The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-01-21

ing away It tee beginning Of season which may
prove sustfos as the last, their entire reserve
" ca n 1eans that, should severe accident occur,
ne company Will be compelled to borrow 10 pay the d.
Aages The eoundness Of this financial policy question
ed by many The Galena, ii is frequently said, would
have better consulted the interests Of its stockholders by
retaining the two per cent profit in bank as reserve
fund.- and should the business Of the next six months
prove remuperatye II could then increase the August
dividend by so much There this, however TO be said
in favor of the Gaena there very little doubt but tho
two per cent have been honestly earned And this leads
us naturally speak Of the New York Central and the
resolutions introduced by Senator Lafn Of Herkmer in
quirng of the Attorney General whether the act OF
1851 which practically relieves the railroads from paying
taxes is constitutional and was passed In accordance
with the requirements Of the constitution The Senate
prepared to give matter full consideration But for the
absence Of Senator Stow, the old scheme Of toag the
roads would have revived before this Should the
Attorney General be of opinion that the act Of 1851 was
improperly passed. the Legislature viii probably de-
clare such be the case by simple resolution and mat
tiers will revert the position in which they stood before
that enactment At any rate, the mmunities enjoyed by
the railroads will form prominent object Of discussion;
and is likely that the settled polcy' of the New
York Central directors to pay eight per cent per annum
$24 900 900 of capital in good and in bad times, will
escape the attention Of the legislature Such concern
claiming make such profits, has certainly claim TO
mmunities.
The feature of the money market continues to be an
unwngness the part Of banks and capitalists to lend
money at long dates. Long paper, even Of undoubed
quality, is selling at 0a12 per cent per
annum Short paper and call loans hardly affected as
YETI the brokers continue to borrow with the usual fac
ty on reliable securities. Exchange Europe quiet, ut
unchanged rates
The leading feature of the stock market generally to-
day. was duness and unwlngness to operate either
SIDE There particular changes in price, with the
exception Of Galena which advanced about per cent
and Rock Island, which was u " better at the close
The business done in State stocks was quite moderate
Among the speculative stocks Galena, Central and
Pacific Mail the most active. The last men,
toned stock fell of u per cent, closing at $50 bid
Harlem continues very firm; it was taken freely by
the leading operator at advance of u per cent. Pa
is quiet but steady. Erie advanced about u per
cent. Reading is shade lower the report is said to
have dshearened many friends Of the stock The closing
quotations Of the day were-Mssours s6s 81 Central
SAX u; Erie, 1471 q Hudson, 343s III Reading,
5O% q; Michigan Central, SEX x; Southern pre-
ferred, 47% As; Panama, 1l6h u; Illinois Central,
6sX 81 Galena, u 70; Rock Island, eo14 x; Pa
cifc Mail, ssha%. The market closed quiet
The following was the business Of the Sab Treasury
to-day
Total receipts. Sloo I4o o.
From customs ,,............... l25, 600 90
Total pay ments. 5,6S9 %
paanCe o7
The exchanges at the Bank Clearing House this morning
were s24 500 80, and the balances ST. 1922 4S o.
The following dividends have been The Beck
Fire Insurance Company semi-annual dividend of
six per cent, payable February the Brooklyn City Rail
road semi annual dividend Of four per cent, payable
demand.
The steamship Black Warrior, which arrived this
ing New Orleans and Havana had 500 900 Next
can dollars on board.
The following is quarterly statement of the condition
the banks of the city of New York the morning of
the 18th Of December 1885, compared with the state
ment the morning Of the Goth day Of December