New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1871-09-19
MONDAY. Sept. is-P. ".

The Stock Exchange held its sessions in the
new hau or ,tlrr the nevy.rcpIrld hail, this morn
nr and rs usual, the change to. the new quarters wal
DISTINGUISHED by a serious decline in the markets.
amounting al one time 10 q scInpanc. Inc bn c4uei
appeared to be completely frightened OUT oi tNo Market
and The Bears talking eXcitedy about the pahK state
ncnt tho extraordinary expansion, and the generally
threatening aspect of the fin tnc horizon. attacked the
leading stocks with more vigcr tlan at any time fOI
months Tast and succeeded in giving to tie market
weak and dsc"urasing look. This new phase Of STOCK
speculation has not surprised u, and IL quite
consistent with the views entertained and en
pressed In these columns month, since. The
unusual abundance OF money and the Low
ratcs Of interest have prevented The break which oug
in our Judgment, to have occurred long since. TIE
caues have persisted in ucgny through the Spring aud
Summer immense load of stocks With the aniicpa'
ton OF being able create good market for them dur
| ing the Autumn, when more active operations WOnd
naturally commence. The outside pubic, however h1
resisted The temptation to speculate, and, except IN
few instances such Hinnosi and Ut. JOsephin which
ont 'i,.4 have Lost heavily, they have Kept reso
lutc!y from tho street, AID have permitted the
cqucs to lug along their backioads Oh
OHIO and Mississippi, Like Shore western
Union &c. No opportunity has, therefore, oatfed
by which the spectators could shlit tAe'r Dur
dcEs and now at the very outset OF tho season OF "e'
business the upfavorabe bank statements have shaken
the Clique stocks a ruey and suddenly as al asuc
chill Tis proves the hOloWncss and real Tee0.ene5s of
purely speculative market, which breaks In like h
egg shell at the first symptoms OF change IN the MONEY
market. Iii point Of iact there is nothing aarlmhgm
the bank statement, rather there YOuld be nothing
alarming in il if the operations il stock mlrht haa
not for a long time, been conducted upon an
uns0und bass. After few hours of decline, tho
market rallied little under the purchases OF tie shor
but hc its new strength but very short time, ana was
quite haky again in the early afternoon. The deeuna
has been so deciled that rally would DO natual
especially the line of shorts must have very much
crease bu confidence in tine near future OF the stos
market has been rudey disturbed and VIII take sOms
time to remove its effects In a contest re ult.ns Ia
favor Of the bears they become strengthened IN eaD'
and courage WHILE on the contrary, their opponents
the bulls weakened proporionateiy ~ way Oh az
counting for the rather sharp decline in stocks fer tne
past we have. in addition TO tho idc' l VINO
ruling prices for tie pas few months have been arhoi
that is to say have been Kept up by clgue anu nov"
any legitimate demand W. have the fact that the Ciu
Hall Ring" who have been large operators Gre ou "
the market in consequence tAer troubles, which "u
draws n certain amount of business from the s'rec'
while their extensive swiuding OF the city or '
exnosure of IT, and injury 70 the cy ereoi
has had decreasing effect upon the stock a9ke' iH'
general ,isa,ponment in regard TO the LAKE oHo'o
di> dcnl also helped to depress the mars "nte n'
decline has betn quito general as regards th' '
,hc most maj kcd has been in Pac.ae Mail WHICH "
| .lto5N. Western Union Telegraph, 5, 10 o'!' i.
snora pcr cent to 1871; Wabash. q to Cd; ono anu
siinn ., 10 Al: Pittsburgh 2! to 49, anu oehu", @
| uudson - to o2, ex-divdcud. Miscellaneous anu "a
! 800 s,or'., ,va,o ouct and steady The following 'a''
shows the highest and lowest prices p''u '''
| stocks to-day: rEreLozea