New-York tribune., 1877-09-29

legal tenders. This reduces the sum total or ieRM
tenders In existence to s356.9l5,0o0. or within
$915,0O0 Of the amount OF United states dlscrcd''c"
notes which were outstanding In the Autumn
OF Is73 when Secretary Richardson attempted 70 saw
the country" By Illegal imitation 70 the extens o.
s26.0000O0 thus doing violence to every prncipe o
political economy II required only the short period OK
about four months for the Secretary TO cause damage
from which the country has not recovered after Iouf
years Spectators then prO1ted by the secretas ACTS
Frauds some of which arc Just being deVeiopen'
and some OF which still hidden. were nveu
years Of grace But the secretary's il-adYiseh' NJ
well as Illegal action by delaying the date for reacning
hard PAM did injury TO the legitimate and hnaDeai
interests OF the whole country which cannot be est'
mated Yet in OF this expensive and instructive
lesson the spectators OF to-day trading on the hope
that the Treasury Department VIII lot dare 70
permit a stringent money market; that they
may advance the prices Of securities 80 as
to require millions OF dollars to carry certificates which
do not represent millions Of cents 10 value and that for
the sake OF the legitimate interests OF the country the
Government will banker and loan its funds, free OK
interest banks which have fosterei the specuar
tion. Such the position to-day % spectators nos
only the Stock Exchanges. but on the Produce
that the Government will interfere to relieve them rom
their desperate plight
the coal shares. The hungry bears thinking they saw
here an for east Which 9aa Sns h oeea sros
down LITTLE too rapidly. Consequently q was not sur
prsing 10 Delaware Lackawanna an Western, after
selling at 46494iii, rally TO 457s; Delaware and Hnd-
son, after selling at f9394 rally to 4l@eut
Morris and Essex. after selling at 7-Snvt,
rally TO Il, aud Jersey Central, after selling
at 160a144 rally to l59 IL is not improoaols ,has
rally In these stocks aided by report thas
the Lehigh and WlkesbaTe miners had refused 70 com
mence mining But TO the ordinary mind, it will be df
cut to perceive what effect that, II true should have
the stocks OF companies which arc not mining ana
which, IL they mining must mine al positive LOSS.
All the railways inclined TO lower prices yet they
we're sustained, while the market plainly was lea
with such quantities Of stocks as IL could di-
gest Even Northwestern preferred-the atest fancy
refused % 20 higher and closed at 81 after opening at
Ole and selling 6i4. The ST. Paus were extremely
dun and exhibited signs OF lower prices, unless tue ntn
aGement, confident OF tue great value OF tno
property shall step in buy the entire capital stocks
In word the nine-months-delayed dividend Is not we'll
received by the street. The game which followed tho
payment the semi annual yidend In OCTOBER
1876. too fresh in the minds OF operate s 70
permit them to accept the present large earnings
representing che average for the next nye ycais
representing the average for tbc Lass
five years The trunk lines Jagged Michigan Centr. De-
the best sustained at 59ls 0Js GJs7s while l~tko
Shore dropped 627s and closed AT 03e. and Cetrai
and Hudson fell TO lOOa aQIOO7s The remainder Of the
simply huctuated in sympathy With the changes al
ready noted.