The New York herald., 1876-01-15
FINANCIAL and COMMERCIAL.
Stocks To-Day Irregular, with a Hating
Tendenty-The Tension BecOm.
ing Too Strong.
GOLD ADVANCED TO ll9.
Money on Call Loans Easy at 6 5 Per Cent
Investment Securities Firm-Goyern-
ments in Fair Request.
WALL STREET,


Nos. Unexpectedly, Stock Exchange circles were
treated to sensation to-day at the very opening OF
business sensation which brought nothing but the
Rincerest regret and sympathy In ats train The an
nounccment OF the failure OF Messrs. Dckcnsen Co.
was not only surprise the street but fact to be
regretted Looked upon rs a nrm OF undou5ted worth,
and carrying with them the esteem and condolences OF
the entire financial community their being Obliged to
succumb 10 the pressure OF adverse circumstances
appreciated q veritable misfortune.
Il appears that Messrs. Dickinson l. Co. have re-
maned short Of stocks dealt the Stock Exchange
for long time back refusing TO accept profits when
receding market offered an opportunity, and that
they have besides holders OF securities which
have shown a slowbut certain decline. They are re-
ported hold forinsance. some 600 shares OF Can
ton at q prce of nearly par, which cannot be sold
to-day 3 and n.addon is affirmed that they were
largely Interested in Cotado mining shares, on which
losses made sequent TO the Big Bonanza
business Of last summer
Some 5000 shares were bought in for the concern
the rule and tho shares thus dealt in embraced
nearly every active. stock the list.
Under general circumstances . failure of this i'm
portance from the moral pressure which attends
disaster should have weakened the existing market
The contrary, however, was the case and prices ad
vanced rather than receded A moments reelection
will explain the why In the first place, the de-
mand for stocks created by the necessity OF clos
Ing up short contracts upon the part OF
Messrs Dickenson Co. not only created
considerable bidding 'under the rule,'
but compelled extensive purchases in the shape OF pr
vate settlements. In a word, stocks which had been
previously purchased time options, held ''bor
rowed and lent" account failing TO be delivered or
returned had to be "bought In" and thus for the
time being there new customer IN tho field
whose demands were imperative and whose bids had
be supplied In the second place, the few persist
snt bears which still exist inclined TO look upon
The disaster as awful warning, and esteeming
deathbe repentance better than at ALL pitched
IN without benefit OF clergy, preferring to seek
iavaion in balance bank rather than in the virtue
si the vaticum. So there was hoist given to things
which was in a artificial, and the market
pn .double entcndre," which scarcely guessed
cut ut the end Lake Shore, which under its setback
yesterday in point OF popular interest like the
'fond stricken deer' OF the poem to-day returned to
the 'bosom" Of its former friends who caressed
and fondled it upon its legs again. Restored to
Its position first favorite, 1t closely
followed by the Western stocks, emnenty those
Of Chicago, Milwaukee and St Paul Gift prize pack
ages warranted TO contain Ii per cent dividend in
bonds having been distributed to the possessors of the
preferred stock the hoi polIoi common stock hold
ers began to think themselves neglected. and, like
pack of hungry hounds have been biting the legs OF
she direction since. So a sop to Cerberus,
is started that per dividend is to be paid
holders OF common stock, and the canine contingent
Is satisfied to bay the moon no more
There u moderate Irritation with Union Pacific
to-day; but Mr.. Gould's brokers not present
TO inquire about 'intentons," 1t is to be presumed
nothing serious intended. The dealings in
about 800 shares and the price at the close
thing on of the opening.
Michigan Centralas modest stock largely dealt
In, 5s5 6I being the extreme rates, with the closing
price the best OF the day. There is large short inter-
est in this specially and what with certificates for
oaning purposes and u reported net increase in
traaic for November OF nearly $500 O00 bears do
feel entirely comfortable.
Without particular reference TO single stocks, the
general market may referred extremely strong
and favoring iurther advance.
THK sALEs TO-DAY
amounted to 176 900 shares which divided among
active stocks follows New York Central and Hud
River, 1850; Erie, 7Oo Lake Shore bS 3l0; Chi
rago aud Pittsburg, 1s5; Northwestern Ii, 600; do
preferred, 400; Rock Island, 1885, Pacific Mail,
Is 100; st. Paul. ID, $40; do. preferred, 7e70 ohos
1l2OO; Western Union, $3.50; Wabash, 1850; Union
Pacific 800; c., c. and l. C., 400: Michigan Central
1850; Iron Mountain 1,60o
OPENING, HIGHEST PRICES
The following table shows the opening, highest and