The New York herald., 1879-03-03
FINANCIAL and COMMERCIAL.
Review of the Week---AnActive and
Weak Stock Market.
THE MONEY AND EXCHANGE MARKETS.
Investment Securities --Govemment State
and Railroad Bonds.
IMPORTS AND EXPORTS.
WALL STREET,


SUNDAY. March 2, 1870
The proverbal bull in the china shop could have
scarcely found himself in more perplexing predca-
mont than did his financial counterfeit upon the
Board room floor yesterday when stocks were
treated much crockery only fit to be broken
and when there nobody with energy enough
to attempt to the pieces. So it turned out
that the of values pretty thoroughly shat
tered, and nothing left to hang about them but
the scent of their former splepdor The decline dur
ing the final hours of the week was, however, nothing
more than the natural wind-up of six days market
which had been characterized by all sorts of per-
turbations. and which had slowly but surely settled
to lower range OF prices. Reports. more or less
true, of internecinc trouble within the hitherto
happy family of bull operators which had driven it's
prominent members to take opposite Sides helped
to disorgsnze the market and frghten more timid
holders into selling out The result was decline
with the marked exception of Western Union-of
the whole list of from two to eight per cent The
greatest sufferers Union Pacific, the anthracites
and Now Jersey Central; the least. the Vanderbilt
properties. Between these two extremes there
variety enough in quotations to suit the tastes Of
the fastidious Of BEARS but hardly paatabe to
the most apathec of bulls 1t is not to be inferred.
however that the liquidation of the week was con-
nned to the rank and file of speculation. These
only followed the lead of the magnates of the mar
ket who command events. and who had shown the
way already. On Friday and Saturday there
occurred a determined attack upon Delaware
and Lackawanna, which succeeded by
. copious cataract Of long stock. and
the result was not only to depress this property
Ave points. but to topple the rest of the
list which had with difficulty retained its footing for
several days previous. It was paraphrase of the
story OF the last straw and the cameps back, and,
although the vertebr@ of the market cannot be said
to be broken raw" has been established that it
may take some time to heal UP. That it will be
healed however. is beyond conjecture, but the
may not be effected until such period prices
pushed low enough to satisfy both parties that the
time is ripe for and vigorous bull campaign.
Among the active stocks the sole exception to the
decline Western Union. Buffeting the current
of adverse legislation and the dependency of the
rest Of the list the price from 1905
to 1861 and fell back only to 104Z. amid
all the clatter at the end. The old story
Of "melon cutting was revived with very
little authority, but 1t had its effect never
theless The for the stocks exceptional
strength will probably be found in the belief that
any railroad opposition would be apparent than
real. and in the fact that it's earnings very large
and that Mr. Vanderbilt has been extensive buyer
OF shares. Money during the week shade
hrmer on the withdrawal Of currency for shipment
to the Treasury and the West. Some uneasiness is
also felt the fact that sterling exchange has reached
the shipping point for gold and Of the foreign
bankers anticipate that shipments will be made to
considerable amounts. To sum up, the market
closed feverish and depressed. and at the lowest
quotations Of the week.
The opening prices Of stocks on Monday last
were:-western Union. 1O2; Pacific Mail. lax; Eric.
a.; New York Central and Hudson. 117X: Lake
Shore, II; Morris and Essex. S5h; Northwestern.
COX; Northwestern preferred. 9OA; St. Paul. 40h;
st. Paul preferred. s3,s; Delaware, Lackawanna and
Western, 53I: Michigan Central. SO; Rock Island
bls2X; Wabash. 221s; New Jersey Central, 44Ik;
Canada Southern. 57A; Kansas and Texas, o; Union
Pacific. 79h; Hannibal and st. Joseph, 1871; Hanni
bal and St. Joseph preferred. b4 Ohio and Missis-
sippi. -; Alton and Terre Haute. b311.
Tho closing quotations yesterday were:-