New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-01-21
AGITATION IN STOCKS.

MOVEMENTS IN RAILROAD MISUNDERSTANDING OF
TIE PACIFIC MAIL DIRECToRs-NEw-YoRK RE-
LATIOSs OF WESTERN BANKERS.
Various rumOrs were circulated in Wall-st.
Yesterday causing eaton depression as they were
favorable or uufavorable In their character Among
the principal reports was that of tie oil
legged dissolution Of the Lake Shore Rail-
road Injunction by Judge Happen Of Brooklyn.
Ipouiry however obtained the official announcement
that the decision the suit had not yet been rendered
and would not be made public before Monday Inc
principal subject Of complaint is the failure OF the
Company TO comply with the sinking fuhd
engagements OF the trust deed Of July,
1870 under which the Union Trust Com
many IA trustee for tho first consolidated mortgage
Of s25 OOOOoO Upon inquiry of Augustus schcl at the
office OF the Union Trust Company it was learned that
the Lake Shore Company has complied with the shaking
fund engagements referred to- and has delivered to the
Union Trust Company 900 for the sinking fund Of
the first sodated mortgage bond namely $4,000 in
bonds covered by that mortgage aud 900 III cash
Later in the day i stated on .he street that, at
meeting Of railroad officials called for the purpose Of
advancing the rates OF freight 10 conclusion had been
arrived a. and that the meeting had adjourned uuch TO
tho dissatisfaction OF the who favor high freight
tariff This rumor although untru had the effect OF de-
pressing prices for a time
Tho directors OF the wabash Railroad held an eX-
tended meeting In the afternoon for the purpose OF con
response had been made to their demands for money on
their new bonds II Is expected that the maturing
coupons will have To be funded for the next few years.
Whether this scheme Will meet the approval oil the
bondhOlders romans To be seen.
Tnc Pacific Mail directors also held meeting bat ac
corilng tho statement Of one of them, did nothing but
routine business
The retirement OF the Cook County Bank OF Chicago.
and the alleged probable embarrassment Of several!
siderable discussion WIll-St. from the fact that q
New-YOrk house was also said to be involved
said to DO concerned, yesterday made statement 10
the effect that they not embarrassed by the
According the statement OF Mr.. Blonner-
hassett one OF the members of the firm,
b. F. Allen the senior member of their firm. and the
president the Cook County Bank, was probably the
richest in Iowa formerly, ana welded Il great
influence III the business circles OF that Stac some
time ago be decided 10, go to chicago ana open
freely asserted that he had come for the purpose OF
revouilonEing banking IN that city and drawing bust
ness from older instltuI. IONS These assertions
bad the effect OF instgatlng malclousy disposed
rivals to circulate runners prrindelai to M.
atiol vas broached in winch h. and his bank were not
not true they injured the bank aud creaed difficulty in
the transaction OF business Tie primary cause OF the
retirement OF the bank the failure TO obtain cX
pected aid from naucial institution with wnich ne
Chicago bank had relations. 1t appears that trust
company, the name OF which - Withheld by MI BIen
nerhasset received certain money 10 De place 10 te
credit Of the Cook County Bank for the payments OF l
this purpose, however. the trust company claimed
that the bank was indebted 10 the Company. aud
tanned the amount or the alleged ndrDt 'Gncss The
Cook County Bangs checks, drafts, aud other obgl-
Ons were not paid ana we're returned protested. MIR
Benne supposed that nrAen and his assocat
became discouraged ana concluded 70 suspend further
operations e wished 10 state, however at the state
National Bank OF Dcs MOnes Iowa. which Lud been re-
norfed AS involved was dong business usual; that
Alien, stephens Coz were not involved
and were paying the drafts Oh the Dies
Moines State Bank usual lnasmucn
as the Charter Oak Life Insurance Company had been
erroneousy mentioned the institution which prom
ised TO aid the Cook County Bank, but failed
10 give assistance, Mr.. BleDncrhLssett stated
that the Charter Oak Iiie Insurance
Company never agreed 10 advance any money
10 the bank never expected 10 furnish any, ana
never refused because u not asked On the street
IL was reported that Of the Western railroad, had
accounts with the bank, and would probably lose
.heory OF the bank troubles in Chicago is that the
people OF that city have been expanding too much III
Tue building ue ana carrying On speculation IN real
estate in advance OF the times In years past IL has
been customary for Western banks when they got too
full OF discounts, send paper TO their correspond
cnta generally banks IN TINS city, ana hayo the same re-
dscouneG; but tue Now-GOik cay Danhs are more con-
s.ryauyc Low than they were before the p'nis, and
hence there j. less OF this rediscOuntDg business This
NAV nave had something to do vita the failure Jl tie
Cook COuuty Bdnk.