New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-06-05
WALL-ST. RUMORS

RAILROAD SUITS AND LOANs-A LAKE SHORE STORY.
Notwithstanding flood of rumOrs, Wall-st'
comparatively quiet yesterday. and prices, alter
nately fuctuatng within range OF from to per cent,
closed firm at advance OF from to per cent The
rumors question the effect that the expense
Of the Fourhave improvement would not be shared by
the city, and would fall altogether the Vanderbilt
railroads using that and furthermore that the
city would the Vanderbilt roads account OF GER
tain claims which 1t had against them.
II. NJ. Ruggles, Corporation Attorney, stated In the
evening that he had not heard that proceedings had
been taken by the city against the Vanderbilt roads,
but such the case he could have no official
knowledge of the fact as such things did not como
within his jurisdiction. TRIBUNE reporter also called
upon f. Delafed Smith, Corporation Counsel and stated
TO him the substance OF the rumored litigation MI Smith
said that he did think that there any founda
ton for 1t. So far as he knew, In the matter
of the Fourth-ave. improvement, the city and
the railroad companies were In perfect accord
The whole matter covered by an enactment OF the
legislature providing that the city must pay one half
Of these expenses, and There little probability OF
trouble this account and as certain work was hnlsheu
the instalments had always been promptly paid
There single point at difference between the
city and the railroad companies and this was matter
Of law and que which bad been in The courts for some
time. IL Was Ia regard TO the property which had
been built the Grand Central Depot. The law provided
its full value should be Ipaid to the owner.
In the erection Of the depot considerable property be-
longing to tho city, portion OF Fourthave and Forty
thirdst. had been taken suit had been brought be-
fore his term Of Office TO recover the value OF TINS
property but the Supreme Court decided that the city
had title thereto. and judgment was given accord
pgy He had appealed the case and the matter was
IN the Court OF Appeals But the rumor could certainly
have reference TO this suit as II had been openly dis
cussed long time, and it would be diucut TO say
when another hearing would be had HAD any pa
pers been served In any other suit, they certainly
would have been brought immediately TO him, ana III
was more than probable notice OF some kind would have
beer given him. 1t barely possible that the compa
MES might have demanded Of Controller Green the pay
ment OF the ctys mocty certain work which, on ac-
count OF technically or perhaps scarcity oi
funds might been refused in which case Wander
bits lawyers without consulting him. might nave
instituted proceedings to gain the money.
II was said that the Rock Island and North
Western Railroads had agreed to advance t0oooo to
aid the Canada Southern Railroad As the officials who
would have information this subject were all al the
West no facts obtainable The new loan obtained
In England the bonds Of the Wyoming Coal and Iron
Company guaranteed by the New Jersey Central Rail
road is for 100000 and is payable III four
| installments of $4,000 during the Summer.
An amusing story which Is going the rounds In specu
atiye circles indicates some OF the METHODS IN vogue Oh
the street. 1t is wellknown fact that one OF the
largest brokerage houses on Broadst mas onca reia
tops with the Lake Shore Company. Some time ago
another Lake pool" formed for the purchase
OF the stock leading railroad magnate took large
| interest in the stock, aud for time IT was
carried without question. The stock, however
! became rather scarce, and was lent nat" that
s withou. interest. The railroad official In question
sent down the brokers OF the pool and inquired
what interest they were charging him on the STOCK
They said the usual rate which Is seven per cent per
annum "well,p said the official Il have some money
lying idle and guess will take up my Stock Inc
numbers OF the certificates were registered on the
brokers' books and then sent as requested Presently
| the firm were astonished and alarmed at the
receipt In the regular course OF business OF the
certificates which they had registered and delivered
to their 1t flashed across the minds OF the
members OF the "poo" that OF their associates had
"unoadedr on them, aud simply taken up his stock for
| the purpose of making his deliveries There wasa gen
eral rush 70 unload for time aud under the influence
OF the heavy sales the recent break in the price OF Lake
| shore occurred.