The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-08-13
FINANCIAL AND COMMERCE

THURSDAY, August I2-0k II.
The daring dceds OF their mighty chief and patron
10 the Valley OF the Susquehanna appear to bave
shamed the bears on Wall street OUT OF the sluggish
indolence which has on late characterized then when
compared with the remarkable actiyy they so often
exhibited under the inspiration OF Erie's great ruler
For some time now they have giveu bat rev ana
faint signs or their presence III the lnaket ana mat
tiers have long been Suffered to drift along uoder bull
control upon an undisturbed, II not powerful, cur
rent OF appreciation without check or hlnderance
from these constitutional opponents who seemed to
have grown weak and sp,ritless, exhibiting,
instead OF their former energy. lasAItude and
indiGerence, conditions certainly natural enough
during the heated term, but lasting longer than
that explanation serves suflcienty 10 account ior
All this, however, Is now changed. Yesterday there
were some signs OF awakening, and In more than
one OF the markets there were given indications Of
the severe raid winch was the distinguishing fea-
ture OF operations to-day. The attack was maze
early and In such force by the bears and under such
favorable conditions, to be at once pronounced
success the bulls taken by surprise and without any
concert OF action. making but feeble resistance.
The gold premium, prices Of governments and
stocss all gave way before them and for the greater
part OF the day they ruled supreme over the markets.
controlling their temper and giving color and direc
ton to the transactions In the afternoon, whether
wearied out with their labOrs or satisfied with the
success they had obtained they relaxed their Efforts
when the bulls, taking courage from this pause on
the part Of the raiders entered more stouy into the
fight which, producing reaction and gaining them
the support OF many who had hestated to take sides
with them while they were being beaten, enabled
them before night to regain much, not all, OF the
ground lost earlier in the day.
The ball opened this morning in the Gold Room,
where the first sales were made at 1861. BY per-
sisrent hammering and free speculative sales, based
upon the assumption OF early and large returnsO OF
the cotton ana grain crops the premium was rapidly
forced down through the several figures and frac-
tiona quotations to 1884, which 1t touched about one
O'Clock From this 1t rallied, on purchases made to
cover the short sales of the morning. to 134, falling
or again to 134k, and nuctuating for some time
between that figure and 1341. at which 1t stood
upon the formal closing Of the room. subsequently
1t ranged between q and u until 1--WE O'Clock, when.
In the generally improved status OF the bulls, 1t
stood 134K. The putting out and covering Of the
short interest is exhibited by the rates paid for
carrying, which early in the day were as low as ~
per cent, and ranged to 6k during the morning
hours In the afternoon per cent was paid. The
dealings Of the Gold Exchange Bank show an In
crease Of the recent average days transactions, as
foliows:-Gross clearngs $71 ,O0O gold balances
$2,s71, $50; currency balances, s., 224,l01
The following table shows the course OF the mar
ket during the session of the Board, the closing
price and the price at stated hours:--