The New York herald., 1876-03-09
FINANCIAL and COMMERCIAL.
Stocks Irregular and FryeriSh-OperatOrS
Awaiting Developments Western Union
Passes It's Dividend.
ADVANCE IN GOLD TO ia So
Money on Call Easy at and 1-2 Per Cent
Government and Railway Bonds Firmer-
The Union Pacific Report.
WALL STREET,

WALL STREET !
WEDNESDAY March Sc =. N.
At o'clock to-day the jury into in the
shape Of letter from the Western Union Telegraph
Company addressed to the Stock Exchange, and the
purport OF the communication that all action
upon the dividend for-the time being postponed
The defendants pleaded guilty to floating debt OF
$65OOoO and owned up manfuly that their sxchequer
did not permit the payment of creditors and stock
holders at the same time Peter was acknowledged to
possess previous lien upon the substance of the
pany and Paul asked to stand aside until his
brother apostle had received his due. 1t is highly
probable that stockholders class will give vent TO
scurses not loud but deep" at thus being deprived of
their dividend but the evangelized fraction VIII
member that tho wind IS tempered to the shorn lamb
and will wait IN peace until another crop OF wool may
grow again. In nero dollars and cents view OF the
matter few,w question the proprety Of the boards
decision Certainly the claims OF general creditors
paramount to those OF stockholders and their quida-
should result eventual good Of the corpora
ton.
At the first announcement officially of the fact that
40 dividend would be paid, Western Union shares
actually advanced fraction, probably under the view
We have suggested but quickly fell off half point,
possibly for the following reasons-Con6dence in tho
security as investment stock has been seriously
shaken, and the effect should be bring the
ket an important amount of shares that held
as presumable income-producing security. There
those mostly small investors, who will be forced to
sell from sheer necessity of obtaining the cash and
here those, registered large investors who will
sell out for the purpose of placing the returns in
thing more stable and reliable
To the Duke of Wellington is attributed the wise
mark that ''great poor security" and
Investors in Telegraph quite likely recognize the
TACT that six per cent bond good beyond peradven-
lure is more certain to return better income at the
end OF the year than the eight per cent promises of
speculative fancy. Thus viewing the position, 1t
natural that considerable amount of stock should
seek market during the few days. 1t is some
what doubtful then whether much lower prices
will be made for the property is enormously oversod
and one of the chief bear points beng thus eliminated
there nothing left to trade except the struggle
with Atlantic and Pacific. In this desire cover
short contracts would naturally be exhibited with
purchasing demand equal the offerings long stock
We look Tor waning excitement in the speculation
and after Its 'tol and troube of the past month dis
miss it with ''requiescat in pace"
Pacific Mail is nothing If 1t is not erratc and gave
vent to its humor by selling between the extremes OF
Il and 23H, closing up finally at 22I. There seemed
TO be no better for its advancing So share
to-day than there for its tumble 10 20 yester-
day, though the ghous Of the market lick their chaps
At the prospect OF banquet on its body when single
ngure will be large enough to express its value.
Lake Shore was only moderately active opening at
Tk selling up to 64ss and closing at 64k; very
sacory record face of the fact that he the furry
coat had padded out OF some 1000 shares at an
average of634.
The granger stocks like the whiskey bottle celebrated
In song, remain upon the shelf empty OF interest but
strong as the departed spirit The Same may be re-
marked OF the general list, which noticeably
iarcotic.
There littlo stir in the shares of the Con-
iolidaton Coal Company with moderate pressure to
sell at q concession This feeling appears to have
rown out Of the fact that the defeated party IN the
secton in pout and have sold their interest
and also from the additional reason that the Maryland
Legislature has passed bill reducing the tolls on coal
the company's road from three two cents mile
per ton.
Mr. Gould, having reelected his Union Pacific Board
H Direction in Boston to-day, will be back tomorrow,
when will probably be treated to a new series of
plots and counterplots in things financial
SALES DAY
The transactions the Stock Exchange to-day aggre-
gated las, 600 shares, which distributed among
River, $50; Erie, 5000; Lake Shore 80 7Oo North
Western, 500; Rock Island 12o; Pacific Mail 40 150
St. Paul ,300 do preferred 500 0hios 2.l00; West
Union, SO. 800; Wabash, 1000; Union Pacific 400;
c., c. and c., 2oO Panama 900; New Jersey Central,
l,S2o; Michigan Central, 1900.
OPENING, HIGHEST LOWEST PRICES.
The following table shows the opening, highest and
lowest prices Of the day.