New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-07-13

gee no reason why there shonld not be q good for
eign demand for them since our new fives command
a premium Of to per cent In London. MI BITS
tow ought to find no difficulty in disposing OF the
whole amount at satisfactory prices United states
bonds have been rather heavy in our market during
the week, and have declined in sympathy with
lower gold and from other causes though the
market was better at the close. Tho decline COM
pairing the closing prices of July with those oi
to-day has been from to per cent In state Dohus
there has been comparatively little doing, and rail-
way mortgages declined somewhat. Gold has Deeh
weak with range of 1l0l and 1922, closing at lVo'
or per cent below the price on Friday, the 81 INST
Money has been in over-supply at to per cent on
call, while first-class commercial paper has Deeh
sought after at to per cent.
The subjects which have attracted most attention
in Wa-st. have been the railroad decision in Wis
consin and the action of the leading roads affected
by the Granger legislation in accepting the situation
without further contest and awaiting the decision
of the Supreme Court of the United States upon
the validity of the laws in question This Is as IL
should be- However powerful the Western railway
corporations may be- they cannot be permitted TO
override the law or to determine for themselves
what laws affecting such corporations are valid ana
what invalid That is the business of the courts and
the highest judicial tribunal of the country VIII
doubtless soon determine the question whether or
not the State Legislature which creates railway
corporation has the authority to fix or restrict passen
ger and freight charges Those who take the Granger
side Of the question state what IS perfectly
true in saying that railroad companies are
chartered ostensibly for the benefit OF
the public, and insist with much force
that when such corporations become subver-
sive of this end, and Cypress the people with eXtor-
tionate charges for carrying freight and transport
ing passengers, it becomes not only the light but
the duty of the Legislature to interfere in behalf OF
the oppressed people. The ground taken by the
Western Changers is that tho railroad managers
have "wateredV the stock and bonds of their
roads until, in many instances, such stock and
bonds amount to treble quadruplc the reasonable
and fair cost of construction; and to pay the inter
est on the enormous sum of debt thus created they
are compelled to exact two three times the rates
of TRANSFORMATION charged upon the Eastern roads
The Grangers claim that they have submitted TO
these exactiOns until in many portions of the West.
nearly the entire value of their products is absorbed
by the roads for transportation This Is matter OF
life and death to the farmers. and 1t Is
10 wonder. seeing that they are the great
controlling political power, that they should rise in
their might 10 put an end to condition OF things
which if permitted to continue, would put an end to
them IT. in the process for reaching the real cost OF
the roads as a basis for proper tariff of charges the
stock should be wiped out entirely, the Changers
cannot see that they would be in fault They would
sympathize with the misforunes of innocent hold
eys of stock, but cannot why they should be
required for all time to pay three rates i'll order to
earn dividends aud interest upon three times the
actual cost of the road. This of the clouds
that last now lower over the stock market and in
connection with the serious rayaGes of the grass
hoppers and appGehended danger to the corn and
other crops of the West from drouth has caused
a heavy decline in the stocks of Western
roads during the week closing to-day.
There was a sharp rally in the stock market yester-
day. lead by Lake shore, which resulted in recoy-
cry of to per cent, followed by slight decline
to-day The decline of tho week ranO"a -om 70 g
Der ce;,; as follows: y. Central, J; Erie, Il Pacific
Mail s: Harlem and G.. G. and l. c.. each, Allan
tic and Pacific Preferred, III Hannibal and st. 10,
Il: Union Pacific, f.; Ohio and Mississippi ?; y. j.
Central .; Delaware, Lackawanna and Western,
%: Wabash, g.. Lake Shore, 81; Rock Island, 4;
ST. Paul Preferred, 81; do. Common, 81 Northwest
ern Common, G., and Preferred g. The subjolned
table shows the extreme fluctuations in United
States bonds the leading railway and miscellaneous
shares and gold made during the past week. as well
as the closing quotations of each at the dates I'M
dcrmentlOued:
r..