The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-11-24

during the coming year but to appropriate The funds
reserved for that purpose together with future earnings
to whatever extent may be necessary TO the extngush
ment Of all its liabilities There will be no accumulation
for dividend fund, until the company is fires from
debt. The pressure Of debt, in times like these Is so
great that where be removed by moderate saer
fees, they willingly submitted to- This appears to
be the policy all incorporated companies not too deeply
involved are acting upon but unfortunately very few
do So account Of the burthen of their
indebtedness. Harlem very well sustained to-day
in face Of an accident that win cost at least hundred
thousand dollars to pay for broken limbs and other
damages.
The Erie Railroad Company earned s64l 2o OF In the
month Of October this year against $780, Is for the
month last year. showing increase OF 81 1853 &c.
This is not favorable - anticipated. 1t esti
mated that the receipts for October 1854 would be full
six hundred thousand dollars.
From every direction we get reports OF the pay
ment of dividends by incorporated companies particu
larry railroads Many Of the Oldest railroad companies
OF New England which have from the start paid regular
semannual dividends win suspend at the close of the
present fiscal year. The two most recent
ments the Boston and Providence and the Boston
and Fitchburg These old and respectable companies
have not we believe been guilty Of any very extra
VACANT nanciering, but is very evident they in
dculty and require the funds which should go the
stockholders to remove immediate 1t
is the rapid deveopement Of such startling facts that
parayzes the community, producing panics and
pete destruction of confidence When such results are
almost OF daily occurrence it is impossible quiet the
public mind, and all attempts to alay the excitement
must prove abortiye.
1t was officially announced this morning that there
had been very extensive defalcaton in the American
Exchange Bank. We annex an official statement OF the
affair."
The officers Of the American Exchange Bank stat,
that after careful examination OF the accounts of Mr.
Candee their first teller since the evening Of the 2lt
inst, they find deficiency in his cash Of Sl3S 800, in
consequence OF his having certified checks for spons
bic parties To prevent the bank from loss Mr.. Candee
has placed securities in their hands, consisting Of bonds
and mortgages and other property, to the amount OF
$161 mt their cost value. The bank farther holds
bonds for 500 900 from his sureties and IN the judy.
ment OF the officers the ultimate loss II any, will be
trifing.
Now, we do not believe anything Of the kind. We do
not believe that the bank has cent Of security be-
yond the bonds of the teller and that is but small
per cent OF the aggregate defacaon II Is just about
twelve months since gave account Of halfa dozen
defacations in many different banks in Wall street.
and though denied ut the time by the banks implicated
at all acquainted with the character of these in
stitutons for moment doubted the truth of our state
ments One OF the banks referred to at that time patch
ed the defalcatons by putting in the drawer of the
enabled the conscientious cashier to officially deny the
charge we made against it, Certain bank officers in the
street know very well to whom refer Several other
falcatons at that time patched up in way some
what similar, and the stockholders doubt
perfectly satisfied that all correct 1t is astonishing
what confidence quiet old ogy capitalists have in these
rotten banking institutions. These cautious, careful
stockholders have holy horrsr Of fancy stocks and
would under no circumstances Invest dollar in such
securities but they win hold stock in banks deeply in
volved with SPECTATORS whose losses ultimately
out of the pockets of in such banks All
the security the American Exchange Bank probably has
is certified checks Of few exploded fancy stock pecula
tors In Wall street. We have often been asked how
spectators managed to meet such deprec
alton in the fancies. The will be found in the
above statement of facts The public must BE prepared
for many Developments of this kind for settling
time has arrived, and all accounts must be balanced.
After the adjournment Of the board the following sales
of bonds and stocks were made at auction by A. H.
Nicolay -
mn D. eco "a 1l.I QGaZ