New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1876-03-15
TUESDAY, March 14-P. ".

The stock market to-day experienced one OF those
sensations In the failure of the Bank of the State OF
NewYork that the bulls tell us serves TO purify the
atmosphere aud make trading more safe and sails
factory BE this 1t may, il is not likely that the
deposiors find any satisfaction in the locking mp OF
their funds even for temporary period, nor
that the failure Of Nh institution considered
to have been so conservative ana u'ise-
worthy as the bank in question has been
tends TO aid the restoration OF that confidence so
necessary to prosperity, even when all the other
conditions are present. 1t is safe to cay that had
our Washington authorities possessed the wisdom
and courage after the panic Of 1873 to have taken
immediate steps toward specie payments more OF the
old sores upon the financial body would ere TINS
have been cured or proved fatal, either Of which
would have proved beneficial to general business
interests Specie resumption is tie safe and sure way
TO prosperity now; but instead Of taking any steps
toward making even the present law operative, we
see the Democratic caucus hard ut work to discover
how not TO DO it, What may be the effect OF TINS
very unexpected failure remains to be seen. III IL
should induce the directors Of other banks to give
that personal attention to the affairs and manage
OF such institutions which they ractiy pIos''i'S e
do in occupying bank diFsetorshps this deplorable
affair may perhaps be turned to good account
for other banks. From the best information
attainabla it is probable that the depos
itors will ultimately be paid in FIJI and
that the stockholders may perhaps receive 40 or 30
per cent for their shares which sold only few days
snce at q per cent premium. Perhaps the WORST
feature OF the failure viii be weakening OF conf
deHce in our banks, which may result in the with
drawing Of deposits from them. Complete particu-
jar3 of this failure will he found in another part OF
lmH TRIBUNE. Whether OF not some Of the leading
operators III the street had early information OF what
was to come we know not; but the stock mar ket,
after opening at about yesterdays final prices,
exhibited signs Of weakness, and had declined from
J., t, q PER cent before the announcement of the
failure after which the rush to sell created intense
excitement and prices tumbled from to over . per
cent the extreme ranges being found III our
table below Subsequently, under trench
dous efforts on tine part of the bulls,
aided by the bears the market rallied from the ex
IRENE Depression and closed strong at the reaction.
The spectators regarding the bonding of Pacific
Nail fol s. 100000 las stated in THE TRIBUNE this
morning. as likely to advance the price of the stock,
purchased il largely at 20 to 2l5s, which accounts
for is running counter the general course of the
market. TIion Pacific is also notable
ccpion to the general course of the mar
ket and on the announcement Of its usual
quarterly dividend of ror cent, closed at 90, or
per cent above yesterdays final price. Central and
HaGs0a sO closed ut advance Of o per cent. The
business Of the day was unusually large, and the
proniucat stocks were Lake Shore. Erie. Western
Union Pacific Mall, 81. Paul, and Ohio and Misss
sipp The decline in the general market for the day
ranges from 4 10 per cent, the latter being st.
Paul Preferred, while Erie shows decline of rs;
Lake Shore, 15s ; Michigan Central and Ohio and
Mississippi eacn IL aud Northwest. Common ard
Preferred ! per cent. The following table shows
tine
RANGE OF THE MARKET,