The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1875-01-24
WALL STREET NOTES.
STOCK EXCHANGE AcTIoN-FAILURE REPORTED
IN THE IRON TRADE--THE GOLD SITUATION

STOCK EXCHANGE AcTIoN-FAILURE REPORTED
IN THE IRON TRADE--THE GOLD SITUATION
SOME FACTS ABOUT c., c. AND 1. c.
The action OF the Governing Committee OF the
Stock Exchange IN advancing the rates OF com.
mission on stock transactions Is not regarded
with genera! favor, and 1t is feared Will result r
still further restricting business in an exceed
ingy dull period, when the principal profit lies ~
extremely short turns IN the market.
REPORTED FAILURE IN THE IRON BUSINESS
IL was learned rom Philadelphia IN the alter
noon. through private advices, or tue failure OF
iron firm, involving liabilities 10 the extent OF
$500, coo. Two large smelling companies are said
10 be involved, one III the western part OF Penn.
sylvania, to the extent OF $4,000 The paper o.
the other has. it Is said gone to protest. The
alleged bankrupt Arms doing business
commission merchants and agents, while the
owners OF several. furnaces.
THE SPECIE EXPORT MOVEMENT
continues to attract attention, which is increased
by recent advlces announcing that American
double eagles are at premium on the other side.
This IL attributed to the offer by the Prnssian gov
eminent OF premium TO induce gold shipments
thither. The following classification OF the
specie exports from this port for the week.
Gold coin o,g
silver bars and coin s.eiH
Total .................s3 o. 6os
PROPOSED ACTION OF THE COTTON EXCHANGE.
There will be a meeting OF the members of tue
Cotton Exchange on Monday, January 25 at
quarter to eleven A. NJ. TO act on the unfinished
business OF the meeting OF The 18th inst. with rel.
erence TO the form or contract for the delivery VI
cotton and after september l, 1875, and the
amendments to article OF the bylaws.
AUCTION SALE OF STOCKS.
Tue following securities were sold at public auc'
ton yesterday IN the Exchange Salesroom Tor the
prices named:-
20 snares Brooklyn Academy OF Music. ST.
500 prookyn Art Association, -
40 shares Mechanics and ,raoers Fire Insurance Com
pa,ny 40 p..a,u,o c.mn.u.,
~ shares StuyvesanI ire assurance Company i56ts
% SHARES pI.spurg For, wayne and Chicago Railroad
70 shares Eagle ere Insurance Company 2a2 -
SEQ Morris Essex Railroaq company irst mort
gag ssyen yer ssat S sSads % cen, po.n,v an
bona, lo5'a
c., c. AND l. C.
AS we approach another lnteres. date February
l, inquiry arises as to the possibility Of defaults.
THIS inquiry in the case OF C., Z. and |. &. has a
peculiar significance, inIsniucn as FEBRUARY Is
the perloa o. u secoud accrued interest payment
Upon the second mortgage bonus. connection
WIN winch deiault Is leared. Interest was de-.
iauted upon August l last and, under ,he terms
oil tnis mortgage, SIX moutns' deiault IN the
payment OF interest works a termination Of the
second mortgage lien and gives the mortgages
Inc immediate date right OF foreclosure; Inls
lew Gays. the current historian took advantage
OF the presence on the street yesterday OF gen.
which c., Z. ana !. Z. is denlIned and lamiliai
with Its belongings, to CLEAN soAe accurate IN.
formation Oh tnlS suuJect 1t was learned from
rms gentleman, OF whom II may De SAID positively
he Knows whereof he- speaks, there Is grave ap.
preneasion tnat Co. T. and !; q WIZ again aeiauls
second mortgage bonus, WhereupOn, that
lien Oeing al overdue oD!igauon ana conse-
Quenty POSSESSING tine power OF immediate
foreclosure, IL Will become necessary for the PITTS
burg, st. Louis ana Cincinnat Railroad, the
lessees OF c., Z. and c., To such releI from
tne court as will guarantee 10 them the Iull and
unulstui De0 possession OF their easehOld rights.
the precise form OF that application mas not yer
been Determined upon. 1t may call 1or the appoint.
ment o! receiver but the object VI IL VIA We to
conserve the rights Of the lessee as against the
ianre Of the lessor to carry utcertain provisions
OF the lease contract mus
THE ORIGINAL LEASE OF c., G. AND l. c.
to the fIttsuurg, ST. Louis anu CncasO Railroad
contained guarantee TO the etecs mat thirty per
cent vi the gross receipts would DE set aside land
sSua Se 81 a1e
disputes between the two parties 20 rnis lease AZ
to tue precise liability contained therein, the re-
suit was that shortly aIter its execution IN
amended lease was d avn up and sisned III winch
the guar antee OF the lessee III respect OF INTEREST
payments was limited 10 si5,ooo.o00 nrst
mortgage bonds aud SS00,0JO OF an obligation
against cue road mat had peen discovered be-
tween the execution OF the first ana second leases
v me not principal cause, there can be no
doubt that this une Xpected Development oil what
proved TO be prior lien. 1t pelng relerable to
lragmenrary roads OF which e., T. and l. Z. was
THE REVISION OF THE LEASE
and occasloned the drawing vi the instruments
which Is now known as "tne amended lease" In
This AMENDED lease the aDilny o. tue lessee to
guarantee interest payments Is clearly placed upOa
Sl5,sOo,0uo only, ana ID The same instrument the
lessvr mat Is, c., Z. aud Z. engages ~ iund the
balance Of s rn aeps IN income bonds as specify
as lnd0rser lOr PlttsDuIg, CINCINNATI and St
Louis OF course mas uniy tue same laollity Pits
burg, CINCINNATI and ST. Louis now claims tnat no
proper effOr. mas yet been made by c., {. anu l. u
IN the direction OF the lundins movement PROM
lsel, and certainly nothing accomplished. inns
Will help to make up the case oI fittsDurg, ST.
Louis and Cincinnati III Its application TO the
cou,ts Tor reiiei IN case O., Z. and 1. Z. snoud
again default IN Fe oruary interest upon tho
second mortgage bonds ana so leave the road open
to the cnances OF foreclosure. 1t Is worth
while to bear III mind, however, In this cOnnec-
tlon, that most ot the second mortgage bonus are
held by tue Pennsylvania Railroad Company, the
whole amount authorized not having yet peen
issued, and u, Z. and l. Z. CLAIMS tnat Pennsyl
wanna Central dld not give II tue equal share Of
eliminating on the contrary against them IN favor
OF Fort Wayne, another VI the Pennsylvania CON-
pany's leased lines. Hence any foreclosure pro-
ceedlngs. ON the Part OF tae second mortgage,
boadnOlders VIII be looked upon " tn grave sus
plcion and toe el act measure OF the Pennsylvania
Railroad Company's purpose therein carefully
canvassed. The present OF C., {. aud l. Z. Is
said TO be 81, 0oo 900, considerable PORTION OF II
funding the lonilng deDt mad been entered into
HANNIBAL AND ST. JOSEPH.
There was frequent inquiry on Thursday as to
the OCCASION OF the furry III inns STOCK, aud IL was
only learned yesterday that the decline was ~
consequence vi the introduction into the MISSOURI
Legislature OF u bill 20 repeal the act Oi last year
extending the time Tor tue payment oil large
amount of matured bonds. some holders IL
stated, have already turned In taelr Old BONDS anu
accepted the new bonds issued by tile State.
LOUISIANA FINANClEklNG.
Advices from New Orleans state that the courts
have declared the issue OF s2,5oooov stare bonds
on the VermlliOn branch Oi the New Orleans
Mobile and Texas road invalid. the courts ad)udg
ing as unconstitutional the act creating these
bonds. large amount OF these securities are heid
IN thus city.
TENNESSEE EXPERIENCES.
The repeal by the tennessee Legislature or the
third section OF the Funding bal, winch provides
for the setting apart OF revenues OF Inc state LOT
the payment oil interest, Is looked upon mere ~
meaning a possible default III the July interest,
and perhaps for some time TO come.
THE VALUE OF THE GOVERNMENT ENDORSEMENT.
The comptroller OF The CURRENCY has declared an
additional dividend OF IL per cent TO tue creditors
fno National Bank oil ChicoQO