The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-08-06

racter Of the California ore than that Of the Austria
liam, which latter has little or NO silver, yielding
nearly pure gold.
We are requested to state that the Albion Life In
surance Company having amalgamated with the
Eagle Life Company of London, has declared
bonus of 81 per cent payable in cash on and
after 10th inst, at the Office Of Mr.. R. 8. Buchanan,
A Wall street.
The directors of the Central Railroad met at AL.
bany today, and declared the usual dividend Of
four per cent, payable at the usual time and place.
BY notice published elsewhere parties holding
unsecured bonds of the Lacrosse Railroad Company
are requested to furnish description thereof to the
Secretary, giving the sum held date of ISSUE num-
Der and amount of each bond.
We are requested to state that the Chicago, st.
Paul and Fond du Lac Railroad is now running to
Oshkosh and that the first division of the Winnie
bago road from Oshkosh to Rpon viii be ready for
the rails in few days. This company was fortu-
nately situated during the panic, and is so still,
having no floating debt, and retaining possession of
all its town bonds and more than twothirds Of its
first mortgage bonds, which the directors state they
able to hold until they will command fair prices
We have received the letter of resignation of Mr.
g. w. Cass, late President of the Pttsburg, Fort
Wayne and Chicago Railroad. Mr. Cass is no Or
binary man, and we make room for the following
sentences from his letter.
In the twenty years Of active business life through
which have passed, for the FIRST time has been my
misfortune, whether managing my private business or
in public station TO be surrounded by overdue obga
tons and financial endorsements and my special mo
tive for reegnng 10 escape this part Of duty which is
SO distasteui to me- and 30 Little in harmony with my
previous lite / thus explicit, to prevent uneasincss
the part OF single shareholder who may conceive
that would leave position (hat consder) of
pretended. Ny opinion Of the ultimate value Of your
properly s truly given psge Is Of the annual report
where stated hst the final plecn OF the road
h win De In position 10 command business, defy com
petiicn and rernunerse al the cspitsl invested" or
course the property Will still be sui set TO v;iossudes,
all plsus in every department o. the great
business OF life; but with the road Hnehsd, pnsnibar
rsssed, and prudently managed not more 50 than
:fty Of the public and private in winch large
capital Is every ear invested.
In the general management of railways, Competing
institutions for business Of country, differ mos.
widely from the policy now 10 vogue ana no not beIevs
the value of railway property generally ~ have per-
manence until this policy "a CHANGED Whether the chaage
legs alive Intervention, time alone determine. AS
oppressive rs Legislatures are alleged TO be corpors
tons am not but their Intervention ought be
voked they might greatly mitigate much OF the pro-
sent nsane policy, by means Of specific enactments
Of chaos by establishing such rules for management,
such combinations for business, such penalties for
ton destruction OF adverse interests would reduce the
general business TO system, In which something OF the
earnopy found in the operations Of perfect machiue
might be looked for. At present every road, line Of
road, 10 an lshmaelite
in reply to severalletters which we have received,
calling for information with regard to the overdue
interest on the coupons of the late Mad River and
Lake Erie, now Sandusky, Dayton and Cincinnati
Railroad, we suboin the following extracts from the
report which may be had at the Office Of Robert Vel
verton, No. 6s Wall street -
With the utmost economy in the management, it has
been found impossible to meet the February interest
the funded debt and carry along the floating debt OF the
company which (ncuding loss steam bosts) mounted
10 about 100000. An appeal made to the bond.
rously responded to cah Of interest was
agreed upcn running through period Of four years.
soco To this concession the bonahoiGers hsye yery
properly attached las will be seen By the erded pro-
ceedngs Of the meeting at Boston the condition that this
amount shall ne used 20 pay of The past due bonds End
entirely fund and pay cf the floating debt This mater
hiss been referred to committee consisting Of Aesss.
duties OF their appointment, and report that sasfac
tory settlements can be made with the holders Of toe float
pg debt, the whole arrangement can be c,Dsummassd
In order maintain the road and i equipments in the
condition required FOR tho prompt and e;ent trsnsacc
bulress, the expenses cannot be reduced bell .ty
ns sept Of ny sftki sxfhlnsg 6stmalrs them at six
hundred thousand dola,s Should the proposed arrange
ment with boLdholders be carried and the
hevet from lis entire foaiog debt the earnings Of the
road ought to be sufficient pay promptly the aterest
upon the funded debt and leaves small dividend upon q
reduced capital But even this cannot be attained for
years and not then urlees the affairs Of
pany are managed vita integrity prudence and economy,
and uIcsasing vigilance.
The gst Of the proposed arrangement with bond.
holders is TO the effect that in the next four years
they surrender five coupons and take for them new
bonds of the company at par, with interest, TO
twenty years. The following is the companys ba
lance sheet
RssrIl OF Ol1aAroys ros nm TwK1yK MONTE EynISn