on the
common, which latter would be raised to or az
per cent in July next. a fresh speculation In Pa.
cinc Mail took 1t to rex, and the completion Of the
Chesapeake and Ohio Railroad advanced c., C. and
j. G. to 43k.
-~'- LATEST PRICES OF GOVERNMENTS.
The following were the closing quotations Satur.
day evening for government bonds:-United States
currency skies, 110 1854; do sixes, 1881, regis
tered, III 117z; do. do, do. coupon, l1sk l1sh;
do. nve-twenties, registered, May and November,
115k 115S; do. do, 1862, coupon do, l16k 1l5h;
do DO, 1864, do. do, 1l5x q 1l5K; DO. do, 1865,
do d. l15sI 115x; do. do, 1857, registered, jan
uary and July, Hay 114A; do. do, 1866, coupon,
do, 114H 114K; DO do, 1867, DO. do. 11ex a
11eX; do. DO, 1893. do. do, 1l6k ICY; do
ten-forties registered, 1llx 111X do. do. coupon
Hay 1l4X; do. lves of 1881, registered, ll3 q
1874; do. do, do. coupon, 113 a ia.
SOUTHERN SECURITIES.
The Southern State bonds were exceedipVly dull
and failed to sympathize with the more active
spirit of dealings generally at the Stock Exchange
The Tennessees were weak and declined to 81 Y,
which was the only prominent feature Of the
market The following were the closing quota
tions:-Tennessee, ex coupon, 81 q sly; DO new 81
as1h; Virginia. ex coupon, Al q 30; DO. registered
stock old 81 AZ; do. skies, consolidated bends,
s5x SO; do. do. skies, deferred scrip, Ak q
lax; Georgia skies, IS q so; DO. sevens, 90 a 81
North Carolina, ex coupon, 33X IS; do. to North
Carolina Railroad so 81; do. funding, 1896, "a q
~; do. do, 1868, 20 q 2S do. new, Is 20; do.
special tax, II ID; Missouri skies, % a
s4x; do. Hannibal and St. Joseph. soX o 81
Louisiana skies, 50 So; DO. new, As a62: do
levee Sizes so 81; do do. Fights, IS o5; do. 90
Fights, 1875, 90 o 70; Alabama 1ves, SO a o.; do
Fights, SO q 81; South Carolina skies, 40 so; do
new, January and July, 70 221l; do. do, Apri
and october. "a 2e; Arkansas sixes funded, 40 9
10; Mobile and Ohio Railroad sterling, % %; do
interest eights, 81 80; Mississippi Central Rail
road, nrst mortgage, sevens. 81 . So; do. do.
second do, Fights, so q SO; New Orleans and Jack
son. first 80 q 81: do do. second. 81 SIS: Mcmphi