New-York tribune., 1873-03-04
MONDAY, March 3-P. NJ.


After the ouiet speculation of Friday and Satur-
day it seemed bat natural that the stock market
should open this morning with activity and excite
ment As we have heretofore suggested the pur-
chases of the small operators after the decided de-
cline of Wednesday last afforded only the slightest
barrier against the violent onslaught of the bear
forces The continued policy of contraction by the
Treasury Department., as further instanced IN the
programme of the Secretary for the month OF March,
causes much adverse criticism in the street, ana
many misgivings to the future outlook for
money more especially when it is remembered
that scarcely more than half million OF the three
per cent certificates remain unredeemed, against
on the 3lst of December 1870 the date OF
the first call of the Secretary for liquidation In
this state of things, the fmsy support heretofore
accorded to stocks gave way. After weak opening
of the general list the first to feel the shock was Ia
ciic Mail which, starting Oft at 57 soon made the
following quotations 56 56l, So 55i IS, 54s, 3d. 53s
53. 52s, 5l, 50l so and 40. Immense quantities OF
stock were disposed of in the decline When the
prices touched 40, however there seemed to
be disposition on the part Of some
shorts to cover, which quickly sent the
quotation back to 52.. The advance, however,
did not hold, and reaction occurred at the FIRST
Board to within per cent of the lowest morning
were made as high as SO; but the reactions and
counter reactions of half point so were uncom-
monty numerous, the final sales being at decline
to 5lA05l. 1t s however proper to add that causes
otherthan those already mentioned entered into the
calculation concerning this particular stock, and
talk about bankruptcy, both of corporations and
individuals, was quite common among brokers
and operators. The Board of Directors of
the Pacific Mail Company is understood
TO have been in session nearly all day, with closed
doors of course but the members reticent as to
the proceedings beyond the fact that the Board ad-
iourned over till tomorrow The extraordinary de-
cline of 20 per cent in this stock within the past few
DAYS has told heavily against parties operating on
the long side of the account and has necessitated
heavy sales of other stocks in order to make good
losses entailed by such decline The movement IN
Western Union for this reason attracted much inter
est the sales footing up over $1,000 shares Opening
at So the stock was freely supplied for time causing
break in the price to S7s. This was succeeded by
a call to ST., and later decline to $50 the final
dealings being at s6Gs6t Still lower prices, for the
same and other causes, need not excite surprise.
Lake Shore was also largely Sold and declined from
92k to e1a closing at 91iG9l9. Erie conspicuous
for decline from CAL to 62!, antagonistic to the
course of the stock in London. From 62i the price
reacted to 63i, and closed at 62td62. Ohio and Mis-
sssipp shares actively dealt in the stock open
ing at 45l, and closing point lower. OF the other
light fancies c., c. and C. broke from 40l to Sst,
and made no recovery thereafter. Union Pacific was
comparatively steady within the extremes of 34i and
34 Rock Island declined from 113. to ll2 a small
trade and st. Paul one point to 52 good business
was done in n Y. Central at 1O2.Q1Oll01023
01Ols. Wabash opened at 70, and closed at 72i,
selling in the interim at ~. Northwest Common
sold at 81. and Preferred at s9SSsi. Harlem fell
from 1292 to 1877, and recovered one point. Panama
was lifted from lO6 at the opening to 13at the close
The other miscellaneous stocks were quiet, though
Delaware Laekawana aud Western sold down to
10 and was offered at 1907 at the close. In the coal
stocks Consolidation advanced to 50, Central being
strong at AL, on the late decision of the Maryland
court. Expresses quiet. The opening, highest
lowest and closing prices of active stocks sold to-
Ia WARE foilows.