New-York daily tribune., 1856-02-27

ending the 10th shows:
Increase N Circulation go
Decresse N sbcrt Loans sof.................' Itsi
Increase II collection Of Aeco Ihn c''.'''''' ,2-
Increase in Specie I2loS
Increase Deposits OF. Ss1o
Decrease IN EIchAnse oi........-.'''..'''''' "''O'
Anotber hank defalcaton has exploded IN Boston.
The par,y IN this case is c. B. Atkins, Teller OF the
Washington Bank and tn amount IS $4,000. TIE
Journal says:
In December last about - 900 was mysteriously
missing in making up the accounts between the SUI
fok and Washington Banks Mr.. Atkins declaring
that he delivered all the money received by him at the
Suffolk Bank and the CASHIER Of that BANK tine
Suffolk positively asserting that the missing paekase
of 81 coo with other money, was de.iyered TO M: Al
kins this matter caused the officers OF the Wash
iueton Bank to have some suspicion that all was not
exactly right with Mr.. Atkins, and careim WaIh
was kept, orde-, if possible TO obtain some cue
10 the mystery. On Friday or saturday last, the
Cashier noticed that Atkins was unusually nervous;
and for the purpose OF having en- opportunity OF
watching his manners closely, the Cashier agreed To
dine with Atkins; and, at the hour appointed, the
Cashier was at the place designated out MI Atkins
was missing This circumstance, although Oy nseh
of triAipr IMPORTANCE increased the suspicious of
the Cashier that he sent Tor Deputy Cmet liam.
While at the bank. Atkins appeared to be greatly
agtated, and was observed 10 move his oVercoat
from one part of the room To another and very soon
after this movement bogus fictitious checks to the
amount of 81 29s 10 found on the floor directly
under the nail where the coat hung before Atkins
moved it.
"A previous examination of the Teller's books re-
yealed deficiency of 81 900; II is supposed that the
bogus checks designed to make up that detcien
CIV, by charging the bank with the payment of these
cheeks.
.Mr Atkins was accordingly arrested, and his resi-
dence at Chelsea was searched, but nothing found
which tended to throw additional light upon the affair."
He denies all knowledge of the $1,000 which was
missed last December but his denial Is not credited 10y
tke bank officers.
atkins is bat % or "a years OF age and Is brother
of q lad who, some months since, was employed as
messenger in the Tradesmans Bank, Chelsea, and who
was defauter to that bank to the amonnt OF about
1900.
default.r the amount of s729s To- and stated that
he took the money out Of the Bank for the purpose OF
accommodating friend and relative under the snppO-
sition that his accounts would not be thoroughly eX-
amined till the ls of April, prior to which time the
amount would doubtless be refunded to him. and he
was intending 10 replace il in the Bank but unforu
natelv for him bis Discovered lie positively
denies any further dealcation and says that be alone
Is concerned in that which he admits. 1t is not un.
likely that the matter will be satisfactorily arranged
between bis bondsmen and the Bank.
The Traccler states that the relative alluded To
above is the father OF Mr.. Atklls, ana the amount
loaned to him S7,24O.
We have repeatedly while fully admitting the great
merits Of the Galena and Chicago Railroad felt it our
duty TO censure the management for ncompetency and
Indifference TO the best interests of the Road. The
annexed. from The Hartford Times, takes the same
view Of the subject and suggests reform, which we
sLal he clad to zee carried out. An infusion OF new
blood is much nee led to neutraZe the Od.iogyism of
the present management.
"THE TRIBUNE and some other New-f0rk papers
are frequently repeating the remark that the Galene
and Chicago Railroad is earning twice az large net
income on its capital as the Hartford and Newlaven,
while its stock is selling for considerably less. The
reason is very easily given. Ii is, that the Hartford
and New-Hayen Road is managed with far greater
ability and Judgment than this Western road. What
ever Il earns whether or IS = cent, is honestly d-
yidcd among its stockholders IN cash, and the public
very wisely prefer investment where they feel sure
Of receiving the whole Of the Legitimate profits to an
other which, protesting to earn twice as much, with
holds large part of il some hmsy prctext or other
from It's righfful The Gaena Road last year
fairly earned 30 y cent its capitalnot a. as some
of the papers have stated-but It paid Its stockholders
only 10 y cent in cash-the balance of the income
being seized and diverted to the building of new road
instead of making of its bonds which were issued
for that express purpose. II even 20 cent had been
paid in cash. the stock would now have been much
HIGHER than any other in the market. Stock dividends
are of very doubtful value under any circumstances.
"In pursuance of the same false policy, the Direct
OTIS of this road have lately issued circular to their
Eastern stockholders, which is master piece of folly
and impudence. While declaring that the earnings
will continue on the same scale, it says the
'amount of earnings over and above dividends Of 10
T. cent in cash. viii BE- divided TO the stockholders
ANNUALLY IN tie stock Of the Company" Now, the
construction account Of this road has been closed by
the completion of lis air line to the Mississippi River.
The Directors of the road therefore, hare business
to divert the net income of the road any further 70
construction account on any preteuse, without ex-
press instructions to that effect from the stockholders.
They have no right to invite Eastern capital into
their roads, and then turn round and say 1t Is true
your road is earning 80 T. cent, but 10 V cent
in cash is much as you SHAH get out OF it,
The compact made with subscribers to railroad ell
iulpO Of il
receive not part, but the whole OF It's fair profits. II
any further expenditure is needed for the completion
of the Gaena ne beyond all question it should be de-
ayed by the sale of the bonds which issued for
that special purpose and which infinitely the most
economical policy for the road; because while only
per cent interest is paid on bonds applied to cOnstruc-
ton the interest every issue of stock applied TO the
same purpose is in this from % to 30 per cent. II
road i earning 20 30 per cent, it is great gain to
obtain money at 7, even g, per cent in preference
TO issuing new stock which 20 or 80 per cent must
be paid.
"In 1854. this road earned s., 900 per mile on $50
miles Of road in 1855 il earned 900 per mile on
22O miles of road: or much per mile as the most
profitable of the Eastern roads on double the cost.
This increase of earnings per mile III single year, on
20 large addition OF road, Is entirely without par
alel Owing to its very high rates Of transportation,
its running expenses not half great per cent
age of its gross receipts the best OF the Eastern
roads and are claimed by its managers not to exceeds
per cent. The enormous crops of corn and wheat make
aarge increase of receipts tns year absolutely certain
A. il now stands therefore, this road ferns incOmpara
bly, the productive railroad property in this cOun
try but bad mana cement might soon make It one OF
the worst large majority of this property belongs
TO Eastern men VINO mportuned to place their
capital in it, and disposed to stand idly by and
sec it fooled away. At the approaching annual meet
ing to be held at Chicago the necessary measures viii
be taken to Board OF Directors who viii know
enough to apply the bonds and the net income Of the
road in proper manner, and to pay over 10 the stock
holders NOT m stack, but cash, the annual dividends
oi at least twenty 2 cont which Internationally be-