The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-09-22

Vanderbilt to reopen the Nicaragua Transit-with what
success to be Panama suffered to day,
wen as Pacific Mail The best bid at the close III
against I7 yesterday afternoon All the Western stocks
we're fraction lower to-day the heaviest decline being
in Illinois Central, which fell of u, closing at 67a< bid
against $50 yesterday afternoon Southern guaranteed
- better this afternoon than yesterday The storm
on the lake proves to have done real damage. The
business in State stocks quite moderate at prices
fraction easier In the afternoon there very little
done, and the market closed the following quota
ons;-Missour 6's, s41s 81; Canton, TX IS cumber
land Coal, lS1s IA; Pacific Mall sos x; New York
Central, sos Y Erie, Al Il Hudson River, 35a 81;
Harlem % z; Reading, 4is6 81 Michigan Central,
46s a Michigan southern, Ga 4 do guaranteed, %
"a Panama. III lis; Illinois Central, 67ai 6sa Gale
ma and Chicago, 1855 81 Cleveland and Toledo, "A a "a
Chicago and Rock Island, 6S14 60
The following the business Of the Sub Treasury to
day -
For Customs Observation-Disclosures. 200 900
Payments. Observation-Disclosures. 351 1oi II
Balance 5ls6 III IA
The exchanges al the Bank Clearing House this morn
ing were s22 $50 o4s IS and the balances s769 PSI 70
A deialcation to light this morning in the Fulton
Bank. The defaulter W. J. lane, Jr, the of the
Cashier, and himself employed the bank the capaci
ty OF assistant TO his father The amount distracted is
estimated by the committee who have the matter in
hand about SEQ 900, though further examination may
perhaps show that il really larger II appears that
young Lane represented himself his and the
other officers of the bank be the agent imaginary
firm, Dean Co. Of New Jersey and pretended collect
large behalf of said firm, which collections he
10 have deposited pretended deposit in the
Fulton Bank At all events having the control of some
of the books of the bank, he made such entries
duced his father and the other clerks believe that the
collections had been made and that the proceeds
the bank; this point gained he had no difficulty in obtain
ing his fathers checks for corresponding 1t is
needless to remark that the books of the bank
must have been very loosely kept when so coarse
fraud this remained undiscovered. 1t seems
impossible that there have been any proper
balances struck, that the assets of the bank can
have been examined by the directors. The
bank is, fortunately for the shareholders, strong
position, with large surplus. How much II will lose
by the dealcaton remains to be ascertaned. Lanes
bondsmen, of whom is his father who has been thirty
years in the bank, and bears high character for in
tegrty) both said to be responsible The bank has
also obtained some fast horses and jewelry which it is
said the defaulter who married man. had presented
to mistress The committee are yet unable to say how
much the bank will LOSE they hope it may not exceed
$40 600 $4,000 The capital the bank is 5000 O0o
Lane the defaulter has been ncarcerated in the Tombs
In this, in all other defalcatons, the most striking
feature is the blindness which must have been ex
hbited by the President and directors Of the
bank. For long time it is said Lane, whose
salary was 5000 a year, has been keeping fast
horses and spending money lavishly with women The
fact that the dealcation has been discovered ap.
pears TO have been well known to all his acquaintance
Yet until this week it to have occurred to
any Of the bank officers that these expenditures could not
have been betrayed out of salary of $500 year The
recurring deacatons which startle Wall street at perod
cal intervals fail TO illustrate the of foresight
which seems almost universal among bank managers
Governor Packer, of Pennsylvania, the
Commissioners of the Sinking Fund have reported to him
that they have, from Novamhar 1877 September g.
1859, redeemed the debt of the Commonwealth to the
amount of 81 ,l37 1l5 36, made up follows
Certificates of stock loan of April II, 1856
certcates Of stock loans Of various dates, '"
per cent O47 23S 26
Relief issue cancelled. Observation-Disclosures. 4l,071 90
Interest certificates, OF various dates. 1926 10
Total. 81 137 1hh SO
The annual report of the directors of the
Pttsburg Fort Wayne Chicago Railroad has just been
issued. We make the following extracts
The earnings of the road from all during the
SIX months ending, June 80, 1859, $3.50 ESQ 43
The expenses during the time were as follows
Motive power. 21SlS2 IL
Maintenance OF way........... 1914 $50 70
of cars............ 81 1856 Is
General expenses. ......... 2s,69l $500 S25 %
Earnings after deducng operating expenses $3.50 S63 Sc
Less six months interest on float
ing debt. Observation-Disclosures. s44 666 SIS
Discount on currency received
from agents. ................. 1854 SO
Commission allowed for services
in funding coupons. ......... 1043 20
Six months interest funded
Observation-Disclosures. 3l2, l2e So $50 SCI os
Amount. s12s ,657 81
Less discount Sinking Fund bonds re-
deemed by trustee NEUTRALITY-SUSPICIOUS.. 2,6O7 "A
Showing excess Of expenses and interest
the total earnings for the six months of 1926 $50 0S
The earnings of the past six months, compared with
| the same months of last year, are
Total earnings for first six months Of 1859 $50 4a
| 1855. 706,5l5 OF
Increase 1924 174 81