New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-01-18
FINANCIAL FEATURES.
LAKE SHORE r. r. AND THE GOVERNMENT.
TELLGRAPHIC RELAIIoNs-sTOCX EXCHANGE GOV

LAKE SHORE r. r. AND THE GOVERNMENT.
TELLGRAPHIC RELATIoNs-ST0CK EXCHANGE GOV
EMINENT.
For several days past it has been rumored
that there hat been begun Investigation into the
affairs of the Lake Railroad Company with view
compelling IL to pay some 100000 alleged TO Do quo
the Government on Of internal revenue taxes
Inquiry elected the statement that proceedings had al
ready been begun to compel the payment OF $4,000
Investigations have been ordered covering the remain
ing sums which It Is claimed are DUE aud
accountant are in Cleveland obtaining the material
for a report to the Internal Revenue Department A.
Washington basis OF action Is tho asserted failure
Of Lake Shore Company to pay i've per cent taxes
on q stock dividend which declared In 1871 H.
According balance sheet issued by the Company
the cost OF the road was represented 10 have been
s452I3l Dec. 81. 1871 On Jan 1872 the cost OF
the road was represented to have been s5i79os7 50.
showing an increase during the night OF s2jl,7d ~
This stated to have represented stock
dividend Issued by the Company which no dividend
had ever been paid, Tho Government claims nvo per
cent on thus dividend the claim aggreRatng A6loT H.
and the claims in tho two suits aggregate s52i,S57 H.
Inquiry at official has elected the toilowus
statements:
f. C. Worcester Treasurer OF the Lake Shore Railroad.
said that he did know that tue government had
ezra issue of stock lie was very reiccLt on the
ject OF the difference OF over s90OoO IN the reports OF
IL would take too long 70 give I proper g ,,e et
planatOn OF the reasons why the two reports dneGed
But what the Government had To do with that dlnr'
he could not perceive He admitted tna represent'
atives OF the GOvernnent-"ho, ne salu ought 70 Do
very expert in other businesses but who knew nothing
OF railway visiting the Offices OF tho dif-
ferent railroads of the country purpose dad
ing out whether the companies did not owe the Govern
ment something for taxes ana although IL was NOT pos
sble for such To make correct examination 81
complicated set apart for ne purpose
still tho companies according 10 tue Government, mus
submit TO their decision. Tlis ne thought was uldstA
Why did not the Government proceed IN TINS matter
before II they had any just claim Simply because they
knew the claims not just As tue Government has
held back SO long, the only recourse now
be adopted was q sut at law, aud tina,
. long process. Tie timo had passed WheH
the Government could this claim, II made. distras
upon the companies, rs The claim was made for SUM
that was due over Il months, and tue law distinctly
specified that time. Tue OF this sudden reactos
the part OF the Government was the change OF the
Department in which railroad matters were attended TO-
aud more time and attention are now devoted ~ The
subject lie did not know Spat any Investigation was
going on IN Cleveland more than haa oeen gOiDg on az
the mead offices OF all the railroads IL the Governments
claims that the difference between the two sums Of 49,
2l$2 49, reported as the cost OF the road Dec 81 ISL
and s6O3sS 50, reported the cost OF The road on
Jan. 1874 caused by extra issue Of stock that
thing; but the amount Is charged In tue bal
the cost of road" the Government could
have claim In his opinion for 1--WE per cent upon tue
amount OF difference As he has not heard Of any such
claim. be could not talk undersardngy about tue SUD-
director OF the Lake Shore Railroad said be had
heard fiUQr on the street that the Government had
made O claim On the Company for i've per cent on tue
adherence between tho reported balance sheets OF Dec.
81, 1871 and Dee 81. 1871 Tue director then turned TO
this difference 50 ISL T54 IS III one night How tnls in-
had been made he did ESI Know nor could ne
personally OF the asserted Government claim OF nve per
OF the claim for 100000 for revenue taIes aa
he had heard nothing positive VI any special i1teshsa-
zion VI the Lake shore Railroad.
INTERCHANGE OF TELEGRAPH BUSINESS.
Tie bill introduced into Congress requiring the tee
graph companies to interchange business and pro-rsn
charges whenever their several necessities require d
has attracted great deal OF attention IN wat whore
he IA re- arda "A n WEI the
Union and Atlantic aud Pacific Telegraph Companies
II expected that the bill will be reported favorabI
should 1t pass however 1t will DO the beginning Of
"a bitter between the two telegraph papies,
the Western Union will never consent 10 share Its sob
ties win Its rival.
This telegraph bill is regarded by the orcurs OF the
Atlantic and Pacific Company entlUely fair, and as
requiring lilo more than ought to be required In the
by them that the CUSTOM or charging for
never been practced oy telegraph company In tbs
country except the Western Unlon. aud the Western
Union does not charge for extra work
ness received from telegraph companies with which s
cut and OF several other states requires
OF the present bill is TO place the telegraph interests
throughout the country on common footing. Mr.. Or
ton President Of the Western Union Telegraph Com
pany said yesterday that he considers the bill In
tended affect Walst, and that It Is aimed
legslate concerning the terms of transfer gives
MS opinion that there Is chance for the passage
legsste In these matters than II has to establish tho
rates OF transfer between the Pullman line Of SUD
STOCK EXCHANGE AMENDMENTS.
The Governing Committee OF the New-YOrk stock Et.
change adopted amendments to the Constitution Of
which the following the most important. In place
Of Article XXI. on Commissions, the following is cub
stituted which takes effect Feb
The shall follows. Of
the value other securities Sheu no
for aud 0ucghtn Of cue yer cent
all When the transaction speculative
than this rate Tor
Peoos arms members Of the Exchange for any banking
other Institution.
On all bought sold for members OF the Rrcbsnge the ts
shall be Of eni On oe par value
member merely bues sells suOher And substitutes DIS pndph
the business hours Of the day OF the Transaction In Which o.
the commission shall thn thirty Of one per eos
the value.
Commission shall be CHARGED under all circumstanc psh.s
sales stocks bonds other securities either for members Of iss
change other and member violating this srue
SeeIy OF Rdey :a. apeo CONVERSION cease Dc @sne :. @
membership housve shall Be subject 70 the provsoss sas
XIV Of the Consaon regards OF members Of sA hheoAags
who creditors sreh persons
Whenever Commtee Adnsoas ma On exan
lining doing easne- rccAes
shall b. reported 10 tse 0enax
Committee majority the whole COMMITTEE shah De-
clare ineligible for resdmssicn
member lshsngs shall b allow I'd 70 nfs n partner snr
danes he parted VI
tssn ssgss&sas u9a 80 iasstN0a eapgA N