New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1858-01-15

50 ,har.s Ens Pre- - "a
AcesYADce Of N.sruith Co. dc JH- H. 10 - 90 tho
Tie reason given for the nOnpaymeht mere u '"'
Ccdpors due On the debt Of San Francisco : 'na'
conflict going Oh in the courts between the .o'i'
siouer. Of the City Funded debt and the Boad "' Su
pervi.ors about some legal technica'leS' 'no ~!
Treasurer therefore not empowered 10 lenlI a.,
70 New York 20 provide for the Coupons iahng quo
but pay them on presentation q; lis once III Do"
cisco city. ,.,..;.,
Tbs. saws The Shipping List, IS directly violation
of the terms upon which the loan was eonuac'ed AN1
will lure the credi; Of the city abroad
Business was very dull at san Francisco and money
yss growing easier The receipts OF gold dust emu"
material change when compared with those oil
Der they were expected show large increase nnth
towards the close OF January. The quantity VI run
which has fallen thus far this year. is larger thah during
the corresponding period last year and II s hoped 'ha'
there will be an ample supply OF water Tor ooth agli'
cultural and mining purposes.
Stocks are wholly nominal and there have been no
transactions worth reporting made during the 'o''-
night.
The Committee appointed by the stockholders ana
bondholders of the Delaware, Lackawanna and WEST
ern Railroad Company to nominate officers and man
ayers 70 be voted for at the ensuing annual election,
unanimously recommend the following:
For Prc.ide, Christopher R. Robert for T"asareT William
Dase Mil. John J. PLe!r- William z. Ddge, Moses Taylor
George Bukl.y W scranton John Blair Ch' S
H. R Ruiu. r. i5 drays ,' David Hosdey Stuart
Mr.. S. Diapers regular daily auction sale of bonds
and stocks will take place tomorrow Friday, at the
Merchants Exchange, at l2l o'clock.
Mr. Albert II. Nicolays regular daily auction sale OF
stocks and bonds will take place tomorrow friday,
at 12I o'clock, at the Merchants Exchange.
Tie Providence banks, and probably all the banks
of Rhode Island resumed payment of balances among
themselves yesterday and practically specie payments
but they have not yet resumed their redemption ar
rangements with the Suffolk Bank, Boston and conse
oueuty their notes are not received at the Metropolitan
Bank in this city.
An informal meeting of bank managers was held to-
day at the Merchants Bank for the purpose OF discuss
ing the subject of the payment of interest on deposits
by the banks About twenty bank officers were pres
ent and after full discussion it was voted unanimously
that the payment of interest upon deposits is an njud-
cious and dangerous system. We understand that all
but three or four of our banks have voluntarily aban
doned the system, and Committee was appointed at
the meeting to-day to confer with those banks and IN
duce them, if possible, to join the movement. The
following figures presented to the meeting by
leading bank president in evidence OF the unprohta-
beness of the system of receiving Understanding
deposits: .o,.o spmo
or which 90 Loaned at y cent Sves''''''' 80
Appsren, Profit. VIZ ~
The above $3.50, 900 loaned on an average every ~
DAYS would make an annual aggregate OF $9,OoO,OoO.
The additional clerk hire &c, to do this business
fo..e. on seccccoo I1oo0
IT,, - eI7q0
Actual loss upon the business, $1,000. On the other
hand <?5O,OOO of deposits not bearing interest would
pay $l7 800 from which deduct for clerk hire and loss
say 5000, leaving $l2 500 profit against 900 lose.
These figures if correct illustrate the folly of sys-
TEN which to gain temporary advantage in the mere
show of large deposits, actually pays bonus over
and above all its earnings for the barren privilege of
acting in the capacity Of custodians; thus taking all
the trouble and risk Of employing money belonging to
depostoIs, not only without compensation, but an
actual yearly expense. The whole thing is clearly
against the interest of shareholders in banks, and
contrary to all well approved principles of political
economy, the first rule of which, in banking point OF
view is to operate at certain profit. To find bank
ing rooms clerks customers and brains for the use OF
depositors, and then to allow rate of interest which
amounts to clear tax upon the bank, is to pursue
policy which no private banking house in the world
would continue and it is consequently somewhat SIM
guar that our banks should be welded to the system
is contended also that this accumulation of deposits
bearing interest creates anxiety the part OF the
banks TO lend in ore-o insure return of the interest,
and that in this way the Money market is subject to
sudden and violent contractiOps whenever deposit
balances drawn ont, they generally are at the
most incOnvenent time for the customers of bank.
At the meeting to-day it was also the unanimous ex-
preston of opinion, that the banks should at al times
carry 90 y cent of their liabilities in specie.
The amount, character and market value in New
York of the securities held by the Auditor of Illinois
the let inst, for the issues of the Baaks of that
State were a. follows: