The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-01-03
FINANCIAL AND COMMERCIAL.
~-~o->>~-S~~~~s~~~-~>~~~
II O N EY lark EFT.


HONEY MAR X Il +.
TUESDAY, Jan. 2-6 p. M.
The stock market openediactive and buoyant this
morning, but II did not continue to the close. Some
Of the fancies advanced fraction, and holders be-
gan TO feel that the new year had indeed opened
brilliantly; but before the adjournment Of the first
board the suspension Of MesEs. Wadsworth & Shell
don was announced, and prices immediately fell of.
Delaware and Hudson declined per cent; I'LL
nois Central bonds, Z; Hudson River Railroad, 1;
Cumber land Coal, I; New York Central Railroad,
I; Pennsylvania Coal Company, 1; Harlem,
4; Nicaragua Transit, .; New York Central
bonds, l. Erie Railroad went up per cent;
Reading Railroad, 1; New Jersey Zinc, Ii Illinois
Central Railroad, /; Canton Company, /. After the
board the market was heavy and sales we're made at
decline. At the second board prices were all
down. Erie Railroad declined l per cent; Gum.
berland Coal, 4; New York Central Railroad, 2;
Nicaragua /; Reading Railroad i; Illinois Central
bonds, 4; Erie income bonds, /. This is rather
had beginning for the year, and looks as though
the bear interest would prevail for O. considerable
time longer.
The failure of Wadsworth & Sheldon0isapp
many holders of Illinois State bonds, by not
paying the interest due to-day. 1t was announced
3 few days since that the State would pay
Afteen dollars ON each one hundred dollar bond.
This was equal to one and a-half per cent on the
principal; and the amount In the hands Of Wads.
worth Sheldon for that purpose was about one
hundred and fifty thousand dollars. Holders of the
State bondswere informed this morning that the pay
ment of the interest had been deferred It probably
u deferred until the State collect from its taxes
. sum sufficient to make another dividend. IL is
that xba hold xuu;Il NJ
eeive anything until another year. Messrs. Wads.
worth Il Sheldon have been the fiscal agents Of the
State Of Illinois for several years-since 1S47when
ME partial payment Of the interest on the State
debt was resumed. The annual dividend heretofore
has been small, and probably at no previous period
had the State agents such large amount Of money
In hand as at this juncture. Tho government OF
Illinois has for many years been struggling along
under financial difficulties and its bondholders have
been waiting patiently for the payment Of the arrears
Of interest. just the annual payment had reached
arespectable amount, the fiscal agents suspend, and
the State Is at deprived Of its only available
means. The bondholders will not lose the
amount, it's payment having only been deferred
We have noticed lately the failure of the fiscal
agents of Virginia, by which that State lost nearly
half . million Of dollars. We have now another by
which the State Of Illinois has lost q large sum-
This matter should receive the attention of the
Legislatures Of States where private houses are en-
ployed by the government in discussing its money.
change should be made at once, and some old estab
kehed-well established in Wall street sh oud
be the recipient Of remittances, and employed to
make the necessary disbursements. individuals en-
gagged in all sorts of speculative operations In the
negotiation of railroad loans, and in most of the
bubble enterprises of the day, should not be en-.
trusted with public funds. They are far from
being safe repositories, and when most wanted are
found wanting. We hope the treasurers Of other
States viii take lesson irony Virginia and Illinois, and
withdraw their accounts from individual houses and
place them with some bank known to be safe and
reliable.
We understand that Messrs. Wadsworth & Shell
don have liabilities amounting TO about two mil
Lions Of dollars and that their assets fall far short
Of the sum. They have made an assignment. A
large failure in south street was reported caused
by connections with Western house engaged in
the sugar trade-liablities about one and half
million. One or two others were reported. The
year has not opened auspiciously, and should be
prepared for more failures OF q similar character
Every effort has been made by the community 20
sustain themselves under the pressure and depres
sion, and the probability is that concerns which
have thus far been able to maintain their credit are
in reality upon the very verge of bankruptcy stag.
gering along, and will ultimately stagger into the
vortex which has swallowed up so many OF cur best
and most enterprisng business men. We have, it
heared to yet the results Of all the losses real
lied during the past twelve months, and the appre.
hension is that it will be shown In long list of
insolvents II is utterly impossible TO pass through
such period OF contraction and depression with
out destroying many Of those involved In the gene
raj movement. We have the killed and wounded in
the contests for financial and commercial supre-
macy ss well as in the contests for political and
territorial preponderance.
The transactions at the Assistant Treasures of.
fee to day, were as follows:-
Reeeyed.. ACKNOWLEDGEMENTS. $40, 541 10
021, 453 30
Paid for Assay Office. .................... S27 90
Payments OF interest on public debt. 259 053 Al
The steamship Star Of the West, at this port from
Nicaragua, brings California dates to the 9Th De-
cember, being eight days later than those previous
~ received. She has on freight 1925 900 In gold
and gold dust. The news is not important, and the
accounts do not vary materially from those received
by the Geo. Law. The mining intelligence is salts
tactory-the mines continuing to yield abundantly.
The Merchants Exchange Bank has declared a
semi annual di vidend Of four per cent; the North
River Bank four per cent; the Phenix Bank four