The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1875-03-12
The Call of $50, 900 Bonds by the
Secretary of the Treasury.
IT'S PROBABLE EFFECT.
Gold Strong at lis ID Money 9 and : Per
Cent-StoCks Lower.
ADVANCE IN GOVERNMENT BONDS.
WALL STREET,
THURSDAY, March 1T +. NJ.

WALL STREET,
THURSDAY, March ll-6 p. NJ.
II was announced to-day that the call OF Secre-
tary Bristow embraces OOOO, 900 bonds OF the
Issue OF 1862 and that s24 oOO, 900 Of the
coupon and $60O0,000 registered bonds. The
eject was at once perceptible in the gold mar
ket. where it was generally believed that this act
OF the government would speedily produce
scarcity OF coin. On the lst OF March there were
Outstanding $97, 200 900 coupon bonds OF this issue
and So, 823 $50 registered BONDS, making total OF
$l06, 024 900. The present and the preceding call
or $5,0OO,0o0 therefore cover Leary thirty per
cent OF the entire loan. or the coupon bonds the
bulk OF Indebtedness Is due abroad, say In round
numbers, $40. 1000. The others are mainly held
at home. 1t is argued from this tact that
AN IMPORTANT INFLUENCE
Will be manifest in the future movements OF gold
and exchange. The redemption OF any portion Of
the public debt, while regarded by all parties as
eminently wise, Is calculated to disturb q sensI-
tive market. and the advance OF gold to-day was
therefore only one OF the natural conditions
which for the moment attend the Congressional
process OF reaching specie payments The nice
relationship between bonds ana gold makes the
question OF resumption or Of reduction one OF
peculiar interest. The fact may eventually be
developed that this action OF the Secretary will
enhance American credit abroad and OFFSET the
mtsfortunes accruing from failures, bad business
and decline OF revenue; but IT. as result OF the
present call, we should be obliged TO ship gold or
the new syndicate should encounter difficulty in
replacing with new nves the cancelled bonds, 1t is
easy to see how SPECTATORS may take advantage
OF the financial situation and force the price Of
gold to higher than present figures. Doubtless,
THE ACT OF THE SECRETARY
will carry with it much moral weight, because he
does not propose merely to make an exchange Of
rio hufto tn fu1o nf I hap
ment debt. Yet 1t remains to be seen whether
either the homo or tho foreign bondholder will
renew his ventures. II he does SO we may find q
healthy influence rejected upon all classes OF
American obligations. II not, then the country
must endure q damaging drain upon its gold
resources At 0 time when the Treasury can AFFORD
to lose none; when the banks OF tue country are
depleted and merchants are at the mercy OF those
who have locked up the reprepresen ative COM
modify OF the world. The purpose OF the Secre-
tary is regarded with much satisfaction. ana
there is not o patriot on Wall street
who does not wish him Godspeed This
is one of the most important financial
movements that have taken place since the war,
and foreshadowing, as 1t does, the plans OF the
government, its success is being watched with ex-
traordlnary interest. Secretary Bristow is evi.
IDENTITY intent in executing the letter OF the law;
and II his experiment be successful and unat-
tended by the sharp antagonisnIs which have dis
turbed his predecessors ne Will achieve prompt
triumph.
THE STOCK MARKET,
while active, was very irregular. Opinions are
ialrly DIVIDED between bulls and bears and the
reactions and fluctuations Of the day were natu-
raj sequences Of the recent sharp advance.
Handsome profits were made from sales for the
purpose OF realizing. ana fresh ventures com.
menced at the lower prices established. The
market is not regarded unhealthy
because OF these sudden changes mas
much as the latter invite fresh custom,
and. by provoking fresh interests AFFORD
new opportunities for speculation. Figures gen.
orally we're lower, as Will be seen by comparison
between the closing prices yesterday and to-day.
In point or activity Union Pacific was the leader,
$4,000 shares having changed hands between 49,
and 4S4. with a close at 46ss. Next in Importance
was Pacific Mail, which opened at S9X, advance
to 4O1I, fell or to 3sX, and ended at the latter
price. Northwest common was active. and sold
at 45k a ASK, thence down to 44h, ending, how
ever. at ASK. Ohio and Mississippi largely
dealt in AT 271S a 20 26H. st. Pau common sold
at 35X &c a Ssh a s51a; the preferred stock
ended at 551k. Lake Shore sold up from 1871 to "a,
declined X and closed at 74s6. Rock Island was
steady at 1t4zS; New York Central at 1929; New
Jersey CentrA at I1oH. Erie receded from PIX to
26zS. Wabash went OF from 143: to 1871, closing
at IA Delaware and Lackawanna sold at liz a
INK; o., c. and l. G. ct 8; Atlantic and Paci1c
Mau at 22X; Panama atIl3
ADVANCE AND DECLINE.
The changes in stocks at the close were a. fol-
Gows:-
ADvANCE.-C., G. and L O.. u. Gold, u.
DECIINE.-New YORK Central, u; Delaware and
I.ackawanna, 4; Erie, 4; Hannibal and st.
X; Ohio and Mississippi, z; Pacific Mail. "a; Rock
Island. y; ST. Paul, u; Wabash, y: Union Pacific,
n; Western Union, Il; Northwest preferred, 4.
The stocks without change we're Harlem,
Panama. Quicksilver, Atlantic and Pacific pre-.
Ierred, Atlantic and Pacific Telegraph and Canton.
THE TRANSACTIONS
to-day amounted to about 200, 900 shares, which
are generally distributed as folows:-New York
central and Hudson, 41s; Erie, 800; Lake
Shore 6lC0; Cleveland and Ptttsburg, 800;
Northwestern, q, 800; do. preferred, 1900; Rock
Island, 1900; Pacific Mail, 2,4OO; ST. Paul, 400
do. preferred, 200; Ohios, 2l,soO; Western Union,
$500; wabash, 400; Union Pacific, $4,000; G., q.
and /. c., 100.
OPENINd, HIGHEST AND LOWEST PRICES.