The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-01-01
FINANCIAL and COMMERCIAL.
Departure of the Old Year in Wall Street
Amid Great Excitement.
The Stock Market Very
Strong and Active.
GOLD lO2 Sd A 1O2 7-8.
Government Bonds Firm, States Irrec 'af
arc
and Railroads Higher. par the
4
MONEY ON CALL 6 A 7 PER CENT.
WALL STREET, !
Dec 3l-6 L. M. I


Messra John Bonner L. Co. tender the compfi ments
OF the season their creditors In and out OF the
Board regret their inability to iud their engage
mcnts.
Such was tho tonor OF the notice sent the Stock
Exchange this morning. and 1t required no supple
mental r. s. V. T. TO elicit response from the inter-
es,ed parties referred to. Plainly, Mcssrs. John
Bonner l. Co. desired to intimate that, in financial
sonse they had gone up" and invited their dupes 10
soar speedily possible in their track they do
sired 10 save themselves After tho liberal Christmas
box presented by Meter Go. there would have boen
something wanting the generous spirit so typical Oh
the Stock Exchange had not some OF its members
followed suit by tree distribution Of New
Years erennes. Messrs Bonner L. Co. saw the
opportunity and seized it; seized 1t after
the manner OF Nessrs Meter Co., with
tho same grip after the fashion and with the
same intention to s.coar and elbow" their conhdins
clients OF their hypothecated property. Badinage
asdc Messrs. Bonner Co., long established, widely
known and generally well respected house, nothed the
Board Of their suspension this morning, under cir
cumstances, as 1t subsequently appeared absolutely
analogous 10 those which attended the modus oper.
andi OF Meter & Co. Such at least. was the belief
that cbtalned and widely spoken OF nv tho
street, and weight is to be given to tho same by the
fact that Messrs. Belden ca. publicly advertised
the s,oppage of transfer OF 1000 shares Of Union
Pacific stock and of 800 shares OF Lake Shore, while
other parties pursued the same course in regard to
other stocks. Beyond this 1000 shares OF var-
Gus stocks were bought In and sold out "Undef
tho Rule" the deiaultng firm being apparently
thoroughly mixed rs to the MARKET Or what is more
probable thoroughly Indifferent as TO its course pro-
vded the grand object of realizing cash for the net
value OF pledged collaterals obtained Mcssrs.
Bonner & Co g transactions were, however, farther
reaching than the Nettcrs whereas the latter were
confined to private firms the former extended to u
!cast one public institution. The Bankers and Brok.
ers Association, chartered institution possessed
Mr.. Bonner as president and has gone down with
him. 10 the grief of stockholders and depositors
the "aTair" Meter and the ''ahair' Bonner ta'sa
French journalist would put iu are apparently -
much alike as two peas in pod, though at least %
good has grown out of the circumstance, In that'a
illiberal reflection upon creed has been ncut al
lied by derection upon the part OF auother Ho'crs
arc easy such they arc, and Jew and Gen''e Ao'o
equal cards Tho most remarkable matter Is that II
spito OF these srreg uartes which ordinarily ,rld
have produced semi-panic upon Change, .ht market
has been buoyans tovont orecedent. Lake more
was whried up o4A phcush y sold ~ the
close ut 0IL, OK dividend Off r-rf sfntJi
Michigan Central was carried 10 65 taii@vaf fop-
ming to 6l1s). and the rest og the nsrkot .kcwed
itself strong but wirhou, unusual exciteAent. Tho
threatening aspect Of toreign alaiis, and the beof
that an extraordinary demand Tor orcadsus Will
ensue In case general war, are used as arguments
IN avor of the Western roads, which alone can be re-
lied upon to move the immense crops nearly as vet
untouched. Consequently there is unlimited ADV.
gratis to invest granger shares and tho most
aluring promises made as to their future Values
A margin of 10 per cent placed In the hands OF
table broker will test the value oil these pross
nos,cations AS happened after last weeks failure,
money lenders instead of money borrowers las would
seom naturally proper took fright and advanced tho
rates for loans time to-day as high as q per
cent and interest," Some disturbance however, In tho
money market was to be expected from the culmina-
tion at the end OF tho year, of time loans and the
difficulty Of replacing them except under pledge Of
government colaterals, aud consequently sharper
twist than usual was not only natural, but to hi
expected.
The following table shows the opening highest and