New-York tribune., 1873-12-20
stock to bo authorized IN Toledo Wabash And West
ern. and that tho Company's interest indebtedness

stock to bo authorized Toledo. Wabash And West
ern. and that the Conpsny's interest indebtedness
duo Feb would be defaulted together with tho
revival of an exploded report that there was trouble
in the accounts OF the Company. led To a heavy
pressure to sell this particular stock aud, following
the decline to JOl last night. there was quck de-
pfession to fSi to-day and the later denlai OF tho
reports produced no material rally IN the price.
Following suit in the offerings of heavy blocks
OF stock. Western Union Telegraph proved a
ready COMPROMISE for Wabash. and side
by SIDE these two stocks we're thrown upon tho
market, followed at respectful distance by Laks
Shore, Union Pacific. Pacific Mail ortb-West, st.
Paul, OhiOs and Columbus. Chicago and Indiana
Central. all of which were weak and at material
concessions from yesterdays prices az were fnliy
set forth in our tables The heavy increase Of legal
tenders yesterday had no influence in stemming the
tide or in reversing the market; nor could it haze
been fairly expected where there are so many
reasons for believing the larger operators are 10
maneuvering the market ~ to entrap AZ much of a
short interest as possible and thereby keep the
ket feverish until they may again take in their
stocks at lower prices Al all events the present
theory looks that way. No one win pretend
that the stocks upon the active list rinsically
worth any less to-day than they were yesterday
last week. yet we see a decline of from to per
cent from the closing prices Of last night TO the
lowest quotations to-day. Take, for instance,
Western Union Telegraph, in which the largest de-
cline of the day occurred This Company has not
been in a sounder or more hopeful financial oJn-
dtion for years than it is in to-day. II is earning
handsome profits and increasing its business
steadily AT a meeting of the managers to-
day the Company cohiirmed'~ the lease OF
the Pacific and Atlantic Telegraph Com
pany's lines extending from New-York to
Philadelphia, Baltimore Pittsburgh, Columbus.
indianapolis, st. Louis and St. Paul branching at
Dubuque to Chicago and from Chicago 10 Cincin-
natl Louisville Nashville, Memphis. and New
Orleans about 5000 miles of line and 10000 miles OF
wire. OF course, the Union Company already own
lines running to all these points, and by means Oh
their own machinery they can take the added busi-
ness of the Pacific and Atlantic Company laDout
SJOOOOO per annum) without materially increasing
their running expenses and at the same time smut
off competition At,all events II is reasonable 70 be-
Iieve that managed by the Western Union, the bnsi
ness can be done at one-half the expense thatwoud
attend a separate management. We understand
that the consideration for the lease is per cent
upon the capital stock s9Oc0OCOl of the p A Co.
or $4,000 pef annum. 1t ia understood to be the
SeIfSySf the Company, which will perhap' DO oit'
cialy announced in due time, to diyde among its
stockholders IN the future all its net earnings using
its surplus, which is ample for such improvements
and extensions of its lines as shall be deemed neces
sary Investment stocks to-day were quiet, Pan
anna selling at 97l; Pittsburgh, sil and Delaware.
Lackawanna, aud Western, IOO.alOl The general
market closed steady at prices something better
than the lowest of the day. The opening highest
lowest aud closing prices Of active stocks sold to-day
were as follows