New-York daily tribune., 1853-12-14

fi...s y
The Ralroad Convention in EowUlyon met this morn-
ing at clock ct the Tontne Io.l The officers elected
at the lest meeting are Hon W W. Boariman, of New
Haven President; j. Van Rensselaer,, OF Saratoga, Sec
rotary; Chas Hunt of Bridgeport Assistant Secrea-yi
and John F. Jackson, of Newark, Robert S'hIyler ot
NewYork H. r. Durham of New Ycrs, Erastus Corning,
of Albany, and II r. Day, of Hudson, Ohio Sanding
Committee
Tie Norcb Courier furnishes the following particulars.
in relation to the failure Of T. Peree OF that city and
his iorgeIies
iti row nearly FIVE years since NJ Pearce commenced
the manufacture upon large scale OF railroad cars En-
torg .o the business without any considerable capital
ofhs own lie Obliged 0 course to cay IL on q disad
vantage During Tie first year ME principal in1orser on
acconlnods sper the hanks Sanford Stoltarl
man Of voslb, residing six or seven miles down the
Al tho expiration Of the frs yearso Il is said-Mr
Soddard or reason declined ndorsing for him any
more The iact however, was not knowu t. the Banks
Meanwhile hC paper OF Mf Pearee, bearing the name OF
Mr St0GOgli iLd continued TO be offered a. bank
ard discounted h'rc'oi re. And as .his paper was al
ways promptly paid Gt maturity, and as Ar F. was known
10 be doAga heavy business executing large contra Is
foi railroads IN various quarters of the country faint Of
sutriCiln dshouor attached TO his operations
TIC number of hands employed by him IN his car and
foundry eatol smClt-, ia this city varied from hun
ored 10 one hundred aud twenty-five. Beside these. he
h.s had istWly establishment a. Rsmlpo the eastern
fc.rrus Of the New York and Erie Railroad. where he
had iA,cn OF tNony hands employed in putting to-
eet cT e materials which had been previously fitted
IEofrh Il was known that for the first two three
,0ots Nr TeGgce had had pretty serious em6aassno on
tlru le vh supposed these obstacles had oeen
Vrnouuicd ora that he now doing prosperous busi
ness Illus stood matters until Tuesday last. Ca that
morning a meeting Of officers OF sundry Banks IN this
city Wa invited by Edward Perkins Esq, who impaired
- them the information that Mr. Poarce had failed AMI
mace az Ossgnmen. OF his prOperylrst 70 5ecJue the
paymsnt of what due 20 his workmen secondly for
lie security Of the Banks and lastly for outside creditors
The Bank gentlemen were also informed that mixed mp
with the coed paper which they hold against n the
srm 0f eighty logr thousand eight hundred and twenty
eight dollars Of forged paPer' and that this amount was
distributed among the Banks as follows;
Merchants Bank SIS 2it Norwich Bank - oee
o1ins.sng BAHG...... = - Jewet' City BAnk.''. A25'
...:...................sss sss SO
What amount Of Pearce paper, with good and genuine
Endorsements the banks in question hold We know not.
We presume however from what we have heard thai it
ranges somewhere between $4,000 and S5OOO0 so that
including good PAPER and bad the total amount held BY
the banks cannot fan much short Of $4,000 OF Sl250oo
How far the property assigned viii 60 toward indsmn
ng the banks after first paying OF the workmsn, Is more
then any can tell for as yet it IS not known to what
extent II any, this property encumb red by prior mort
cages Besides Mr.. Pearce owned bat one half Of the
car factory in which be carried his business in this
Cv-Mr John Breed being the owner Of the other half
In addition 10 his heavy bunk liabilities Mr. Pearce was
largely indebted 20 hardware dry goods grocery and
lumber merchants of Norwich II is reported that his
debts TO this class Of creditors fail hide any short Of
$4,000.
What may be the amount of Pearces indebtedness to
parties hyrg Of Norwich, oIe probably has the
means of judging II VIII not he strange if his failure
should be found to involve serious loses to creditors
elsewhere.
In reference the Of funds which Mr Pearce
carried with him. little positively known lis
cesined however that he obtained from the Banks in
Norwich last week about $4,000 and il is known that he
paid note OF twelve fifteen hundred dollars which fell
due at of the Banks Saturday But excepting this
no knows of his having paid out money
during the week He informed his awyer-f current ru
nor Is 70 be beeved-thai he had only 81 600 whom he
left Norwich Saturday evening last in the steamboat train