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FINANCIAL AND COMMERCIAL. TUESDAY, March 14-P. M.-The foreshadowing of the stock market was briefly alluded to this morning. Prices opened very much as they closed on Monday, but reflected in the early transactions a certain degree of strength, under the leadership of Pacific Mail. which rose 2% F cent., from 201/2 to 221/4. though Erie at the same hour took a sudden downward turn from 2214 to 1914 before the call of the first board was over. The sales, however, of about 4,000 shares of Union Pacific at 62% up to 631/4 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 at midday a rich harvest was reaped. There is no doubt now that to a few confidential speculators 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 occasioned the uncertainty referred to in this morning's columns. Erie, Lake Shore, and Pacifle Mall recorded the larger transactions of the morning. but when the bank failure came to be known there was also a scramble to throw overboard Ohios which had been recently taken up by the Twenty-third street parties, together with St. Paul, Lake Shore. Northwestern. Western Union, and Michigan Central, while Rock Island at the same time fell off to 109. The excitement at the Stock Exchange ran high while these specialties were being slaughtered. and the dealings between 12 and 1 o'clock reflected a feveriah feeling such 88 has not been witnessed since the panic of 1873. Soon after, however, a waiting mood impressed operators on both sides of the market. which will account for the trifling transactions at the second call: but later the tone assumed more positiveness, and under the influence of a lively covering by the bears, prices generally rallied. though submitting to a slight reaction at the close. So far as the above bank failure to itself is concerned, the effect has already been expressed. but future anxiety is likely to arise about other financial institutions which have been for some time floating along on an uncertain status. and which will doubtless receive a thorough overhauling. And in this the insecurity of the future is felt. Attention is invited to the table further on of highest and lowest, where the extreme fluctuations of the leading stocks will be found. The total number of shares dealt in was 354.490, of which Erie represented 91.850 : Lake Shore. 100.900; Pacific Mall. 39,300; Western Union, 39.430: St. Paul. 23,024: the preferred, 10.996: Northwestern, 7,500: the preferred, 1.700: Rock Island, 8,810: Michigan Central, 6.900; Ohios, 10,300: Union Pacific, 5,100: Hannibal and St. Joseph, 1,200; M. L. and M. Co., 100 : the preferred. 979; N. Y. Central. 718: Wabash, 700; Missouri, Kansas and Texas, 600: Consolidation Coal, 500: C., C., C. and 1., 600: A. and P. preferred. 500: American District Telegraph Company. 400: New Jersey Central. 310; Quicksilver preferred, 300: Illinois Central, 250; American Express. 100 ; C., C. and I. C., 100: Chicago and Alton, 110; the preferred, 100; Cleveland and Pittsburgh, 100; St. Louis and Iron Mountain, 125; and United States Express, 124. The gold market opened firm at 11414, but before midday dropped off to 114% with signs of weakness, though soon afterward jumping up to 115 on news of the bank failure above alluded to. From this point the market became more active. and on free sales at the rally a decline set in which did not culminate until the price touched 114 3, at which it closed.
