The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-12-05
NEW YORK AND ERIE RAILhOAD-MEETING OF BOND
HOLDERS IN LONDON.

HOLDERS IN LONDON.
From tho london Times, Nov, 20.
meeting oI bobdhoders in this company was hsiA AZ
the London Tavern, Wednesday, Mr. Young in tho
chair.
The CHAIRMAN stated that the object of the meeting
to devise measures for weresne Mr.. Drew, an Amerean
n"fsdGee, ~ho held bonds to the amount Of 81 800 Co.,
from arprcrr1Gtn9 10 himself by foreclosure ne whole
the rdilIoy uhich had cost the company $3S 900 0O0 The
proposition Of the directors in America that about
600 should be raised which they said would be suf
ncent TO pay on Mr. Dew's mortgage all tho outstanding
and hoatpg debts Of the company and allow f200 600 for
money by paying 30 cent In cash and so cent in
bonds He thought the matter should be placed in the
hands OF committee and that each gentleman present
should put down bis for the amount he willing
10 subscribe,
Mr.. De sMis moved resolution the eds Ct that the
undertaking, which they believed might be made by a
judicons application Of increased capital to satisfy all s
creditors and yield fair return TO the shareholders The
directors had been obliged, in consequence Of the
tary difficulties in America, 10 execute mortgage
tanning power Of SALE which would override every pos
terror interest II was necessary for them To consider
whether they could any good or themselves by help
ing the company He informed that the line 494
miles in length and commanded the chief access 70 the
port and harbor OF New York. and that passed through
Of the finest districts in the unonf for traffic The
cost Of the line about $37 500 600 The of sl3
600 600 was secured upon the FIRST second and third mort
cages Sl 500 600 contributed by unsecured bond
holders 81 600 600 due floating debt and $ll
COO 600 had advanced by ordinary shareholders
Unless the English shareholders and bondholders would
agree to assist the direction in the way proposed
about $25 OF unsecured share capital would be
sacrificed. From the year 1854 to the present time he
found the traffic had progressively increased and il was
reasonable TO suppose would continue to increase The
net earnings in 1855, after deduct all preference and
other charges amounted to 81 246 600 which equal
to II cent upon the $l1 600 900 of ordinary capital
He thought necessary to appoint committee, and that
agency should be established in this country where
thentc information could be Obtain ed to the proceed
ings Of the comp Y. The directors should be strictly
prohibited in futui from creating floating debt such
had been done, and which really the of all
the difficulties under which the company at present
laboring The difficulties had res ulted entirely from the
bnIm ma mar mo n lp Ha had
the present directors would listen to any proposals which
would make subscriptions conditional upon carrying out
those suggestions with view to the property.
Sererai shareholders oppressed their disapprobdton Of
The system adopted by the directors Of erecing mortgages
Without consulting the Shareholders and Thought they ought
not in future 10 accept bills on account cf the floating debt
as had involved the company IN the present difficulty
Mr.. PARSONS said il they advanced the money should
be on express conditions which should guard the propre
tors against the possibility of any similar difficulty II the
committee to settle the terms and conditions Of the
advance he would make II q condition that not shilling
the money should be handed directors until
all the requirements of the bondholders complied
with He had every respect for the President but his ex
perience in railways had taught him that was unsafe TO
trust any railway board.
After some further observations the resolution was
adopted.
Messrs. De Sails Campbell Heseltne, Gowan, Watkins,
and three other gentlemen appointed o committee
invite subscriptions and to negotiate with the directors.
vote Of thanks to the Chairman concluded the pro
ceedings
FAILURE OF SCOTT AND COMPANY, OF QUEENSTOWN.
The Cork Constitution of the 18th of November, con
taps the following account of the suspension of the emf
nent house of Scott Co. of Queenstown, with liabilities
extending from floo 600 to f2oo ooo-
In the early part OF last week currently stated in
commercial circles that the extensive firm Of Messrs
Scott Co, of Queenstown, had incurred considerable
embarrassment with regard to the liquidation OF their
liabilities but il was positively asserted by their friends
that the difficulties would be only of temporary cha
racter and that If time were allowed all the creditors
would be paid full. With this object in view efforts
made o induce the creditors in this country and
in England TO sign letter OF license for three years
This was complied with by some, but others declined
of the firm was laid before them. The result
has been that circulars were issued on saur
day evening for meeting to be held Thursday
The debts Of the firm set down at sums
tending from fl00 600 f20O 600 very large number
of creditors belong to this city and county. 1t sup
posed that the firm considerable property
in ships well buildings in Queenstown but the latter,
rs stated are mortgaged and the former Is not
tensive as was believed many of their ships dis
posed ef within the past few years, The rm of Mcssrs
Scott and Co had during their connection with Queenstown
exere themselves very actively for the advancement OF
the town and mainly instrumental in carrying out
most Of the Improvements which have attery been ef
fected therein The handsome OF houses which
the eye Of the visitsr his the harbor
which includes the Queens hotel the Magnetic Telegraph
office and the Bank Of Ireland built by this enter rprs
ing firm who also the chief agents in arranging
the lighting of the town with gas and procuring supply
Of water.
twolverhamptoD (Nov. lO correspondence Of London
Times.
The efforts the part Of the Mayor and other nhab-
ants TO aay the rising popular feeling Of dsrust in tho
currency Of the notes Of the Woverhampton and Stafford
shire Bank OF which there $50 900 worth aoat have
proved in measure successful There has been feel
OF growing confidence all the day, and the appica-
tons 10 the OTHER banks o the town have not been many
more than customary and they have been with the
utmost readiness Nevertheless the inconvenience tho
trading community ta been severely felt. The market
has been much more numerously attended than il has
been weeks past The surprise great the
part Of many living in the rural districts when coming
into town they learnt for the first time Of the suspension
OF the bank,
The ironmOs,crs mustered in strong force, but thcrc
was no busnces transacted Although II seemed to bo
Of F. Charles Perry, w. Riley Son, The wolverhamp.on
Iron Company soly, Brothers (Leabrook), and Rose,
Higgins Rose yet TIE only additional 1rm that has H.
sued circulars calling together their creditors was that OF
Motteram peeley Co, iroDmasters Al the same time
considerable apprehensons expressed that the wages
in several instances would not be forthcoming Satur
day night.
towards the close Of the proceedings Change the
Afternoon became generally stated that the bank would
oren 20 morrow Thursday and more that one firm in tho
trade determined b. 'orego their original intention OF
summonns meeting their creditors for at least few
days longer teegaphc had been receed from
the deputation of the directors VINO leH Woyerhampon
last night TO procure additional accommodation from
tho Bank Of England reporting that their journey bad been
successful Dcposors al about the time wait
ed upon by persons largely interested m the maintenance
Of the bank their opinion taken whether event
of the bank opening with the help advercd
10, and q board of directors, they would continue
their money in the bank The opinion Of the dcpostors
forenoon when at 10 O'Clock meeting OF the creditors
will be held at the bank. Un that meeting has taken
place We DO not tnk uat can De deunteIy asserted
that the bank will reopen to The shareholders
viii meet Monday. The liabilities of the bank set
down at million sterling. The difficulties under which
has just temporarily succumbed have arisen ont Of the
accommodation which they have given 10 hat qnes
tonabc paper precpated by the failure Of McSsrs San
deryon, Sandman Co The business is stated to have
been from f10 900 70 f12 900 year and the fl0
shares selling short time ago At els los.
THE BANK or ENGLAND AND THE CURRENCY oUEs-
TION.
Prom the london Times, (Editoral,) Nov. 10
II not very likely that any amount of discussion or
exposition will initiate the general body Of the Br
tsh public into the mysteries by which the currency Of
country regulated, but there ought TO bc little difficult
" IN bringing the principles stake within the
prehenson ofany reader who may give his attention
the subject, and little doubt, think, concerning the
which impending inquiries ought 70 take The cir
eulaon u this Kingdom, whatever form may assume,
based upon gold standard. Bank assumed
TO be convertible into gold at the will of the holders
and consequently, 70 represent gold, not by mere
assumptions to that effect, but In actual reality,
The notes OF particular bank-the Bank 81
England-are made legal tender and therefore gold
England notes constitute the medium of sa,sac