New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1857-10-12

| r.th ~ tie tGEe oH-utes Web lrevtrt 10
realizing Of he pro eede Q: the orc Already ca.ed n
season 20 meet he aocTung 90 gauone OF me Com
| many voul1 attach % any faI;heI sesessmsc.
The Directors have therefore yielded - ;le steFi
peosss,t of the case reluctantly, bat With Gear c. o..
victsa that the true interests 81 ooth creditors atd
stockholders would be promoted by the legal steps
| which under the advice OF able counsel have ooos
| taken 70 secure their respective ugbis.
| The Coupons due on the Construction Bones D,''
| have been paid 20 q large extent, and provision
hss been made to receive the balance Outstanding
| payment Of unpaid inst.llment, il desired ~ the
holder. No serious inconvenience will prooaoy re-
suit tberefrom.
All possible exertons will be used TO pay of every
liability without unnecessary delay ana 10 reneVe 'oe
Company from the present embarrassment .
As this has rot sYisen from any difficulties Intrinsic
in the enterprife but from the extraordinary CONDITION
Of the money market, the Directors see therein 20
cause 70 sbste the confidence tney ns.s @ ~
and expressed in the value of the Road ana tne Isoo'
of the Company. BY order Of the Board
VI N"' O""f' N. PERKINS. Treasurer.
The President Of The road, Mr.. Osborn, Is now in
London where he could no doubt have obtained aid
had il been available here in time. The Liabilities OF
the Directors Of the road are very small and there are
cash funds enough in the assignment and in London TO
fully pay them all. This is very unfortunate affair
ard will create much excitement in Europe where the
securities very largely held.
The ErdHSCuIe tInQ. journal, OcLO0er says.
1.-THE Illinois Central Railroad have within the last
ten or fifteen days discharged from the various depart
ments Of their employment more than six bundled
men. There gre turned adrift without any pros
pect Of employment for the coming Winter, aud their
only funds are In uncUneHt bsuknotes, with which
they can with difficulty buy barrel Of -four
Other roads In the State dischargng large
lumber u wOrkmen, who are looking forward with
gloomy prospect 10 ar idle Winter. O.her roads will
be compelled to adopt the course. The freight
trains on the Central Railroad, which few weeks ago
were long and heavily laden with grain, going into
Chicago, now passing over the road with short
trains of ne ay empty Gals; while the road is lined
with stacks Of untbrashed wheat A friend, who left
Chicago few days since Gays tue receipts OF gram
at Chicago scarcely fifth of the usual quantity at
this season Of the year II is scarcely fifty days 70
the close Of navigation the Lakes when the chip
ments of grain from that port must cease for the sea-
son. The merchants of that city have formed an 1850
citation for tie shipment Of wheat, to be made solely
on the account of the farmer; or 1t will be taken by
the assoc citation al the current prces IN chicago, ana
shipped on the Joint account OF the farmer and the
association. Bat none of these Inducements bring
forward the grain
The annexed card mas been issued by the Erie
Road:
10 the sekhoide, and Bondade,s Of TIE N York and Err
The event we have dreaded and foreshadowed to
you at the two meetings held or the 23d September,
and on the I'd instant, has at last occurred.
This Company has been forced TO allow its engs ;e-
nents falling due yesterday TO be protested note tn
standing the strenuous efforts Of its officers who,
aided by you found it impossible to obtsiG temporary
loans, although they showed that they could be re-
mbursed in few days from the receipts Of the Com
pany.
II now becomes mperstvely necessary that you
should come promptly forward TO relieve this Com
pany, so as TO prevent your valuable property
from passing into other hands, a. the risk OF being
wasted away in litigation between the parties IN
interest.
A prompt and united effort or your part viii yet
avert any Injurious consequences forom the present
fortunate embarrassment. A very moderate amour.
received in cash will enable this Company to resume
its payments at once, and the balance OF the subscp-
tions could be made very gradual and easy, without
danger TO this Company.
In view of the present state OF things invite you
70 meet together Wednesday evening next. the l4th
inst, at y p. H.. st the Mercantile Library AstoT
place.
By Odef of the Board S Gf PirsetO ZION AN ,,.
NATBASIEL MiRsE, Secretary.
This card explains itself II is understood tina: the
protests in acoeptances of the Company gwen TO
Eastern banks for currency, and that portion have
been already paid, and that payments will continue as
funds come in. The Company continue to pay its out
standing coupons.
A d,patch wss also received late ii the day from
Boston, announcing that the Michigan Centrsl Road
had susperde on it's floating deot. Mr. }. "a. Forbes
left for Europe short time since 80 ues ,iato the new
loan Of two Millions
TIE Fest River Bank closed ,ts doors to-day. "
has never enjoyed Sery nigh credit AZ the dsts OF
the last report oct. y, its condition was :olcTs
Loans and D.couuts 99 083 Circulation S9l IS!
specie............ 2o9sl Deposits, pomir al m .4s4
This failure viii pot produce any pubic mischief.
Its bills are fully secured at Absay TIE deposits are
understood to be reduced to $4,000, against ds-
coun, line Of about s35OOOO. This Bank and the
Bowery will probably omit to report on the weekly
average to-day. If 50, there should pc allowed from
the total discount ine in contrasting il with ast week,
Cor the
BowsTy Bank $500.
East River Bank.....s....-sssssssssssss. SViiVoo
The circulation Of the Ess. River Bank viii con-
+;na ", he recevs6 by the other banks IN the course