The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1875-09-03
WALL STREET NOTES.


ONE MAN PowER-THE DIFFICULTIES OF THE
CREDIT FoNcIER OF ENGLANp-THE ERIE
TROUBLES WITH THE NEW JERSEY AND NEW
YORK RAILWAY TELEGRAPH CORRECTION
ONE HUNDRED MILLIONS OF GOLD SHORT.
The fluctuations in the stock market yesterday will
DC found in the proper column No excitement charac
termed the dealings, which, with or two excep-
lions, we're within the range OF one per cent There
seems, however, 10 be general sentiment upon
wal street and Its environs-L E., that no healthy
speculation can take place until il put out OF the
power Of
ONE UNscRUPuLous OPERATOR
70 control the destnies Of the market Such q man,
"hether he be named Jay Gould John smith, may AZ
times, for selfish reasons the part OF public
factor by staying panic but he relieved
OF restraint no sooner ho manufacture public
timent or Induce false confidence in his favor. than
his malgn influence fatal power asserts themselves
He destroys the fair fabric ofcred and unlike
who pulled down the pillars the Temple and perished
amid the ruins would escape Black Friday and
mock the multitude grooming In the dust
II is this fear which deters capitalists from entering
into the Geld; 1t is this thought echoed from every
city and town, through nearly all Wall street Offices
which has Slapped confidence destroyed and laid
PROSTATE the legitimate trade in stocks.
THE ASSESSMENT ON CREDIT FoNcIER SHAREHOLDERS
or England OF u los per snare was announced IN wall
street about noon yesterday created excitement
This assessment regarded at first failure, from
the fact that the institution though started in London,
had branches all over Europe, and known TO have
been heavily involved pAnse7cdne, in all sorts Of
enterprises many of which, owing to the times, are
rendered more than doubtful Further advices, how
ever may reveal that the capital IL, 800 oo0 will be
made intact by the assessment There were some
rumors also Of the failure of Bremen shipping house,
which, however, could not be traced to an authentic
RAILWAY COMPLICATION
with the New Jersey and New York Railway Company
to termination yesterday by the order Of the
Chancellor of New Jersey commanding the Erie road
peremporly replace the switches and track torn up
at the junction OF the New Jersey and New York Rail-
way 1t is said the following statement of tho
difficulty which the Chancellor thus settles SO sum
mary:-
The net sum due for tolls from the New Jersey and
New York road the beginning of the controversy last
month $40 TOO In addition, August Is
for So 900 became due from the debtor corporation
The Erie Company demanded $500 In cash and the
complete liquidation Of all the other roads debts 10 it,
including accumulated tols-amounting about
SSs 600 by October 49, while the New Jersey Company
asked an extension Of time December IS promising
earlier payment II possible The legal ground assumed
in the sut by the New Jersey Company is understood
TO be that the accumulation of tolls by the under
stood Of the Erie officers that the early liquids
ton Of the debt reasonably assured and that were
the claims OF the Erie Company just It's appeal should
have been to the courts 0not TO acts Of violence.
In regard to the telegraph inducements noticed IN
this column yesterday, and about which nothing new
has transpired, Mr. Frank Work, tho Broad street
banker desires To correct two triding Inaccuracies
which the reporter made in the publication of inter-
view with him. One was that the Western Union Com
pany 10 guarantee dividend of seven per cent
capital of So the Atlantic and Pacific Tele-
graph whereas he have said that the Western
Union to pay the shareholders of the latter COM
S~N' rur ANTE nrvrnxyn AZ TIE WESTERN UNION
stockholders received whether that should be great on
small The other error was in saying that Mr. orion
received a communication, after the Western Union
meeting from Mr. Gould-t should have been from tho
secretary of the Atlantic and Pacnc-ln which all
negotiations declared to be suspended the part
of the Atlantic and Pacific Telegraph Company.
THE GOLD QUESTION
Is Just assuming great importance in view OF tho
advancing premium in this market its scarcity in Cali
ornia and the efforts OF the government in the direc
to-day from 50 to 364 for the use Of every $4,000
and the merchants shor" OF II, therefore, had TO sub
NIT to the extortion of the above premium THERE'S
months SINCE gold up to H. the pool manipulated
by the venerable Daniel Drew and his faithful satellite
Jacob Rubino would have put the premium much
1 higher and probably forced corner the
chants but for the supply that camo pouring in from
| BROKE THE BACK OF rHE GOLD MoNoPoLIsrs,
and the combination was a failure. The gold drawn,
however, from San Francisco made tight money mar
ket there and no doubt placed weapons the hands
OF the enemies Of the Bank OF California with which
coin, however, is going back there. Whether this
counts for the scarcity here Is impossible TO say,
but facts in connection with this great national
question may not be inappropriate here In 1861 Score
tary Chase made report 70 Congress, of which the
following 10 an extract
TREASURY DEPARTMENT Sept O. 1861.
'No means exist OF ascertaining with absolute cer-
ainty the quantity OF coin now In tho United States,
the best accessible data leads the Secretary
the judgment Of the Director of the Mint that
the amount between 1915 600 900 and $500 600 900"
Extract from the report OF r H. Lnderman, Director
Of the Mint, to Hon B. H. Bristow, Secretary OF the
Treasury, dated October Is, 1S74i-''rhe amount Of
specie in the country according to the official reports
of the Treasurer of the United States and tho Comp
troller Of the Currency, is as follows
'Hed by the Treasury and national banks at the
OF the fiscal year Guiding Juno 80, 1872 in coin
sos $50 s 3d. estimated coin in Pacific States
and Territories 500 900 000 in the hands of the banks
SEA- AZ Sy"Sp-'' '-'''''' making '''-' 'A-''''-
Add to this two years. products OF the United States
mines $40 600 600 and imports OF coin and bullion
for two years. say $40 sos 343 and have a total Of
$31 s5 207 40 for the years ending June so 1874;
then deducng the amount Of coin exported during the
years ending June So 1874, which Is $751; 23S 979,
and we have the total estimated stock OF bullion ON
hand, $166, $40 22S 40 TO June 80, 1874 Comparing
these figures with the estimated amount OF coin
hand in 1861 we discover we arc poorer now in the
precious metals by about
oxx HUNDRED MILLIONS or poLLARsl
This problem Of gradual coin mpovershment Is lef
to the consideration Of thoughtful 1nancers Whether
face of these figures while holding specie resump-
ton fixed idea remains for our political economists
TO determine
suIrs AGAINST THE BANK OF CALIFORNIA
continue Yesterday the ahdavits of j. w. Drexel
and Albert Gallup in the suit OF Drexe Morgan Co
VS.. The California Bank, to $25 900 in gold,
Judge Brady in Supreme Court Chambers granted the
usual order of publication The adavts set forth that
the defendant Is foreign corporaton that officer Of
the defendant could found within the State on whom
could DO made that the President of the bank
dead and tho cashier lives in San Francisco, &c
FAILURE MERCHANT.
Robert NJ Ferran, extensive dealer in, teas and
groceries, who three stores In Jersey City, has
suspended, with liabilities estimated SIS 600 A
meeting Of his creditors held yesterday morning,
and II is understood that compromise will be effected
THE PRODUCE EXCHANGE.