The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-05-30


doubt the attendance will be large and that sdch mea
will De adopted will lead to immediate
tablishment of such an institution. Such concern
is much wanted in the community, and the rapidity
with which large portion of the stock filed up Is
evide that the right kind of men have hold of it
We have previously suggested the olicy of this inst
tuition adopting the system of rcdeeming uncurrcnt
moey, similar to that perfected by the Suffolk Bank
of Boston, and again would impress upon the minds
of these having the management OF this bank the i'm
portaice even the necessity of such system in this
city Applications have been made to the Legislature
Of this year after year. for the passage law to
compel the banks of this State redeem their notes
or bill Is in this city; but the influence the country
banks Mt Albany is great that every effort of the
kind has been defeated, and the abuses which
have bscome onerous, still exists The only way
the country banks to redeem their bills here
and any bank with sufficient capital, and proper
determiu alton, compel every country bank in this
State in less than nix months to redeem their issues
in this city When the Suffolk Bank, of Boston, start
| ed the syatcm it met with much opposition and the
New Enga nd banks refused to have anything to do
with IT. but little coercion brought them all to the
point and with one excepton-the Bank of St Adams
every bank in the six New England States
bills in Boston. The bills of the bank which has not
adopted the pan at four and per discount
and the circulation limited There many dry goods
houses in this city that pay from three to five hundred
dollars annually in the shape of discounts
rent money. Those houses must BIO in favor of the
system, and there is good in the world why
the country banks should not pay the bonus instead
Of throwing it upon the merchants Of this city 1t will
ensure them more extended circulation, by making
their bills current in all parts of the State We hope
this subject will receive deserves
at the meeting of the dry goods merchants on the
31st inst.
The aggregate amount of coal sent to tide water from
the SchuylSl region, this season, up to the Goth in
slant, 507 ST. tons, against 1861 tons the
period last year. showing increase of 81 ss4
The increase in shipments by the Schuylkl canal,
this season. compared with last, is 47544 tons;
quently the quantity transported by the Read
ing Railroad this year, thus far, is 1860 tons
css than that transported during the same
period last The Schuylkn canal has this sea-
son done very fair business; and there is
doubt but that 1t will this year transport three
times as much coal as last year The Reading Railroad
has about rs much business be carried with
the present facilities of the company; and the proba-
bty is that the income, gross and net, will be about
equal to that of last year The supply of coal from the
Schuykill region this year. will exceed any year pre-
vous; but without additional transportation
in receipts will be equal to the aggregate in
crease in consumption. 1t is fortunate for
that the Schuylkl canal is in condition transport
much greater quantity of coal than it did year.
or there might have been shorter supply upon
the close of navigation than would have suited that
class 1t is almost impossible with all the increased
communications with the coal regions keep the sup
ply up with the demand. Last winter an exceed
ingly mild one and prices for coal were moderately
high; had the season been usually have
have doubt anthracite coal would have reached
very high points.
The failure Of the house of J. Hogan Co. of Liver
pool reported in papers received by the Hibernia is
mistake, and we authorized to contradict it.
The receipts of the Canal Railroad, Connecticut
from the 18th of April to the 18th of May S4335
90 This road connects at New Haven with the New
York and New Haven road. The construction of this
last named road is progressing very rapidly. The rails
have already been laid from Bridgeport Fairfield
| will soon &c completed to South port In about two
months the line will be open to New Haven when the
cars will be put and run regularly between that
place and Bridgeport. About the 18th of October the
track between Bridgeport and the junction with the
Harlem, Williams Bridge, will be completed when
| the line will be opened its entire length. This will
complete the connection between all the. railroads of
New England and this city, and ope communication
which has long been wanted. The Jew York and New
Haven road must be of the most productive roads
in this section of the country it aust not only
| mand a large portion of the travel between this
| city and tho east, but must for time command
the bulk of tho travel between this city and Albany
| during the close Of navigation the river What
ever benefits the Now York and New Haven road must
to certain extent benefit the Harlem, their inte
| rests partially identified The two roads are in
good hands; both companies clear of debt. and will
when completed, cost less than any others located
as favorably in this section of the country.
The Hudson River Railroad is progressing rapidly
between this city and Poughkeepse it will proba-
bly, be completed to that point in the course of cou-
pie of years. The line is graded for long distance
and portions Of the track will be ready for the
| rail- The cost Of this road will be immense and will
greatly exceed the largest estimates The stock
selling in this market at So per cent Notwithstanding
| the payment of per cent interest its par value)
which per cent below the old stock of the Har
lem upon which not single cent of interest has ever
yet been paid and probably will not be for more than
| a year at least
The canal lands and water power, along the line of
to be put in market during the months May and
will not be sold until September thus giving purchasers
time until the marketing of their crops BIO ready with
the money. 1t is also contemplated to give credit on
portion Of the purchase money
| Stock Exchange.
5000 do b6o 1925 50 Canton Co. opg VIZ s sIISSs
100 DO o2s loo q, bf5afcrs 8