Our Public Debt: An Historical Sketch with a Description of United States Securities

By Harvey E. Fisk | Go to book overview

Trend of the Market
Before and After Former Wars and Other Special Crises

AFTER FUNDING OF REVOLUTIONARY DEBT

Following the passage of the Act on August 12, 1790, providing for the funding of the Revolutionary debt, the first recorded transactions in the new 6% bonds were at 70%. On December 31 the bonds were quoted at 90%. By August 1, 1791, they had advanced to par and on December 3, 1791, they were selling at 111%. On February 1 of the following year, 1792, they sold at 128%. This marked the climax of the speculation in the bonds, although during the entire year 1792 quotations ranged around 105% to 110%.


WAR OF 1812

Prior to the War of 1812 what was known as the "old 6% stock," the same issue as that referred to above, was quoted in January, 1809, at 103%, and in July at 101½%, while the 3s were quoted at about 65%. In 1811 the 6s were quoted in the London market at 101% to 102% and the 3s at 65% to 70%. In 1812 the Government placed a new issue of 6% stock at par, but in 1813 was unable to obtain more than 88% for 6% stock. Taking this issue as a basis we find that in 1814 it sold at a low price of 85% and a high price of 93%. In January, 1815, it was selling as low as 76%. Following the declaration of peace it sold at 97½% in July. It maintained this price until about July, 1816, when it advanced to 99½%; in January, 1817, it was quoted at par and in January, 1818, at 106½%.


THE MEXICAN WAR

At the opening of the war in 1846 6% bonds were sold at prices ranging from 100 to 101, and in 1847 a large issue of 6s was placed at prices ranging from 101¼ to 102. The last battle of the war was fought in September, 1847. Quotations in the early part of 1847 for 6% stock were as high as 108⅞. Toward the end of the year prices fell off to about par. However, by August, 1848, prices had advanced to 1043/4 and in December to 107⅞. In 1849 the 6s sold at 109 in January, 110 to 111 in February and maintained this price in March. In May they had advanced to 112 and in June to 115. In 1850, the Government was able to sell 5% stock at par which was equivalent to about 120 for 6% stock.

-105-

Notes for this page

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this book

This book has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this book

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this page

Cited page

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited page

Bookmark this page
Our Public Debt: An Historical Sketch with a Description of United States Securities
Table of contents

Table of contents

Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this book

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Full screen
/ 126

matching results for page

Cited passage

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited passage

Welcome to the new Questia Reader

The Questia Reader has been updated to provide you with an even better online reading experience.  It is now 100% Responsive, which means you can read our books and articles on any sized device you wish.  All of your favorite tools like notes, highlights, and citations are still here, but the way you select text has been updated to be easier to use, especially on touchscreen devices.  Here's how:

1. Click or tap the first word you want to select.
2. Click or tap the last word you want to select.

OK, got it!

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.