The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-05-05


million in each Al this season Of tbe year the banks
usually contract in the absoacs Of an ACTIVE demand for
money from tbe casses The heavy payments
OF business for the moment snd raorey likely
10 be abundant more from the limited Of the CON-
MUMMY than from en unusual supply 81 capital We look
for al easy money market bat total absence OF all specn
leton The banks may Gnd II difficult to keep up the
present line OF discounts during the du season aud be
compelled te contract The specie reserve viii be the
mtst important item To regulate. The banks start this
week with hess than twelve Millions add two weeks ex-
port to provide for before California remiitances.
Mr. A. IL Nioboay stock suctioneer, gives the follow
ing review Of he public sales for the past two weeks:.
The early part Of the fortnight lust closed witnessed
continuation OF the daness noticed de previous week
the public Gales and or The 23d uItmo Great western
por bonds touched 42 sno interest the low est
price al which thai bond has sold; nj the last public sale
on the Shh ult they recovered to ASS. and interest
Goshen branch bonds bave ympathzed with the decline
In Michigan southern stock and have sold down 10 TEX
and interest Hannibal and st. Joseph FIRST mortgage bonds
have been on the public list but bidders will not permit
their caution u subsde Insurance stocks participate In
the decline the demand not being equal TO the supply and
In some instances seven per cent less than former rates
has been taken Insurance scrip IL not offering al auction
An executors sale OF desirable bank stocks, Thursday,
the usual day OF SALE did not Cal forth that interest which
had been expected.
The Tribune OF Saturday, the ID instant contains the fol
lowing account Of another delinquency repud
the part of another Western railroad company >
In consequences Of the failure Of the Great es,ern Rail-
road Company OF Illinois TO make proper cunning arrange
meas with The Lake Erie and Wabash road, by which
course much business diverted from the lDe aud by
the inability OF that company TO meet s indebtedness 10
the Wabash Company for collections freight traffic. the
latter company were unable today to the interest fall
ling due it's second mortgage bonds. The Great Western
Company, we understand, the Wabash Company
$SS 900 or 10000 freight money tho receipt OF which
would have prevented this default
The effort here made 10 10 satisfactorily az
count Cor the delinquency OF the Lake Erie and Wabash
Railroad Company have weight with the bond
holders The fact thai the interest has been paid
that provoc has been made for lis payment and the
probability that will not be paid stares them Ia the face
and fills the future with apprehension There can be
permanent recovery fron the complete prosratnn OF
credit such an event produces. railroad company that
becomes delinquent its payment of interest take
rank III once among the insoy tents, and there remain
There are at this moment dozens OF railroad companies
at the West kept alive solely By The in
| huence OF sharp haancering. Their managers have
| avoided protest at every cost and every
sacrifice and they therefore able keep their heads
above water for time longer The Great Western OF Illinois
unable to pay the interest its LIST mortgage bonds,
due the LIST Of April The Lake Erie and Wabash failed
the interest due "a mortgage bonds The LIST Of
May. The city Of Albany repuda.ed i,s liability the
bonds Of the Northern Railroad Company, and failed TO
provide for the May interest We have here In the space
OF thirty days the ncnpeynent Of interest the bonds
OF three railroad companies, and the Reputation by the
second city in the great State Of New York C endorse
ment guarantee OF railroad hoods negotiated upon IT,
fith and cred< This looks a. though DOT FAR
from the beginning OF the general railroad revulsiop
The Humboldt Fire Insurance Compsny Is the Of
company just commenced operations at No. 10 Wall
street. on cash capital OF $4,000. II has very long
and should think very strong list Of directors Mr..
John Rankin Is President; Mr.. VIM Muigan Secretary,
and Nc. Alex Wiley Jr., Assistant Secretary. Among the
directors many much experienced In fire Insurance
business and have doubt viii be sale and popu-
lar company.
The lard Gales u the Illinois Central Rai!rssd Ccrupsay
In April show very large increase over last year having
been s5seiu 80, against s2iI 40 Ian IN reess Of
1854 500 The aggregate sales Of the year equal
the aggregate aaes last up TO The lst OF August
The owershouse Of the Pennsylvania legislator have
by Of 40 TO &C. passed the bill 10 aid the compile
| ton OF the Sunbury and Erie Railroad.
TIE amount Of revenue collected district OF So-
ton for the month ending April 80, 1857, 1921 $40 Y
April ~, t43,51S
1
The following Is statement OF the business OF the Gus
tom House Of the port Of Philadelphia for the mouth
April this year. compared with April last year, and thu
cash receipts OF the month and year, compared With
A