The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-05-23

The feeling In relation to American credit by no
means improved by the from this side The view
taken OF our affairs is expressed follows Of the
London journals =
70 see country in possession of e aggregate wealth
ana natural adv antages of the United States with pub
nc deb deserving the name with little public virtue in
her CITIZENS as to leave the government practically nsol
vent is considered anomaly in modern times and to
In commerc a point of view il is little better thana state
Oh anarchy for there security for the interchange oil
commodities except by the aid OF the metals The unyer'
sally acknowledged representative of value which in mo-
dern time cramps the energies and confines them within
relatively narrow circle. Whilst such state of things
remainswe cannot look for revival extend
ed outlet for our manufactures
Another paper remarks as follows
The miserable state of the American finances and the
evident inability OF the executive to go without loan
continues topic of much interest the commercial
and moneyed classes in the city 1t is universally taken
for granted that strong effort will to raise the
largest portion OF the money in England and that all the
usual means and appliances we'll the loan
obbers and their inferior agents will be put requs
ton, to lu the public into security that it will be a per-
ecty safe investment. Warning therefore cannot be
given at too carly period that the past situation and
Duct oil the American central government in respect to
the pubic DEBT afford no guarantee that be relied
upon for the future after the examples have had of the
state executives backed by their legislative assemblies
pudailng the most sacred'pecuniary obligations.
With prevalent feeling such is here described it is
not surprising that mprov should be made in the
prices of our public securities. Upon the whole. the
state of commercial affairs in England bears close
sembance to those of this country. In both a heavy
ducton has taken place during the past year the
rency of the banks attended by heavy failures of both
banks and indy iduas great reduction in the prices Of
commodities, and now when the remaining banks
anxiously seeking suitable for the funds
The sagnntion of the markets prolonged by the agta
ton Of and the uncertain Of both governments
the tariffs The settlement of this question upon both
sides Of The Atlantic, would seem to open the way to I'M
rovement in business
We understand that only about 5000 900 of the United
States loan has yet been TAKEN Mr. Forward has been
here several days in order to enter into negotiations for
the loan, but returned to Washington Saturday
noon. He has made certain preliminary stops but has
found some difficulty in completing the negotiation. He
did not go to Boston,
The Bank of Illinois shawneetowu has published the
following notice =
BANK OF ILLISou
Shawneetown May 4th, 1912.
At meeting Of Board Of Directors this day. it
Resolved That this Bank resume specie on or
before the 18th day of June next.
BY order OF the Board
JOHN SIDDALL Cashier
1t will be remembered that the Cattsk and Canaoharie
Rail Road and the Ithaca and Owego Rail Road both com
panics to which the State loaned its credit the
of the FIRST and ss5 the last failed to pay
the interest They have been sold consequence by
the Comptroller.
The Cattskill and Canajoharic Rail Road knocked
down. after considerable competition for Sll 600 to Mr.
Amos Cornwall of Catskil and his associates. This
roads completed for twenty eight miles and is in opera
ton to Cooksburg wentysix miles 1t will undoubtedly
be kept in operation far completed and if not the
iron is believed to be worth more than the amount bid
The Ithaca and Owego Rail Road was sold without
competition for $500 Archibald Mcintyre Esq of this
city This road is completed and has been in operation
for several years Mr. Mcintyre large stakeholder in
: lie h.l
the road.
stated that the directors OF the Bank of Amsterdam
have made arrangements redeem its bills in Albany to
take effect in few days