New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1854-10-21
Toa.lg777 SO T57i2 o5i'Il577 % 1854 3 i7l3sj IS


or about 6 e. cent. on the amount OF stock issued,
which is So 600. The capital under the charter
g. 600, COO The new Bonds ere not TO be issued be-
yond the amount necessary TO pay the floating debt
until the Board has made provision for sinking fund
OF not less than 3 cent. annually upon the capital
Of the Company, 10 be invested in the second or
third mortgage Bonds Of the Company. The accept.
ances of the Company will be received in payment Of
these Bonds. The Circular OF the Company states
that the income Of the Road thus far has not been
sufficient TO pay the running expenses aud interest
but the Directors i)ok hopefully to the futre.
The Finance Committee Of the Erie Railroad YVES
in session to-day, but did not learn the result Of
their discussions. The Board, we understand has
before it several propositions for arranging its
finances One s to obtain authority FROM the Legs
lsuTe, in January, TO issue ten cent. preferred
stock the amount OF four millions OF doa-s for the
payment of the floating deb, and the Income Bonds.
This stock, it is believed would be taken at par.
The preference TO cease when the regular dividends
on the old stock reached ten y cent. also. The est
mate of this arrangement is that if the income of the
read in 1855 is as anticipated six millions OF dollars
and the working expenses are 20 cent, the net in
come would be sufficient TO pay interest on bonds,
dividends the preferred stock, and six cent on
the old stock.
The telegraph reports that the run on the Cincin-
natl bankers has ceased without further failures The
failures which had taken place were Mr.. p B. Man
chester, Mr.. Sanford, President of the Kentucky
Trust Co. Bank, and Messrs. Outcan & Co. The
Gazette Of the 10th says:
This has been day Of unusus excitement In Third
In the morning B. Manchester private banker corner
Of hid and Sycamore closed his doors THIS caused eond'
enable s but the number Of dep0sors Ia that Institution
ing small end the bens looked for by pute
with financial matters u did much excitement We
know nothing the liabilities tssets Of Mr. Manchester
debts.
Almost simultaneously with this occurrence the report Of
gssTeceved AID about noon I well unoeso that tue
Bank bad failed and failed badly This increased the excite
meDt and a. once made The Ohio savings Bank
Of fouTth and Walnut owned by Mr. Sanford no
also President OF the Kentucky Trust Co BaDk principal
proprietor Of The ConBersve Bsnk VI the Indiana Free
Rasks About o'clock the doors Of the Bank were closed
From the fact that Sanford Is Of means and sustans
high Character for honesty integrity and business espay de-
pcsiiors feel asiness
By O'Clock, the excitement had spread pretty generally
through the city and before the hour M closing the Banks
had arrived sss number Of people had collected Third
between Main and Walnut, and commenced 90
Ellis Stages ard the chez ding Of the otner
heavy Deposit Banhs was pretty strong bat the whole I'D not
Nth reference he Kentucky Tru., Company Bank tie
circulation 10 said be Line hundred thousand dollars This
Bank started With large a0nias bat mall yoa capital
and during ths ht peroc OF ITS badly very
badly managed.
MI Sanford made .ssgnmert Of al his property this
afternoon snc tbs viii be than SUFFICIENT u pay al hs
creditors
The OF the Indiana Free Banks VITA three
eeTtons, not available either IN Bank trade. some Of
tet purchased 81 TO discount and for ID; re-
nsinceT tLefe Il no sale.
The earnings of the Chicago and Rock Island Rail