New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-05-09
imitation idea oven in tho South and West will perish
for want Of u champion.
ON 'CHANGE.
THREE FINANCIAL THEMES.

THREE FINANCIAL THEMES.
JAMES II. Bankers HISTORY OF THE LAKE SHORE
CoMpIIcATIoNs-AN ALLEGED RAILROAD CoMBI-
NATIoN-FoREIGN EXCHANGE ACTIVE.
Financial discussion hinged yesterday mainly
upon the suit Of James H. Banker against the Lake
Shore Railroad Company and others me alleged combi-
nation OF the Rock Island and Northwestern Railroads
in aid OF the Chicago and Canada southern Railroad
Company and the alleged return FROM Europe of pro
tested bills OF exchange.
The suit OF Mr.. Banker against the LAKE shore Com
pany excited surprise. rs the previous history OF the
trouble detailed by The TRIBUNE had convinced many
that the CATION had not been abandoned various com
rents were made to tho motives which Inspired tho
complaint Some said that Mr. Banker was right in
trying TO recover his property others thought that he
was acting unsratefuly toward Commodore Van
derbilt who they alleged saVed MN from
ruin. A third opinion was that the SUIT was
not bona fde, and that the intention was
10 force Commodore Vanderbilt TO compromise without
bringing the case to trial Tho complaint was OF itself
history which had been officially narrated and
the fact that one OF the principals In the Lake Shore
spool" had given his version of tho troubles which had
led so materially to tho spread OF the panic excited
additional interest.
NEW RAILROAD RUMOR.
For several days past there have been rumors and
statements affecting the Chicago, Rock Island and
Pacific and the Chicago and Northwestern Railroads.
These statements were to tho effect that an agreement
had been left at the Office OF winsow, Lanier Co.. in
Pine-st signed by a number Of persons interested.
This agreement was UNDERSTOOD 10 DC In
effect that the Rock Island ana the North
Western Railroads were each to advance $780,
900 to complete tho Chicago and Canada
Southern Railroad to Chicago, ana other bondhoders
were to advance s2,OOOOOO, which it was understood
the latter mad agreed to do To pay this subscription
of S. OO IL was stated that the officials Of the Rock
leland were selling stock, and the decline IN tho
price was accounted for on this theory
With view to ascertaning what truth there in
these statements, an inquiry was made OF Wlnslow,
Lanler Co. They said that paper embracing certain
points relating TO the roads mentioned had been left
there and afterward taken away. IL was sufficient to
provoke agitation and discussion but did not rise to
tho dignity of an agreement at the time 1t taken
away.
Later application made 10 III. Kennedy director
OF the Rock Island Referring TO the street rumor which
related to the OF stock for the purpose of aiding
the Chicago and Canada Southern lie said it was false.
He had written letter the subject, but refused To
furnish copy OF it, to make any statement. John
T. Tracy the President of the Rock Island seated
near Mr.. Kennedy, but volunteered no information.
L. Sykes of tho North Western said that so far
the matter related his road there was nothing official
to impar Outside Of their official relations to the Com
pany he knew nothing OF the operations OF tho MEM
OF the Board Of Directors. John f. Tracy Is d.
rector IN the three roads mentioned.
Foreign exchange active on reports that large
number OF bills had been returned protested from
Europe. The day closed without any developments In
regard to the rumored return and protest Of bills
London At time it reported that tho bills were
returned to certain banking firm here, but this was
officially denied Then had IL that the bills were
drawn by German firm against petroleum to the amount
OF $4,000 sterling but this was soon exploded, as no
firm could be found who had drawn that amount Of
BILLS in the day another rumor was started that
tho bills were drawn by French house in the Mediter
ranean trade which was slightly embarrassed some time
ago consequence OF Improbable speculations This
runor also turned out to be false, as all the bills OF the
house IN question have been accepted Oh tue othcF suo
by responsible persons
President Russell sage says that IL untrue that the
Pacific Mail steamship Company intends to build nine
new II Congress grants the subsidy they VIII
build three, but il Congress refuses they will not build
these.
Tho stock market firm throughout the afternoon,
and the highest quotations OF the day current in
the final dealings the improvement ranging from TO Ii
per cent over the mornings quotations.
careful examination OF the affairs OF Capron Mer-
raIn tie brokers OF the Columbus Chicago and lnd3na
Central "pool" reveals improved exhibit According
to the report the creditors committee tho liabilities
aggregate 1917 O0 of which $29 900 were due to stock
and gold brokers' t39,75o TO customers, and $4,000
deficient loans. The each assets available approx
mate s27 OOO estimated claims customers which may
latter the total assets estimated at $llI50o.
RAILROAD INTERESTS
Alexander Mitchell the President Of the Milwaukee
and st. Paul Railroad, has arrived in this city. He
says that there Is no trouble on his road in conse-
auence the railroad law the passengers the
regular fare, and the Company forces them to buy their
tickets before getting the train He has no DOUBT
that tue law will be declared unconstitutional
The Erie and Atlantic and Great Western conference
has been fruitless as yet
proposed to unite the Lake Shore Ontario Rail
road and the Rome Waterfowl, and Ogdensburg Rail-
road under conditions which will afford them mutual
relief 1t said that NewYork capitalists offer to buy
an amount of bonds sufficient to raise the floating in
debedness and to become due within the succeed
ing months and complete the road to the Genesee
River this year. Upon the ratification OF the proposal
the Ontario Lake Shore Road Will pass into the
of the Rome Watertown, and Ogdensburg Company
and the proposition includes the procuring Of money
vherewith to build railroad bridge the Oswego
River to uuite the two lines and perfect the dow Of
fepht and travel between the East and West over the