The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-01-12

still reliable. The movement was false one, plac-
ing Mr. Moran in very difficult dilemma. requir-
ing him either TO admit our cspabihty and willing
ness to support his negotiations our want Of
ability ard confidence to bear any further burden
the disposition and opinion of the American
public being in favor of immediate aud thorough
liquidation.
At the second board there was no change of con-
sequence in any Of the leading speculative railroad
stocks. Missouri State 6s advanced ] per cent;
California rs L; Michigan Central sinking fund, !;
Illinois Central bonds, 4; La Crosse and Milwaukee
Railroad, /; Canton Company, l. Erie Railroad fell
OF per cent: Reading, ,; Chicago and Rock Island.
4; Pacific Steamship Company. I; Panama. T. Kali
road bonds, hrst class, sse firm and in denmd Tor
permanent investment. The Land grant bonds Of
the La Crosse and Milwaukee Railroad Company ere
gradually, but steadily and we think, permanently
working up There were salcs to-day at Al per cent,
which is an advance of per cent ON Saturdays
prices. New York Central Railroad opened this af-
ternoon at 7sl and closed at 70 per cent.
The bank returns for last wsck, compared with
Nose foT the week previous, show the following va
r;ations IN the aggTegates:-
Increase in loans and discounts .$A8,774
Increase in specie. 9l4,8s2
Increase in deposits actual. sOS,4l5
With an increased movement in cath department,
we do not see That the banks are gaming much in
actual strength and resources. With the increase in
tile specie reserve notice corresponding increase
in deposits. There Is not much gained by this
ment The banks increase their liabilities with every
addition TO their specie reserve The discount line ext
pands very gradually The dead weight appears to
be growing from week to week, and nothing but a
more rapid ineyease in loans viii help them along.
The immense amount Of specie on hand is not con-
sidered desirable or required, and the sooner
good many millions are shipped off to Europe. or
scattered among the people for general circulation.
the better The banks have full twenty millions of
specie more than they have averaged for some years
past and some movement will undoubtedly be
made before the lapse of many weeks to deplete
their vaults. If the Legislature intend doing any
thing towards increasing the specie basis of our
banking Institutions, il should be done while they
have such large amount Of specie in hand The
banks of this city have in hand nearly fifty per cent
of their capital in specie There is no doubt but that
the credit system would be better regulated by the
banks il they were required by law to keep fifty per
cent of their capital in specie in their vaults then
limit their loans in proportion 10 the capital, and
we should not see such rapid Increase in discounts
every month as for some time past.
The Assistant Treasurer reports to-day as follows-
Total receipts. aooSs vi
payments o oss 90 90
balance. ..........zSio,ooo 30
The receipts to-day include 1000 from customs.
The Etna Fire Insurance Company of this city
have declared a semannual dividend of six per cent,
payable on the 18th inst; the Security Fire Insu-
rance Company dividend Of six per cent, payable
on demand.
The second mortgage bondhodess of the Northern
Railroad (Ogdensburg) Company have voted. by
large majority 10 accept the act passed by the Le
gisature of this State last winter allowing them to
convert their bonds into shares and form new cor
poration. BY decree of the Supreme Court of the
United States the trustees under this mortgage had
previously foreclosed and sold the road subject to
the first mortgage, and by permission of the same
decree had become the purchasers-a process which
extnguished the floating debt, amounting to about
$3.50 OOO and the stock amounting to about 81 900,
OOO The new corporation is to be formed by distr
buting to second mortgage bondholders share of
stock Of the par value Of $50 for every 800 of
bonds to the amount of 50 OOO thus forming CAPT
tai stock TO the amount Of 81 s3s o00 subject to the
first mortgage of $500 900, which it is proposed to
extend period of ten years from maturity Cs59).
The net earnings of the business year, ending Oct.
l, were $l63 900, thus leaving surplus of $4,000
applicable TO second mortgage or nearly per cent
on the par value of the new stock.
The Old Dominion Bank, Of Richmond, Virginia
has declared q semiannual dividend of three per
cent net, payable on the 18th inst.
Senator Darlington Of South Carolina, estimates
the loss sustained by the South from the depression
Of the market for cotton in consequence Of the late
commercial crisis, at more than 0,OOO,O 900.