Year: 1877

WEDNESDAY, Dec 26-6P NJ


Tho period Of inactivity which usually succeeds to
a close holiday was rather rudely broken into this
morning by the announcement to the Board OF the
suspension of Messrs. Meter h Co. This house has
boen conspicuous for its extensive dealings in gold,
bonds and stocks and was prominent as large lender
OF money upon time Now that It has gone under
there plenty Of people to wag their heads wisely
and affirm thnt they were prepared for 1t,
although tho fact that there arc plenty OF
creditors who werc not would show that
the credit OF the house had not been sensi-
bly, impaired The rock upon which 1t split appears
to have beon shaped out of too liberal a
traffic IN ssprivileges" in which dcmoralizng
trade tho nrm were extensive sellers. and
which, like other vices returned ito plague
the inventorn There other circumstances how
ever which the out Of tho category OF
ordinary failures II was at first whispered and then
bruited publicly that the collateral securities lodged
with tho house against money borrowed we're not
forthcoming on demand. As tho margin pledged
probably exceeded the cash advanced BY Is or 20
per cent II Will bo that very considerable
sum (which is estimated upward OF 5000 Oo0) re-
mains 10 bc accounted for. The concern was ap-
parenly particular securities ana preferred
such pledges as Central and Hudson first mortgage
bonds and Lake Shore and Western Union shares us
being property easy Of disposition upon the market.
The whole matter has an ugly look, which may or
may not be Explained away; but at the moment
little is known OF the lacts to venture opinion
upon the legal aspects OF the case. Meanwhile the
1rm has madc assignment and failed to put in an
appearance at their Office to-day. Query-Gone to
meet Murpny2 Tho immediate effect OF tho collapse
force the purchase undor the rule OF consider
able lots OF Lake Shore, Western Union and Dcla-
and Lackawanna, which had tho effect OF ad-
vancing the first to 6lS, tho second 774 and the
third to 81. Whom, however, this demand ceased the
market lost u to per cent (the latter Lake Shore
OF its mcrctrcious advance, and remained sluggish for
the rest Of the day. Tho Western stocks heavy
particularly Northwestern common, which lost full
point, and st. Paul preferred, winch iaiod remain
than steady, though the friends Of .ae property
are busy throwing the tub OF a promised dividend TO
the hopeful whales who long Of the stock The
coal carriers renamed strong day through and there
Is abiding faith that hing will be done at the
meeting tomorrow that will soiidiiy the combi-
nation. There is no prospect OF It's being
made hold water unless some plan of al
lotmcnt be hit upon to please all parties
'Thoro's tho rub, and VIC may be assured that MIR.
Gowon will suffer no abrasion OF the cuticie OF tho
Reading Company through any uniavorabc terms in
the arrangement. A sharp upward turn in Pacific
Mail which brief wit, but was divested OF
all comical features far as the bears
cernod carried the prico 231a under tho stampede
which accompanied it, but nevertheless failed 10 hold
It there. With the exceptional activity born out OF
tho Meter episode the market was In tho main dull,
though prices were vol sustained and closed with
fair degree OF irmues&


oPExrxG, HsGkssr LOWEST.


Tho following table shows the opening highest and