The New York herald., 1875-07-15

Saratoga is this week the scene.
A sLIGHF RIPPLE or EXCITEMENT
manifested Itself the stock Exchange in tina
failure or Messrs. Smith & Seayer, VINO we're long
or Union Pacific ana Atlantic and Pacific Teie.
graph stocks The stock sold out on their ac-
count caused a sharp decline in each OF thessl
they were marked In Atlantic and Pacific from
the circumstance tnat under the most favorable
circumstances, its present situation in relation
to the Direct Gable does not admit OF any pres.
sure 10 SELL This stock went Oh from 22Ja to 1s,
sIlo Union Pacific from 7aN to 12'l. The failure OF
sensrSly regarded as unimportant.
mr.. s. OUR NEW FIvEs.
an additional call for 10000 COO fiye-twenty six
per cent coupon bonds, interest TO cease OCTOBER
"a, IN response 10 notification from the Reth5-
child-sellgman syndicate, VINO have certainly
,o SHOWN narkea success In their efforts placing
Washington, received on the street STA te that
Senator Sherman who iramea the specie RE-
sumption act, indorses the Interpretation of sec
retary Brlstow ana his action thereon in regard
10 MS authority 70 issue additional Eve per cents
20 carry out It's provisions. AS this concurrent
reading OF the secretary and Senator sherman
snat sne @ 1olnef 81 mas & &authotiy M 70 issue ave
10y the act OF 1870, known as the Funding act, and
o clear understanding OF the grounds upon when
such claim is based can only be obtained rom q
perusal OF the act OF January IL, 1874 known as
TIE SPECIE RESUMPTION ACT,
the text OF that act is here reproduced:-
BE IT enacted by the senate and House Of Represen.
taye1s Of & tae ~, nitea state An IN Congress
authorized and required as rapidly as praeueable 70
silver coins Of the denominations Of ten twenty-five,
and hn cents OF standard value and to issue aem in
currency similar denominatons, hls discretion.
subTreasprers, public depositaries ana Post Offices Of
authorized and required to redeem an equal amount of
such fractional currency until the whole amount Of
such fractional currency Outstanding shall be re-
sEc 2-That much of section 8, 5ei of the Revised
enes o s inc Tnes n 91aies o s of d
charge shall be made for that service. -
the United states, limgg the aggregate amount % cir
Is hereby REPEALED ana ca ch exstins 6ankn assoeia
ton may increase Its circulating notes in aeeordanee
limit, and new banking assoeiations may 1e
@ s 70 sSS @ n ae
Sereby fepeae And ana SS So ofe9 ir
eneg o5es shan be- issued 10 any such bsnkng asso
% 50 Us Sfpe or 99te or
Of the Secretary Of The Treasury 10 reeeem. the
s5OoiOoS5O6 to the. amount Of eighty per cen,
S the sc sum Of naSna aa a so ned obS
10 continue such redemption such circulating notes
SSS a on sc aeFe egs s nd eG nae sr and
b. pon A e on S ti ey 1 % cde
II coin the United states legal tender noles then out
oiToe Of the Assistant, Treasurer OF the United
states s less IN n iaa s %nd N'S enable The s
y ey reaemoon d f n act Ga or Ss
M 90 I any nS eF we S and
issue sell and dispose Of, MOI less than par in eoin
described the ac O lGerPySa H a s
Saosa deb "e @ 10 Ike Saae pveTe and exc
empons 10 the extent necessary carry this
poses aforesaid And az provisions OF law inconsistent
"n Ss SanSafy sc are hereby repealed
Tho authority claimed by tho Secretary is con-
above act, where he Ia authorized 60 issue either
OF the descriptions OF bonds 6escrl0ed IN the
Funding act ior the purpose Of carrying out the
namely, the substitution OF silver com for rac-
In coin on January l, 1879. In OF the large
amount or new ives already placed IN exchange
nan oL sH e per vii can e Hhe sa
Secretary VIA have occasion to use the
powers conferred upon him by the act OF OF 1874
should he determine TO market only Ave per cents
In carrying out is provisions or be unable 10
place tns lower denominatlons out secresy IN The
quired oy the law, nor woulo 1t, judging from well
~ nv cnnsmSa n nhonS s n
hioted; The excellent Judgment OF the Secretary
can. 1t is believed, be relied on 10 exercise due
! discretion IN this matter.
NEW CITY LOAN.
! 1--WE per cent gold loan for tue city OF Provt
! dencc K. T., for the cGnntructon OF sewers waa
| yesterday awarded 10 Messrs Morton, Blss Co
al 100 26-l00 per 500.
niset3ns OF the nrst mortgage boEdn0lders o.
the New Jersey Midland Railroad was held yester.
Jr. acting as chairman. About nifty OF the bond.
holders were present. Since March last the road
Hobart and Mccullough. The object Of yester.
day's meeting was so hear rom the receivers an
20 take preliminary measures for securing reOr-
ganzation OF the general management. The re.
pursemsnts were SS5,0llj receipts S2a059i
dedut for month, S9oS2. la April ina
sSl OJO disbursements for equipments,
$9,soo; dencit, S9900 in May the disbursements
$4,000 Ia June the disbursements were S45 900;
receipts, $4,000 oenclt i0r month, Sl0,50o. me
many. wera $500. SIS oa. and the total expenses
S445,122 oil. The total liabilities OF the roac now
were S5,5l $685. ana the tOtal assets, S,552 OO0. Mrs
mad been unable to hand some OF the books
Sheriff ~ attachment MI. Wortendyke the ex-
President, explained that tne interest Oh tRe
bonds had been paid as far as the treas
urer had funds TO meet the demands
The reason why interest mad been paid
on second mortgage bonds before the
interest on the nrst mortgage bonds was PAID
arose rom the circumstance that the former was
que Ia july and the latter Ia August, and the ex-
ecuuye officers had believed they would % en.
abed 10 meet b0tn payments. Considerable dis
cussion was had IS to the means TO be employed
to meet the present emergency. several gentle.
men expressed their confidence that, with pood
management, the road cogld De made TO pay. IL
was finally agreed that the chairman at an early
day should appoint committee OF seven TO draw
up plan ior reorganization, 70 be submitted 20 q
general meeting OF bondholders at future time,
ana that then definite line OF action should bG
WIT THEY CALL FUN ON TIE STOCK EXCHANGE
IL may be questioned whether, II the dlstlns
guIshed auther OF the Declaration OF Independ-
ence, when ne peRned tnat famous document ana
claimed in It as among the rnalenabe rghts ol man
"the pursuit Of bapplness,n could have peered
into the future and saen the various forms in
which that ''puTsultn on the part Of one man or
Set OF men might become tyrannous to otNeIs, ne
would have permitted IL TO remain. striking
commentary upon his shorrsIghteuess IN tins re-
gara Is to DO found la the conduct OF certain
members OF the SSeok Exchange yesterday,
who, exercising the right asserted Tor them
by Mr.. Jefferson in the way most con
genial tneir natures insuited Visitor
to the Exchange, introduced thero oy one ei their
own number, and by such Introduction entitled 70
the respectful courtesy OF all its members. Not
satisfied wlth insulting tue gentleman ~ qles-
tiOn WelknoWR citizen, OF somewhat ad-
yanced ycare the representative OF lea1iRg
morning lournal and himself model OF courteous
demearOr, they physically maltreatcd mm, hnst-
ling bla about, aud, 10 IL said, kicking HIM and