New-York tribune., 1874-05-16
ON CHANGE.
A RISE IN STOCKS.

= ,,.,r.. or r,,, Nv .CTIoN-NATIoNAL LEGISLATION
DISCUSSED - wESTEh- N
RAILWAY REORGANIZATION
A frmer feeling characterized operations IN
Waust Yesterday. there beng q marked ao'.'uee III
both gold and stocks. This was attributable IN
70 the absence OF unfavorabe rumors, the IN
depreciation Of the Senate Finance bill, large
purchases OF stocks, aud engagements lot
heavy shipments OF gold. With respect to the
Senate Finance bill the abolition OF reserves
on circulation is regarded imitation, inasmuch as 1t
releases s4OooOOOO heretofore locked up. The clause
relative TO the retention OF per cent in the United
States Treasury, wherewith TO redeem bank notes
the question OF free banking in some obscurity
but the fixing Of the legal tenders at s3s2oOoOO Is
garded favorably from the fact that such measure
would check the unauthorized interference OF the
Treasury Department with the natural course OF
finance and trade. The retention OF the reserves
at home necessarily implied curtaiment Of the profits
OF country banks which would have tendency 20 pre-
vent the formation Of banks 80 that this was re-
garded, 20 some extent, as an offset TO the imitation
theory While IL was thought that the measure would
be roughly handled by the House, regarded as an
initiation act effect, and under its influence
there wasa general advance along the list OF from TO
II per cent Such at least the theory Of the bulls
who seemed 10 think that their time was now coming,
and that higher prices TO rule for at least snort
time to come Others however, seemed 10 think that
the advance was not natural one, but was merely q
device OF the "bears" put up prices IN order to re-
store confidence and enable them 10 put ont fresh lines
Of stock aud renew their process Of "radng the mar
ket."
The snecial feature OF the day was Western Union
which was reported as very scarce fordevery, OWING
to the alleged heavy short" interest, and the DeIeI
that large amount had been absorbed by those VINO
were expecting large profits from holding II. 1t msy
be stated that reports circulated in the street that
an Ango-Amerean banking house had bought
1900 shares for the account Of English hnan-
cers who were interested in the Atlantic Gable
Companies and hoped by the acquisition OF the West
eru Union 10 strengthen their connection here and, II
possible 10 prevent land competition by the new cable
now laying by the Faraday OF course there Is
no trustworthy information oDtainabe regarding tbs
rumor and it IS merely repeated here as one OF the
influencing speculation. Later IN the day on
report that the Treasury intended to withdraw out
standing legal tenders, there general declne Of
from to per cent.
The Union Car Company which for long time past mas
had a claim against the Erie Company has settled as the
latter only paid the claim but bought ont the com
pany. Eres experiment Of creating four Presidents
at salary Of Sl2OCG per having proved an ex-
pensive failure the following general order reorganznG
the working staff OF the Company has been issued:
The Third and Fourth VcePresdents having rendered
their gnatOus their office, are hereby discontinued
the charge OF a General Manager. to be assisted by
l. 4 superintendent Of Transportation, with snch
Division SuperIntendents and other officers as the ser
vice require. -,
2. A Chief Engineer, who shall have charge OF the
roadway, tracks, structures and all Improvements ana
extensions thereof and OF all the empoyes connected
Herewith He sua be assisted by such officers as may
be necessary.
g. superintendent Of Rolling Stock, 10 have charge
OF the machine shops, and OF the construction and re-
pairs motive power aud He shall oe assisted
BY such officers NAV be necessary.
The General Manager shall have power, with the ap-
prOval OF the President 10 appoint ana dismiss hs SUD-
Ordnates. aaGto prescribe th6T duties to make ana
force all rules and equations that may De necessary
for the maintenance discipline and good order and u
call upon all departments for such statements ana lu
formation he may from time 10 time require IN the
administration OF his office.
The duties heretofore ssgnet 10 the Third and Fourth
VcePTesidaHts hereby transferred TO the General
mana ger.
James c. Clarke late Third Vlce-Presideut, is hereby
appointed General Manager.
by order of the Board OF Directors.
T. IL. WATSON, President.
From this # appears that provision has been made
for Fourth Vice President Tyson 10 the service OF the
Company.