New-York tribune., 1873-02-27
WEDNESDAY, Feb. 26-P. NJ.


Wall-st has exhibited more of life and animation
perhaps it would be exaggeraton to say excite
ment-than during any other day for months past.
For many weeks the monetary situation mas peeh
one of great gravity and the manipulators in rates
have anxiously but patiently withal awaited the
time when by sheer attrton prices of stocks should
be forced to lower figures, which as rule would
more nearly represent real values But though the
market has at all times been rather htful
and irregular, yet no serious set back has
been at any time noticed. Yesterday alter
moon witnessed dropping market, and
at the opening this morning there was disposition
In nress stocks under the uncomfortable condition
of money and general belief in the instability OF
affairs Yet so strong were the leading stocks, sup
ported under the ease with which the elques nave
been able to carry them on borrowed European
credits that no serious headway was made, ana by
the time the First Board was under full headway,
reverse movement had set in and prices were on the
road TO higher points, Union Pacific and Erie each
rising over one per cent Until the afternoon Doard
tbe tone of the market fairly steady. and there
was every indication that, with the Washington
gossip foreshadowing the issue by-and-Dy OF the
much-dIscussed $4000,O00 greenbacks, the old snip
of speculation would weather the storm and escape
tbe shoals and quicksauds of active money. After
ing took possession of certain operators who had
been specnlating in Pacific Mail against puts on
the stock, and forthwith there was quick rush to
sell on a piece of gossip to the effect that
pro,ninent operator closely identified with tins
snecaty had been compelled TO succumb to the force
Of circumstances and allowed some Of his contracts
to 90 by Under this tho price dropped from t9S 10
%. but afterward rallied to GGl. This rumor was
revived later as Panama made break from lZO
first to H. then TO 106 later to lO2. and naly TO 10
the weakness in this latter stock being to the minds
of the fant-hearted, Confirmation strong as Holy
Writ of the truth of the story. The little flame
thus kindled speedily developed into fierce con-
Aagration, comprehending in its course pretty
much all the leading speculative fayortes,
which speedily yielded to the vehement ana
irresistible raid of the bears, and for time, as hod
ings were thrown recklessly overheard the market
was on the verge of panic The excitement apout
8.9O was tremendous, as stock after stock ratified
down quarter half, two three, four per cent un-
I'll it finally seemed as though the bottom had en-
trey fallen out of the market. 1t at this juno
ture that Pacific Mail touched 5sl Panama, 20 !
Lake Shore, 90; New-York Central lOOs; Western
Union Telegraph, S3I c., c., * |. G., 3s and Union
Pacific 33I Harlem stood the battle without finch
ing closing at 12s sales to l29 after having sold at
127. and 129. Erie made no remarkable yield,
opening at Ga, and closing at GAY, with deal
ings in the interim at 658 and 63t. Inc
usual comparative table below will furnish fuller
particulars Of prices and fluctuations. Just before
the close some Of the solid men came TO the
front" and by Judicous of their forces
interposed their bank accounts between the market
and the wall and succeeded not only in staying the
downward current but giving it an upward turn,
the reaction in prices amounting in some cases to
three or four points. The general market, however,
closed upon decidedly feverish condition. The
opening highest lowest and closing prices of stocks