New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-08-02
THURSDAY. August 1-P. N

The public debt statement issued to-day by the
treasury Department shows that the debt less cash
:; the Treasury was decreased during July $780,
qOg The coin balance was increased by the sum of
90 800. 100. Of which S6,COO,O00 was from
az navment for 4lo per cent bonds. which leaves
e4 600 600 yet to be paid by tho Syndicate on ac-
eoupt Of the $50 600 900 of bonds taken by it. The
outstanding per cent bonds on which interest has
not ceased are reduced $5,O57,750, while the
5ebt on which interest has ceased is increased
SsA15.OSO, making the actual reduction OF tho @
uar cent bonds, as affecting the coin balance,
81 $40. go. The amount of accrued coin in
terest Is reduced $1O,O47,279. These items
,oske the total reduction in the old com debt
S11 ESQ. 049. But against this the per cent bonds
have been increased $14,OO0 600, which makes the
aetual increase of the coin debt $s,31O.051. Coin
certificates Of deposits are reduced $19S,57O, and
unclaimed interest 5000. These figures show
that including the $6,0OOO00 received in
oavment Of the 4l2 per cent bonds the Treasury is
81 4s4 2G9 stronger in its coin balance than it was
an July 1. But il the $6,000,000 received
from the sale of 4l2 per cent bonds were
omitted. the Department would be $3.50
T3t weaker According to the statement the
actual coin balance after dedueting coin liabilities
dina and accrued coin certificates, $4,000, O30;
bonds on which interest has ceased, $1,000, $40;
interest due and accrued S26,141, 235, and called
bonds not matured, $4,000 900; total, S12o7S1,-
9O5-is $50, 225, 1857, to which sum may be added
the $1,000 900 yet due from the Az cent Syndi-
cate.
The stock market to-day presented no new fea-
lures. The rally noted at the close of yesterdays
business was Of short duration this morning; prices
Quickly yielding to a continued Outpouring OF long
stocks. which carried the " granger" stocks down
with run and which, to a greater or less degree,
affected the entire market. The present stock
market is different from any preceding one
remembered by the Oldest member of the
board TIE prices Of the common stocks of
the St Paul and Northwest Railroads have
fallen 20 per cent and there has not
been a failure. Singular as this seems to the
average operator the reason for 1t is perfectly APP
parent The stocks had not been distributed but
were held by those Who having bought them had
marked their prices up. Hence. having failed TO
find any market at the fancy prices which were
established, il has been a race between the
big men Of the street to get out, and on them
fall all the LOSSES which have been incurred There
has been no bear raid Gu the market-a simple
shrinkaee from figures which were never warranted
BY the most promising Of prospects. Probably there
never was a decline of equal magnitude
when so little money was made for the short
IN the prices Of these stocks The street had be-
come so thoroughly educated up to the point that
the speculative capital taking care OF the market
was inyinoible, that the short interest was,
and still Is unimpOTtant. This accounts for
the unimpOrtant reactions which have oc-
cured ali the way down, and illustrates tle
dangers attending speculative market which Is
bare Of the sustaining power OF short interest.
What has been true Of the " granger stocks Is also
true Of the stocks which are still
tanned The man who daTes to sell Lake
Shore short is regarded either as
wonderful exhibition Of proves or as III candi-
date for the lunatio asylum. Yet 1t is this fact
which, sooner or later, will develop the greatest
weakness IN the price Of this stock.
The market Of to-day scarcely requires comment,
further than to say that the usual closing rally was
omitted, and that the last prices were about the
lowest Of the day. The usual stiffening of Lake
Shore and Erie was gone through with
in the early business, the former selling
ct 63ss and the latter at 1873, but their
closing prices were at 61l2 and 17Ss respectively.
In Wabash a fair business was transacted at IA and
l4ls while prominent "bear" was covering his
shorts after which the price dropped to and closed
ct 10. ST. Paul, after numerous fluctuations fell to
aud closed at $685. the preferred selling down
to 671gG69ls. Northwestern was active. sell
ing from SO to 33033l2 and the preferred
at 6906ll20G5. Central aud Hudson, on sale OF
1900 shares fell from 100 to 1874 The coal
stocks also recorded q decline Delaware, Laeka-
wanna and Western selling at 5S4fa 56SsG5lt and
Central Of New-Jersey at 3SAsa36SsU31SS West
cru Union declined from 80 to 9Olsa9Oa.
The market closed excited ana weak.
RANCE or THB STOCK MARKET