New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1854-09-18

,ro o,de,s for our Securities are less by the Nj
.o,Ts than by the previous steamers, in consequence
- ,be fs;lure Of the German mail to arrive at Liver
nooI in time There il still, however, fair amount
Of orders, especially for Illinois Central and Enc
Bonds, Central Shares, &c.
Mr. Morgan, Of the firm Of Beebe, Morgan 81 Co.
of Boston, whom we announced some months ago
"a having Joined Mr.. George Peabodys house in
london. sailed on Wednesday last TO assume his
place Ia that hnn.
There is DO new feature in the Money market. The
supply is becoming more abundant on call at 6 al y
cent Frst-class paper goes at 10 az cent, win
occasional transactions at s09 Y cent. Railroad
acceptance, lsa24 cent The supply Of hrst-ciass
paper in the street is not pressing.
lie report of the Committee Of the Buffalo ana
New-York City Railroad, appointed last summer 70
examine it, Affairs presents very remarkable con-
dition of that concern. Unless some sufficient ex-
plsnation can be given by the Managers OF that
Board, they certainly must stand in very unenVia-
blediobt before the public. The committee say;
WTbc Coporaton is insolvent in every sense Of the
word. and your committee are OF opinion that ~
sbould he proceeded against as sucb-that It should
he wound I'D under tie laws provided for that pur-
nose and the value and the title OF the property salts
factory determined. So long as the present posture
Of affairs lasts there can be no value Whatever 10 the
property"
They charge that on the goth of May last, two days
after the committee had notified the Board Of Di-
rectors Of the Buffalo and New-York City Railroad
Conronv Of their intention 10 visit Buffalo, and four
DAYS before their arrival in that place, lease of the
road TO Mr. A. u. Patchin, the President Of the Com
pany, was executed, by which Mr.. Patchn receives,
out Of the first earnings Of the road 10 cent. on its
gross receipts-a sum, which as near az the commit
Il
sos. 600 q annum. The lease is made for one year.
with right on the part of Mr.. Patehin to renew
for three years, if he sees fit
The committee very properly call their lease an
" extraordinary instrument The committee briefly
reeapitulate the results of their Investigations, dis
closed by this and their former report.
First-The first mortgage and the rights and inter
ests Of the bondhOders have been entirely dsregarded
In ct least one very important particular Inc very
essential clause contained IN that mortgage Dy Whlch
the rolling stock is pledged to secure the first loan,
has been treated as nullity by the Board itself,
without any judicial decision on the point without
any conference with the Trustees or bondholders IT
has been assumed by the Directors that this clause
wholly imperative, and the rolling stock has been
mortgaged by the Company itself by chattel mort
gage to other parties.
. Second-The President of the Company, who, by
virtue of his Office, is the agent of all parties IN In
terest has been permitted to obtain Judgment
against the Company, without opposition, for up.
ward of $50 600, without any legal investigation Of
the sum due him, and without there being anything
on the books to show that his claims have been in any
proper way examined by the Board, or by any com.
mittee or member thereof, before they permitted
this Judgment to be obtained.
Tfird-The rolling stock, worth half million Of
dollars has been actually sold at sheriff sale, and
bought in by MIR. Patchin the President of the Com
pany in his own name, for sum utterly lncOnsidera-
BE labout $4,000 This rolling stock now actually
stands in his name he is recognized by the Board as
it lawful and absolute owner and his title up to this
moment is not contested in any way by any one.
FOrth--A lease has been executed for one or three
wears at Mr. Patchns option, by which some $4,000
or S2 600 per annum il paid to Mr. Patchn before in
terest TO bondholders or dividend to stockholders
Fffh--The road pays at present neither dl Vldend
nor interest The interest due in May last, on the But
fao and Attica half Of the road IS IN arrears and thar
on the Atca and HOrnellsville division, due III July,
is in the same condition. These arrears already amount
to S42 900. Legal steps being taken by the Irus-
tees OTecOse the mortgages but IL Is 10 De DOIhe
in mind that they can only be forecosed for the IN
terest and this operation must be renewed at great
trouble and expense, every six months TIL the prlnc
pal is due
The sales of Dry Goods at auction continue to be
quite large and well attended. The prices show loss
of 10 TO 30 q cent on the cost of importation.
The jobbers are doing fair bushes the reduction
Of prices tempting purchasers but the amount OF trade
is probably not more than 60 20 cent as large as
last wear Ii is anticipated that the late trade will be
better than last year and bring up portion of the
arrears.
Notwithstanding the strike among the miners at
Cumberland, the scarcity of water in the canal and
other drawbacks the amount Of coal sent to market
this year will exceed that of the last over 100 900 tuns
Bufor the causes named the total shipments this year
would have reached but little short of 1000 900 tuns
Comparative amount of coal shipped from the Potts
Vile. Lehieh and Cumberland mines, up to Sept 7,
1853 and 1854:
1853. 1854. decrease Of ls3 4.
Tuns Tuns Tuns
PotttyIe .....l Sos leg o. 2OsSO7 il49709
I.hgsb 500 M Jaa4Ql