New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1872-08-06
MONDAY, Aug. 5-r. NJ

The week opened with a marked diminutiOn
IN business in every direction owing doubtless to some
extent the fact that the Exchange has been deprived
OF many OF the familiar forms and faces visible there
last week. The return OF the absenees may contribute
toward making the forthcoming day little more lively
and in the mean time thebrokers must contentedy
as possible, await the good time coming. The
stock market opened duh and steady, with the
only movement of any importance in Pacific Mail'
which kept the lead for the rest Of the day. Opening at
T5sa76l sales quietly made all the way down to 4i
though reaction the opening quotation took place at
the first board The quotations afterward were respec-
lively at 74a675b 97b975t The daily Engaging OF
this stock gives rise to the suspicion now frequently
pressed in the street. that the authority given by the
LEGISLATURE to retire stock is being awaited of for the
purpose of private speculation. II is very GER
tam that the large transactions daily re-
ported made in this extremely dull season by the
cias, termed "outsiders" Experts understand how
easily the authority referred to may be used for private
advantage-that is to say how large amounts of stock
may be bought and held either for private account or for
that Of the Company the subsequent market price may
render desirable. Thus $1,000 shares may be gradually
picked up in dull market at low prices, and soon as
the effect of such large purchases and with
drawas shall show itself in the scarcity of
cash stock and an enhanced price the shares may be
pedded out at profit aud all transactions treated II
done for private account. On the other hand should
any great calamity depress the market Wnle tho nanp
uators have large supply OF stock on hand It may be
turned over to the Company so much stock bought
for IT'S account under authority Of law This is pre-
eminently a headsIwin, tais-you-ose" policy and
one that we hardly think, notwithstanding the street
gossps TO the contrary respectable board as that OF
the Managers of the Pacific Mail Company would engage
in The act OF the Legislature which makes this kind OF
uggery possible, innocently designed toaow the
purchase aud retirement OF certain amount CT the CAPT
tai stock of the Company and we are sure that some Of
the stockholders would be glad TO know authoritatyey
what the Directors have DONE or propose to do, IN re-
gard TO the practical reduction Of the capital
Of the Pacific Mail Steamship Company The general
market receded q fraction, in sympathy with Pacific
Mail but Lake Shore and Boston Hartford and Erie
were notably firm, the former advancing from 300 TO 81
and the latter from ca H. In the afternoon the early
decline was mostly recovered, the changes, with the
excepton OF Panama. which declined from l25 to 24 Oh
small transactions being only to OF one per cent
Erie opened at Ash and aferward sold at AMONG
Investments we note sales OF Fort Wayne at o. Morris
and Essex at 92E Chicago and Alton 900 shares at lls3
seller three days. Pittsburgh "a small LOTT at 3d. New
York and New-Haven at 146 and Delaware and Hudson
Cannl Company at ISL The Miscellaneous and Express
shares were dull and neglected The following were thu
opening highest lowest and closing prices Of promi