The New Orleans crescent. [volume] (New Orleans, La.) 1866-1869, 1868-01-15
NUMBER l3O.
LETTER FROM NEW YoxK
Special oOs'pondsncs of til. New or..n. Crescent, q

L ~
New YORK. Jan. 2, 1865.
Yesterday was an exciting day in the political
| ring OF the City Hall, very many fearing riot,
| II the difficulties between the contestants for
official honor. were not satisfactorily adjusted.
The legislature, through the interposition Of
the tax levy for 1867, provision extending tho
terms of the members of the Board Of Councilmen
to the first Monday of January, 1869, which other
wise would have expired yesterday, and making
one.
As matter of course, it Is naturally supposed
that this enactment was literally paid for, and
those for whose benefit i was directly made. had
no idea Of paying out their funds for nothing.
Resolved, however. to try q hand at boosting
these offensive and avarcous specimens ss
the ins were termed by the outs" the two
wings of the Democratic party nominated candi-
dates for the positions which they declared were
20 be vacant, inasmuch the action of the State
legislature was unconstitutional. This done, the
election was still in doubt, as the statute provides
that the ticket shall contain the names of alder
manic as well as councilmanic nominees, but they
succeeded in obtaining a mandsmus compelling
the bureau Of elections to receive the votes, and
the result was the election of the Tammany can.
didates, some of whom were members of the old
board.
This was the state Of affairs yesterday, when
the common council went into session, as re-
quired on the first Monday Of the year, to receive
the annual message of the mayor. The interior
of the hall was well filed by the friends of both
parties, and large crowd of hangers-on were
assembled IN the park, discussing the peculiar
At IL O'Clock the board OF aldermen convened.
and both boards of councilmen appointed COM
mittees to wait on them and inform them they
were ready for business. The result was that the
new board OF conncilmen were entirely ignored,
and the old board recognized, according to the
terms OF the legislative enactment.
The news Of the defeat Of the "outs' by the
"ins" spread rapidly among the "whippers in,"
VI hQ mat nf odv
well as the appreciation of the opponents of the
new crowd. The airy castles of tremendous for
tunes built upon the basis of the defeat of the old
board were soon blown back to their original con-
dition, while the builders looked on with sad
heart. TO see their :" one month pet' pass away
from before their vision and become one of the
many things which might have been, IL there had
On the other side of the picture could be seen
smiling faces, and an evident air of satisfaction,
with an occasional expression OF coincidence in
connection with an invitation to take a small
quantity Of morphine, that the sudden and severe
shock. might not permanently iDjure the constitu-
tons OF the poor fellows. whose hopes for whole
year were blasted.
One of the most fragrant instances OF coriup-
ton ever known in Wall street, where such things
are of frequent occurrence, eliminated to-day in
the issue of an injunction by Judge Cardozo, Of
the Supreme Bench, restraining, at the instance
If firm Of stock brokers, some of the Oldest
and most respected citizens from persist'ng in
their barefaced injustice to the stockholders Of
the Cbicsgo and Rock Island Railroad Company,
of which they were directors.
1t appears the board conferred upon Mr.. Tracy,
the president, and David Dows, one of the direc-
tors OF the company (the latter being one of the
Oldest and wealthiest merchants in the city), the
power to issue 900 of bonds or stock, for
The purpose Of extending their road from Des-
Moines to Omaha. They issued stock and used it
to depress the market, while those few in the
secret went "short" and put themselves ia the
way of making as much money as they chose.
Rrnlo ow.sln lnw.N, a.. -
tension Of the road. This action caused consider
able feeling among the stockholders, as the in.
crease was made without their assent, and then
was used to depreciate the stock they held. The
project went partly through, and the stock was
'tknocked" about ten per cent, when the intunc-
tion came down like a bcmbshell on Dows and his
constituents, and upset their little game, which IS
entirely unequaled by any "skin game" in the
characters have been as a shining light" ought,
without an explanation, to cast them from the
association OF all well meaning men. Wall street
IS Wall street, and when one gets there he is in
the hands of the Philistnes unless he ia in the
ring.
The Stock Exchange carry very stiff upper lip
10 relation to similar Institutions, they have upon
their bylaws a section forbidding any of their
members from belonging to any similar or
under penalty of dismissal. Under
this clause rather arbitrary position assumed
lew days since, which will probably prove the
greater detriment to themselves. Messrs. Lock-
wood Il Co., probably the largest stock brokerage
house in the city, admitted in their firm q son Of
the senior partner, and who was member Of the
Open Board Of Brokers, while the other members
of the Fl rm were members of the Stock Exchanges;
the latter board passed a resolution
expelling Lockwood Co. from their seats. This
is very much strained and perverted meaning Of
the clause, as the members of the old board were
not members of the Open Board, but simply the
son whom they admitted was q member OF the
Open Board, and not of the old board. Lock-
wood 4 Co. will not be the sufferers, IL Is well
known, and the offensive idea OF exclusiveness
and feeling Of oats" by the old board has been
one of its prominent features since its creation.
Speculation is very dull. Money is very plenty
Except in the pockets of people) and the "bulls'
are driving the II" bears" I" in consequence.
EYES AND EARS.