New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1857-11-06

10 shares Ph.rI Fire Insurance Con
The foliov;oy ssles were made at auction by S.
Draper:
$4,000 Missouri p Bonds intere.. sdded.; Ut
$1,000 Mlw sukee Beot r. R. Co., inteses; sddsd'.. ~
10 shsres Republic Fire Insurance -
10 shares 0rocers Fire Insurance
70 share. Gsl..n i.,e Insurance Co. e.
10 shares Bark Of Commerce.
The TRANSACTIONS of the Clearing House were large
tod y-$l3, $50 636.
The land sales Of the Illinois Central Railroad Com.
pany for October were $265, 96 q.
The semimonthly California remittance by the Star
Of the West reaches over 800 0e0 a the amount of
Cover inert Drafts on Boston and New-York by her
lie 1850 900, in sddiio to 81 ,i60, 600 Of gold
The GrOcers Bank Of Bangor is thrown out At the
Suffolk ard Metrop,i Backs.
The adjourned meeting Of the Co nmittee Of the
Clearing House was held to-day, but 70 action was
determined upon. The Committee, after discussion,
adjourned to Saturday, when q Committee Of the
Country Banks vii be invited to meet aud consult
with them. It will probably be decided TO require re-
demption Of the State currency by the banks issuing
by easy instalments and that the City Banks shall
not resume before the LIST Of April
The earnings of the Michigan Central Railroad for
October viii probably show over &i00 900 decrease.
The Southern Michigan is telegraphed as s2l36l7, and,
00O against $685. 1873 in October last year. The Rock
Island receipts for September show decrease Of
about $4,000.
Money is in better supply at the banks, aud is Of.
fered freely TO strong stock houses a. lower rates.
Transactions in paper remain, however, about the
rane and business at private discount houses sho rs
no material increase, although very prime signatures
are scarce and can be sold more readily The supply
Of these is scarcely equal to the demand. The con-
traction Of buriness ard the liquidation of Indebted
nsss have swept the market Of nearly all the strictly
first class names
The Morris County Bank a. j. has suspended
business in consequence of the amount Of unavailable
assets in their possession.
The failure of the Grooeis' Steam Sugar Refinery
promises VIC hear to be bad one The liabilities are
about s7O0,0eO The capital was Originally 5000 600,
but was increased by a stock dividend to $50 900.
There is q mortgage on the works for $3.50, OO0
dividend of y cent was declared last July. II is
feared that the entire capital stock is wiped out and
that the assets will not meet the liabilities.
Several mercantile failures have been announced to-
day, but none of much importance.
Mr.. George A. Clark, Assistant Cashier and Paying
Teller Of the Grocers Bank has been discovered to be
defaulter to that institution in the sum of about
$6S 600. He abseOnded some ten days ago, leaving
behind him the notes and shecks Of personal friend
to the amount of about $50 900, and letter to the
officers of the Bank in which he states that he had
accommodated said friend, and was the "victim Of
misplaced conGden NEE" The accommodated " friend"
provesto be financially worthless. Mr.. Clarks opera
tions have been in progress for the last year and
half but had been 30 adroitly concealed by false en-
tries that they not discovered until the examna
ton of the books since the Bank has gone into quds
ton.
The scorching ordeal to which our railway com.
panies have been subjected though productive of great
individual Distress will not be without IL. advantages.
The obstacle nterposed to the extension of rail-
way enterprise, will be extremely ssu.sry, not only in
preventing the progress Of many premature and i'll.
advised fcheme,- but in compelling the introduction of
refomatory measures. Of which certainly there is
urgent need.
Assuming Rat for lorg time capital viii be
obtained for projects and that further assistance
viii be limited to the completion Of promising works
which have already been undertaken, it will now be-
come the policy Of those interested to give attention to
the mar agement of existing lines.
Bond and shareholders should insist upon athorough
and complete investigation of their Affairs, and after
exposing various errors should propose and carry into
effect intelligent measures for their correction.
From ell ths. will result % stem Of railway manage.
me1 better calculated to give confidence to the public,
and more likely to make profitable returns to owners
Of the property. 1t is reflection upon the integrity
OF gentlemen who have hitherto managed our rail-.
ways to say that many of them have proved thus far
bad investments fom the simple fact that practical
busness talent has not been displayed in developing
tbeii resources ard in awaiting of them 10 the bestai
vantage In fome cases expenditures Of the most ex-
ravagant character have been permitted and 10 others
petty iealousiss have been allowed to dictate
the policy Of those in authority, stimulating az
unhealthy, if not ruiIous competition, snd inducing
the construction Of superhuous branches, weakening
the parent lire and thus wasting time and money,
more to the disadvantage of their own constituents
than to that Ct their rivals who have only been pro-
yoked to these energetic efforts. This suicidal policy
has been carried out alarming extent and, while
money CT ud be obtained the exhsus.ng process coz
tinued. Again, In financial management there have
been gross foles committed. /. Is radical error, In
the first place, to construct a railroad by means OF
floating debt. Funded debts are Objectionable;
but these, TO q fair extent, may be provided
for by sinking funds where the enterprise good one
but to struggle along from day to day under load OF
floating liabilities at the mercy Of every change in the
money nsrket-subjsct to exor5itsnt shsyes and to
the caprices of public opinion, is papaby delcsion
and mistake. In carrying these floating debts, the
most ridiculous extrsvagancies have been commit
ted and the severtst sacrifices have been made
Without entering into details, or citing particular
instances the facts are too patent to be disputed To
such an extent has this mania TO push Railways 10
completion, before means had been provided. carried
out. that TO speak within bounds We have 10 doub.
that half of our railways have actually cost one third,
Or o.rt.niv mn e.ouarter more than they would have