The sun. [volume] (New York [N.Y.]) 1833-1916, 1878-08-03
FINANCIAL ivD COMMERCIAL

FRIDAY Aug. 2-P. M.-Thc day in Wall
street was one OF the most active and exciting
which ii has been our province to chronicle
since the present contest between the bulls and
bears began. The damage to tho crops in south
ern Minnesota Wisconsin. and northern Iowa
was the pretext for causing n break Of about 20
Y cent. In the st. Paul and Northwestern shares.
but the bears have. during the past few days,
been cndeavorng to cover their contracts. and
have resortcd TO various devices. having for
their object the throwing overheard Of stock by
genuine holders. Not meeting with SUCCESS in
this line Of tactics. they commenced this morn
ing an indscriminate selling movement in
Western Union. and before midday forced down
the price Of this stock Ga e cent. from 9O'l to
$40. while Lake Shore was at the same time
employed to aid in creating n panicky feeling.
nnd declined "a C cent. from 6l's TO 59S.
the erratic movements Of these stocks
until 1t became apparent that the scoop"
was Tor the purpose OF shaking ont weak
holders in the Granger stocks. there was con-
sidcrable alarm IN speculative circles, Tho
Nprthwcstrrns. however. were vigorously suS-
taincd. and the. ST. Pauls aiter the first dash
downward OF Ia q cent for the common
10 81. assumed nrmer tone. and rise Of
g. Sd to e., and Of e. in ,he preferred, was
preferred A.. to g. both classes Of stock
cent. to l6ss, in sympathy with the general
demoralization noted in the other nctive
until reaching .l7't and Dclawnre, Lack
awannq aud Western. which broke from
an upward turn Of 2 z cent, and Rock Island
was also 2 e cent. higher at 113. Michigan
Central Joined IN the break OF the morning. and
z cent. to 63 in the final hour. Ncw York
Central was = higher Mt los ., Pacific Mail nj
lO's, Mon Pacific a at 63A. and New Jersey
Central after dropping from 37is 10 &C.. re-
covered 20 37'.. buyers.
The benrs had evidently become alarmed M
the situation. and large orders came from tho
West TO cover their short contracts in the
Granger stocks; This fact impaired more sub
bulls were not slow to avail themselves Of the
change IN the course OF speculation,
2l657 Of whieh ST. Paul 1STgS GS9 W5e
the preferred. ,22,4l0: Erie, $3.50; Western
Union; 81, 2sj; Lake Shore. 3j,93O; Northwest
ern, 24.325; do. preferred. 22.45O; Delaware.
elhc, $500, Michigan Central, $500; New York
ciGc Mail. 900: Wabash 300: ohios. G0 500 iii
nois Central. 500; Rock Island. 900; c.. Is. and
S anu SlS g. &c. ana t22 sn SSSye s
Ontario Silver, 320; Morris and Essex. 300 and
Ohio preferred. So
ly limited. and nothing ofiprominence trans
pred. The transactions were effected at 100 >.
In loans ,as rates paid for the use OF gold were "a
total slssTng: At tS gold department q The Stock
currency balances. sssa6s The sgb'rreesury re.
tcre,i on Tie public debt ssooooi >'''' ~
The days business a. he United State. subTrea.nry
az . d. balance sl2a ,S2i % y Noe REGENTS,
az liz s5i Is Customs Ssse6o w. '"'"''''
me incrnsl revenue re,eiIt' at washington today
Treasury also received s55ouc in national bank notes
ne import. Of dry eocds-goll vanaton-or the week
ending today were sl.49.slS and si,2Yl .y90 was
ms net earnnsso Of the CHICAGO Barunton and Quincy