The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-10-03

VsASsmeut Oh Pert0ni iner6stG-0r a
have been made, aud Stockholders thereby dsosve1
who Is to mako IL knownf ssaea ON ser or agent do.
pendsli upon hs profaSion for support cs under
our present syssen. expose any npr spr.ety wrong
which may come To his knowledge; Tor any perfectly ap
RICH. officer OF company, atcr asceraninG sach fact,
should make publicly known those inseressd nsead
Of shutting biz eyes 70 the fact) insres, woad
shut the doors Of every company In the land against t
and he probably would be condemned By stockholders
themselves, Tor doing shat which would Affect the price OF
their stock. Lat stockholders delegate their po~en
supervision to no ons, 70 no board Of directors nor 70
any permanent oommee-but examine their works. their
accounts, their officers and their scs themselves The
standard Of railway officers would be raised Under such
psn for able willing TO gve their tuas and talents
for fais compensation a!ens and incompetent under
such plan could remain in office but abort time before
the ssgaoIy OF the the Interest Of the
cacaTs would expose them, and the game woad
prevent wrong sc:s by any or shsr number Give mp tho
detailed operation OF roads 70 officers that may select:
don't give persave orders about the operation or tho
read In matters which nothing but long practical
renoe WI render any competent TO decide apon over
look the Management yourselves practicable ooi
to liz interests individual owners, and then unless expo.
rence goes Tor ususht railroad system with al the
facilities 1t Offers for individual specaAuoa personal az
grsndisemen deceptons &c., wnl be firmly based
any cooperative systsn that exis.s.
scme OF our heavy begin to realize the truth Of the
words OF Scripture, that Riches take to themselves
wings and hec away" One gentleman In this city, WAC
IL NOT specuAtcr operator IN stocks but who had
purohsyed merely for the purpose or investment may
rAid, In sense 10 have ion quite handsome little
tune within fer dsys paat. The depreciation the
market value OF his stocss from Frdy Of aSt to
Monday or this amounted to the sum OF ninety thousand
dc!arv
marked feature OF The present distressed period Is
the failure nj ~ very commeucemens OF leading houses
OF the longest standing, and esteemed OF the mos.
rchd character, well as OF the grcsscst respects
bitty, John Farpum Il Co. belonged to this csss
Mr. John FArnum, the head of the house, Is MSsrachu
sests man, Quaker, who commenced buslness nearly
half century ego In small New England village, on q
salary OF three hundred dollars year, from whcn hs
consrived to support his family AMI lay " something
Such ct carly sse hts strict business principles
and rigid economy. Al nealter a ~ith OF
this he bryan to ssceud the ladder OF fortune
and up this time and until this a.e period in nis life ne
bad continued secly 70 advance In the emulation OF
wealth we'll ~ Of influence He resided FOR many Year,
In the Cit, Of Providence, Rhode Ianc where he
leading merchant OF ire very highest standing, ard
o! the nualees OF the Quaker College situated
in tina, place. BE next removed Philadelphia, married
beautiful young Quskeress, enlarged his extensive bus
peas and when Nick Bdde failed he bousat the horses
and carriage which had been the Avorte conveyance OF
the great banker. Now, at somewhat advanced age
ard undcuhtly with an immense amount or unavailable
property In his possessicn, Mr.. Faynum nhds himself
cyamped, embarrassed and obliged to stop payment Mr.
Fsrnums brother, and partner In business, the founder
a recent PERIOD By large FREQ contributions OF the Far
preparatory school, located, believe ct Beverly
In New jersey.
Aemn Hacker, Lea & Co., of Philadelphia, may be
mentioned ~ Anoth nrm of very similar standing, snd
somewha, similar origin and history, that Of John Far
mum Co.
The New Orleans agents OF the Northern Bank Of Ken.
tucKy ware unable redeem It's notes to-day The South
crn banks appear To be getting into trouble.
Tho following viii show The amount al the several dc
posAres dra Of the Treasurer the aled States
m, The al of s@.ie