The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-10-27

y,
como extent At the first board to-day, Harlem fell of
~ per cent. Erie Railroad Y Long Island "; Can
Con Morris Canal p and an Offset to this gene
xal Decline Reading Railroad adv. need u Per cent
snd advance offered for Reading Bonds without
sales.
At the second board, Long Island advanced y per
cent Farmers Loan u Harlem declined a.
Bsrings Circular of American Stocks that thew
have been quiet all the week The few transactions
which have occurred, lave been United States 6's
at 90 to9t per cent and Massaohus Sterling
Bonds at eSA per cent, div. The other atoms
are nominal, but without stock pressing on the mar.
ket United States 6's 956 to 96H Alabama 5s 81 to
3d. Illinois 6's 81 to 81 Indiana State SIS As to AT
Kentucky 6's 81 to 50 6s Sterling esq.,
ex div. sellers Maryland Sterling GO to s. Mississp.
p 6s 60 do. Sterling sc II to 10 Michigan 25 to 80
New York State SIS So to o. Ohio 6s 81 to 50 Penn
sylvania SIS 65k to 673s South Carolina Palmsrs, to
81 do Barngs' "a to So Tennessee SIS S. to 49, New
York City SIS so.
There il an Independent bank now in operation in
Mexican county, Illinois 1t has large amount ofbills
In circulation in that and boring ooun ties which
Is quite current there The principal proprietor ia n
merchant, doing large business in that county The
Grand Jury of the county consider the issue legal and
it will probably be kept up long the bust oon
tinues profitable. The people of Illinois are much in
want of sound and safe system of banking and tn
Legislature, about converting will doubtless adopt one
somewhat similar to that in successful operation
An this State.
The Syracuse and Oswego Railroad has been opened
TO within FIVE miles of Oswego and trains daily pas,
over the read. The travel thus far has more than
equaed the expectations of it's sanguine frsnds
and there is doubt but tina. it will prove a proata
BILE investment.
We learn that the Treasury Department has de-
cded that lamp hangpgs, or prsms composed of glass
and meta are manufactures Of which glass is a CON-
ponent material not otherwise pro vided for, under
schedule of the tariff of 1886 and has the
collector Ia refund the difference between thirty and
forty per cent heretofore exacted and paid by imno
ters in all where the forty per centum has bssn
paid under protest.
1t Is stated, that the books Of firm that failed re-
Gently in Boston, show the payment of S25 0oo as
extra inter est money, within short period This 4,
by no means IN isolated case. There Is hardly mar
camille firm in existence that has not submitted T.,
this system Of shaving and in tight times many con-
Germs, completely bankrupt and upon the eve of dis
solution, have paid thousands upon Thousand of dol
lars, which have been many thousa uds vn from
their creditors and paid into the ha of ths Sbv
locks Of the day. This system of swndliar has no
oouo IN majority Of instances, been submitted to
WIN the nope OF sustaining the commercial position of
ahe parties paying the bonus until they have found
aheir OF nd.lon utterly hopeless and have nay been
compelled to suspend Ia 1887, several houses in this
city paid more than one hundred thousand dollars
each, In the shape of extra interest. and finally
tailed at last paying their creditors but sixty or
seventy cents on the dollar whereas, had thew
stopped payment whom they frat became embar
Tassea their creditors would at least have received
larger dividends, and perhaps been paid in full
Inc moment a mercantile firm places itself In
She hands of these Shyocks its fate Is sealed tbs
longer it e. es on the deeper it gets into dutss and
as assets ispd'y dwndle away and its creditors get
the shells. and the note shavers get the oyster
There was case in Boston, SEINE years ice wbere
large and wealthy ing bee anne
embarrassed in its financial afssN aud at once de-
fermined to suspend payment This announcement
,created considerable excitement the wealth and re-
sources OF the house were well known its credit
|oIthe h'ghest character At meeting of the credi
Sors OF the concern which was held the day of the
suspense it was shown that there was large sur
plus; but in consequence of the difficulty of obtaining
money to meet their payne nts rates of in
rerett would have to be paid partie the ability
of the concern to stand heavy shsves was universally
known, and would und oubtedly have been taken ad |
vantage e. was stated by the senior me mber OF the
house that the object of suspe avoid such
exorbitast shaves, and to AXE some arrangement
10 meet their payments. without endangering the /
interests Of their creditors In necton with these
remarks, offer was made of bonus of S25 O0O over
and above the legal rate of interest an caotast
who world carry the concern through it's difficulties
This proposition at accepted the house re-
eumed ment and the note shavers Of State street
lost the piucking of Of the fatest pigeons in the
market. ne policy of this step, at the time was |
much doubted; but the principle involved was very
important one--one which every mercan tile house !
should well weigh before submitting the enormous
facrfces demanded by those in whose power they !
may find themselves 1t is better for creditors
rally Oh there may be to the contrary that
the assets Of their debtors be placed their
abe earliest stages Of bankruptcy. Those whose de-
mands ARR at maturity early day may com plain
as their claims would probably have beer be-
fore the atts all used by the pay Of extra
Interest hut majority Of the creditors would be larger
Iosers the debtors themselves would be placed in
! more uncomfortable position, by an abortiye at.
tempt to weather the storm
There are at this moment ia this city hu dreds of
houses, which daily in the habit OF paying at |
the rate of twelve and eighteen and per
cent per annum for money to meet their daily pay. |
ments, 10 susaina credit based upon nothing sus
tain their position in the commercial com munity at
the expense OF their creditors Thousands of dollars
are, In tLis way daily paid into the hands of note
shavers which should have gone into the hands
of their dtors and bankruptcy exists but is dis
guised sometimes for years. before It becomes known
to thoee most interested 1t is matter Of astonish-
ent how long this rotten state of thirgs can be kept
from the public eye and what desperate assures are
resorted II in keeping it secret. During its most
hopeless stages, the most extravagant system of
penditure both in private and business affairs kept
mp, until finally explosion comes, which creates
great excitement for time, when it dies away, and
the fact that there hundreds of others upo the
brink of the came precpice, is lost sight Of until
crash succeeds crash and revulsion begins, which
ends In almost universal panic.
The annexed returns of the Bank of England for
several periods widely separated, show uniformity
ofmovement in the issuing department very different