The sun. [volume] (New York [N.Y.]) 1833-1916, 1876-03-15
FINANCIAL AND coMMERcIAL.

TUESDAY, March H-P. M.-The fore
shadowing OF the stock market was briefly
alluded to this morning.
Prices opened very much they closed on
Monday, but reflected In tho early transactions
certain degree Of strength, under the leader
ship Of Pacific MALL which rose ~ q cent, from
20E to 22Y. though Isrle at the same hour took
sudden downward Z, I'm from 22k to 1861 before
the call OF the first board WIS over. The sales,
however. Of about 1000 shares OF Union Pacific
at CIV up to 03k seemed TO give "a chance for
the bears to sell freely the remainder OF the list
so that when the suspension OF the Bank of
New York was announced Mt midday rich har-
vest was reaped. There " no doubt now that to
a few confidential Spectators the fact OF the
practical failure Of this Institution was well
known on Monday, having been evidenced IN
what then appeared to be reckless operations in
the way OF liberal offerings; though a cloud all
the day hung over the market and accustomed
the uncertainty referred to In this morn
ine's columns. Brie, Lake Shore, and Pa
cinc Mall recorded tho larger Transactions
OF the morning. but when the bank failure came
TO no known there was also a scramble to throw
overheard Ohtos witch had been recently taken
up by the Twenty-third street parties, together
with st. Paul, lake Shore. Northwestern. West
ern Union, and Michigan Central, while Rock
Island at the same time fell OF to 100. The ex.
element at the Stock Exchange ran nigh while
tneso sDectaltieB were being slaughtered. and
the dealings between IL aud o'clock reflected
feverlsh feeling such az has not been witnessed
since the panic Of 1879
Soon after, however, a waitin Ing God i'm pressed
operators on both sides Of the market, which
Will account for he trlfing transactions at the
second call but later the tone assumed more
poNtiveness, and under the influence Of a lively
covering by the bears, prices generally rallied,
though submitting to slight reaction at the
close.
So far as the above bank failure IN itself Is
concerned, the effect has already been expressed.
but future anxiety Is likely TO arise ahuut other
financial institutions which have boon for some
time hoating along on an uncertain sta us. aud
which will doubtless receive 4 thorough over
hauling. And In this the insecurity OF the future
II iclt. Attention vs. invited To the table further
on OF highest and lowest, whero the extreme
fluctuations Of the leadng stocks will be found.
The total number of shares dealt In was 85i,-
4W, OF which Erie represented Ql.h5O: Lake
shore. 10000; Pacific Mil. 1890; Western
Union, 1850; st. Paul. 2j,02i; tho preferred,
Rock Island, $50; Michigan Central, $500 /;
Ohios, 1890; Union Pacific, 5lO0; Hannibal and
ST. Joseph, LaO; NJ. l.. and NJ. Co., 100 f; tho pre-
ferrod, gg; n. Y. Central. us: Wabash, 100 /;
MI souri,, Kansas and 1exas, so; Consolidation
Coal, 500; c.. C., c. and l., 600; A. and =. pre-
fcfred. 500; American District Telegraph Com
panN. 4OO; New Jersey Central, $40; Quicksilver
preferred, 100; Illinois Central, go; American
Express, 100 c., &. and ]. c., 100 Chicago and
Alton. no; the preferred, 100; Cleveland and
Pittsburgh, 100; St. Louis and Iron Mountain,
1875 and United States Express, LA.
The gold market opened nrm vt llift, but be-
fore midday dropped on to has, with signs q T
weakness, though soon afterward jumping up to
ll5 Oh news Of the bank failure above alluded to.
From this point the IN srlSet became more active,
which did not eliminate until tho price touched
1l45f, at which IL closed.