The New York herald., 1875-12-13

these two acts was indorsed upon its back From
the law authorizing the third issue this condition was
omitted And here was committed
a FINANCIAL BLUEDKR.
The effect OF the third law was to work repeal Of
the convertible clause or previous acts for the
Treasury Department from this time carefully selected
from all notes paid into it for revenue. &C. those bear
ing the convertible Endorsement and cancelled them,
substituting in their place notes issued under the
authority OF the third and fourth acts. The trick was
not creditable one even in the midst OF war; he
President proposes to limit the funding process to
81 600 per MONTH and the Secretary while naming
no particular limit suggests that It shall be
liked by Congress- This is another
based upon the same idea which has made farce or
nearly all OF our financial Legislation since the repeal Of
the law authorizing the Secretary ''cance retire.
100000 per month With frank and honest
acknowledgement that the government has no constitu
tonal power in the future to make anything legal
tender but gold and silver and law permitting unm-
tied funding at fair rate of interest," the good common
sense OF the people and the laws or trade would
quickly solve the whole question OF specie resumption
than II is kcy to be by tho and resolutions OF
dozen Congresses II would also imm mediately unlock
our warehouses the seaboard in the interior
and their contents would hasten for Cork Market
The life blood would quicken in the veins of
the commercial body and the gold and silver produc-
ton Of the Pacific States would again become familiar
to touch and sight instead OF disdaining as at
present. even 70 res. on the ATLANTIC y. slope On ~
journey to Europe The merchants Of New York city
have had another spasm
THE TRANSPORTATION QUESTION,
involving the discrimination made against this city in
the matter OF rates. We remember that something OF
the kind occurred about year ago. Yet. that ex-
element died out, Notwithstanding the dscrim-
nation has since existed to greater less degree
At the meeting held Wednesday the subject
handled with straw colored kids, and ended in the
passage OF some well worded but Intellectual resolutions
While searching for remedies it desirable to discover
the that produce the effect case they are
plain. The complaint Is that II is more costly at New
York TO transport merchandise to and from the West
than at any other Atlantic city why ia the complaint
trueS Because Boston has her s'Grand Trunk" and
Baltimore her Baltimore and Ohio railroad, each
reaching to Chicago and all western connections Both
*hese roads are capitalized upon nearly, if not an
actuaco basis while city has not line that
is forced 70 an income upon from 81 81 for
every dollar that has been expended upon the
property. The Grand Trunk and Baltimore and Ohio
roads each make their rates from and to their re-
spective cities thus compelling roads carry from
those points If at ALL the basis Our roads
competing for the Boston trade hence 1t is that the
Central and Hudson River takes freight from Boston
"a distance forty miles greate 40 cents for which
from this city It EFFORTS rs The Erie railway
does the same thing, actually passing the Boston
freight through New York city. Thus New York not
only must pay tribute to millions OF fictitious capital
but it must also If possible make up for the low
with which competition avors the other cities Such
ia tho situation. The remedy to be permanent lies
With the Legislature Our railroads are dropscal II
they are not tapped the decease of both the "com-
OF the cty and Of its only question
OF time
THE STOCK DEPARTMENT
during the week continued to be manipulated and sus
tanned by the few leaders who disappointed and
angry because the people will not buy the wares With
which they provided themselves In anticipation OF a
good market s'about these days" So they wander
from stock to another infusing little life here and
little there which duters but for moment and then
is gone. The final changes for the week are unim
portant Lake Shore was made feature by large
transactions and a sudden rise to 62L. 1t dropped
however, as quickly TO coz, with final sales at elk.
We informed that next week to witness "great
things in this stock, which, being interpreted prob
ably means that the pool will make extraordinary
efforts to unload 1t is coming uncomforably near to
the time when either side the other be dis
appointed concerning the dividend The public will be
safest out Of the stock until this disputed point Is
settled Notwithstanding the continued illness or Mr.
Gould his particular speciatcs, Union Pacific
and Pacific Mail have been well sustained
The decision continuing the injunction against
tho Panama Railroad Company was made known on
Friday, but fell dead upon the market Western
Union, upon the declaration of its usual quarterly dv-
dend of per cent rallied to TX, settling again to
76. Northwestern preferred stock has sustained the
best advance rising 6egs and closing at 5eA The
common stock, after struggle which has continued
during the week finally records an advance of
/ per cent at 40. There have been OF late some
PECULIAR, IF NOT SUSPICIOUS, HAsguvRrSG
concerning these securities II has long been known
that the common stock principally held by
clique Therefore majority OF operators have felt IL
to be good stock let alone It's merits in their es
nation not warrantng the buying of 1t half its cur
rent figures while its 'cliqued position" as they say
Wall street, rendered it equally imprudent sale
Hence the small transactions within narrow limits
that have recently been reported. One week
ago we referred to report in circulation
to the net earnings for the month
of October The publication since of the official gross
earnings for that month has justified the remarks then
made. The past week has inaugurated real or sham
between the officials Of this road and some un-
known enemy. Thus far II has been carried on
through the newspapers, and at long range the
being Chicago, while the defence has rested on New
York The fight opened on Tuesday morning by the
appearance in the Chicago papers Of despatch from
New York stating to the effect that much uneasness
existed here New York; relative to the securities of
the Chicago and Northwest Railroad, owing the prev
alence OF rumors that the affairs Of the company
in horrible condition and 1t quite likely to soon
pass into the hands OF receiver Fortunately there
chanced be in Chicago trusted friend, who In
stanty took upon himself 10 interview the president
and despatch the New York papers OF Wednesday
an emphatic denial 'of the reports from New York
published in today's Chicago papers" By this prompt
ness the New York public informed of the denial
full twenty hours before they could read the before
unheard of report in the Chicago papers Wednesday
and Thursdays Chicago papers contained further "de
spatches from New York. rejecting upon the affairs Of
the company, which replied to with equal prompt
ness by dispatches from Chicago to the New York