The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1878-04-21
New York and aer Railroad Facilities

NEW YORK, April 20-An important meet
ing was held last evening, in pursuance OF an
invitation from the heaviest merchants and
shippers of this, city, when an able address
was made by Mr.. Simon Sterne on the bad
treatment that New York receives from the
railroads of our own State. He said that
goods were shipped from Liverpool to Chi
defphia and Baltimore, at lower 't rates than
are charged from New York to the Western
cities; that New York merchants having
orders to fill for Chicago can make a saving
by sending them to Boston by sea and ship
ping them West by rail from that port.
Mr.. Sterne attributes the troubles in part to
an over-yaluation Of the capital of the New
York roads, consequent upon the watering OF
their stocks, and other similar devices. An
other ground Of complaint against the New
York roads is their failure to lower their rates
in correspondence with the amount Of their
business. The Legislature was called upon
to intervene and remedy SO monstrous an in
justice.
The Herald says: "We regret that Mr. Van
derbilt's letter, which we print to-day, was
not deferred until after the meeting Of last
night. Since we are curious to see what reply
can be made to the specific allegations made
in Mr. Simon Sternes speech, but Vanderbilt
may write another letter, and 1t seems incum-
bent on him to do 80, unless he is willing that
the statement put forth last evening shall be
accepted by this comm unity as true.
"He claims that the arrangements made by
the New York roads, within the last year,
placed New York shippers upon an equal
footing and gave to them the same advantages
as were enjoyed by the merchants OF any
rival city"
The Erie Foreclosure Suits.
NEW YORK. April 20.-In the suit of J. C.
Bancroft Davis against the Erie Railroad
Company, Hugh J. Jewett as receiver, the
Farmers Loan and Trust Company as trus-
tees, and others, petition was to-day pre-,
sented to Judge Potter, in the Supreme Court
chambers on behalf Of the plaintiff. The pc
titioner was, or rather is. the trustee OF the
first mortgage bonds OF the Erie Railroad
Company, and commenced an action for the
foreclosure Of the road, making the Farmers
Loan and Trust Company, trustee Of the sec
ond mortgage, party defendants.
Subsequently, the Farmers Loan and Trust
Company began suit to foreclose the mort
gage held by them, and Hugh j. Jewett, who
pie, was confirmed in both actions. In the
suit on the second mortgage, judgment of fore
closure and sale has been obtained, and ad
journed from time to time at the instance Of
Jas. McHenry and others.
In his petition to-day, Mr.. Davis states that
all the arrearages Of the company on the first
mortgage have been paid up, and there Is,
therefore, no reason for longer continuing the
action to foreclose the road. Under these cir
cumstances, he asks that leave be granted to
discontinue the action. He further states
that be has been made party defendant In
the various suits against the company, among
them the people, the Farmers Loan and
Trust Company, and that OF James LcHenry
and others in Orange county.
He Was thus necessarily compelled to en-