New-York tribune., 1874-10-21
LOCAL MISCELLANY.

STRANGE RUMORS IN WALL STREET.
ONE or vANDERBTLTs ALLEGED STOCK OPERATIONS
CONDITIONS UNDER WHICH TIE ERIE LOAN
HAS BEEN NEGoTIArgD-RUMORED FAILURE OF
THE San FRANCIsCO BRANCH OF Z. T. MobGANs 8
SONS. C ..
Several stories were repeated amcng the
knowing ones In Wallst. yesterday, and caused con-
siderable discussion First IN Importance was report
that Commodore Vanderbilt had sold to Daniei Drew
the privilege Of delivering 5000 shares OF Lake Shore
stock at rs during period OF thirty days This was re-
garded by the bulls guarantee that the price OF
the stock would be kept above that figure. AS no
official information is obainabe in relation to the mat
ter and the transaction is entirely at variance
with the OF the Commodore during recent years
THE TRIBUNE gives the story for what II is worth.
Next In Importance was the announcement that the
Eric Railway Company had obtained another loan In
London. The amount Of the loan was varously stated
to from 100000 to 100000 The conditions under
which the loan was raised reported to be very
unfavorabe to the Company was asserted that John
A. Gray. Erie director representing tho Company
in London had been obliged TO place the loan at 60 per
cent sterling, which would net about G In currency
With view to ascertaining what the facts were inquiry
made OF an Erie DIRECTOR who stated that he ala
not know the details Of the negotiations. nor indeed
anything beyond the fact that Mr. Gray had begun 10
remit the day previous, his first remittance amounting
to RiO0,O00 or s5oo.0oO
ALother statement in circulation is to the effect that
Mr. Gray went abroad to negotiate second mortgage
OF $4,000 900 upon the Buffalo, NewYork, and Erie Rail-
way recently acquired by the Erie Inquiry OF the Erie
director first referred TO elected the statement that ne
knew nothing OF the matter former Erie director
who is friendly to the present administration and Is
familiar mana cement of the Companys affairs
said that he had heard hing OF the natter but did
not know sufficient to impart authentic information
The reported failure of E. f. Morgan's Sons. shipping
merchants Of NewYork and San Francisco. and agents
Of the Great Western steamship Company, created con-
siderable talk In commercial and financial circles where
the firm well and favorably known, having had
house in this city for The report OF the
failure based upon the following dispatch:
SAN Francisco Oct 1o-The failure Of f. E. Nor
gans Sons shipping rm who are acting as agents Tor
as @ s @ nt begun against
the firm BY some London and San Francisco Dabks Ior
$1,000 Taer Liabilities ,ma on Re eGast M spe
ton In wheat by WacO the resident partner here aud
e M an asVanee m G The Grangers had
just passed resolutions OF confidence In the hrm.
Messrs. Morgans Sons stated that the first intOrma
ton which they had received OF the alleged failure OF
their San Francisco house was this dispatch. They
had telegraphed tO San Francisco for information and
up to p. m. had received news They were there
fore inclined doubt the correctness Of the assertion
In inquiries they said that their San Fran
cisco and New-YOrk houses were identical They did
not speculate either here or there and they supposed
that any trouble had occurred must have grown out
of the Granger" business the Pacific coast.
In explanation, they said that when the farmers
of California and Oregon discovered the extent OF their
prospective crops and found that they could get them
to market without the aid Of middlemen they deter
mined to act independently. They thereupon made ar.
rangements with MOrgans Sons to supply vessels for
the transpotOn Of the wheat to Europe and elsewhere
Forty fifty vessels have sailed with cargoes princ
pally to Europe. There some discussion aud con-
troversy at the time these arrangements went into
effect, but they had received advces some time before
that the matter had been adjusted and everything ws
working smoothly. II the San Francisco house had
failed it was owing to the fact that the Changers
had repudiated their agreement; but OF this
they had no information. Their New.York house
was perfectly solvent having no liabilities
out. Or course II the San Francisco house were im
paired 1t would tend to injure the NewYork firm They
expected advices to-day The Great Western Steamship
Company will not be affected in any contingency.
meeting OF second mortgage bondholders Of the In
dianapolis. Bloomfield and Western Railroad was held
yesterday at the office Of Thomas Denny Co.. at No SO
wall-st Messrs. Thomas Denny. jr j. p Adrsnce, and
Josiah B. Blossom appointed committee OF con-
ference confer with similarly authorized committees
Of the other mortgages with view TO amcable reor
ganzaton of the road Owners and representatives of
about two-thrds Of the second mortgage bonds were
present.
The following is the ocasresut OF the election at the
Gold Exchange:
President James COLGATE; First vcePresdent E. T. Brsgaw
VcePresiden W. hutchinson Treasurer L. Edwards
Secretary, VIM p. Wescott
Executive Commttee-C o. Mor. N Ewel H. R. Moore Town
send Cor UDderhb George Il. Kennedy VIM. Fitch James
Curphey, C. X. Newboh.
Bain James Seguan, George D. Arthur
W. Harmsn Brown. L. G. Meyer -
Committee Panshaw James, H. Cross j. H.
Tucker, w. H. Jamsop, c. Knobsuch.
Committee AdmissionW. b. Sanction " Desau G. w keeD
H. Bird II. G. Fuller r. C. Buck A. " Richards, v CastelfAnes
G. Garicha