The New York herald., 1875-09-22
WALL STREET NOTES.
THE GHOST OF ERB-THE WESTERN UNION
FIAsco-MR. GOULD PROPOSES ANOTHER CON-

THE GHOST OF ERB-THE WESTERN UNION
FIAsco-MR. GOULD PROPOSES ANOTHER CON-
soIIDATIoN-UNIoN PACIFIC DEcIs1oN-FAn-
URE OF A CANADA BANK
Sir Edward Watkins exposures OF the true condition
Of the affairs OF the Erie Railway Company, published
In this column yesterday we'll tho damaging facts
reported at a meeting Of bondholders in this city,
caused decline Of about per cent in the stock yes
terday, and although it closed fraction beyond its
lowest point it was plain be that the advance
was occasoned by the shorts who did not want TO
go home
AT OF ERIE GAMBLERS,
than by any actual strength of the speculation HER
AID representative yesterday told by member Of
OF the old boards that history did Erie
present such hopeless prospect now; her equip
ment" he said "is poor; the broad gauge can never
pay profit travel freight the running expenses
being nearly eighty per cent of the gross receipts,
while the bonded and floating debt and extravagant
pendtures make it impossible that any issue but fore
closure result" 1t seems ptiable that such in
trnscaly great property should have suffered so much
from the rapacity of Jay Gould, only to have fallen
upon of bad times, cormorants, jobbers and
stock manipulators.
The adjourned meeting Of bondholders took place
again yesterday, and further proceedings looking to
foreclosure were discussed.
GoULD's WESTERN UNION FAsco
was made apparent yesterday. 1t conceded on the
street that he had lost the stake for which he had
played and his teegraphic control be confined
to the Atlantic and Pacific Telegraph Company, whose
line and business should become valuable account Of
the business arrangement with the direct United States
cable. story is aaoat that short time since Mr..
Gould waited on prominent officer of the cabo com
pany-whose was gven-and desired to know If
the Atlantic and Pacific Telegraph and the Direct cable
The answer, as reported, about follows and it
seems better sarcastic reference could not have boon
made to Goud's reputation abroad. "No," said the
officer, ''our company is owned by English, German
and French capitalists not dollar of American money
is in it, and there prejudice in Europe against you
it being stated tnat you corporations for your own
benefit and profit while profess work for the ad
vantage of our stockholders; thus consolidation
with you can be effected"
UNION PACIFIC RAILROAD
Tho suits of the above Company appellant, VS.. Nc
Shane treasurer and others, coming up an appeal
from the Circuit Court for the District of Nebraska
decision was rendered by Judge Miller yesterday which
VIII be found IN ertenso elsewhere. The HERALD cor
respondent interviewed Mr. Fisk, of Fisk & Hatch
to the meaning of the litigation, and informed that
the suits grew out of the desire of the railroad COM
pany to pay no taxes lands not patented and that
lands would not be patented until sod for further in
formation Mr. Coburn of the Central Pacific Railroad,
referred TO, who stated to the writer that the
Union Pacific contested the assessment OF taxes for
State school and local municipal purposes because they
claimed that the alternate sections OF lands granted
them-the United States holding the intermediate
strips squares-were exempt from such taxation
This has been in effect decided but where the gov
ernment has issued the patent the lands taxable
whether payment of costs of survey, &C. has been
made to the United States or not
FAILURE A MONTREAL BANK.
II was announced on Wall street little after midday
that the Mechanics Bank of Montreal had suspended
Inquiry established the fact that the losses in Canada
will be serious, but not likely to trouble here It
is significant however, that pancs trip upon the heels
of such disasters and the cyclone OF financial trouble
not yet TO have exhausted its fury. In the
of the Mechanics Bank the defalcaton of cashier Is
the given for suspension. The telegraph gives
the following igures:-
CapCal pau up... 40oOUU
Deposlts 3ozUOO
Total $90S 900
Specie. $4,000
Dominion notes Observation-Disclosures. $50
on other banks. Observation-Disclosures. 10000
Loans. OBSERVATION-DISCLOSURES. CPS 900
Overdue debts. $4,000
Total 1858 600
Real estate. ...................... $1,000
Total 1920 GOO