The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-07-06

Ing to the long string Of bondhoders waiting their
tsrn; hut IL 10 by plessant to walt from 10
O'Clock in the morning till in the afternoon, aud
have the ONE close before 1t your turn COM
Dtning you to commence the same routine the next
morning. There Is, however, help for IT. Mr. Bouck
sticks strictly to the law and with patience all will get
their interest in the new, bright yellow boys About
threequarers of tho gold received at the custom house
for interest the pubs debt goes direct to the banks
where 1t Is exchanged for bills.
The Marine and Fire Insurance Bank Of Savannah,
Georgia has declared extra dividend Of four dollars
per share their stock, payable in the new stock
suhsrised DO issued by the act Of the last Legs-
latsre
The first instalment Of i've per cent on the subscrp
Mons to the Hartford and Providence Railroad have
Been called In.
Under the general railroad law passed at the last
session Of the Legislature, company has been duly
gsnsed for the purpose Of constructing railroad from
Syracuse to Rochester, the most direct and eligible
route. The adopted for the corporation is 1.-THE
Direct Railway between Syracuse and Rochester" &C.
neral Beach, Of Rochester is tie President The engi
neer Is 0. w. Chids Esq, the late chief engineer
the canals Of this State The surveys have already
commenced. 1t is the intention Of the company to
thoroughly survey and fully examine the line, so
that when the maps proles and plans presented,
they may be relied on Those having the matter in
charge have full confidence that the length of
the line will be less than eighty miles, and that the
grades will be of the most favorable character Roches
ter is about 100 feet only above Syracuse the face
Of the country which the line will pass is favo
rable be desired. The present road is 1O4 miles
long, and passes several SUBMITS Of considerable
elevation. This was indispensable in reaching the
towns along its line such as Canandaigua, Geneva,
Auburn &c. Under this view, the line proposed cannot
be said to be parallel or competing 1t will be i'm
portant improvement that its and bu-
sness are entirely beyond contingency If the survey
sustain the views Of the directors OF it will
link in the great central line, and must be sure Of
large share Of the through business
The ruilr, ad to Oswego is progressing rapidly aud
will soon be finished. This road will be completed in
less than year from its commencement, with sub.
santial iron rail, at cost Of $4,000 per mile. The
whole capital is only $350OO0 which may b. increased
to $46000O The length Of the road thrty-ve miles
over most favorable ine This work has been prose-
euted with quiet energy that has surprised all who
are Informed how near 1t is done 1t will be an i'm.
portant road By it Lake Ontario is reached, at the
shortest and most available point, both from New
York and Boston. oswego is nearer to Boston, by
railroad than Ogdensburg, besides being 100 miles
nearer the West
These roads making Syracuse an important rail-
way centre, like Springfield and Worcester in Massa-
chusetts
During the excitement attending the suspe nsion of
the largest and Oldest houses in London, and the
made from day to day. of the stoppage Of
concerns which had for so many years enjoyed, and
continued to enjoy up to the latest moment tho most
unlimited credit, created such panic in the public
mind that the grossest rumors circulated, aad
under the oircumstances generally credited In the
midst OF this revusion in credits and revolution all
IDEAS OF commercial integrity it reported that the
house of Coates and Co., of London, had failed and
shat they had not balanced their books for eighteen
years. that there had not been regular stock taking
Tor that whole PERIOD and that the accou nts were il,
total confusion that the house had been insolvent
since the memorable American panic Of 1887, that
large portion of the assets of the had been
seized in America; and that instead of dividend to
all the creditors aceor ling tho showing of the es
tate, some would obtain full payment and the general
dividend be reduced in consequence and that tho
house had fraudulently preferred Mr.. George Pea
BODY, an American creditor, who a personal
friend. These were the charges made against this
house by the different public journals of London
at the time. Messrs. Coates & Co. permitted these
statements to remain uncon tradcted kno wing that
the whole facts Of the would come up upon their
examination in the Court of Bankruptcy. SO far at
all events as the position of their accounts and the
condition of their affairs concerned. On the 7th
Tuptcy stated that the books of the had been most
correctly kept and regularly balanced In fact it is
nom the books having been well kept it results that
She balance sheet has been satisac tory made out
Tbis Is q sufficient refutation of the charge which
must have originated in the mind of indivd sal
~ it ia seen it had no foundation.
regard to the statement that the house had been
insovent since the American panic of 1887 it is equal
~ false and groundcss 1t is true that at that time
report abroad that they had stopped payment or
would be compelled to do so in consequence of which
they anticipated the payment of every Obligation and
removed their names, either drawers or endors-
srs on bills, at once from the market. On the LIST
Of September 1914 years after the American pa
mic of 1887 and four years before the British panic Of
1S4 the capital Of this house. after series of heavy
lssses appeared by the balance sheet f147I7 IL
9. This shows the abeence of truth in that charge
and shows conolusively that years panic
spoken of, the firm had capital partly invested in
American stocks, Of about seventy thousand dollars
As for the other chargesn fact for the whole list of
ehargesthe certificate Of tho Court of Bankruptcy
sufficient to disprove them all. For tho purpose of
showing the opinion entertained of the members Of
this house by the commissioner Of the court
the remarks made upon granting the certificate -
"His honor then proceeded to give Judgment. The
assentes deserved great credit for bringing the facts
of this before the court in the manner they had
DONE Assgnees were trustees for the body of the
ditors, and had most important duty TO discharge
towards the court and the public He had often heard
the hardness of creditors complained of but his long
experience in that court had taught him to believe
they in general most forbcarDg aud indulgcnt
class The whole complaint against the bankrupts,
after all, resolves itself into this that they had not
exsmnt into their affairs as to ascertain their po-
sition. and stopped sooner than they had done 1t
also said that they had taken an unwarrantable and
exargeI aed view Of their affairs in 1874. After most
careful cenid ration he must say that in the justice
Of the latter allegation he could not concur AS to
Il former complaint he must say there great diff
fculty in fixing the period wherein they ought have
stopped They went on hoping TO retrieve their affairs
and the whole he could not attach much
fore, grave decisive against these gentlemen; but
there were. he thought, many circumstances which
ought to egh in their favor The facts that Their
accommodation bill transactions. and tina
their expenditure had been extremely economical,
were highly credable to them; and, considering that