New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-04-29
ON 'OHANGE.
-, Avn INVITATIONS.

,xn T. G, POOIr-THE UNION fAChiN A'"S-'~-~-
srr-RAmwAY REORGANIZATION.
snaculation in Wall-st. was devoid OF speclai
.ros,ocsav. The stock market did not fuctuate
vsry marked degree but preserved firm Tone with
~, exceptions throughout the day. There were ru-
W" ,,st Erie was worth per cent for use In LONDON
s,sa, a corner was expected, but no trustworthy
,r,nce OF that nature had reached the ears OF the
DOWNTOWN directors. A.,
1s foreign exchanges were weaker ana the extreme
..,ce OF the day previous not sustained Actual
-,oass I'm sterling was at 4s7 for prime 60dsy bills
"A 90 for demand. Commercial bills continued scarce
:. ,sua4ss, for documentary and bankers accept
-. There was a free export movement IN produce
- ,hIs mort but the floods in Louisiana and the high
80 ~ southern rivers generally checked the move
ut of cotton from the interior TO the seaports' ana
1,s prObaby will tell against the supply OF cotton bills
arrangements for gold coin have yet boon made Tor
today's steamers
PROCEEDINGS AGAINST CApRoN MERRIAM.
Tia bankruptcy proceedings begun by William A.
,1h AGAINST Capron & Merriam the bankers OF the Co
,rmhns. Chicago aud Indiana Central pool, have
traced on the street The case has been set
Soxn for consideration Nav D The essential points
~ the pet on as filed by Dudley Field the attorney In
tho case, are follows:
That the said Capron & Merriam. such eopartners.
ere ndebted TO yOur petitioner the sum of <l9llS o.
WITH interest from April 90 1874 for balance CT money
coming 10 your petitioner upon contract or t SsI Tl
snce adjusted and agreed upon between your peoner
aud the said arm And your petitioner Iui'1Sr a repre
the dae oi the petition, the said Richard Capron anu
william W Merriam, such partners did sue o1V an
act OF bankruptcy within the meaning OF tue salu act
'S rSnv failed and became insovent and unable to
raw their debts on the goth or 2lst day of April,
i5i and publicly announced the TACT, ana at divers
times tthoreaiter they, as your petltoners, is IN,
their creditors, paying their claims in full 10 the exclu-
of your petitioner and other creditors and that as
Sc
insolvent did the 23d day Of APRIL 1874 make pay
meD transfer Eugene Thompson Of the sum OF
O which constituted their entire Indebtedness TO him,
Win intent preference 10 him. their said creditor,
snd the same day, being so insolvent did make
rsyment transfer to Henry Wilson of the of
$500 he-ea bouts which constituted their entire in
debtedness Co him. with the intent 10 give preference
10 min. being creditor Of theirs over your petitioner
snd their other creditors. Aud that such payments
made with ipteus to defeat or delay the operation
throughout the United States.
The attorneys OF the Union Pacific Railroad have OBJ
taned order TO show why the order obtained
by Michael NJ Simpson, the alleged bondholder, should
not be aside the ground that he is nonresident.
that the Union Pacific Railroad foreign corporation,
s.d that the which granted the Simpson order has
nojurisdc.on The matter will come up for argument
to-day.
THE FREEDMEN's SAVINGS BRANCH.
TIE Official announcement OF the embarrassment OF the
Freeduen's Savings aud Trust Company caused some
anxiety among the depositors of the Branch at
withdraw their money, bat they were not al
lowed TO 90 so. the bank avaling itself of
rhs clause requiring specific notice Of 60 days.
samuel l. Harris the manager Of the bank stated that
he had received kilograms from the Washington estab
lishment. saving that there was a little excitement
there and that they had been compelled TO inform the
dspositors that, as allowed by law notification OF
% days wpud be required before large sums would be
paid out Upon the receipt OF these dispatches he issued
similar notice. and sums exceeding five dollars were
not paid 10 the depOstors. Mr. Harris says that the
Washington institution has not failed. and that
the rumOrs in regard TO it have been greatly ex-
srserated Since the arrival OF the news IN this city
of the smaller deposltors have called at the
bank and have been paid but excitement whatever
has existed Most OF those who were IN the bank were
,Oored people who appeared very anxious about their
Deposits but were unable TO draw more than So Very
few gave the notice OF SIXTY days.
Associated Press dispatches received in this city last
,ight say that an officer of the Freedmens Bank in
Philadelphia stated yesterday that the news from
Washington had caused little apprehension among
The depostors there but If they would act with reason
nothing was TO be feared the bank has ample FUNDS
with which to meet all ordinary demands he further
tnat. the Dispositions should start anything IKE
run on te bank co days notice clause OF the chrf
would be brought into requsitlGn. Inc olheets OF tn
S. Louis branch deny being involved III the tOuoIee VI
Tie Washington BANK
MIDLAND RAILWAY REORGANIZATION.
oswego Midland Railroad Company have prepared re-
mort for the benefit Of the bOndnoders from which the
following Is an extract:
We believe our interests in much jeopardy: me
various plans reorganization so far presented 10 us
have been such as cannot accept; they nave either
been absolutely dangerous or else rendered us worse on
than we We have been open 10 any pan tnao
viii take US out Of this matter whole but are not open
70 any other and first MORTGAGE Dondh0lders III the
absence Of any party OF junior interests ready 70 pro
hc our interests cain for the nrst mortgage tne
POSSESSION and control Of the whole property OF the
Sew.YOrk and Oswego Midland Railroad SohpanS'
srty nv efforts TO delay us in obtaining this. to
ct the Junior interests have suen Just protectIon
AZ the property prove able 10 afford them from ne
future earnings We cannot as yet see any reason WHY
10 the roads present condition, we should nnderake ne
Western Extension, or any other extension Inc Gn
uerts whom we have secured are now examining the
property. We satisfied that the oohanoIueIs can
secure management that Will draw rom tne rost a.,
ia capabty and we have strong faith that II Will
show Itself 10 he perfect security ioI our OOus
Depressed and shOrn of Its business as the properly
now ia we must all he ready 10 accept cOnsloerape
delay the payment OF our interest though we no
already made aud much information
We are satisfied that an earnest and i've MAJ. man
from what il row is. We have been very patiently
awaiting reports Of these experts 70 advse
what will remedy the roads defects ana make IL pOnt
allie 10 ma Ending however, that a more thorough
result will be Obtained by giving them time 10 stuuy
pd maj there will be some unavoidable delay In the
eovrts your Committee has DECIDED that we sns 1e0
oothing by joining together 70 secure
OF The nr1perty 10 provide energetic management.
Then by tie time legal DELAYS are oyercomei We
shan be able utegenty to advise you OF tne neeaS VI
the property We shall ready 10 institute legal pro-
oeedings as soon as acQuesence shall nave been
% US writing by number 1eeDeu ,9nntfon 70 Il
counsel and We must earnestly call your attenon 70 ~
that such scquieseence should be gwen 10 az lacSr
before lst May on which day Only, accotuins " 'U'
conceptiop default will legally be complete. -,
We enclose herewith the proper paper for yon 20 gu
You will notice that We have carefully avoiuea tno
Iweepine poWers heretofore asked of you by othsTs
This is as plain and limited as could De Drawn W U
Az anv use IN will lie impossible for you 10 get your
tights without some combination ana agreenens MIN
Ihers When your committee needs more py"ed ~
present Scattered and uncombined as you arc, you
could he at the mercy Of any united party, no at
LIlure Won Apathy and inertness on your pa ~ ~