New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-09-24
FINANCIAL ELEMENTS.

.c,rvrry AT THE STOCK ACKNOWLEDGEMENTS
or A MERCANTILE HoUsE-RAILRoAD coMPIICA-
TIoNS.
Great deal of business was transacted NJ
che stock Exchange yesterday with perhaps more con
6denoe In the return OF higher prices than on any y
since the opening of the Fall season. The only speca'y
noticeable event, however. was the announcements Vi
the suspension of Ludman Co, commission merohan's
az No A South Wiliam-st. They were consignees ioI
many shippers aud dealers In the west inuieS "nu
South America and although always considerea repu'a
ble were not OF sufficient prominence to make theii ~
pansion a special topic OF discussion 10 business oe
They had exported sugars, and having drawn upon
those with whom they had dealings their Diis "ero
protested and their suspension followed They coula
give no idea Of their assets and liabilities pu' "ou'u
present statement their creditors In snort une'
A meeting OF the bondhoders OF the Peoria ana hocA
Island Railroad will be held to-day at NO % broau"a'
to take some action with respect to their interests in
the road The trustee Of the road has Issued the foow
ing circular to the bondholders:
No IS BROADWAY, NEW York. Sept 10, 1874
ers OF the Peoria and Rock Island Railroad Company
against the funding Of the coupons as demahueu w ~
Trsi That the road in any one year earned
sufcency TO pay the interest on the bonded in
the interest of connecting line 10 the sacrnoe " wv
local business OF the Company. -, 1900. -,
Second That the never can earn the nterest on
the bonded debt until II Is operated independent ~
Third Because the Company ask the bondholders to
fund coupons enable them TO pay the floating deo,
instead OF agreeing to pledge the earnings & %
the benefit OF the bondhoders (who are called upon 10
extend the payment OF their coupons due ana 70 pc
come duel by setting aside the same ior the vi
making necessary improvements and buying addltlonal
rolling stock absolutely necessary for the local business
woudimost respectfully recommend therefore, that
tpent OF the road until the coupons" asked TO be
extended shall be fully paid, aud until the company Is
enabled 10 resume the regular payment on lts interest
warrants either from its earnings or by CONTRIBUTION
from It's shareholders. and would, with view 70
Fbox xnoIe net ga of
extension OF payment OF interest, demand that the
shareholders assess themselves 10 pay the noahg ueO
or quldate the by giving the creditors second
mortgage bond on the Company property as security
resumption payment by the Company of its regular
interest the first mortgage bonds would 1urther
recommend that meeting be called OF the nrst mort
gage bOudhOders early day. IN this city, 10 take
Immediate protect their rights and Interests IN
tie premises In case satisfactory arrangements cannot
be made with the Company would ADVISE that mime,
date possession Of tpe property be taken py virtue OF
the Trust Deed" to the end that the 0ondhOideIs
right shall not be 4ereed by the Wanager OF tne CON- ~
pany apPropriating the Fan and WINTER earnlngS 10
sole Trustee Tor the First Mortgage Bondholders'
In 1862 the Milwaukee and ST. Paul Railway Company
fed IN the United STATES Circuit Court for the Southern
District of HewYork bill in equity TO quiet its title TO
the railway and obtain injunction restraining Aaron
g. Bright and other holders Of its third mortgage bonds
from their claims under them r Bright then
fled an answer and a bill. claiming. in the latter,
ing Tor an accounting of receipts aud profits by the
holders OF the railway Offering 10 redeem u Dy
Tor an injunction restraining tue MILWAUKEE,
and ST. Paul Railway from lncumoer1ng
its road by the issue of S35,OO90CO IN
new mortgage bonds The came up yesterday be-
Judge Woodruff on or parte motion for an order
recurring the Company 20 show cause why the lnune-
ton PRAYED in the bill should NOT be granted
The Judge then declined to near the motion on the
ground that he holds OF the preferred stock OF the
Milwaukee and Paul Railway. and the matter was
taken before Judge Benedict in the Eastern District.
He granted the order. and made 1t returnabe on the
first tuesday IN October.
J. b. Stewart and sullivan, Kobbe & Fowler for
Bright
Messrs. Benedict Taft moved before Judge Donohue
of the Supreme Court yesterday morning for the APP
pOintment OF a receiver of the New-YOrk, HousatOne
and Northern Railroad Company, the petitioner aud
Judgment creditor being George W. Mead On behalf OF
tlIe Company an objection made by counselor John
Hubbe whose that since the statute of
1870 regulating the appointment OF receivers OF corpora
tons, these proceedings could not be maintained mas
much the statute referred TO provided that the re-
cever OF "a corporation could be appointed only IN a
civil action, aud upon notice to tho company Of at
least eight days.
judge Dononue remarked that the General Term OF
the district bad decided unrepOrted suOstan-
TALLY claimed the counsel for the defendant,
WhereupOn counsel for the petitioner asked that the
further consider alton Of the be postponed till to-
morrow, to give them an opportunity TO examine the
referred 10 and answer tue opposing andaVlts
The adjournment was granted