The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-01-07

"A
question the land grant bonds of this company
the best purchase in the market There Is security
in the investment not enjoyed by any other railroad
in the country. The market left off steady this
afternoon, but in some stocks fraction below our
quotations ruled. The European advises are con-
sidered favorable
The Empire Fire Insurance Company has declared
semiannual dividend of seven per cent, payable
on demand; the Peoples Fire Insurance Company
semiannual dividend of six per cent. payable on
demand; the Jersey City Fire Insurance Company
semisnnual dividend of five per cent payable on
demand; the Relief Fire Insurance Company semi.
annual dividend of eight per cent, payable on de-
nand; the New York Equitable Insurance Com
pany semtannpai dividend of fifteen per cent.
payable on the 18th inst; the Hope Fire Insurance
Company semi-annuAl dividend of five per cent.
payable on demand the Eighth Avenue Railroad a
quarterly dividend of three per cent, payable de-
mand; the Cleveland, Columbus and Cincinnati
Railroad semiannual dividend of five per cent,
payable February1.
The Assistant Treasurer reports to-day az fol
lows:--
Total receipts. $52,671 "a
payments ................... ....... e7O13 Ol
Daahce .....................-. ....o,o*S,1VV ~
The receipts to-day include $42 900 from customs
The steamship Persia, from this port for Liverpool
today, carried out 81 ,930,76 GO in specie. The
closing rates Tor the best sterling bills 81 81
per cent premium. The demand for bills was limited
and the supply large. There is good deal of dis
trust in the public mind, and parties having remit
tances To make are exceedingly cautious.
The exchanges at the Bank Clearing House to-day
were sls,sl2,2e4 o., and the balances were
$l2ll,7l3 n.
The steamship Atlantic, at this port from Liver
pool, gives four days later intelligence. The ad
vices construed favorably, but we do not see in
them much encouragement. Money is reported
easier and lower rates of interest rule throughout
the Continent. 1t was expected that the Bank Of
England would soon reduce the rate of interest The
ease in the money martet is the result of complete
prostraton of business The demand for money has
diminished from the numerous heavy failures, and
as no new business engagements are being entered
into there is no demand from that source. The ad-
vance in consols is natural consequence. In Ameri-
can securities there was NO movement of importance,
and no change in prices The Bank of England was
buying up bullion and the next returns will probably
show an increase. In the general markets the tone
and feeling little better. The advance in cotton
is very important feature. It was entirely un-
ioOheu IOT vi tnls siue ny OF ana
is especially unwecome to our Northern spinners,
who, class, not in stock. From the tendency
of financial matters it is natural result. The whole
decline in the material, which within six weeks
has amounted to between thirty and forty dollars
bale from the highest prices of the season. has been
caused by panic Of the widest description. While
failures by the took place in Great Britain, the
great cotton lords escaped apparently unframed.
There has not, we believe, been solitary failure
among the cotton spinners. Cotton merchants wooen
merchants, irsn manufacturers, &C., &C., have all
gone, but the great cotton lords have not only
passed through the panic and the revusian in full
vigor but have availed themselves Of the opportu-
nifty to lay in good stock of cotton at about half
its cost TO the American shipper 1t is evident that
as class, they thrived last year at eighteen cents
per pound for middng cotton by selling their goods
at short credits whereas spinners broke down on
twelve cents pound for cotton and long credits.
The cotton spinners Of England give sixty and nine
ty days credit while the cotton spinners Of the
United States give eight and twelve months. In
breadstuifs no change Of consequence Is reported.
The markets were well supplied and the demand
moderate
The city of Milwaukee defaulted on the lat inst.
on its bonds issued to the Milwaukee and Superior
Railroad Company. From all we can learn, this
Milwaukee and Superior Railroad Company IL
myth. We have record of its location, no report
of its operations, and the probability is that it has
no existence, except in the imagination of the re
puted President and Secretary. The city Of Mil.
waukie has however, loaned its credit to q company
of that name TO the extent we believe of 100000,
and il IL upon these bonds that the default has
occurred
The Michigan Central Railroad Company have
published the following explanation in the matter of
the non.payment Of the principal Of their bonds,
which matured on the LIST inst.:--
MICHIGAN CENTRAL RAILROAD COMPANY.
THxAsURnRs OrrIcy, Boston, Jan. 4, 1858. !
Certain msapprehensons seem 10 exist with some OF
the press and their correspondents regarding the position
Of this company.
our loan bas been paid for quite fast as was agreed,
but In conformity with is conditions, chiefly Ia bonds and
Of the company which receivable therefor
will be by our advertisement
This and moderate falling of In our earnings below
the estimate Of september last has rendered mposs
BILE to provide for our engagements as fast as they ma
ture
The inconvenience TO our creditors is much regretted
and hoped that the sacrifices made In order to meet
obligations will generally prove satisfactory.
For such maturing bonds have not the means Of
paying the Board have authorized the issue Of short bonds
to be exchanged drawing eight per cent interest," accord
ing 10 the laws OF Michigan.
The returns of four banking institutions in New
ark, made up to January 4, 1853, contain the fol-
lowing exhibit of loans and DISCOUNTS
Bssxs oy NywAsx, NJ.
Notes and BIis Ne.nurk Big Ssate Mcchanios N,rork
Dscounted and 1 IN, &c %. Bar gans Sa1 , cy 5s
II will be seen that none Of these banks admit
havfnu any had biIIs rcceivabIc On hand and only