The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-08-17
FINANCIAL AND CONNER CIAL

WEDNESDAY, August 10

WEDNESDAY august 40 L. ~
The market opened fat this morning, and tins dul-
ness continued throughout the day At the first board
Erie declined u New York Central, Il; Hudson River,
" Cumberland Nicaragua, and Cleveland and Toledo
were stationary Erie Income bonds further declined TO
49, There was large business donc in Illinois Central
Bonds at a decre Of a. We note no change In the mo
ncy market.
The Rpiroad Convention sitting a. the st Nicholas
came 70 no resolution yesterday evening The meeting
was adjourned to this evening, when ii is expected that
measur, will be taken 70 increase the fares mos, OF
the roads and prevent competition 1t is Obvious thu
on nine ont OF ten the present rates OF fare
cover the expense of working the road ann to this
must be attributed share of he dishonest practices
which haze bcue the railroad system in this country
nto such disrepute. We understand that tho following
railroads are represented at the invention the Now
York Csnhal The Eric, tie Pennsylvania Central the
Hudson River the Baltimore and Ohio, and the Bah
timore ard Wilmington.
The commercial news from England by the Unon, IA on
the whole favorable Cotton is reported as firm, holders
demanding small advance last quotations. Broai
stufs, though stationary in London, had improved in
Liverpool several parcels had been sold at advance Of
Is Cd per barrel OF -four The funds closed at 92a to
92A, slight improvement on last mail Tho news or
the re establishment Of tranquility in Spain,
under F-partcfo's ministry was regarded favora.
talk of reduction of the bank rate Of interest But
the other hand the drain of gold to the Continent
tnued and more than absorbed the Australian supplies;
besides which large shipments of specie were being made
to the seat Of war for the support OF the allied troops
In relation to the supplies Of gold from Australia the
London Globe has the following sangune paragraph
1t Is satisfactory to find from the colonial advices that
the produce from all the mines Of Vic ora continues very
suffering dimnuticn The amount conveyed to Mel.
touIre and Geelong weekly by the government armed
cors with any reference TO that brought in By pri
yate Individuals keeps with regularity to about 40 600
ounces. They would doubt be much ter not
the regular labor OF the mines a. the old sites
disturbed by rushes newly discovered spots which
take certain time to exhibit results The quantity Of
gold shipped from Port Phillip this year, to 2eth May
had been 500 s54 ouncsJ-worh about f3 as The
whole of tho gold by the last arrivals with the on
Of that by the Tudor, Poicers and Iris has been de-
lvOed at bank, and all Of IL taken for expectation.
Albert Ii Nicolay's semi weekly auction sale OF stocks
and bonds will take place. usual to morrow at half
past 10 o'clock, at the Merchants Exchange.
The exchanges at the Clearing House to day amounted
to SIC 81, laa &c. Balance s., oo4,Al a.
sion IN The other roaus sftItia tSehll Ter BY The Ncs
4 fraud was impossible Thus he was Preslden. If the
Illinois Contra web the New Haven In the latte,
company, il he wanted TO Issue stock. he had only to
sign the certificate with Ibis name. ia the ilino, Gan
trial. on tue ether hand principal snl Interest on the
bonds secured2 500, oeo Of rd in the hand,
OF three trustees one appointed the and two
by tie state Of Illinois Now before the bonds arc pcr.
feet, they require The following sgnatutes.--Of two
Trustees in llgois, in SeN York the treasurer prc
sident and secretary Of tie company After these tx
Signature. the etea. zeal Of the company must be affixed
and Tie iity coupons 10 eac', bond mast be srred
Thus FOR Mr. Schuyler 70 utter them frauluIently II
would have been necessary for him r, 10 get
Of the bond book Of the company, next to forge Ave
Signatures tht obtain The seal O. the company without
the knowledge Of the officers ia cha rye Of It. and then
forge hJ signatures to many coupons All this mus;
have been done while surrounded With viglent direc
'ors and II Gone single glance 81 the register book
would have detected the fraud 1he matter an utter
imIossbility, more especially when a mtee OF not
less Than three gentlemen of character for integrity
OF unsurpassed business tact and experience, the
most keen sighted vigilance themselves having large
personal interest in the success of the great ensrprs.
haa from the origin OF ,hc COMPANY been in constant
etdahcei Tor several hours every day ia the Office OF
the company experimenting every department OF rs
ofra'ons examining reports from engineers receiving
returns and giving orders supervising and directing the
correspondence, and scrutnng the financial concerns
oil the company The bonds of this company issued un-
der all these guards, are drst AMI only mortgages upon
2iOO 600 acres of land also upon 200 miles of railroad
'nat cost FL 900, 000 and last upon sl7 600 coo OF
capital stock TO be assessed necessary upon
uie holders Compare the security lere offered with the
millions ofbonds issued by the Erie road and the Ne,
York Central occurred upon absolutely nothing at all
but corT rate faith and the chance OF business The
nan that would put his funds such companies whlo
Illinois Central are TO be had any price ought not to
expect any legitimate dividends
Stoch Ercnaop~