The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-02-16
MONEY MARKET.

lating our financial commercial, and manufacturing
interests. All these interests have hitherto BEEN to
certain extent monopoes they have been incorporated
companies by act of the Legislature, requiring a
charter giving certain privileges and facilities The
rights which these companies have obtained, and
the privileges they long enjoyed by their charters have
given them advantages individual enterprise and
have been by democratic in their tendency
results The first movement towards abolishing these
mcnopolies, made in the establishment of the free
banking law In 1887 by the party in power That
law opened the door for any deposting the proper
security with the Comptroller to establish bank issue
bills discount notes establish banks with powers
every respect equal to thoee enjoyed the old safety
fund banks. When that law first adopted, It was
very defective and many of the banks first establish
exploded, and bill holders heavy losers; since that
period the law has been from time to time improv-
ed, but it is still imperfect, and bill holders by
no means properly protected, we have seen by
the recent suspensions. Several propositions have
been made to alter and amend this law for tho
better security of the bill holder but the party
in power In the Legislature have other views In
lston this bill and all others regulating the establish
ment Of companies for the purposes of banking insur
manufacturing and all other companies having
capitals created by IN issue Of stocks. banking
bill has been introduced into the Senate the most impor
tsnt feature of which the adoption Of fund somewhat
similar to the old safety fund.- MAIDS up by contributions
from each bank in tho shape Of Now York State stock
The basis Of the circulation lie the capital paid in We
are informed yet of the details Of the BILL and have
Idea Of the amount Of the contributions to the fund
Of the proportion of paper issues to capital Of the
rty Of this capital and the guaranty required that 1t
has been all actually paid in, and dozen other impor
tsnt matters necessary to know before expressing
opinion es to Its merits or dement's
The new manufacturing law, recently adopted In ths
State, will give great impetus to this important branch
Of industry 1t opens the business to any ind vdusl
any company, wishing to get up stock capital, and
governs them s by genersl principles 1t lays down the
rules the regulation and every one
commencing the business must be to the rectric
lions imposed and any conforming to these rules is
aberty carry any branch Of manufacturing This
does away entirely with the necessity which has until
now existed for obtaining charter from any company
formed and all the lobbying and g-rolng necessary
to get favorable charter from the political party which
may any time be In power. The business Is now open
to ell; and We have no doubt there will be very great
increase In the amount Of capital employed In will
do build up this interest than any legislative
act ever before passed
There 10 an attempt making at Albany to get up an
insurance law but the bill introduced Is abortion
and 1t should be adopted would derangs the whole
system and compel merchants and all others wanting
deficient In insurance capital and the effect of the
BILL would be to reduce the amount below the present
sum We have, in two instances at least experienced
tho folly Of having such limited amount of capital
poyed in this business Twice the insurance compa-
MES Of this city have cleaned completely OUT twice
they have been ruined and ruined hundreds in their
fall They daily and nightly In danger Of heavy
losses know not when another Devastating con-
Migration may sweep them again from existence. H.
the sors the height Of folly to propose any bill calcua
ted In way to reduce the insurance capital In this
city There appears to be In the bill now under conei
deraton disposition to destroy the companies Of small
capital and the object Of 1t evidently is to consolidate
the business in the hands Of the companies large CAPT
tails and prevent that wholesome competition 80 neoes-
sary for the protection Of the insured We want
raj law In this as we'll as In banking and In msnufac
turing Establish general principles for the regulation
of all companies and the greater the number that 80
into operation the better There Is danger Of too
much capital going into this business the only proteo
tion want is that in relation to foreign companies
The annual report of tho South Carolina Railroad
Company for the past year. gives detailed account OF
the operations OF the road and the financial condition
Of tho company for the year lsa7;-
sorrH CAROLINA RAILROAD, ls47.
Gross receipts from all for the year. 1885 55 80
Current running expenses for the year.. 3oS 4s0 10
. I.
This Is fraction less than the ratio Of forty per
cent Of expenditures to receipts. The payment Of in
terest on the foreign debt takes sos IT. and the
July dividend Of se3,lAa rs. make an aggregate OF
$2Ol sos 81 which deduc from the net revenue, leaves
res-rvs Of $3.50 so 49, applicable to tho obligations
contracted In the construction of the Camden branch,
md the improvements of the main track and the In.
crease of the motive power and other facilities.
The above statement shows an In the receipts
of ls45 of $50 9t 0 and increase In the net
Of S72722 49, notwithstanding the deficiencies in the
last three months of the year The company have In
CURED expenditures to the amount Of s2sl 400 for the
increase Of locomotives depots, construction OF the
Camden branch Sc. There now on the road 3s To-
oomctves 10 passenger cars 1872 burden cars 60 plat
form care stock oars 40 canvass The capital OF
this company Ia represented by "a 500 shares at $7b
making aggregate Of 50 go 600 which, with the DEBT
Al makes the total coct Of the road 80 49,
80? Al which is represented TO be $32 o7 0s less thaa
the actual value of the road and the property OF the
company. or the Indebtedness 50 900 is funded
foreign debt by the State and redeemabe In
1865 at psr cent interest The funded debt to State
bearing interest at per cent s5o Oo and floating
debt Of S3o266a. or this floating debt 100000 Ia
cash note credit to tho South Western Railroad Bank
The amount paid In on tho stock Represented by the
company Ia the SIS per share leaving twenty i've
dollars each share, which may be called In at AIRY
period deemed advisable On the completion Of the
Csmd den branch not less than 900 shares will DO
presented which at SOS per share, amounts to $1,000
600, whlsn deducted nom thu fandsd debt, would
lssss but 81 ,27 oIo to be provided for 10 1855 u IL
recommended In The report 10 increase Abe cspt steek