The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-08-29

msranAs' ment OF railroad companies, and finally and
onerous hsses AMI widespread peouu,ary pressure. Il
viii be fortunate this crisis and break In railroads be
NOS followed BY co Smerc,Ai reaoaon inc country ms
ts Ialr ads Blu! "srcens for the day The evil there
REPRESENTATION IN nosBYED CORPORATIONS.
From the Albany Argus, August "a
tho journals Of the dag tom 9Th good advice on the
subject or the axemen Of rail ~ay and banking corpo
rsuons Vsrious modes d economy are mggested, and
pumberess pains and penshes devi ed against the abuse
OF cus and for the prevention OF speculation One ses OF
men would prevent the directors om buying or selling
stock; Others would punish brokers for speouatng 10
shares and al propose systems Of restraint which are
almost impossible to enforce and which would DO nquE
toriAl and tyTannical in their Taints
We have not sen anywhere seconded the pro position
which We have advocated, OF refo ming the mode Of
choice OF the drecsa boards Of moneyed corporations
70 ~ to afford Representatives OF all the diverse Interests
and yet the change proposed organic In IL oharao
ter, and, II seems to US, eec,uA for the prevention Of
Under the present system majority OF the stock eless
the whole board OF directors on general toket The
professors Of en.eIpses and the dominant nle,e = IN
and oopartpers and enjoy unIeeraned CONTROL They i'd
minister their trust without any supervision scrutiny.
Vast proscs undertakes In secret involving expend
tures that some ames swamp the original enterprise
The general history Of road In the West has been that
has made sucoessfui start and won the confidence Of
caralrs. IL head managers have he the proxies OF
distant stockholders and their own, have nIed up the
Board Of Directors yttn Who would ac iools and
thus holding ABSOLUTE and the Of perpeua
ting have rushed Into the construction Of bran shes,
the lease OF rival lines or oher extravagsnt or suicidal
devices, in which the managers have personally played
for largo pecuna sake, the risk OF the property OF
the company, and In general have lost
Now very simple change In the mode or election would
Sss s sn mat s nsSsr0
OF stock choose drec4or-or reed be let them com
bipe they please with other holders Of similar amounts
AID - Of stock elect their proporonAs
railroad company OF such capital might have nail
hon Of shares in the hands Of western holders another
mil In Wall hal mi heId In Hur0 and
the remain held In various les 10 this State and Nc
England. The Western stockholders would select their
by the separate designation Of each The foreign stock
holders, the hoden Of their proxies would elect 70
No interest - large would 60 unrepresented or
unprotected.
The conservative minority, under such system, would
have chance 10 be heard clique could na control
all times subject scrutiny and speculative enter prses
such branches extraordinary reeors, 81 81
watering suck hypo.hec.sng bonds &c could be avaa
The present sy stem, which allows the mere majority
Of the sock to optrol the whole direction and which de-
would not be tolerated In political system The idea OF
ek citing The shoe Of . Senate and Assembly by . mere
majority of the aggregate vote Of State preposerous
II carries the idea Of tyranny and corruption on its face
Ia guar that system which has thus been secuted
from ci 60 ernment should be adopted In the repre-
septauon OF moneye ed interests
We DO no, suppose that any mode OF re presentation will
insure wisdom integrity In the Management Of monied
corporations They viii necessarily share in the innrmi
those who seek money too eagerly viii overTeach them
selves and often the greatest wt,don and prudence Will
Legislation cannot help, courts prevent NAL
administration Of these uu'e What We propose IL to
place them closer within the ms ection OF all classes int
res ted In them and % give the moot humble minority
fair representation In their administration, full and free
icrunny, and proper donate VOICE
THE EFFECT IN PHILADELPHIA
From the Pm adelphiA Pennsy vaDisn, August Is
Toe financial troubles in Ne~ Y mk bore much less
arri for tRO A VI
ouy and are likely 10 extent but Ite farther The at
tachpg cedi,ors Of the Ohio Trust Company have
tebed the appointment receivers for the New Yok
Office willis the accounts from the West report but little
xcement prevailing In Cincinnati; and though the home
bans closed u doors on The announcement Of the
suspenson OF the New York agency boldly assumed all
the liabilities Of the agency believing the ordinary assets
ample to protect is creditors 70 the utmost while In addi
ton the Rhole OF the Trust capital OF two millions OF dol
lars which 1, invested st per cent the best
property In Ohio bound 10 make good any deficiency
ih, ~ arise from losses in the banking department
In the meantime, IL Is said arrangements have already
been made for removing . number Of the Ohio bank
accounts 70 hessrs. winsow LAnier Co., and
Agency are said to be about slsto,ooo deposit
counts, and about $4,000 600 or 81 500 900 on local
lo.ns ana over drafts, asan" which are ID.
on Ohio STATE fock advances The railway
parties their bonds and suspended individual loans aud
OF various character some furtoer failures have
CT rred buheyNre dee med disastrous The held
mort being Of character 10 Afford ample
r The moment they can DC realized upon winoui adding
liabilities yererday that Mr. L. resumed bis seat In the
AID OF Brokers' but others have been much less FORUM
0, one KIND and aDother WI 70 BY The board inevitably
TIE warren Bank understood 10 be total break, bui
s circulation Was small and u officers men OF itan1ns
Nd responsibility re would advise the holders Of It's
oies against sacrificing them until all the facs are sscer
mined
The panic 20 FAR seems In measure 70 have extend
Cd 70 the commercial community, 40 distinguished from
operso In stocks cher schemes OF finance indeed
The confidence Of the public IN the continued prosperity OF
al The great Interest," or lie country stronger,
and doubu that the storm VIII be sucoe sfully
wesitered n CON muni, lose nothing the capital and
wealth OF The country are mo- diminished By these coapses
and ON, N speculation The country nj large rich
AID pros ercus; TIE oroys the largest known
and with cheap bread 70 and dear cotton there Is no
reason 10 spprthend disaster 10 Of vital interests
Bot beyo this, shAn eoubuom have better demand
from abroad for oar Surplus OF broaiecG than
bs, been w Row appreh' ndef for ls incres insy
probable thai The 70 conquest o. Inds by England will be
WORK Of considerable difficulty and duration and 70 hal
extent call OF Der population from prod-csn lnc,eas
ING her eepercenoe n the United States for food as oil
~ cotton
The stock msrke opepei rather nrner Yesterday, and
keaoins 600 f,e ths nr,. board .i 3l1l, bat suo.e
day amounting 10 ncs'ly 900 shares In other stocks
lh're ~s bu, Hale change, and In fact bat little dons.
ne tensnd Tor money Is more active add rates consider
ably nrmer
[From the Phrse elpbls Ledger, Aug Isl
Tho money market 10 quiet all rumors Of Interior
bark failures having hs lutte effect 10 creating o,,rua
Our oily banks are sih perhaps exception or two,
cor,icered ~ relsble . sny others 10 the country They
uustIcy hat may srbe and In doing this OF ,une In
carriers cause oiisasfe zion, BY the necessity OF
shortening accom- dAons This ho reyer Ia necessary,
ard ed they 10, do n, could merit VIC II
common 10 bank officers for contra sting thsr
dioounv " times OF disvuu, and when money In
demand but thse rho Co this forget tina, inner
part Of the stem Or ban ding 10 loan most when 10 lsas
required and 10 oonusc, shen ~ nost wanted. me
banks have alternative IN this matter 81 such tim
thcy must their liabilities disrusl p3roaches
break II s much better thai q comparatively fec
ceh,' sboud be pat to some 70 psy their
debts at bank than that thousands should suffer lose and
currency ADD confidence the shock Of failure We have
no sever, fear Of immediate failure with our city
banks Of any Of the banks any OF the Atlantic cues
dong legitimate bsns ing business Those thai mixed
up With railroad securities and other ileg 20 per ops
raons stand fair chance Of going BY the board But
general thing, the mercantile ieterea 10 In SOUND and
healthy conoi Ion, and no reason Why he mer.
chants should experience trouble because various railroad
bubbles Thai never had any valoe exposed 10 the
gaze Of the world.
THE EFFECT IN ILLINOIS.
Prom the Chicago Press, Angus ~
The RECENT TAILUBEs-sTRENgrH OF THR WET.
Our teiesrspbic desps,che. morning announce q
yer Of failures In Ne~ Yort The result IL b. no
cans unexpected 10 those -ho carefully noe whs, 10