The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-02-20

epers meeting held on the l7th ns ands composed Of
intelligent and influential parties whose names We nave
securities with full representation OF the stocxnoders,
Including the cities and towns along the line Of the road
SON. harmonsed on plan which win be submitted A. the
provides for the completion Of the road the reduction Of
It's capital, and placing It's affairs on solid basis inc
committee from the West represented their constituents
very ably and secured very important concessions from
hearing their Western friends, cheerfuy made from
conviction that their ultimate interests would be promoted
presents the remarkable feature Of road In the pos
session OF the bondhoders yet the bondhoders being
willing 10 listen TO the cry coming up from the stockhod
along the line OF the road not to cut them OH
important reductions and concessions to the stockholders
thereby sharing their losses and burdens but also
willing 70 advance more money 70 push the road,
and make II thereby more useful to the country.
part Of the plan proposed and recommended by the
committee is learn to capitalize the claims Of the
unsecured creditors at % cent and the stock at 10 per
We learn that the account which was kept at the st.
Nicholas Bank S ~ Law the epaed osssr Of the B1res
ing thus angcsed his German name OF Lau We are in
formed by the officers Of the st. Nicholas Bank that Mr.
Lau kept perfectly natural and apparently honest nc
count with them for about the period Of three months
Neither bis deposits or checks were sufficiently large to
attract any special attention He was introduced by
highly respectable partya director Of the bankand the
bank loses no money by him.
Foreign exchange is inactive but the usual drawers
are reported Arm at former quotations The market for
the Boston steamer bill opens on Monday morning The
quotations 1925 1927 for bankers sterling, 1914
1O91s for commercial do. 5l21s 5.1S for francs.
No companies have brought much disgrace on the
community Trust companies that have been improperly
managed. Such companies, when organzod, should DO
hedged about with all proper securities for safe and efec
tive management, and not be united with banking
duties and privileges under the ordinary restrictions
of banking associations but to have pawnbrokers priv
eges also and that under security whateversuch as
the Peoples Loan and Trust Companys proposed charter
exhibs-s highly dangerous. The best names presented
for directors are no security as these might withdraw
StraW-Oe
our readers will only glance at the commercial secu
rites taken at Cincinnati by the trustees Of the Ohio
called securities into which trust funds may be placed
The history trust companies unrestricted would reveal
sad tale Of caamtes inflicted by the unrestrained and
irresponsible power Of trust managers.
We learn that the receipts in the first two weeks or this
month of the Illinois Central Railroad Company exceed
by 900 those the period Of last year, and the
probability is that the whole months receipts will be
$40 COO in excess Of last Februarys.
The stock market shows but slight changes from yes
terday-the features the same. Chicago and ROCK
Island largely dealt in, the William street party being
active dealers for rse come sales made after the close
prices that sale advance of from yesterday Pa
cifc Mail Steamship advanced ~ Harlem preferred, %,
and Reading u. Panama was steady Illinois Central i'm
proved under advices Of improved business on the
road. Gaena and Chicago advanced y, Michigan Cen,
trail "a and Cleveland and Toledo q. New York Central
was active, advancing at the early board and losing It
and Mississippi declined H. Erie advanced ~ and Penn
sylvana Central u. Delaware and Hudson Canal fell
off Il.
In railroad bonds the most active were Illinois Centras
which advanced Il. New York Central 6s advanced q.
Hudson River seconds and convertbes were moderately
active and steady The first mortgage bonds Of the Chca
Co. st. Paul and Fond du Lac Company improved little
and few sold at 40, and land grants at H. Eric
Railroad and Harlem Railroad bonds were dull United
States SIS of 1874 active at 1925 and United States
6s Of 1868 brought 109 Missouri 6s advanced a. North
Carolina 6s active and 6rm Tennessee es of 1890
in demand at 89H Bank stocks continue firm 100
shares were sold today Exchange at 107 Ocean
at o. Commerce at 100k and New York Bank at 1861.