The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-02-27

the Superintendent Of Banking, has been acting con-
trsry to law in allowing the Union Bank Of Water.
town to receive in exchange the securities Of the Ex
celeor Bank at Meridian, for certificate of deposit
on the Union Bank. Henry Keep was at The tins
chief owner of both banks, intending TO wind up the
Excelsior and to organizs the Union. Some time
since Mr. st. John refused to pay over the interest
received on cuiities in the banking department.
belonging to banker in the Western part Of the
State and when applied to BY frierA of both par.
ties, to make the payment, as 1t was Of considerable
importance to the banker, Mr.. st. John replied that
he would not do so-that the banker was an enemy
Of his and that he meant to crush him-that II he,
the friend would buy the bank he, St. John, would
pay the interest to him. Mr. st. john also limited
that, under the circumstances, the bank might be
bought c, cap and after the purchase, he, ST. John,
would accommodate him In any way he desired
Fortunately for the banker, the friend was man Of
honor aud would rot take advantage Of his necessi
ties, caused by the private enmity OF the Bank So
perintendent. Such aman is unfit for such high
position.
The great topic Of conversation in financial Cir
cles ia still the unhsard Of suit OF the New Haven
Railroad against its stockholders. 1t Ia Only gen.
orally known, nov, shat the board CT directors
which instigated these shameful proceedings, was
elected at New Haven short time since by about
5000 out Of $4,000 shares Some explanation Of
this sort is necessary to explain to ths world that
the prominent men in this city and Boston, who
figure shareholders, were not voluntarily parties
to the disgraceful usury suit. Tao present board
was put in without their knowledge, and it 10 to be
presumed that the present proceedings we're taken
without their concurrence, and are distssteful to
them. At the same time, as the case stands, they
are al now fully responsible for the action OF the
board and must be considered as acquiescng in Its
course until they openly disclain it It would :
seem, as the odium creatsd by the proceeding 10
very great, that the better course for the honest
stockholders to pursue, would be TO call public
meeting to denounoe the course Of the board, and
exonerate themselves. Some such public nantes
tation Of opinion is reqlred IL there are any men
among the shareholders who do not wish to be re-
garded as willing to plead usury to avoid just
debt.
Tho annual report of the Philadelphia, Whining,
ton and Baltimore Railroad Company has just been
issued and from it we learn that the aggregate Of
receipts for the year 1854 exceed those Of 1853 BY
$84,71O 81. Both from freighss, and from through
ard local passengers, the receipts have increased
The net income of tho year Is $53s936 IA, the expen
6AocS
thousand shares of the capital stock are now held
by the company. The President st,tes that the
property at the disposal Of the company would, q
fair price, pay every f,ating liability.
The Rock River Valley Oily Railroad j, advertised
for sale on the Gath Of March next at GAINESVILLE,
H., by the trustees Of the mortgage bonds, the COM
pany having failed to pay the interest thereon.
The annual report Of the Treasurer Of New Jersey
states that the receipts Of the State 70; tie year 1854
were $l74,639 90; balance on hand JAM /, 1854,
1886 rs; ordinary disbursements, $99, 1871 II; ex
traordnary, $50 583 6l total disbursements, $780,.
464 49, The indebtedness Of the State is for balance
ofspecial loans made prior to ls47, $35 900; tempo
raxy loan in 1862, $50, O00-tota $65 900. The la-
biites for the year have been met With ,ut any tenn
porary loans. The assets Of the State amount to
$252,1A IL. The receipts Of thu Treasury for the
next year are estimated at $l94,7s2. The receipts
Of the School Fund for the year, were $53,l43 So;
balance on hand ct the beginning OF the year, $40,
$40 "a. The disbursements have equslIei the 70.
ceipts.
The Legislature OF Illinois passed on the 22d Of
January. 1856, act inco ,rating the Wabash Val
ley Railroad Company, aud for the regulation Of the
capital stock and indeb einess of other ,ilr ,ad com
paniss, In which the following clause Appears
Said company hereby authorized from time to time
to borrow such sum sums OF money may be necea
sary for completing and finishing operating their said
railroad and to issue and dispose Of their bonds
nomnstions Of not less than Ave hundred dollars
such rate Of interest," not exceeding per cent per
snnum and 1t such discount may be thought for the
benefit OF the company This section shall apply to all
railroad incorporattons in the State which desire TO
avail themselves Of ts provisions, and for any amount
30 borrowed and to mortgage their corporate property
and franchises, convey the same by deed Of trust
to secure the payment Of any debt contracted by said
company for the purposes aforesaid.
1t is under this Law the Illiaois Central Railroad
Company conceveit hss right to Issue bonds be-
low par. This set does not do away with the
usufy law, but Iives railroad companies privileges
granted TO no other corporations Ali other laws
conflicting with tits must have been, at the passage
OF the above act, repealed.
The annexed statement exhibits the svsrsge daily
condition Of the leading departments OF the banks
Of this city for the week preceding Saturday morn
Ing Feb "a, 1866
New YORK CRY BANKS.