Alexandria Gazette

Letter from New York.

[Correspondence of the Alexandria Gazette.]

New York, Dec. 13. —Your correspondent must say, that the past week has been one of uninterrupted dullness.

Mr. Astor's will has been published. He leaves his daughters a comparatively small amount; the rest of this vast estate, he divides between his two sons residing in our city. To "charity," he leaves the paltry sum of forty thousand dollars. His friends say they are amazed at a man whose wealth is between one and two hundred million of dollars, the greater part in our city, having so forgotten the many deserving charitable institutions among us.

We have only to pray his sons, seeing how little he did, will double their gifts.

Our great corporations continue to curtail their expenditures, the Western Union Telegraph Company, whose wires send flashes from one end of mother earth to the other, have cut down the salaries of employees from the highest to the lowest, the largest reduction being made from those who received the most pay, showing that they had some regard for justice, which now-a-days is a rare commodity. This Company is greatly disliked by Jay Gould, because the Directors foiled him in getting control of the stock. So the mighty man of Wall street has been doing his best to depress the stock of this Company. By the way this worthy has been, 'tis said, very ill, but whether this be a canard, used to depress stocks, or not, we cannot find out. At any rate the usual badge of mourning will not be worn by many, should he never be seen again among the bulls and bears.

The amount of money paid out for dividends this January will be less than for many years. Such corporations as have not had to stop paying altogether, will pay a less rate, or what their earnings will permit. The interest on nearly all good mortgage bonds on railroads will be paid.

I feel glad to be able to communicate to you that the State of Virginia is gaining daily in credit here among our financiers, and her bonds have appreciated greatly in value within the past year or two, in point of fact, have risen ten per cent. during the past sixty days, and will, from appearances, get up within a year among the nineties.

I think we can all be proud of the old State. Over-burdened with an enormous debt at the close of our civil war, she has struggled manfully with it, until we see her securities one-hundred per cent. higher than they were some years back. I hope she will go on and give all her sons and daughters reason to feel, that, to be a Virginian, means honesty with debtors though taxes be high.

O the other hand how different with some other Southern States. The report from the Alabama Commissioners has just been received. Her propositions make those holding her securities bitter and full of invectives, who say, that, not content with asking a compromise, she only offers for some years to pay two per cent. interest, which, even by their own showing, is far less than what she might pay.

Again, the city of Mobile sold her eight per cent bonds in our market for nearly ninety cents on the dollar, about four years ago. She now comes and says, We offer you a new bond for one-half the face of the old one, bearing a less rate of interest, and if you don't take this, we will give you nothing. What! the city of Mobile repudiates one-half her debt, and thinks her Northern creditors should be happy. No, she may do this, but 'tis a sadly unwise policy, and some say, the State of Alabama, and her sea-port town of Mobile, will repent of this—far better follow their noble exemplar, Virginia, and stagger under the oppression of debt, and work out of it than to repudiate They will never be forgotten if they do it; and such action throws discredit on Southern securities of all kinds.

Mr. O'Conner still clings to life, but is gradually sinking.

Tweed is off, the Sheriff is very sorry, and the lawyers have lost a bird full of feathers.

ORMOND.