New-York tribune., 1874-03-09

Government bonds have been fairly active, but,
under the influence of lower gold, have declined
from to Il per cent since last Saturday Southern
State bonds have been inactive, except Tennessees,
which are strong and higher on the announcement
of the State Treasurer that the payment of the July
interest will be anticipated rebate of interest at
the rate Of six per cent per annum 1t is not to be
expected that Southern State bonds Will be
sought after until such time as the authori-
ties of the States in question indicate disposition
at least to meet their pecunary obligations The
Legislature of North Carolina has adjourned with
ont making any provision for improving tho credit
of that State. and Virginia has done nothing in the
way of providing for her January interest. In first
class railway bonds there has been during the week,
a moderate business. and prices were not quite so
strong at the close We learn by special telegram
that G3,OOO,OOO (Sl5,OOO.OOO Of the new per cent
bonds of the New-York and Erie Railway were put
upon the London market to-day, and that the loan
was very favOrably received there. This is under
stood TO be an installent of the S40,00O,0C0 loan
which Mr. President Watson went abroad 10 nego-
tiate for the Erie Company some months ago. and
the bonds said to be offered at rs per cent or $3.50
for each 81 900 gold bond rather each $500 ster-
hing bond. feature of the week was the resumption
of gold sales by the Secretary Of the Treasury, and
this with rumors from Washington that the legal
tenders in excess Of 33jGOCO,C0O to be called in
by Secretary Richardson, had the effect of dcpress-
ing gold about per cent from the closing price one
week ago. Probably. however it is not worth while
to attach much importance to tins rumor
of penitence and reform on the part Of our great
Finance Minister. Even should he thus attempt to
undo the mischief he has already done the public
would still require assurance that he would aullere
to the adjustment after its accomplishment; and,
H.. h,,,o nf Ia. al
ances Of this eminent statesman, nothing short of
an act of Congress positively forbiddiug over
issues of grccnbacks would satisfy the public
upOn that point Money has been abundant
at To per cent on call and to 81 for discount,
while exchange has been quiet, with tendency TO
easier rates and the ega tender circulation has been
kept at the same point S3S! 100000. all the week
The railway share market has been eXccentric and
more active than during the previous week, for
which it would perha ps be difficult to find "a reason
better than that of more activity the part of the
cliqucs engaged in advancing or depressing prices
for speculative purposes. The of speculation
during the week with occasional spaSms OF strength,
was downward, showing decline of to g. percent,
the leading shares being those prominent of late,
viz, Western Union, Union Pacific. Pacific Mall,
Lake Shore Northwest and St. Paul Common,
n T. Central, Rock Island, and Wabash. Stocks
reached Their lowest quotations Iot lnc "cch tOdf,
but rallied in the afternoon aud with active busi-
ness recovered a the close from to - per cent OF the
previous decline For a couple of hours after the
opening to-day tine leading Western roads were ylo-
lsntly pressed for sale and the demonstration was
80 vigorous that the supports gave entirely away,
letting down prices from per cent to "a the utmost
point of depression being in St. Paul. Toward
noon the Inarl1ct gained frststeadiness and later
firmness but it remained until later for the long
sellers 20 become urgent buyers. which they did
when it became reported that Western legislation
against railway lines was less detrimental than was
at first expected. This was supplemented by re-
turning sober second thought, that despite Its
intnitismal delays Congress- meant imitation
in some form. and this induced the
covering of an immense line of short contracts,
while augmenting the lines of long stock at lower
basis of prices. 1t remains to be seen whether the
recovery means permancnce, or whether we are to
witness few more scoops of this ilk before the
real Spring campaigning begins in earnest. The
market closed strong at recovery OF to - per
cent. Tie most active dealings were IN the usual
conspicuous stocks. The opening highest loves,
.rd cloeing Drices of stocks were as fOlltva.