The New York herald., 1875-09-11
WALL STREET NOTES.


THE FIzzLE IN ERIE-wALL STREET ''TuRM
soUR"-THE BULLS SOLD oUT-oN THE BEAA
TACK Now-THE REDUCTION IN TELEGRAPH
RATEs-REPoRT OF THE FOURTH NATIONAL
BANK ExAMINER-THE GOLD MARKET ANr
THE FALLAcY OF INITIATION.
The HERALD's revelations of the Of recent Erie
railway manipulatons created a sensation in Wall
street, and evidence OF the belief the story that
Commodore Vanderbilt had been large buyer of the Erie
stock the shares advanced rapidly in the early
morning 'trade' to 1871 At this point the supposed
Vanderbilt party, the German bankers and shrewd
specuators who had been previously large buyers of
the stock, threw it overheard, and It closed, after
various eversh fluctuations recorded elsewhere at the
lowest points Of the day.
Russell Sage heavy capitalist and operator, told the
HERALD representative that he thought Erie would be
reorganized the of good faith and justice
the English investors As evidence of this he cited
the of the
PEAcEABLE REVOLUTION
by the election of Messrs Brown and Welsh in
OF the forcble reconstruction in the old Fisk
Gould times, by the aid Of the police and coup dstdt
In speaking old Exchange place banker and Erie
stockhoder yesterday the following sentiments
elected Eric is burdened with debt Commodore
Vanderbilt can buy the road more cheapy tomorrow
by foreclosure ofs mortgages which may be forced at
any The English stockholders are trying what
the French call derr resort last gasp to save their
paper possessions Sir Edward Watkn has made
pleasure tour over the road, and probably will make
whitewashng report upon his return to England but
Jay Gould and the shrewd American spectators have
sold their stocks the faith OF what that report
may be- Already there is a decline of one and three
quarters per in value of the shares in the London
market There no business for broad gauge road,
and Erie just now is in the condition OF merchant IN
dictate terms"
THE TELEGRAPH WAR
has become virulent than ever II seems the
Anglo American Cable Company yesterday reduced the
of charges cable messages from New York and
all points east OF this city to the United Kingdom and
France shilling sterling per word. This reduc
ton is to cover all kinds of business.
Besides the declaration of the quarterly dividend Of
two per cent made by the Western Union Telegraph
Company yesterday there was very little business
transacted The dividend will be payable October Is
and the books will close September 90 The President,
Mr. Orton, upon being asked for statement of
ings, said that the net profits for the quarter
HERALD correspondent called on the agents of the
Direct United States Cable Company in this city to in
quire about the reduction in rates, and the manager
confirmed the news 1t seems the Western Union and
Anglo-American cable monopoly design to crush OUT
opposition before it is airly under way The Direct
about the middle of next week. and in short time the
problem of cheap ocean teegraphy may bo solved The
new cable 1t Is stated is electrically perfect.
FOURTH NATIONAL hank.
Mr.. p c. Calhoun, President OF the Fourth National
bahk vi thIs cltY was mi,eu On W ascertain Wneiner
the Bank Examiner, Mr. Meigs, was ready with his
statement the condition of the bank. Mr.. Calhoun
warmly commended the HERALD for its conservative
course in refusing TO publish the idle and unfounded
rumors of the street in reference to banks and public
institutions tor stock jobbng purposes and stated that
the following from the Bank Examiner and q select
committee would probably satisfy the public
FOURTH NATIONAL BAxK,l
New YoRK Sept. 7. 1875. ;
sR-Ruinors unfavoabe the credit of this insti-
out foundation hereby request that You oastey
bnnE and after having done so that you will eonsdeDts
submit the results special committee of officers Of
r Vail b. b. sherman, who have kindly agreed
'0' 'D'' purpose -'''p'P z g. CALHOUN, President
NEW YORK. Sept 10, 1875.
DEAR sRNin compliance with your note to the 7th
inst have to report that have made thorough enam1s
day submitted results the special committee of bank
officers named by you Yours, very res respectfully,
National Bank Examiner Of New York
p c. CALHOUN ESQ., President Fourth National Bank
DEAR sIEIn eomplisnee with your request we haze sx
amner, the condition of institution and having inn
S SoSr bank IS not only in condition to promptly meet ali s
liabilities mp but th@t is G3 capital unimpairsd
BESJnMiS HEShI + YAlhl T. SHERMAN Special Committee
THE REVOLUTION IN PANAMA
seemed to have had no uniavorablo influence on the
stock it rose in pyrotechnic fashion to 14l There
are rumors the street of extra dividend and div
SION of surplus of about forty per cent remaining
IN the Golfers of the company Mr.. Trenor W. Park,
the President not IN the city, 30 that particu-
lars could be obtained OF the actual situation.
and the decline in foreign exchange equally the
subject of gossip in financial circles Gold sold at III
in late dealings, and IL the general impression that
the initiation platform of the Erie democratc) Conven
tion had given heart TO the speculation Undoubtedly
the stock of gold has been reduced in the
by sales transfers and Shipments and, although 1t was
rumored late in the day that the low rate OF exchange
would shipments from Europe TO this country,
IL supposed the influx will daunt the speculaors
who trading in the precious meta-tne standard OF
THE POLICY INITIATION
! cannot perhaps be more enectuay combated than BY
| quoting Mr. Frank Hughes silly idea in the Pcnnsyl-
yapia Conv ention along with the statesmanlike views
on tho same subject of financial thinker General
Ward of his own party. Mr.. Hughes said THE green
backs are promises to pay whatever they may pro-
! fcss They are real money A tendolar gold piece ia
a promise pay $40, much as the tcndollar green
back is The government has said TO tho holder OF the
grccnback, Il will pay $l0' How pay ity l offer my
friend ten-dollar note for debt owe him and tho
law OF the government says he shall take IT, That u
redecming It and fuhls the promise"
His opponent shows that "lhe depreciation Of the
currency France under the regency OF Louis XIV has
become provorbal AT its origin II had its advocates
but although France prohibited the of coin and de-
creed penalty OF death for those who refused
receive the paper at par It fell until the equivalent
butter AT last 1t became utterly worthless the people
by consent returned TO specie currency aud
the author of the scheme only escaped from the
try at the peril of his lilo stripped of the sophisries
with which IL frequently surrounded the necessity o
a fixed standard value in all the commercial and
monetary affairs OF the nation is clear that he who
runs may read IT, Paper money may be freely used; (;
checks bills of exchange, aided by the railroad ele
! graph and Post Ohcc, may transact nearly ali such
business OF the country Is large SCALE and tend
TO prevent any exorbtnt rate OF Interests but II is es
sental that all these means should simply represent
one universal and uniform standard. Without TINS
guard they become uncomfortable and unsound-extor
tionate askmasters instead Of good and faithful ser
yantSn