The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-11-19


fast collected pay depostors In the meantime
those wishing 10 exchange their demands against for
good endorsed paper, can do 80.
By the arrival Of the steamship Niagara at Halifax
from Liverpool we have three days later news from
all parts Of Europe The intelligence is important,
but Of an unfavorablc character financially and
commercially. The advance in the rate Of interest
of the Bank Of England 10 nine per cent is not an
unexpected movement but not calculated to help
matters much on this side Of the Atlantic. The
London money market was exceedingly active and
the pressure very great. Approximations Of further
increase in the rate Of interest partially the
cause, and these fears not without some foun-
dalton. Several very large failures In London, Liv
erpoo and the manufacturing districts are reported,
involving liabilities TO heavy amount. The decline
in consols II about the strongest indication Of the
pressure and the panic. The condition Of the mar.
kets for our staple exporting products Is not at all
satisfactory or encouraging Quotations for cotton
show decline Of much importance, and the market
closed very dull Breadstuns were quiet, with
downward tendency in prices The Niagara has on
board about $500 900 In specie The advices on the
whole are bad and we must look for worse by every
steamer for many weeks TO come.
The lessee Of the WATERFOWL division Of the La
Crosse and Milwaukee Railroad Company gives no
tice that he will pay the interest coupons on the
first, second and third mortgage bonds. The mort
cages, we believe, amount 10 s62s.000
The Philadelphia Ledger Of yesterday, In abiding
to the new financial arrangement Of the Reading
Railroad, Says
In the crisis that overlook every description OF business
few weeks ago. the Reading Railroad Company, as well
~ almost oil the other large railroad companies in the
country, was caught with heavy nosting debt, which In
the peculiar condition Of the money market II found
quite announcement not impossible, carry. This with
the unusual prosraton Of the coal trade forced the
prny 70 the unpleasant dilemma OF permitting ts paper n
60 TO protest Since which, H understood, the officers Of
the company have been busy In making provision for s
1850 bonds, including the company's floating debt A
mortgage Of millions OF dollars has been executed
| for this purpose.
We have not the details Of the arrangement but under.
stand generally that the company will probably be
leved from any further difficulty In relation 20 ia float
ing liabilities The position enjoyed by the company
under the extending tho 1850 loans II said will pro
baby make the creditors ractabie We have no doubt
the purpose Of the company that every creditor shall
have his full claim but IL nanestly for tho interest 81
both the company and creditors that the road shall be
continued In operstion under company management that
all must retcce that Is likely TO escape from it pccu
mary difficulties.
The Philadelphia Bulletin says:--
Is stated that earnings OF the road this year.
edness OF every kind, win be not less than 900 oo
which may be made applicable 10 tho payment Of diy
dend or . part Of the floating debt