New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-05-28
ON 'CHANGE.

AN IRREGULAR STOCK MARKET.
THE PACIFIC MAIL NEUTRALITY-SUSPICIOUS. OF JAMES
M'uENRY-ARRIvAL OF CAPT. TYLER-A STOCK
EXCHANGE DISPUTE
The Pacific Mail election and the Western
Union dividend were the topics which agitaed Wsll-st
yesterday. The stock market was very irregular. In
the early dealings prices declined from to per
cent, but recovered, and at rho second call
q frmer feeling prevailed. Western Union was
particularly strong and made exceptional
advance OF "a per rising from M to 73t Next In
point Of interest were Pacific Mail. Union Pacific,
Wabash, Lake Shore North Western and lSt Paul Com
Prices weak during the last hour OF bust
ness and prices before the close showed decline OF to
II per from the highest point In the final dealings
a rally OF / to per cent was noted
The Pacific Mail Steamship Company's election for
directors excited a great deal Of interest yesterday.
although the result had been anticipated. Rufus Hatch
represented the directors and looked after Their interests
John O'Brien OF the firm OF william and j. O'Brien had
charge Of the interests OF the opposition to the regular
ticket. He challenged votes whenever the least oppor
unity fired, and the result was an animated discus
sion. number OF proxies were sent in from Blood
good & Co.. the form being signed by John Blood
good. Mr.. O'Brien objected to the proxies being
admitted the ground that the form should have been
signed John BoOdgood Co." Some debate ensued,
and Mr. O'Bren threatened TO upset the whole election
large number OF gentlemen around the table de-
clared, however their willingness to make aidiys to
the fact that John Bloodgood always signed for Blood
good & Co., and Mr. O'Bren then withdrew his ohjec-
ton. Rufus Hatch cast vote representing 10000
shares and settled the result OF the election.
The Western Union meeting did not result In the
declaration OF dividend, much to the disappointment
OF the bulls" Although dividend was announced
Yesterday, 1t is understood that Commodore Vanderbilt
has expressed his intention OF declaring dividend OF
two per cent in June, and q like amount quarterly
toad ha IN
wait until the the half before dividend is
declared.
The motion OF the Lake Shore Railroad Company to
strike out portion plant Of James H. Banker
came up before Judge Donohue yesterday but the de-
cision reserved.
James McHenry, the Atlantic and Great Western
naneer sailed for Europe yesterday in the steamship
Russia accompanied only by his servant. Mr. Sharpe,
the London solicitor, who accompanied Mr.. McHenry
to this country and acted at times his legal adviser
will leave this city two weeks by the steamer Scotia
Capt Ty Ter Of the London Board of Trade, who has
been commissioned to come TO this country to inspect
the Railway and report to his principals In London
arrived yesterday by the Calabra and was met by Mr.
Reilly, one OF Mr.. McHcnrys representatives in this
oouutry and conveyed to the Fifth Avenue
Hotel Soon afterward he went to the Eric
offices at the Grand Opera House. and made
arrangements for his tour Of inspection He is accom-
panied by his son. lieutenant in an English engineer
IL
datey.
The following letter was circulated on the Stock Ex
change Yesterday aud excited siderable interest
among its members
To the Members OF he Ye,c- York Stock Erchange
GENTLEMEN: Action was on yesterday taken by the
Governing Committee, which, both In ltS matter ana
manner involved principles OF such importance to the
Communicate it you; and thls must be apology
for burdenng you with what IL In itself i n!fing
sage, a member OF this BOari executed privilege,
dated that day. whereby he granted the right to deliver
to him any time that day, expiring at p. M, 1000
shares OF the stock OF the Union Pacific Railroad Com
pany at 30 few minutes before p M called at his
Office with the privilege, aud notified TO hun that
would deliver the stocx lie offered to re,
ceye it up to p ~ Dns rerasGd TO g, gye
for him, which 1 offered to do within - minutes;
whereupon gave HIM notice t9as should seL h tne
for difference. On the next day accordingly sold
the stock at loss Of $500 aud brought claim before
the Arbitration Committee against hr. sage Tor the
same On the trial Mr. sage ana agreed IN substance
on the foregoing facts then called Peter Nissan, j.
c. d. Munroe. Moses Mitchell, Adolf Kohn. and j. L.
Browne aud proved by all OF tnem taat tne custom OK
privileges beng of almost daily occurrencej that
alter that hour delivery was always made ny notice OF
OF the stock IN the regu an way and that could
D. M nor could he require the stock OF Inc. This
all the evidence both sides Now, 80 far as am adj
wore epauIets robes of ernine in his Board. None
Of base their right to speak OF what OF daily occur
and none OF tiem bear about with them fossils
OF the Sllurian period, either as jewels or
souvenirs OF their early career as stock brokers.
but for men OF their age, and from the rank ana
credible witnesses and upon their testimony the Arb
tration Committee promptly gave Judgment III my favor
An appeal was taken TO the Governing Committee ana
that Committee, for reasons OF which have no know-
edge on Yesterday reversed the Judgment. and gave
Judgment for Mr. sage 50 much Tor the matter OF the
case az q party in interest, aud more likely 10 be
biased IN my views than the Committee are aag
hence II 1 and Mr. Sage had been accorded hear
ing before them. however much l might have
cised It, Before the Arbitration Committee the evil
dence was all taken down by stenograpner the argt
ments were In every forum on the cvliLei gi0Dr,
where the rights OF tgants 10 property are decided
the parties have the right to appear before e rioai
ann state either in by agent what their claim
or deeuse be. and their reasons ior H. THIS the
Governing Committee, on yesterday, did NOS grant,
either 10 Mr. Sage myself. 50 far rs have any
ter,liy Having heard informally, that the case
was coming up. went to present 1t. expecting 10 meet
Mr. Slge there but excluded from the room during
its hearing repeated notes TO the PresdenG ana
members Of the Committee. demanding the right OF tho
parties he heard IN argument or statement before
thcm but IL any notice taken OF the request do
not Gentlemen Of the Exchange this case Is OF
trilng Importance Ia tho amount Involved. but the
principle which contend affects the fortunes OF
each OF you. III the Governing Committee to-day
decide without any from the parties In interest.
Mr. shall shall lose $500. they on
the same principle. decide tomorrow that either OF
shall pay lose $4,000 ten times that Never
having before heard Of "a where the right de-
med or neglected when asked, appeal TO you for your
own Interest, to take such action by petition aud arg
ment. will prevent you frvm hearing OF another
Ssr-I York, May a. 1874 b. V. WHITE.