The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-03-14
Unicp Pacific inc los.
GOVERNMENTS DOWN.

GOVEhNAENfS DOWN.
Theeovernment bocd market which was heavy
at theearer boards, became weak at the last cali,
when there was sudden decline to TIC the CTS,
the ISIS selling at 1861. The other issues were x a
u 4ower, the currency skies belngOnered at 1881.
The decline is attributed to the general fact OF the
coming change in the Treasury Secretaryship and
ia part to the issue OF additional paper money
winch latter, under the terms OF the Public Credit
act, must be convertible into coin at par before
the government is allowed to anticipate the re-
denption OF the funded debt. Hence each
INCREASE OF THE CURRENCY
~ iresh barrier 10 resumption ana prOtraCtion
OF the suspension OF specie payments. The follow
ing were the closing prices:- United States cur
rency SKIES, 1872 1884; do do, 1881, registered,
ll6& ll6N; do. do, coupon, 1852 al1s% do. i've
twentes, registered, May ana November l151s q
l15s.; do. do, 1862 coupon, do, 1867 a 1loA (;
40. do, 1864, do. do, 1l5h 1l5x; do, 'dO 1865,
do. do, ICY 1862 do, 1864, registered. January
ana July, ll4S 1i4X; do. do, 1865, coupon,
do, li42S ll4X; do. do, 1857 do. do, l16 10Y
do do, 1868, do. DO, 1l6 s1l6t; do. ten-iorties
registered, ll0A 110A 40. do, coupon, l10% q
1l0H; do. hves OF 1881, registered mot quoted) ;
DO do, coupon, ll9 l13&; Central Pacific gold
bonds, 1881 l0A
STOCKS HEAVY AND LOWER.
The stock market was heavy and gradually
drited TO lower prices, the decline being helped by
further fall IN Pacific Mail, which went of to 56}.
The weaker tone OF the market was due to the de-
moralizing effects OF the successive imitation and
contraction OF the currency by the Treasury De-
partment and the uncertainty Of the street as to
the real position OF affairs. At one time it was
stated that
THE TREASURY
mad begun to contract again. and would have all
the new issues OF currency Withdrawn by the end
OF the week. This announcement and the coinci-
dent tightness OF money caused the depression OF
the market to the lowest prices OF the day about
two O'Clock. Still later came a positive and what
seemed reliable assertion that the currency had
been expanded half million more to-day making
two millions in all, whereupon the market
cheered up and recovered some of the lost ground.
These remarks apply to the general market, but
not to a few features, such, for Instance, as
LAKE SHORE,
which was strong throughout, and advanced to sc
on purchases by parties anxious to retain control
OF the company at the annual election IN May
next, for which event the books Will probably
close month or 80 in advance. disposition to
sell the stock on long sellers options was re-
garded as the counterpart to these purchases, in
so far as the transactions secured market for the
stock after the books close The weaker look OF
the opposition TO the foreclosure OF the Boston,
Hartford and Erie mortgages caused decline in the
stock to IL Union Pacific fell Oft to BAN and Western
Union TO S5h, as II the heretofore adherents OF
both companies had been transferring their inter-
ests TO Lake Shore against the expected struggle
for control at the coming election.
HIGHEST AND Low EST PRICES.
The following table shows the highest and lowest