The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-01-12
FINANCIAL AND COMMERCIAL.

TUESDAY, Jan 11-6 p. M.
is calculated that the various States of the civilized
world will need from present appearances loans to the
amount Of three hundred millions of dollars during
the present year fourth Of which will be required by
the United States and the several States of the Union
Should wars other unforeseen casualties occur, this
amount would be proportionably increased. Should any
of the great schemes which have been SO long agated
such the Suez Canal the Pacific Railroad the Hondu
Railway the Arato Ship Canal the proposed extern
sion OF the railway system throughout Russia and lnda
&c, &c.-be carried CUT the required will be SO
much the greater. But if none of these projects
prosecuted, and if accident or breach
OF the peace takes place, the amount needed,
from present Appearances will be at least three hundred
millions OF dollars which, taken out Of the pockets
OF people who have done prosperous business for
eighteen months cannot but create very marked pertur
baton in the money markets of the world
But large as the public will be- it is quite doubt
ful whether in this country they will exceed in amount
the exgences which must out Of the railway sys
TEN 1t has been estimated that some $50 900 of rail
way bonds mature this year. and that $40 Of them
will be honestly met in way other. Besides these,
the revival Of business the great roads will necesstae
an immense outlay for repairs Most Of the leading
roads in the North originally slightly
built as to require repairs every year; and attery,
under the mistaken policy Of putting stop to repairs.
in condition to do large business II it offering.
We have seen for instance that the New York Central
spent during the last fiscal year about $780, 900
less for repairs than spent during the fiscal year
1861 designing to keep up their regular four per
semannual dividends at whatever cost to the road Of
this policy reacts with extreme severity The
nomy of $500 600 pracced by the Central last year will
involve outlay of $3.50 900 this and the policy Of the
Central has been the policy pursued by the bulk of the
roads last year, very large loans will be required by
them there symptoms of revival Of bu
sness.
An attempt was made to-day by some parties who have
lately buyers of stocks realise, and the market
gave way consequence. The calculations which
made by shallow observers with regard TO great outside
speculation this period required to justify them, that
there should be already some outside buying to sustain
the market in its upward course. Instead OF this the
commission brokers generally report that they selling
more shares outsiders than they buying and the
decided softenng Of the market to-day shows how little
support has outside Of few Spectators within the
board The only prominent stocks which partly up
held to-day New York Centra which sustained by
the leading operator and Reading, which freely taken
by the broker who understood represent the Pade
pba interest Other stocks generally from = per
cent lower The Michigan shares nearly per cent
lower Against the Central pending dispute with the
Detroit and Milwaukee is effectively used by the bears
Illinois Central is u per cent lower, and duh at the de-
cline Rock Island and Gaena both about per
cent lower the close All these roads continue TO 10
badly New York Central whose earnings for January
are reported be very SLIM el of only "a Erie, about
as much AT the close day State stocks gene
rally shade lower, and there evident indspos
ton TO buy The closing prices were-Mssouris, sos;
Central, s51z Hudson, 351l, Reading, 544 3s Mich
gan Central 53X s Southern guaranteed, ASA 4oli
Panama 1171S us; Illinois, Il q; Gaena, ia "a
Rock Island 5esf %. The market closed dull
The following the business of the Sub-Treasury
Total receipts. siso'SdS 10
prom Customs. ly5 Wy w
Total pay mems ..'.........'.'-...'' oo,suo oo
Total balance. 4,li5,O44 "a
The exchanges the Bank Clearing House this morning
were $50 s33 os4 a. and the balances 81 o7s o5S 80
The following dividends have been decared:--The Mer
camille Bank a dividend of five per cent payable ae
18TH Instant, the Pacific Fire Insurance Company div
dend Of nine per cent, payable on demand
We have received printed circular signed by II. W
Sample Mayor Of Kookuk Iowa, in which the creditors OF
that city are cooy informed that the city expects them
TO write of half their claims. The city 81 GOO,
$4,000 of which incurred for municipal, and $780,
Geo for inland purposes. The Mayor calmly states that
the late commercial revusion has crippled the people
that they pay to discharge the ctys obga
TONS aud for the benefit Of refractory creditors, who
might object being openly cheated he takes add
| in the largest capitals, that
Our debt now nearly quadrupes the limit allowed by
our state constitution recently adopted, which provides
that city, county or municipal corporation snail here
after incur create indebtedness the aggregate
Of which shall at any time exceed FIVE per of
the value Of the taxable property OF such city
county.
The Mayor goes on to say
Il must be evident all tha, debt s much too great
for eher debtor or creditor II must therefore be re-
duced within practicable amount, at least naf,
within $4,000 by transfer Of our railroad stocks This
| amount our people would be wiling 10 shoulder, and
though burthen fully equal to their abty carry yet
they would resoutzy undertake 10 provide the for
promptly meeting the interest on that amount and raising
yearly sinking fund for the liquidation OF the principal
We therefore offer nothing better than the transfer of
sad stocks for the hqudaton Of portion OF our ndebt
edness: the balance debt propose fund
by issue of other bonds bearing six per cent In
the event OF such arrangement the new class Of bonds
which would be issued would be our only debt and that
debt be fully guarded against any increase by the
provisions 81 the present state contribution The new
bonds would, therefore, be more available and Of
real the creditor than those held under pre-
! sent cir cUmsunces.
We submit that cool and deliberate a,tenp, re-.
pudaton has seldom the light the city Of Keo-
kuk is to be taken type Of Western Cities aud If tae
morals which prompted the above circular those Of
the Western people generally fear that Western
chants will End harder than s generally supposed 70
raise the money they will need this spring. The agents
o. the city Of Keouk win be here from the 10th to Both
inst to explain their modest proposal to the creditors
The following a comparative statement Of the exports
Exclusive OF spece) from New York foreign ports for
the week ending Jan. 10
1857. 1858 1859
Total FOR the week 81 $50 29i $50 6C4,7j2
The annual meeting Of the Directors OF The Reading
Railroad held at Philadelphia yesterday The follow.
ing the report Of the business Of the road for the year
ending November 30, 1855
| Receipts If he Road
| From travel, 265,65l, equal " l04bl9 through
passeDsrs. s272e79
Merchandise, lS7 10 tons. 1886, o4
Coal, 542 ts5 tons, az 2ess-.......... S65, BoS
tinted States mai. 18,TO3
MISCELLANEOUS Sources. 1879
/
90 ,5fo,75o
| Egpeas.s
l DhnfpcTtataJh. ttJb,3yy
Roadway ACKNOWLEDGEMENTS. ......... ~ 300
| Drawback and allowances. ........... 1895