The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1875-10-13
WALL STREET NOTES.

| w ALL L M Ed.
| THE LAST FUNERAL-MIssoURI PAcIFTc-A
SHAMEFUL ExHIBIr-ARE RAILROAD OFFICIALS
AMENABLE TO THE LAVA SHORT HISTORY
OF THE BANKRUPT ROAD AND IT'S CONDITION.
Yesterday at two O'Clock in the afternoon was en-
acted one of the most dsgracefu financial farces that
! ever took place in the neghborhood Of Wall street.
The hour and the place should forever be memorable
as in the Drcxcl Building in the offices OF the Atlantic
and Pacific Railroad Company the Pacific Railroad of
Missouri was ndecently buried The immediate gather.
ing Of the mourners in consequence Of the funeral
notice sent forth by the former friends of the deceased
that they would hold friendly consultation with all
concerned in regard to the propriety of
AUTOPSY on THE DEAD CORPORATION
Accordingly there gathered at the hour indicated
few gentlemen connected with the Atlantic Pacific
Railroad, few bondholders and stockholders OF the
leased road-Pacic of Missour-and the usual number
OF scrbes and pharisees; the former to report
the details of the obseques and the latter pay their
last respects TO old friend who was to be buried In
the grave with Wabash Northern Pacific and New
Jersey Southern. Mr.. Andrew Pierce the moving
spirit of the Atlantic and Pacific made few remarks
In derogation OF any hasty action report was read
in secret session. and then in reality began the cere-
mony for which the company had been assembled Mr.
Il.
ley, directors wanted to consider the paw
ment of the advertised dividend. Both
gentlemen named expressed a desire to put their
hands in their own pockets to pay the expenses of
the undertaken; altogether there was a audabe desire
to bury the corpse decently But before this pro-
gramme can be carried out stock bond holders have
something to say and it is just possible in Wall street
another
Gr1BoRD MAY REsURREcTED
with results which may convulse financial houses as
the poor dead Canadian printer has agitaed Montreal
slight recapitulaton Of the history of the road may
here be apropos II opened the commencement of
the late about half the way between ST. LOUIS and
Kansas City, its terminus 1t reached Jefferson CITY
the State capital and site or the Penentiary in 1886
after six years of slow and difficult work under the lime
stone bluffs OF the Missouri River In 1861 it had adj
vanccd to Sedaa and receiving the stimulation of the
jobbng times of the pushed toward
Lexington in the midst of hostilities and guer-
ias, and finally got to Kansas City the autumn Of
1866 distance OF 2S4 miles from ST Louis With its
many unproductve branches the line amounted to All
miles in 1872, and branched out Lawrence Kansas
aud to Atchison Much OF IL was poorly put down, and
the rains OF the present winter have at times washed
| up miles Oft
THE suIr or THE UNION TRUST COMPANY
In the year 1872 the Missouri Pacific Railroad Com
| pany leased for thirty years the ST. Louis Lawrence
and Denver Railroad short line running from Pleasant
Hill, Mo-, to Lawrence Kan, the consideration being
| that the ST. Louis, Lawrence and Denver Company
should issue 81 100000 Of first mortgage bonds to
complete the road, the interest bonds-$60 900
rental for the road The bonds issued and
l now in the hands of various persons The rental
was assigned at the time OF making the lease to the
Union Trust Company Of New York as trustee for the
bondholders Subsequently the Missouri Pacific Rail-
road and It's branches were leased by the Atlantic
Pacific Railroad Company and il is claimed that the lat
ter company, in conjunction with the ST. Louis, Law
renee and Denver Railroad Company rcscinded con.
tract for paying the $780, 900 without consent OF
the Trust company. No part of the rental il is alleged
has ever been paid and suit to-day instituted
United States Circuit Court by the Union Trust Company
4 MISSOURI COmDanV To
cover the amount claimed as due.
Directors-Andrew PIERCE, Joseph scligman, William
/ II Coffin and Andrew v Stout, New York; Clinton B.
Fisk and Daniel r. Garrison, St. Louis David Salonan
Thomas T. Buckley, James d. Irish, Cornelius j. Ber
i. Stone, New York.
oalcers-President and General Manager, Andrew
PIERCE, New York; Vice President, u. r. Garrison ST
Louis; Secretary and Treasurer Clinton B. Fisk, New
| York; General Superintendent A. A. Talmage, St
Louis; General Freight Agent, J. A. HILL ST. Louis;
General Passenger Agent, X. A. Ford St Louis; Audi
tor, G. l. White, ST. Louis; Chief Engineer j. W Way
ST. LOUIS Master Mechanic, j. Hewitt, St LOUIS; Pur
chasing Agent, W. ii. Patriarch St LOUIS Cashier j.
l.. Dearborn, 81. Louis; Land Commissioner, A L.
/ Dean, 81. Louis; General Attorney James Baker ST
Louis; General Claim and Fuel Agent, Charles W.
Rogers St Louis.
On July !, 1872 the management of these two corpo
rations were consolidated under the control of the
been operated as two diysIons-the Atlantic and
Pacific DIVISION including its main line OF 32s miles
and the Missouri Pacific division including the Missouri
Pacific and its leased lines 4257t miles
I THE DIVIDENDS GUARANTEED
on missouri Pacific by the Atlantic aud Pacific road
were as ioows:-Fve per cent to July 1875, six per
cent TO July, 1877 and thereafter seven per cent The
dividends agreed upon were promptly paid until the
last advertised, and about which 50 much feeling
has been expressed, but II is believed the same
have been raised by reckless borrowing of money tho
putting forth of mortgage bonds and by devices which
would be considered the of honorable outside of
Wall street There issued besides the capital stock
first second and third mortgage bonds land grant
bonds first mortgage real estate security bonds a 81
Louis county loan income bonds first mortgage bonds
Itcarondeict branch) Improvement bonds, and weight
lol debt enough to sink a nation.
The company gave lunches in their
II suMPrUoUs WALL STREET OFFICES
lind exhibited the products Of the region through
which their great cleemosynary road passed Even
lay immense stalks OF adorn their office cor
ers III Drexe Building bearing the golden grain grown
the luxurious American valleys OF the Missouri but
pr every Kernel shown to credulous stockholders
pine one is mourning a poor bank account some
urse is empty,
But to fctert to tho meeting yesterday. There
as scarcely an attempt TO gloss the bankruptcy
the company. A committee of conference APP
pinted consisting of the following gentlemen -. Il.
plgate, A b. Bays w. T. Hatch, G. r. Timpson and
tcob Cromwell, and until they decide what be
pnc to relieve the company all medicine is useless
In the last few days the stock has declined from 81
10, and II IS safe to sy thousands people ruined
It, The dividend doubtless was announced to sell
lock. To judge by the jolly men OF the directors IN
ie Office alter the business meeting OF
lem have been hurt by tho decline. There Is talk on
he streetof
ARKEsrNG THE DIRECTORS
" obtaining money false pretonces. II was in
rnally stated by director that the Missouri Pacific
as behndhand about $500 000 and that the Atlantic
al Pacific had advanced about ST 800 900 on 81 500 900
the latter's bonds The officers however were
stcent and stroed from the street with an air OF
reat seltsaslactioh. Ii is time that public indig-
IS 10 say the announced dividend is indefinitely
osiponed.