New-York tribune., 1875-05-13
AGITATION IN CERTAIN STOCKS.

AGITATION IN CERTAIN STOCKS.
. DIFFFRENCE IN REGARD TO THE PROPOSED con-
TRACT BETWEEN PANAMA AND PACIFIC MAIL
UNAVOIDABLE REPORTS CONCERNING ERIE AND
WABASH.
Panama and Pacific Mail stocks were dis
trbed yesterday by the statement that the TWO com
panes had failed to arrive at agreement, despite
the negotiations which had been pending so
long and that a rupture probable Panama
dropped from 1j4l2 10 IA, and Pachc Mail
from 43l, lie Representatives OF the Panama kai
road denied that there any trouble but persons
speaking for the Pacific Mail people said that there was
decided TO the terms OF the contract Vice
President Scott OF the latter Company stated that
the contract TO have heen signed yesterday
A. originally made ii very simple matter
specifying the principal points that the Pacific
Mail Company pay the Panama Com
pany $4,000 month whether II sent any
freight over the railroad not In return
the Panama Company pledged itself 10 transport 5000
tons freight monthly for the Pacific Mail All excess
Of receipts traffic furnished the railroad
by the steamship Company over the previous year
was to go the credit OF the latter and
TO be deducted from the $4,000 monthly
Yesterday the contract was presented ny the Panama
officers and instead OF plain and simple agreement II
was full technical points extending over IL pages o
legal-cap paper. There clauses in 1t which
the Pacific Mail Steamship Company never
agreed 10 and would not sign. The Panama
Company demanded that the $4,000 should be PAID
in gold. No such agreement was made Then IL was De
manded that money should be onehaf gold and one
half paper. This Mr. Scott refused to sign Then
there were stipuatiOns passengers baggage which
had never been suggested before and he could not sign
the contract until so amended as to conform 10 the
Erie was also disturbed Yesterday by unfavorable
stories relative 10 the proposed sale OF large portion
Lackawanna aud Western Company the proceeds to be
applied o the payment Of the July interest
Wabash declined from 12s 10 IL ON reports that the
stockholders their meeting In Toledo Yesterday Jailed
devise any for the financial reei OF the com
pany.
THE MASTER MECHANICS CONVENTION.
DISCUSSIONS ON LOCOMOTIVE CYLINDERS. on TIRES
AND AIR BRAKEs-ADDREss BY PETER COOPER.
The American Railway Master Mechanics
Association continued the sessions OF Its annual Con
venton at the Cooper Institute yesterday The discussion
ON ths subject Of the day before, Locomotive Boilers,
was taken M H. g. Brooks, President of Br0oks's
Locomotive Works Dunkirk ". Y, exhibited drawing
OF cylinder invented by Nj Roberts Of Titusvile
Penn whose name is well known In connection with the
invention Of torpcdoes blowing out oil wells This
new cylinder double the length Of the one Of old style
having a doubleheaded piston. the exhaust aperture
being arranged Of the cylinder, that
the exhaust takes place immediately when the piston
the end of its stroke in both directions thus pre-
venting Of the expansive OF the steam until
the piston has performed its full stroke and relieving the
engine of back pressure An engine TN THIS piston
1t Is claimed. be steadily Al the rate of 90 miles
hour. -. g.
gard to engine the construction OF which he had
superufrpded half century ago for the Baltimore and
Ohio Railroad. The cylinder OF this engine was only
three inches diameter The average diameter In the
eng,pes OF the present day u from 10 20 Is inches III
st remains . matter Of dispute whether Mr.. Coopers
engine manufactured Ut schenectady was the nfst
engine on the Baltimore and Ohio line -,
The report Of the COMMITTEES On the De ystTm OF sg
mails for ritrosd read and approvod Inc rePor
of the Committee on locomotive snd tender Wheels was
read The number Of broken tires reported ior me year
32 Of these were on the Lake snSre M snG n,san
Southern Railroad IN several OF which tne
va caused by intense cold One tire, reported ny M
0sxAsm Vi tes Ls0kAvsaas sud Bl0QpSDvrg hasIsso