The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-02-18

1855 u; Erie, Is -; Hudson, ak 80; Harlem, 10
1875; Reading, 4e,< x; Michigan Central, 4oN 50;
Michigan Southern, lsk ~ do. guaranteed, 44i< II
Panama, 1l5h u; Illinois Central, 67H Y; Gslena,
Gs,s ~ Cleveland and Toledo. aoX q; Rock Island,
cox 6l Milwaukee and Mississippi, 1917 X La Crosse
and Milwaukee, Lax.
The following the business Of the Sub Treasury to-
Total recep so, l49 SO
For customs. 4o000 w
Iotai payments. 300 300 20
Total balance. .6,64fl "a
The exchanges at the Bank Clearing House to-day were
s2s ,2e6, $40 IS, and the balances 81 ,o76,o25 81.
The China Mutual Insurance Company Of Boston has
decared semannual dividend of six per cent interest on
its scrip.
The annual meeting Of the stockholders OF the Illinois
Central Railroad Company WIN be held at Chicago the
10th Of March.
The Indians mails shed further light upon the affair Of
the fraudulent West India bills seems that, as we
stated yesterday the bills were forged and that the for
gerry Of clumsy character that 1t would have been
very easily detected had passed through the office Of
Maitland, Phelps Co. Law, seems was in the habit Of
receiving genuine colonial bills from the Western Indies
the acquaintance he had thus obtained aided him in dis
posing Of his forged bills Up to the date of the Indians
departure bills to the amount of fs 700 had been
presented at the bank and refused acceptance Oh the
ground of forgery. Other bills, amounting to $4,000,
making the whole amount ell 70O arc known to exist,
and Law isknown to have visited Boston and Phade
phia within day two of the sale OF the forged bills
here is conectured that he may have swindied parties
there we'll When the Americas letters read, the
whole truth will probably come out.
The public will not be surprised TO learn that the
ment of October last between the four great railroad
panics of the West about to be broken There
for the rupture The Hudson River Company
has given notice that on the opening of navigation will
again begin TO pay commissions for freight this is
rary to the of the agreement Another Of the
psnies proposes to employ runners, which Is also con-
trary the agreement The New York Central and Erie
perpetuay accusing each otherdoubtless with
ioundaon-of violating the bargain. On another hand
the convention at Washington has produced the results
which oreold at the time Merchants discovering
that cheaper for the West to import by way of BiI
and Philadelphia than by way Of New York. We
under that several prominent New York importers
have made representations Mr.. Moran to the effect
that the rate Of fares on his road is actually
driving trade away from New York. Add to
al this that the Central, which naturally desires
full share of the spring travel has given notice that
will train to Buffalo in less time than the minimum
agreed upon last October that Mr. Moran has announced
that he will retaate by reducing the fares to S. and it
will be that pretexts for rupture not wanting
II is in truth generally perceived by all parties that is
that the it is abandoned the better We may look
forward with confidence to renewal Of the railway
war, and Of cheap fares this summer. /.
The suit pending between the Cumberland Coal Compa
ny and certain parties named Sherman Dean Postley
s deserving Of than casual attention The Gambler
land Coal Company as generally KNOWN the Of
certain coal lands in the State of Maryland On 22d April
1885, deed was executed by the company to the defend
ants sherman Dean, conveying to them 2l5 of
ru-x IN
company Mehaey, declared that he had received in the
shape Of money and to pay bonds the whole
consideration The Cumberland Company further agreed
with the purchasers to carry their coal to market tae
Cumberland Railroad at fixed rate Of toll. Last year
most Of the stock the Cumberland changed hands and
the oIo direction ousted. The new direction al
ege that the sale of April fraudulent that Sher
man. who the principal purchaser, also the lead
ing director Of the Cumberland Company the time:
that the Mehafey-was associated with him
the purchase that money was ever received by the
Cumberland Company for the land sold that the price
fixed upon grossly inadequate that the rate of tolls
agreed to be charged coal mined IN the purchas
below the actual cost of transportation and laally
that far from the company benohing in any way By
the sale, their actually used by the pur.
chasers open the mines their purchase. All these
denied by Sherman Dean and the ex Pre-
sdent, Mehaey who say that the purchase the in
terest OF the company, and that it deliberately ra
fed a, a meeting of stockholders The case before
the courts few days since decision rendered by
Judge Davies preliminary question raised by III
lawyers his decision which is before US, appears lean
in favor of the plaintiffs IT, in fact, Sherman, being
director Of the company, did actually purchase for him
self and his private associates part of the companys
property-and this does not appear to be denicd- is
hardly necessary inquire into the question of the al
legged fraud The principle Of law is clear and universal
that trustee canno. buy from the cest,y que trust. ana
doubt whether any subsequent ratification by stock
holders could cure the original defect the transaction
We hope however, that will be vigorously pro-
recu,ed, and that the truth viii be elected Either Judge
Sherman and his friends very Ill used aud injured
men, who deserve the general sympathy Of the public OF
they have grossly betrayed the trust reposed It
s due to truth and for the interest Of all who hold pro-
pcry Incorporated companies that the truth should be
known.
The London nme in review Of the last messge of the
Governor Of Michigan takes occasion observe that six
States Of the Uniou to wit Mississippi Arkansas Florida
Michigan, Illinois and Indiana, still repudiang states
and have acknowledged or paid the debts they owe
10 foreigners This statement will Of course create par
oxysms Of rage the breasts OF State pol ,icisns in
the States thus denounced. Perhaps, in one or
two Of the referred 10, the defautDg debtor
may be enabled to make out case But we know
that The Times right in reference to Mississippi and
Arkansas; and We have grave doubts whether the
three Western repudiatng States can make out a moral
whatever they may do in the way of MISREPRESENTATION
Most Of these States have fact been some time or
other under the control Of dishonest politicians without
character, principle property and the consequence
has been in many the creation Of illegal
debts which have afterwards repudatsd by the peo
/ pie In almost every case, the plea for rem.