New-York tribune., 1873-02-05
TUESDAY. Feb. 4-P.N.
O'CLOCK p. n.

TUESDAY, Feb. 4-P.N
The chief topic of conversation in financial circles
here to-day. and doubtless an enCrossing theme in
London and at the chief continental money centers.
has been the opening of the subscription books for
the remainder Of the United States FIVE per cent
bonds amounting TO SSOO,O00,O0O in America and
Europe. Advices justify the prediction Of a great
success, and although details have been received
~ yet from London, applications are coming IN 20
the American branch of the Syndicate for the new
fves from banks, savings banks and other financial
institutions and monetary corporations, whose sur
plus finds its way into Z. 5. securities. The
European members are sanguneO Oflarge subscriptions
IN excess Of the amount TO be marketed though they
report that nothing has yet been heard from the
Continent It is hardly reasonable. however, IN
view Of the thorough sitting TO which the English
capitalist submits every security, 70 expect any i'm
portant subscription on the opening day OF the
books. There is much discussion among financial
gentlemen as 70 the amount Of the subscriptions for
cash, and on that point depends a great measure
the future OF speculation IN this market, and
the course Of the various markets to-day the irreg
ular course OF stocks and the alternate weakness
and strength of gold would seem 70 indicate for the
moment the preponderance of opinion in that re-
gard
For some time past we have held the opinion that
their large holdings and that let prices down
70 points where outsiders would be inclined 10 buy
merits and then, as the quotations should rise.
under 80 wholesome a stimulant, to sell out on the
best sttainable terms. This Is harsh remedy, but
efficient and. as with al similar remedies, will
probably be the last TO be adopted. Under the
derful impetus already given 10 almost all branches
Of trade by the arran gements with new Syndicate
the chques have evidently determined that they
can do better by advancing prices first and after
selling al that be sold the crest Of the great
tidal wave Of prosperity they may gradually push
the market down until all outsiders are fairly ex-
hansted and shares have fallen 50 much below their
real value as they have lately been carried above
II and then VIII be their time TO repurchase at a
prOEt OF 5 to Is per cent. OF course there Is here
and there stock 70 which these tactics may not be
applied. and the rise in which Is based sound rea
sons but they are not in the absolute control Of
chques Even these however. are assisted in their
present upward course by the large holders Of other
less meritOrous, stocks, and may be carried beyond
any point that be maintained after this exrane
Gus aid is withdrawn. In al the long list Of old
stocks Pacific Mail seems 10 be almost the only en-
trely helpless concern for its forces are difused
that they cannot work IN concert and every tyro in
tactics knows what chance there is for scattered
against a compact force. The Atlantic and Pacific
movement begins 70 take on a seneus ex-
preston. If the enormous recorded sales
are al fctICOus as some Over-suspiciOus persons be-
beve then the manipulators have paid ont immense
sums In commissions without important results. On
the other hand, if they are all genuine. then the
host Of outside buyers constitute thus FAR a noble
army Of martyrs who have paid as high as 3sl for
shares on which they are gradually losing both in
terest and principal without aDy near prospect of a
change for the better. A more reasonable view
seems be that neither of these extreme opinions
is precisely correct but that the subject mixed
that few genuine buyers have been induced TO
take hand H. and are arriving by slow and tedious
stages at the conclusion that they have cast their
bread upon such contrary waters that they may
wait for its return. II may be for years and. may
be, forever
The general stOck'speculatIOn was equally active
with its predecessor this forenoon 154 900 shares
being dealt in before Old Trinity marked tire hour Of
noon, the market opening with continuance Of the
buoyancy that characterized the close of yesterdays
business. Some further improvement was also made
these figures before and at the board particularly
as Western Union took such decided lead. and
reached g. Up to this time Central was repOsng
calmly on its laurels al 1864, and Erie at 90, and the
other shares strong propOrtionately. From the
bound, however, there was a disposition among
holders TO bag such handsome profits and IN con-
sequence the entire market declined 70
considerable extent, the Telegraph stock going
of to s9l, and Enc 10 67i. Central coming
gravely down 20 1O5I. After Meridian there was a
pert reaction and the broken lines were in some de-
gree reSstabshed by the rally in Telegraph to 9O.,
bat the rest Of the list refused TO respond 70 that
measure, for not being strongly backed up they
conld not stand the brunt of such CALLING monetary
hre as they subjected to at a sixteenth and In
terest. This caused holders to let 20 their
hold again, nor were they able to get
better grip the rest Of the way out, for
the market kept on receding and finally closed
weak at pretty much the lowest pnces touched,
Western Union going down 10 so, New-HOrk
Central 70 1O5l. and Erie to 67l There was large
business in Lake Shore Pacific Mail and an ordinary
one in the usual fayortes. The market dwlndled
into dulness as the end Of business drew near, and
the utmost tameness was apparent at the close The
total amount Of business at the Stock Exchange to
day amounted 10 2s4-266 shares, Of which 10l, 700
were in Western Union Telegraph, 50, 400 in Lake
sAore aud 5000 in Erie the trade in these stocks
amounting 70 1g7 100 shares. more complete his
tofy OF the street VIII be found in the subjoned
IaOie oi opening highest lowest and closing prices
OF active stocks made to-day:
=. ~ o.-, Openg HIshssi Lowest CoshR.