New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-10-07


They say that the earnings of the road were suf-
foient 10 Justify the payment of the dividend on
preierred stock for the two years ending September
1878 but through the deficiencies which we're DIS
covered in the accounts Of the Gould administration
there was no sufficient balance applicable to the
payment of the dividend on the common stock.
Capt. Tyler's report will be issued immediately
RIJMORs AND LIriGATIoNs IN wAIL-sT.
xxpoRTERs INCoNvENIENCED By EMBARRAssMENTs
ABRoAp-FAmURE OF STOCK BRoKER-ERlk-
xosrCIAIR AND MIDLAND RAILROAD CoMPI1cA-
11oNs-A LITIGATION THAT MAY LEAD TO DIS
CLOSURES.
Business circles were flooded with runlors
yesterday. and the reputation of several promaehe
houses assailed. The dispatches OF the previous
day announcing the failure and OF sew
eral large South American firms with London coaheo
tons stimulated reports of financial troubles IN Lca"
which IL was limited would react NevYork Astno
day wore il reported that Foreign cAo"""eo
and an exporting house were Ia trouble Noposiu'oi
formation however, was o6tainaee Ihe eAeHa"So
house was said 10 lost largely by the fainre o.
Kaufman a Co.. who had put out large duanuheso VI
bills The is that some exporters OF gOou fep"'
who have been ceiling plain bills OF ehchanee' arc n
furnishing doeumentstbat is, bills OF adng etc., WIN
1ese bills The object OF this is plain to all VINO are
yersed in business affairs The purchaser OF the Dill con-
,,o,s the shipment OF goods. and in the event OF
,ure Of the seller the former has the merchandise as
collateral.
AT the close OF the DAY only failure announced was
Mat OF H. A. Patterson stock broker. who makes
feature of quick the market. but latery mas
sold puts" calls" and " straddes." The latter
orerst ons embarrassed him and Obliged HIM III
accordance with the rules of the Exchange TO send
notice as follows: ~. &C.,
g. H BRoADHEAD, esq, President Ne~-loTk STOCK LII
DtIR SIR: Iregret exceedingly to announce my IN
ability TO respond differences growing out OF puts
and calls. Yours respectfully, H. A. PATTERSON
Puts and calls not regarded as legitimate ous
ness by the Exchange and disputes arising are io'
considered proper subjects of arbitration in that BODY
Enc was one OF the in the days speculation
based upon the report of the auditors John j. hernan
received the following dispatches IN relation 10 the
matter: ,vnov 10, 4
The English stockholders OF Erie Railroad Com,
Inc accountants for time since have been in
vesgatne the monetary ana other ~ 70 the eject
hat the two years dividends OF the preferred STOCK emu
ne of the road and leaving balance appca
he 70 The dividends of common stock and that when
was warranted but for the deficit OF ISL
The Erie directors had no information except wnat
wac embraced in the above dispatch.
The bondhoders of the Montcair Railway met yester
day at No Liberty ST. to listen to the report OF the
committee appointed at a previous meeting to consider
the condition of the road and their relations 10 Inc
committee submitted report detailing the CONDITION OF
the road the amount required for the right of way the
amount needed to complete and equip IT, etc The re-
port stated that the second mortgage bondholders nau
offered TO subscribe this sum, which would amount to
10000 provided that the AMOUNT made prior lien
over the first mortgage. This the committee recon-
ended should not be done but advised the continuance
foreclosure suit begun by the foreign oondhoders
and the purchase Of the road. In pursuance OF this
course Il was recommended that the b0ndhoders should
leave their bonds with the New-York Life and Trust
Company, the proper certificates and pay the
necessary to accomplish the end in view
The report accepted but action was deferred until
Nov. 8, the date of the next meeting
The and Oswego Railroad complications still
continue and the following have been appointed by one
Get Of bondhoders trustees to out scheme OF
foreclosure John Z. Williams, President OF the Ma
tional Metropolitan Bank; H. NJ. Alexander, L. j.
strastny H. Bennerhassett Theodore Houston present
seoretary Of the Company. this party OF bondhoiders
succeed, the will be known as the New-York Mid
THE CLEARINGHOUSE.
The annual meeting Of the NewYork Clearinghouse
Association was held at noon at the Clearing house 10
wsllst The following officers were elected for the
eDsung year:
Cbsm.n-Cbarles p Hunter seresy-A F. Reddng Manager
Gearing house CommJ,cOS D. vemlye, Moses Taylor Henry
VAL Robert Buck John L kyshtt Pail, Cha. 1.,.,h Ia.
SenSsr cCm,;se Consock Morrison
James D Fish william il. Cor AeI,ndsr Gilbert p..,
oSnS sesIsin or 5SSn Ssr9.T a. A'
lrti COmmttee-R. VI.
bridge Geo ". Duer n. p. Palmer.
The total transactions OF the Cearnghous for the
pear amount to s24l6SO2 49, aud the total transac-
lions since its organization, period Of years amount
20 &4ll, 730,464s4G 81.
PACIFIC NAIL LITIGATION.
The Pacific Mail steamship Company mas begun a suit
against Richard B. Irwin, its late San Francisco agent
for s75O0 which he is alleged to have Appropriated
without making return TO the Company Irwin was
the agent OF the Company at Washington during
the stockwe administration and procured the subsidy
for IT, He has alleged that the money went into the
pockets Of people who instrumental in causing the
passage of the bill. President Sage says that there Is
nothing personal in the suit as it has been brought by
order OF Board OF Directors, who determined to
ASCERTAIN what has OF this large sum. They
have the checks upon which the money drawn, but
no vouchers show how it spent If 1t was spent IN
the service OF the Company. The suit promises to
6evelop some intere phases OF financial adminstra
ton and If prosecuted vigorously disclose corrup
ton. Appended a copy Of the complaint obtained
from the Company:
supreme Court-The Pacific Mail Steamship Company
Agt. Richard b. IRWIN. The complaint of the pialntn.
who appears in this action by Henry = Bennett, It's
attorney, respectfully shows TO this Court
FIst That during the period within which the trans
hereinafter set forth took place. II was and Is
now a corporation duly organized under the laws Of
Second That on the oath day May, 1872 the City
NewYork there came into possession OF the defend
ant while acting confidential agent Of plaintiff and
as its trustee. and in the course OF his duties
sssooSo in six aiferenf fnstallments. IN
swoHnts as follows: one instalment Of .sso,oOO
OF $4,000, usallment OF $25,OOO
one installment OF $4,000. one instailinent OF
ike amount, go 900, and Que instament Of 5000
That said money aud the whole thereof was and Is the
property OF plaintiff and that the defendant had and
has upon, interest ill., nor right TO IT, or any
portion Of IT, custodian for the benent OF plain
Third: Tina, plaintiff has duly demanded the same
from defendant but that defendant has refused to pay
the to account totpiaintn for SAID money OF