New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-10-10
Tel North. West Pref
THURSDAY, Oct. 9--P. NJ.


I'm the stock spoeulation at the Exchange today
She bulls were badly bruised and some oil them
do MT seem 20 know why they received SO many
damaging blows yet the causes given by 'he otIeet
eossps are as plenty as blaekOerIies ono
of the real causes, which mas perhaps MOI
Aeen sufficiently considered is that the
pooplo who are expected 10 ltWh oat
their boarded greenbacks ana invest bhem Ill
stocks at the present comparatively 10" prices are
by no means certain that the IuI cnects OF
the manic have vet been felt SO they do not
feel absolutely sure that the present IS the
hest time to buy They are yet fearful that
serious disaster may ovcrtake the general meTcan-
tile and manufacturing interests Of the country,
which should such misfortune come upon us,
would as a matter of course, still further dcpTess
the prices of Wall-st. securities They point TO the
fact that certified checks, which in a certain way
pass as the equivalent of money, still at a dis
count of from to per cent and upward IN exchange
for those gTeenbacks which we call legal money"
and insist not without good reason that so long as
certified checks remain at discount so long will
the currency and business of the country remain
demOralized. Evidently that confidence which is
necessary TO weregulated and successful business,
and which recently SO rudely shaken has
not yet been restored. Otherwise the currency
which is really quite sufficient for all
forth from its temporary hiding places in trunks,
safe deposits tin boxes, and the vaults of banks and
savings institutions, TO relieve the business public
IN its emergency The savings banks are subjected
to severe criticism for Withholding greenbacks from
circulation. 1t is alleged that with what they have
realized from the sale Of United States bonds ana
what they aaye withdrawn from the ma
tional banks, they now hold Sl5O0OOCO to
$9OOOOOOO of currency which they refuse either to
paw out TO their depOsitors OF to deposit with the
National Banks which such deposits would ma
terally strengthen, and thus tend to restore conf
dence to the business community. 10 is stated, on
very good authority, that some OF the officers OF
savings banks instead Of locking up their green
backs have done by using them loI specdla-
tion in certified checks.
The stock market started Oh this morning with
rapid and heavy decline in Western Union, which,
opening at 6Sl, ran dowWtO So before the / o'clock
Beard. Various causes are given for this extra
ordinary break down, but it is believed to have re-
suited mainly from the forced sale Of large amount
of the stock 1t subsequently recovered TO 62s and
closed at GIL The rest of the market was, as matter
of course seriously affected by the onslaught upon
the Telegraph. and as holders pressed Their shares
for cash the entire market became weak, aud with
the disposition 10 realize the full list Of prominent
shares declined to 81 per cent. The difficulties OF
the brokers in making their cleanngs through the
banks, and the fact that sales OF secuTl-
ties held against loans were made during
the period of advancing figures were among
the reasons for the tumble IN the
market to-day. The decline, however, proves the
truth of what we have before asserted via that the
late rise had been too rapid for healthy advance
and IL not perhaps in it's general results much to
be deprecated. The market continued weak and
declining until after the l o'clock Board.
At this juncture a Washington report that
the Treasury would find it necessary to Is
sue SSOOOOOO or $lO,NO.0OO of "them Si4,-
100000" in order to meet October obligations,
checked the decline and gave the market fiTner
tone though at the close we must quote the general
market as heavy and unsettled. The sales were
enormous, especially in Western Union $1,000
shares, Lake shore. and Central and Hudson, and
for the variation in prices we refer TO the following
table of the opening, highest, lowest aud closing
limitations Of active stocks sold today