The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1851-01-16


what similar. There Is csrnsr in each, and it must
have It's course
The receipts at the Office Of the Assistant Treasurer
Of this port to- day amount to 1862 GA o. psyments
$7l,2ib 20 Balance ss,lsS GA a. 1t will be seen by
this that the deposits in the Sub Treasury rapidly
sccumulstipg having increased since Saturday Taste
more than half q million Of dollars
meeting Is about being held in Philadelphia, to-
take measures for memorializng the Legislature OF
Pennsylvania for law establishing system Of FREQ
banking In that State similar to that which BEEN
80 long In successful operation in this The Governor
of Pennsy lvanis In his late message strongly
mended the State stock security system and suggests
the proprety Of the Legislature passing Law author
izipg the establishing Of similar during tae pre-
sent session OF the Legislature. Governor Johnson
says t9 ..ssa.F
GA system of banking, based upon State stook1s
under proper restrictions, recommended TO the at
tention of the Legislature 1t is thought that the
Dsnsng eTs 70 " nots
Of banks of other States found in circulation among
our peoples the inability Of the banks with safety to
their credit to accommodate st all times the active
bona .fde business demands Of the country aud the
large opeI atoms in tho nature private hankin daily
srate that facilities demanded to secure
a healthy deveopement OF our resources Any con-
siderable extenson of the present system is hardly tn
be anticipated 10 it desirable if permanent
basis for such operations can be devised Free bank
s to It 3 NOT to
den expansions and contractions more secure from
and offers undoubted security to the note holder.
Should the stock required be the loansof the Com
tries to which annually sent millions Of the public
the discharge of the interest to the resident citizens
would lead TO the expenditure OF equal amount at
home thereby aaording employment to the people I'm
dustra institutions, and in various works of beauty
and taste. II this rysem is favoraby regarded re-
49, atrtnr
pledged would be directly advantageous to the trea
suryn
The Mad River and Lake Erie Railroad Company
have executed second mortgage on the road and pro-
perty Of the corporation for million Of dollars.
Eight hundred thousand dollars of the bonds issued
under this mortgage will be sold at auction in the
Merchants Exchange, on Tuesday, the 21st day OF
January, Qnst.) at IL O'Clock. The first mortgage
the read amounts to FIVE hundred thousand dollars.
The two nortgsges amount to fifteen hundred thou
sand dollars, for which the whole property Of the
psDy is pledged.
Independent Of the securely thus afforded and for
the purpose Of ensuring the right Of conversion qua
rsnted to the bondhoder twenty thousand shares OF
the capital Stock the par value Of which Is fifty dollars
each have been placed in the hands of trustees This
railroad company was chartered in 1882. It is now
completed, extending from Springfield through tho
towns Of Urbsna West Liberty Bellefontaine Hunts
vile, Richland Bellecentre, Kenton Paterson, Carey,
Oregon, THIN, Republic, Lodi, and Bellevue, to ssn-
dusky City, distance Of. .13l miles:
1t has q branch to Findlay, also completed,
And an extension to Dayton to b. COM
pie'sd' of.''. ....'.'.... 1S7a
Making the total length Of track. .17s1< miles;
By means Of the Little Miami Railroad, with which
1t connects at Springfield regular trains pass between
eandusky City, Lake Erie, and Cincinnati on the
Ohio river Another railroad 10 in the Of
construction from Cincinnati to Dayton striking the
Great Miami Valley near Hamilton, by which another
route through very populous and highly cultivated
region win be opened between the same points.
The authorized capital Of the company 10 s40ooooo
There has been created AZ equal to So s5s
6oo but of this 10000 shares amounting to $5o0ooo
are placed in the hands Of trustees collateral secu
rity for bonds issued under the rst mortgage leaving
37elo shares, amounting to $1,S50,6oo Of which 800
are unsettled for which certificates have been is
sued The actual number Of shares therefore entitled
to dividend SO 40 shares On the LIST Of une 1850,
the financial affairs Of the company presented toe an.
nexed exhibit
MAD RIVER AND LAKE ERIE RrnRoAp
The amount Of capital stock by the books,
On the alst May III: authorised and 70
created were 800 OF $1,000 each, OF
which had been Issued 4sl, ....... ASH coo 90
the balance being now In hand
On the rame date the floating debt of this
company consisted Of
Bills payable. .......... $2is,4e9 ~
Circulation checks not re-
turned. ............. $50 26
balances OF accounts.... 127,0s0 a.
377 2o5 %
Balance due dividend fund. ......... 3s7s2 97
Dividends uncalled for. ............... Ass %
s27ii sos %
which has been charged OF as follows
Construction Of main road
and depots, and right OF
way. .SlsT6,63s l5
Findlay branch. ......... s9,5S7 IS
Dayton extension. ..... Ice $40 O2
Cleveland surveys. ....... sea 81
Equipment. ............ 3o2,5Gs rs
Property hand. not re-
auired for use OF road. :. 30s1eo 10
-s27i4,S os %
The coet Of the main line Ia thus shoxn "a have