New-York tribune., 1874-10-23
FINANCIAL ELEMENTS.

FINANCIAL ELEMENIS.
SYMPTOMS OF COMMERCIAL UNEAsINESS.
FAILURE OF COMMISSION HOUsK-RUMORED En-
BARRAssMKNTs or THE GRANT LOCOMOTIVE
COMPANY-PROMPT DENIAIS--A CONTRACT WITH
THE RUSSIAN GOVERNMENT WITH HEAVY PEN
ALTIKs-AN ASSIGNMENT MADE BY HENRY
CLEws e
Although there is nothing OF sensational
interest In wsst a the present time vet tho aiiurss
which reported from day to day furnish topics for
discussion. and usc by the bears" a. means 70
depress the stock market. Several failures were re-
ported yesterday the grain trade Thorough invest
gaton however reduced the number 10 one. The fall
ure In question that OF respectable commisson
house named w. II. Irwin & Co. Of No. II Moofest-
This house had been acting for Western Dealers
who failed to make good their margins during the
recent heavy decline in grain. They expect however.
In short time and to meet their liabilities In
full.
THE GRANT LOCOMOTIVE WORKS.
The most serious event OF the day. however the
reported failure Of the Grant Locomotive Company OF
Paterson N J. In connection with this report
to the effect that Grant & Co. Of Wallst., who have
relatives in the Locomotive Company, were involved.
The latter statement ocally denied by the members
Of the firm. TRIBUNE reporter visited the Grant LO-
connective Works at Paterson yesterday afternoon, and
conversed with ID. B. Grant, the owner Of the works
and property. to the statement Of their failure
suspension. Mr.. Grant stated that there trouble
but not failure He said that he had entered intos
contract with the Russian Government involving nearly
t2O00OOO to furnish locomotives within certain time,
with heavy penalties in OF ulnllment He had
been employing about 300 this work, but found
that he would NOT be able TO complete IL within the time
limited by the contract He had applied TO the Russian
Government for extension, but the returned
was evasive and unsatisfactory. The penalties II en-
forced would amount about s20oOo0 and he did not
feel justified In going on with the work under the con-
tract with 80 great q risk hanging him. He had
therefore, been obliged at the last moment TO order his
foremen TO discharge the workmen uat further notice
He stated that he not otherwise embarrassed and
proposed TO start for st. Petersburg Saturday and
endeav0r to make compromise with the Russian an
thorities and then proceed with the work IF success
ful, would telegraph TO set the to work again.
Mr Grant very sangune to his ability to arrange
with the Russian Government for extension Of time
but said that any event he had ample means TO pro-
tect his creditors to the last dollar He further stated
that his workmen had been paid In FULL and that he had
taken this contract order provide work for them
number last Fall. In common with the other industries
OF the country the Locomotive Works had suffered from
pended.
HENRY CLEws's ASSIGNMENT.
The following paper has been placed file in the
County Clerks Office
This indenture made Oct. 90, 1874. between Henry
Clews aud Theodore $. Fowler partners, doing busi
ness in the CITY Of ,New-York, under the hrm name
parties OF the first part, and Frederick Taylor mcr.
chant doing business A. the CITY Of Newiork party
first part indebted divers Of money, which.
have become unable to pay maturity and desir.
Of providing for the payment thereof by assign
ment OF all Their property ana effects Tor that pnrpose
the first part In consideration OF the premises and Of the
sum Of one dollar in hand paid by the party Of the
af NJ nj
delivery dell OF hs presents DO gram" c
executors administrators aud assigns all aud singular
nauces goods chatels stocks promssory notes debt~
chooses in action claims. demands property and effects
part which they have right or interest what
soever except such property II any, as exempt w
to hold the same and every part and parcel thereof.
with the appurtenancos unto the said party OF the
ond part, his heirs, executors administrators and
signs. In trust, nevertheless and TO and for the
interests, and purposes following tha to say: First,
and sell dispose the prices
be obtained therefor, and convert the Into
may Oe co!lectable. And with the proceeds Of
such sales aud collections, secondly. to pay
ryng ye 1to'e into effect the trust hereby crcatca
And out of the residue thereof, thirdly to pay ana
discharge in full III there be pui en Tor tBat pupos
all the debts and liabilities due owing by the
parties OF the rst part and said proceeds shall
pro rSsa 70 the paynent Of SAID debts Id liabilities.
Aud parties OF the first part hereby appoint the
said party OF the second part their true and awfu at
torney irrevocable do all things In and about the
premises which they might could do II these presents
had been made, hereby ratying and confirming all
that be shall lawfully do iu the premises Aud the said
party OF the second part accepts the trust created by
these presents, with all the obg atoms thereunto be-
longing In witness whereof the parties to these pres.
ter hands and seals the day and
year first above written Sealed In presence OF Noian
c. X. Cheeyer, T.. {. B0ariman. HENRY CLEws
i. = FOWLER,
FRED TAYLOR.
RAILROAD BONDHOLDRRs IN CONSULTATION.
The sL mortgage bondhoders OF the Peoria and RJca
Island Railroad held ing yesterday az the Office
OF Charles L. Frost. trustee, Luther H. WymaD, C0alr
man. aud Aaron Lloyd, Secretary The report Of a COM
mttee appointed at previous meeting to examine into
the affairs the company and suggest measures
tive of the interests OF the bondholders read The
report presented plan Of reorganization by which the
bondnolders have tho appointment OF an addition
trustee and the road Is TO DC run under the direction of
an advisory committee for the benet' or tre boDdhold
ers who are acquire peaceablc possession o the rdd
should tho Company not feiLstae tbcir anars wltbu
two and ahaf Years After full discussion tie TepOrt
was adopted aud Advisory Committee, consis0g Of
r. Vernam OF New.York Z. c. Hussey OF Pittsburgh and
member was appointed. Tue meeting was large ana
and the discussions were earnest. Although a iarge
number think the only security for be bond
holders would he found IN the assertion OF Their legal
rights, yet the convection VI the majority secD.ci
strongly in favor of spirit OF accommodation.
INSURANCE COMPLICATIONS.
THE ORIENTAL COMPANY OF JERSEY CRY.
r., yiciI IL