Year: 1875

THE PACIFIC MAIL AND PANAMA CONTRACT
rHRowINo WESTERN UNION STOCK OVER.
BoARD-RUMoRs OF THE STREET, STORMY
MEETING OF THE ATLANTIC AND PACIFIC
TELEGRAPH coMPANY-THB LEGAL TENDEs
QUESTION IN THE BOARD OF rRADE-ANoTHEE
INJUNCTION ON ERIE.


An interview with Mr. Trenor Park President
the Panama Railroad, yesterday revealed the fact THAI
the contract with the Pacific Mail Steamship Company
about which so much had been said last spring-wa
formally signed to-day by him and ratified by tn.
Board OF Directors OF the steamship company; Mr.
George 8 Scott the Managing Director of the latter
company, signing for IT, Mr.. Park said the arrange
ment equitable for both companies and that
all inharmonious relations removed there could
be no doubt of profitable business in the future
When ask ed In relation to the present


COLOMBIAN REVOLUTION,
be said that the neutrality OF the sthmus guar
anteed by both England and the United States thai
in any damage done the Colombian govern
would be liable for all damages, which the com.
pany would deduct from the subsidy they have pay
that government Mr. Park further said their road has
never been so economically run as during the last
months since the completion Of the Union Pacific Rab
road


rELEGRAPH RUMoRs





as the stock of Western Union ratified down quite
pancky mapner the early morning trades and did NOT
much thereafter closing in the later dealings al
the lowest prices of the day. HERALD representative
waited prominent bankers and brokers get theii
the situation One gentleman Exchange place
said. in effect" There is for alarm fan
the general speculative public is concerned; Jay
Gould has sold out his Western Union stock without
doubt he found The load too heavy to carry. He
obliged protect Union Pacific which he has really
linked his fortunes and as he had TO suddenly meet his
call loans, he gave the street his telegraph stock without
much regard to cost He must have sunk immense
fortune in his endeavor TO ADVANCE values at such
time Of universal mercantile depression" :"


A well known speculative banker discoursed on this
subject in this wise:-"Gould must have taken at least


THOUSAND SHARES OF WESTERN UNION
stock, in addition TO his line, when he sustained the
market after Duncan, Sherman h Co failure and
Friday last when he support the market on the
news of the failure Of the Bank Of California On Sat
uTday he large seller also yesterday and to-day
to loan to-day in the board and there Of the
rupture OF all negotiations looking to consolidation with
the Atlantic and Pacific Telegraph Company"
There failures reported in the street. and
unusual excitement at the Exchange AT the office OF
the Atlantic and Pacific Telegraph Company there
meeting Of the directors and although members OF
the were admitted and no authentic reports OF
the proceedings were given stockhoder told the re-
porter later that the meeting was stormy one that 10
intimated Mr. Orton and Mr Gould had quarreled,
and that the latter ready to coalesce with other
parties to the damage of Western Union This, how
ever is only given without Endorsement and part
Of the gossip prevailing during stormy times


THE UNION ADAMS FAILURE.


Yesterday HERALD reporter visited the counsel Of
Mr. Adams, No Ill Broadway and q member of the
leAl firm stated that his client had formally made
assignment to Mr. E. H. Wooten, OF Washington place,
and that the was duly filed in the office OF the
County Clerk Mr.. Adams is reported as saying that
his business has worn discouraging aspect for two
years, and has been affected by general trade troubles


ASSIGNMENTS


Friend Pitts, well known up town dealer in notions
and fancy goods yesterday fled in the county clerks
Office assignment OF all his property, including his
stock of goods, In favor Of John IL y Glassford to
whom he gives full power of attorney to dispose Of all
assignment is that he debts which he cannot pay
In full The assignment in the case Office Sheppard
also fled


rHB LEGAL TENDER QUESTION
brought up at meeting OF the Board OF Trade In
this city yesterday, and the Banking and Currency
Committee passed the following preamble and resou-
ton:


whereas the currency question having assumed tho
grave importance to manufacturers merchants bank
es agcultusts and aborers of all kinds behooves this
tons and reports may materially assist in shaping the
future financial policy OF the ana country and
public meetings should be held in this city, at which all in
commercial difficulties should have tie opportunity Of at
tending and at which prominent public holding
press those views that subsequently report be pub
lshed by the board conveying such recommendations to
Resolved That the Executive Committee of this board be
requested take such action this matter will best give
effect 70 the suggestions contained in the preamble to this
resolution


the Hon. John Sherman, Chairman Senate Finance
Committee Hon. William d. Kelley, Senator John b
Gordon, Hon B. f. Butler, Senator Frelinghuysen,
David A Wells and others


ANOTHER INJUNCTION ON ERIE.


The Treasurer Of the Erie Railway stated yesterday
that they had been enoined by the Court from paying
the interest on the consolidated mortgage bonds They
arc however, authorized to pay the interest on tho
second and third mortgages due today