The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-06-27

SIMEON pIaPefs regular sem weekly sale of bonds an
stocks viii take place at the Merchants Exchange
morrow, Cuesdsy) at half past twelve O'Clock.
The Grocers Bank has declared 81 mi annual dv,aa,
| of three and half per cent.
The receipts at the Office Of the Assistant Treasurer
this port to day, s146 ro rs payments, $751; so
/ 4S--balance, 50, Ice. 1893 &C.
Our Southern exchanges speak rather unfavorably o
financial matters in that quarter The recent failure
several large houses in New Orleans intimately
ed in business transactions with the State Of
will, undoubtedly lead serious emba rrassment among
parties " that region who accustomed TO rey upon
what arc usually called facilities. We know however
mat there Is q large amount of wealth in Mississippi
and that apprehension need as to the soand
ness Of men that State doing business on proper pr
cipes The existing st.ingency in the money market in
that section will doubtless reard tho progress Of even
such work. OF internal improvement there as are iuslv
entitled to public confidence and ssary lead TO the
speedy explosion Of such schemes have gotten
up Tor the purposes of speculation and depend sue
cess on the gratues Of Congress and the Gro utility Of
Nathern capitalists The vicksburg papers Of the 10th
inst state that fifty miles of the and Shreve
port Railroad have recently been put under contract
and some confidence ID the work will be
prosecuted with ygor Having no report upon
the financial condition of the company and our az
changes containing statements the subject we are
not prepared to decide what extent this confidence
well founded
In the Sentinel Of the date we find an elaborate
report from member of the Vicksburg City Council
arguing strongly against the validity Of the cys sub
scrition of Sl6S to the capital stock the 80 call
ed Southern Railroad Company. If the facts contained
In this report true (and the writer speaks of them
as generally conceded) the illegaty of the subscrip
tion is manifest. The amount of stock subscribed
when the company organized was about s4lO OOo
II from this amount be deducted the city,s sub
scripon, as Illegal, the stock actually subscribed
was only S242, co. which is sl08 900 less than
the char ter required the organization
OF the company The third section of the charter con-
tains the following clause And said company NAV be
organized as the subscription of stoc. shall
amount to three hundred and fifty thousand dollars
1t would seem to be clear then that this Southern rail-
road company never had legal existence
In our issue of the Sd Of December last we set out the
financial condition of this company gathered from the
report OF the President submitted the board in july
preceding appeared that, up to the date the re-
port only Sl665O of stock subscribed had been paid in
ana the balance In the treasury 3,017 o. Since
that time several instruments of stock have fallen due
but we have information that any further
have been made with the exception some 800 as
sessed as taxes in the city of vicksburg.
In the present condition of money market in the
southwest it is hardly probable that the stockholders
will now be more prompt in meeting their instalments
than 'hey we're under the favorable witch
existed prior TO December last; in what way the
sum OF 500 OO0 agreed to be paid to the Penn
sylvania company OF contractors is raised we are
wholly unable to opjecture
The annexed statement exhinits the average move
ment in the leading departments Of the banks of th
city for the week ending SATURDAY morning the Oath o
June, 1854 -