The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-12-03
Three weeks. $l,290.b62 $l,814,45s $4s,s
From April l.. 81, $40 ,Os3 $12.566,723 500,

STOCKS UNSETTLED AND LOWER.
The stock market opened strong in sympathy
with an active upward movement In Pacific Mail,
which Is In the hands Of the Stockwell party for
lively speculation, after the fashion OF Northwest
ern, and "corner'' upon the "shorts" II there be
enough OF that kind OF SPECTATORS to make the
game worth the candle. In default Of "short"
interest," to be squeezed after the Northwestern
method, the pool, when loaded up with the stock,
will declare themselves three per cent quarterly
dividend early in the Spring, or put in effect the
legal authority they possess to buy In the stock
with the company's money, and thus
MAKE MARKET
for their holdings. The price advanced from S47s
to 891{, and receded at the close to SIX. Erie on
o rise in the London market, advanced to 63X, but
fell OF with the general market late in the day. An
active movement In Rock Island, which advanced
the price up to 1l25a, was thought by many to be
the beginning OF 1.-THE great advances" which Is to
take that stock to $50 200 ~, but the impression
was discouraged by the subsequent decline to
lllH western Union was weak all through, on
account Of the unfr1endly tone Of the report OF
THE POSTMASTER GENERAL
as regards this corporation, and especially because
orhis assertion that line equal to the Western
Union can be built for the government postal tele
graph service for about twelve millions OF dollars
whereas the capital Of Western Union is forty
Millions The street was furnished by one
O'Clock with sketches Of the message and report
OF the Secretary ofthe Treasury, the financial mat
tiers In which served to depress the stock market
and cause an eventual decline Of YAK per cent
from the highest prices prevailing in the DuOyancy
OF the forenoon, The Presidents depreciation Of
REDUCTION OF THE TAXES
and Mr.. Boutwell's estimate Of q margin OF only
thirty millions OF excess Of receipts over expend
lures Of the government in the ensuing fiscal year
(which does not begin until July !, 1881 were,
more particularly, the depressing influences, the
former because Of the innate human desire for no
taxes at ALL and the latter because 1t proposes less
bond-buying for Wall street and less abundantly
supplied money market. Az to Mr.. Boutwell's mar.
gin Of thirty millions, 1t is his habitual way OF al
verting the attention OF Congress every session
from his enormous bond purchases which he has
managed to run up to
A HUNDRED MILLIONS EVERY YEAR,
although he has usually persuaded Congress that
the expenses OF government were going to be
large enough to swallow up nearly every dollar
OF the Treasury income. Our word for It, his thirty
millions Of excess will stretch out enough before
the close Of the next fiscal year to enable him to
buy in three times thirty millions Of the public
debt. The question Of contraction he leaves to
Congress entirely, and takes refuge behind the
Bunsbysm that specie payments win be reached
either by contracting the currency or by limiting
the currency to fixed amount and allowing the
country to grow to resumption, III so be-" &c.
HIGHEST AND LOWEST PRICES.