The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-02-08
A Reaction and Decline In
the Stock Market.
Exceptional Activity and Strength in
&C. G. and l. c." Pacific Mail
and Hannibal and St. 10.
MONEY sCARCER AND DEARER.
Che Situation" in Western Union Telegraph
The Numbers and Series of the Called"
Bonds-Falling or in the Weeks
Imports Of Dry Goods
WALL STREET, !


FRIDAY, Feb. 7-6 p. N.Y.
On 'Change to-day cotton was quiet and steady
for lots on the spot, but slightly 1rmer for future.
Flour was quiet, but firm Wheat was duh and
iower to sell; and corn was likewise dull, but
about steady.
THE DRY GOODS IMPORTS.
The total imports OF foreign dry goods at this
port for the week ending February 8, 1873, show
considerable falling OF, the amount having been
only s2,5ss,eso The amount marketed during the
Same period was 81, S7S, AGO.
THE FOREIGN MARKET.
The London quotations show a further decline
IN the fve-twenties of 87 and In the ten-ort les,
,and comparative steadiness for the new fves,
which last left OF at the "wde" quotation COZ o.
Consols, however, were strong and q u higher,
and Erie shares improved to 49, with transactions
early in the day at 53H. The French loan was
lower at 5A per cent premium, as If suffering from
the competition Of our new five per cents.
THE SYNDICATE AND THE NEW LOAN.
The books Of subscription to the three hundred
millions Of five per cents closed this evening for
personal applications. but by the custom Of Europe
which holds both here and there in this case, sub
scriptions by letter will be received unth tomor-
row evening. For this reason the agents Of the
Syndicate continue to decline giving any
details of the extent OF the subscriptions re-
the amount subscribed in this country is neces-
ssrily withheld in Difference to the rule governing
applications which may come by mail. There is
every reason to believe, however, that
THE SYNDICATE HAVE FAILED
to negotiate the entire three hundred millions and
come Of the agents here were willing to confess as
much this evening. Like IN the interval after o
general election, we shall have to await the re-
turns of subscriptions from the leading cities OF
Europe, where the Syndicate have ramlfca tons,
before we shall be able to know even approx
mately the extent OF the subscriptions so that all
figuring at the present time would be purely
10, speculative. The Syndicate are sanguinc. how
ever, that they have placed o large proportion OF
the lean. Meantime Mr.. Boutwell, has modified his
call OF yesterday as to make 1t date from the LIST
of March, in order that the time for the redemp-
<ion OF
NAV begin on the LIST OF June-the day fixed by the
Syndicate for the final instalment Of subscription
payments for the new bonds. AS to the causes
operating TO impair the success OF this important
negotiation 1t Is briefly suggested that four days
were short period within which to expect the
subscription OF so vast an amount OF money as
three hundred millions OF dollars; but the French
loan last Summer for seven hundred millions was
taken almost Immediately. Again it is alleged that
the German bankers were lukewarm If not hostile
to the negotiation. The truth, doubtless Is that
German Imperialism has given birth to q thousand
financial and industrial enterprises capable OF
Offering investors anu capitalists in Germany q
higher rate Of interest than our limit Of five per
cent Parties interested in the SCALED" bonds
will find q full description Of them in another col:
umn Of the paper.
GOLD srRoNG-113H 1857.
The gold market opened weak, as further efiect
of the calling in Of the 500 900 OF fvetwenties
for redemption on June l, but was quickly rallied
blythe clique, and eventually advanced from 1l3k
to ia, the rise being stimulated by the growing
conviction that the Syndicate had failed to accom-
pllsh the whole OF their undertaking in the matter
of placing the $500, 100000 new five per cents
The advance brought out Sellers especially as the
sober second thought Of the market began to see
that any success at all, however partial. was an
absolute gaia for the government and its credit
and further argument against rise in gold. Be
sides, the return Of dry goods imports was mucf
lighter than looked for, and indicates proportion
ate diminution In the general imports OF the week
Under these circumstances gold receded to ant
closed at ll31. The course OF the market is shown
xho fahI