New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-03-23
FINANCIAL DEPRESSION.
wALL-sr. TALK AND TROUBLE.

WALL~ST TALK AND TROUBLE.
The week opens with prospects of continued
financial stagnaton Business has not revived TO any
considerable extent since the panic. either in NewYork
throughout the country. There were spasmodo ad-
In values in wast but these have not been met
by any corresponding improvement in general bush
The condition Of the business public Is, at pres
ent, one OF universal suspense. and Till something
Is done In Congress tha tendencies to lower
prices In all directions naturally affect tho
financial barometer OF the country In wallst. The
great meeting OF merchants week TO demand action
Congress, viii take strong ground against any
further imitation of the currency aud Its proceedings
promise to be the most important financial event OF the
week. unless indeed Congress should At last be worried
into a vote.
PACIFIC MAIL.
Considerable interest is manifested in the possible
success OF the late entertainment to Congress- at tho
launch OF another Pacific Mall steamship in the way OF
securing renewal OF the subsidy Tho Steamship CON-
panyI il involved In troubles, In consequence OF its
action In starting Pacific from Panama
and making San Francisco only way station California
hostility has boon thus aroused and strong Pacific Coast
influence against the renewal Of the subsidy Is devel
oped. With this ont q scheme for o new
limo OF steamers from San Francisco to Japan,
to run in connection with the Union Pacific
Railroad, and to close with 1t contract
for Of years, the steamers to connect with their
through trains from New-York and thus secure the
through passenger business. This line, II put on
would oo.s,s. OF DO furnished
by a company now operating successful line
between Great Britain and the United States. and Its
first demonstration would be to offer to carry the mails
the United States and Japan and China Tor the
POSTAGE thus obyiating the necessity of q subsidy
ERIE AND AUDITOR.
The late Auditor of the Erie Railroad has received
such rough handling from the press that The baltimore
American. representing the town in which Mr. Dunan's
chic ripnC gained,
follows:
" His letter TO the public ''f ia fair presentation
OF what be considered as very dsagreeable sub
ject and entirely void OF spirit OF attack on the
policy OF the Company or its management.
IL contains just the character Of informa-
Dnnan for giving them, and entitled him 10
their commendation rather than their contemplation.
ward OF IL years In all that have heard
his character impugned OF his integrity questioned de
has held the position OF quartermaster IN tue army
during the Rebellion and for two years stationed IN
this city, afterward filled the position OF Auditor OF
the Baltimore and Ohio Rlilroad IN both OF which POSI-
lions he gave entire satisfaction to his superlors and
won the admiration of his friends and 1t viii take cyl
dence very strong to convince HIS many friends IN TINS
city that he has acted in this matter other than from
correct motives"
Mr. Dunan was one of President watson's appointees,
and declares that his only motives for making the
statements which the Committee now say are not
materially at variance In any particular with the books
OF the Company, the OF his counsel that
unless he made such statements he would be subject to
criminal charges connection with the placing OF the
late loan.
The question of tho right to place this loan without
giving the previous notice by continuous advertising In
the New-York papers, required by the charter, Is
still discussed. Tho better legal belief Ia
that the loan is not necessarily interfered
with by the discovery OF this article in the charter and
that the mortgage can still be executed but that 1t Is
not legal II executed As the bonds however, are
Quoted at per premium this is likely to prove
matter OF small consequence.
The course OF Erie stock since the reply OF the Com
mittee OF Directors to Mr.. Dunan's state
ments does not indicate satisfaction with the Com
mitees report The gravest question which they had
10 meet was the in which the large in
crease of the debts OF the Company since Its reorganza
ton by Gen. Dix, had been incurred. Their re-
mort shows that, whereas the funded ana
floating debt on the 18th March, 1872, amounted
to s32oO0Oo 1t had been swollen by the 18th March,
1874 to si5OOOOO0 increase OF funded and floating
debt in two years Of over sl3OOOOOo is sufficiently
serious item to deserve careful explanation.
The of the Company attribute the present very
large decrease in earnings TO the general stag
nation of business. They say that II the
hooks OF the New-York Central could be
reached they would show an equal falling OF ;
that the decrease earnings of Lake Shore Is even
more marked and that there few railroads in
the country whose exhibits for past two three
months would not be considered alarming by the gene
raj public.