New-York tribune., 1876-02-23
ANGLO-AMERICAN TOPICS.

NEW MIMDERs or TnE ROYAL AcADEMN-rHE
CFNTI NNIAL FUND BENEFIT.
irRox THE nYGUiAR coEKrsrosDENT or TIE rRrpusE.l
LONDON. Feb. 5.-It is to be inferred from Mr..
MacDougall's speech at the Emma meeting this
morning that there is a doubt about the validity OF
the writs already issued in the name of tho Com
pany against Grant, Schcnck, and others. The
lawyers don't to know their own minds so
well as could be desired. They thought the resolu-
tion passed at the last meeting empowering Mac
Dougall to proceed for the Company sufficient.
They have since 10 the conclusion that II IL
not or that there is a doubt whether
it, is. That far as one can make
out is the reason why service OF the
first set of writs against Schenok and his fellow
directors was suspended. 1t was stated this morn
ing by Mr.. MacDouGall that. under the advice OF
counsel this meeting had been called TO confirm the
resolution aforementioned adopted JAM 20. The
difficulty seems to be that the decd to be executed
by Mr. MacDougall TO the company to hold them
harmless from costs, had not been executed at the
passage of the resolution That has since been done
Mr.. w. +. Robinson. q. c., drew it, the Companys
solicitor approved it, Mr.. MaeDougall signed it, and
it has been duly delivered. The chairman enume-
rated the other steps no had taken and referred to
the wrts against Dir. Albert Grant and Mr. Pueston.
and two Others against Park and Stewart which
have been sent to NeY-NOrk to bo servcd-shOuld
writ from the Queens Bench happen to run there.
As to Mr. Schenck, Mr.. MaeDougall remarked that
fresh writs bad been issued aid would be served.
Mr. Scheuck. said the Chairman, might possibly
attempt claim the privilege Of bis office as repre-
sentative of the United States but that privilege
would be taken off his back By his Government II ne
attempted TO cover himself with it. The Govern
Iuent, he thought, would never allow u man who
occupied the position of their Minister to refuse to
4 aiicay win III
moned fear Mr.. MacDougall has never heard OF
the under fire" theory. In New York. he added,
they had no Leicestersquare to blind them, and the
citizens of the United States had yet to show they
were so careless of the national honor as to tolerate
such plea should Mr.. Schenck attempt it, lie him-
self however did not believe Mr. Schenck would
seek to evade his responsibility in that way III he
should, it would cause. at most, a temporary delay
This is all that passed as to Mr.. Schenck hut MI
Grant upon the scene in the person of his con
6dential clerk. Mr.. Ridley. Through him he de-
cared his perfect readiness to meet all charges ana
his consequent willingness to see this resolution con
frmed Bat as the rirtuous representative OF other
shareholder he should oppose it. For some reason,
however the shareholders body do not seem T.
place implicit confidence in Mr. Albert Grant. They
will not give him their proxies. He has Lot even
been able 70 far as known, to complete the 10000
shares (one-fh only Of the wholel needed for that
reQuisiton for another meeting we lately heard OF
by circular. His opposition to-day was equally IT.
ehectua. The resolution was adopted by large
majority and Mr.. Grant did not venture to call for
stock vote, Mr. MacDOugail still holding the three
6fths of all the proxies with which he has been
intrusted Dir. Smell, the solicitor of the Company,
told the meeting that they had taken the opinion OF
eminent counsel as to the legality of the resolution
und meant to 20 ahead. There much ether talk.
Int II ia evident Mr. Ma oDougau is heartily sup
ported, and We are likely 10 hear more news heNt
week. Let turn now to more agreeable topic
Aremarkable circular has been issued by MeSsrS.
Barring Brothers & Co. respecting the affairs Of the
Eastern Railroad of Massachusetts,. That company
like so many Others is embarrassed. and cannot pay
the interest on its bonds. The American share ana
bondbolders have voted to fund the coupons due the
current year. and to issue bonds for the amount
The Sterling bonds on which interest is Thus in de-
fault are put on the London market through MesSTS
Barring Brothers The amount was G60O,OOO, or
$4,000 900. The loan was brought ont in the usual
way and nobody so far as know, then or since
has questioned Messrs. Barring Brothers gooi faith
in the matter anything tboy did Or said abont the
loan They however, now come forward 90 an
nounce that " having shared the general confidence
reposcd in the Company ana It's management to
the extent of specially recommending the Sterling
bonds as an investment to many persons they beg
bonds and pay the full interest on the Sterling
bonds issued b. them, as usual, on the Isl March
and 1st September in the present year." Mr. Is this
ALL At the s.pc meeting IT resolved 10 apply to
the Legislature of Massachusetts for authority 10
issue new mortgage bonds secured on the entire
property of the Company but bearing for the first
three years only 3l2 per cent interest, al for the
next three 4lo and that holders of existing pei
cent bonds be requested to exchange them for the
new bonds which after the FIRST years acc to
hear per cent interest ALSO Messrs Barring brothers
therefore announce further that il this arrangement
lie carried out they will pay the bOndboldcrs the
d dfercnce between the original interest and the
reduced interest viz. 2l2 per cent fr three years
and 1l2 per cent for three following years.
The net result of all this is that Messrs. Barring
Brothers propose to pay out of their own pockets
10 the Sterling bOndhoders OF the Eastern Raili'aI,
In the course OF the next seven years, the sum OF
clos 900, OF more than $50, 600, gold. need not
say that the BaTings not under tho slightest
legal obligation to pay single penny OF this large
sum ] do not suppose any bondh0dcr has Dreamed
of asking them to pay it, Under no code of fnan-
cial morality now recognized in London or else
where can they be deemed TO lie under a moral oh
LEGATION 20 pay it. All the more honor to them.
They have acted as their own sonsc of honor and
their own conscience dictated. They do not choose
TO have it said and felt that clients of theirs had
lost money by investing in securities they had
specially recommended. Their act IL one which En-
glishmen aud Americans alike may be proud of. for
the head of the BIrings is an American, ana wbeh
glishmen reproach us with Park, ana stewart,
and Schenck. we can do something better than reply
that Oakley and Albert Grant are as bad as they.
We can claim Mr.. Russell Sturgis as a countryman,
a. -, 6.