The sun. [volume] (New York [N.Y.]) 1833-1916, 1878-01-01
gYNAwCxA1 AND Ovnmxwcusss
MONDAY, Dec. 8i.-P M-The Wall stre

MONDAY, Dec. 8f.-P M--The Wall street
speculative circles wero suddenly thrown into
state OF wild excitement by tho announcement
early In the day Of the failure of the Arm Of
John Bonner 4 Co.. with liabilities ranging
from t1 600 600 to 81 600. 600. This house had
maintained undoubted credit until within the
past few months. when its resources were
known TO have bocn crippled but the arm con-
tinucd to loan large sums OF money on stock
collateral. which It, in turn. repledged at bank
or among capitalists on better terms. In illus
tration wants to borrow money on Lake
Shore say at 80. Bonner a Co. advances the
amount and then hypothecat's this stock at GO.
Tho failure Of the Bankers and Brokers' As
ISOLATION. Of which Mr.. Bonner was the man
aRer. WIS soon announced. This corporal ion
cleared stocks for many members OF the Ex-
chanHe VINO Kept their balances with the Same
institution. and there WIS consequently much
confusion and difficulty in meeting their obli-
Tho stock market was naturally greatly de-
pressed by the above suspensions hut aside
from largo transactions in Lake Shore.
western Union, Northwestern. and Mchi-
special siRnin"ance. Aiicr an early dccline.
however, Of 1splb y cent. the supporters
Of the market came to the rescue to counteracl
tue influence Of the ABOVE failures. and carried
Lake Shore up from 90 y 10 Gi'i, although Il
but closed ut GU. Michigan Central opened
1t 59h and dropped to 5sh. but became
rapid advance from this point, Of Ga y cent, to
90 although 1t ae quickly yielded to COS again,
with rally 10 90 Ut tho close. Tho rapid
changes IN this stock were partly duo to the
covering OF the shorts. and partly to manipua-
ton. western Union was also advanced from
77A To 49,. with n sudden break to ~, and
closing Mt 1872. The Northweserna were also
actively trndrd in at 3Ga "a 1856 isn35 lscp8ja
and at G3Amh2 an 90 1oG3@62h for the pre-
ferred. The ~. Paus were ut times conspicu-
Gus hut the coal shares did not attract attention
except during transactions under the rule"
Tor the account OF bonner Go. Now York Cen
to 1867, and closed at 1861. The flu stuations
OF tho remainder Of the list will be found below:
hut the market closed iuverish. and the trans
actions throughout the day were characterized
by intense cxcitcmt nj.
Tho total number Of shares dealt in was
l9S.2Ql. OF which Lake Shore represented Co.
lT9: Western Union. 1862: 81. Paul. IL 100:
d. preferred. 5000; Michigan Central. 1870;
NNortiwestern. l2.9O. do. preferred. 600:
Now York Cenual, 1853; Morris aud Essex
1000; Rock Island. 1905; Ohios. 800: C.. c..
G. and l., $50; Wabash. 500: Union Pacific. 500;
Pacific Mail, 500; Erie. 800; Delaware and
Chicago aud Alton. 200. Ham bal and St
Joseph. 200: Illinois Central, 300: Missouri
Kansas and Texas, 2OV New jersey Central
BIO: quicksilver. 100: do. preferred, 200; MARI
posa preferred 1905 United States Express. ll2;
and American Express. 80.
The gold market was dull, but strong. at an
advance from 102'i to 1929, with lnal sales at
the higher figures.
The following were the principal quotations;
ioA NJ. lU2'. 1901 A N IU27, 3 % p VI 900 io2,.
In loans the rates pai tor having balances carried
were 2 = Va. ard ) q cent. and for borrowing q
cent and Nat
Foreign exchange remained dull but tlrm At s4s2h and
- :" for time aud demand hii. respectively.
Government bonds r.nccted good nSness in 1855
o. Of 1881 and ~ s,ts Tho market closed eNerish.
Tue toilowinA were the 7. " closing prices: