The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-02-25

Wlam barnes, trustee or the third mortgage bonds OF
the La Crosse and Milwaukee road, adverses the whole
property for sale under foreclosure the 10th March,
at Milwaukee.
We gve in another part Of this paper full account OF
the defacation in the Atlantic Bank of Brooklyn The
amount taken from the bank estimated s55 00O
though the bank does think will exceed half this
sum- The whole or nearly 50, 1t is presumed has been lost
in gambling and stock specuations. The again
calls the considerations have frequently had occasion
tolay before the public connection with defalcatons
We say it bodly-there has not been deialcaon any
New York bank for years which might not have been
detected by proper exercise Of vigilance the part Of
the president Not that that officer could always have
discovered at once, the fraudulent entries which
made in the bank books to conceal the hes though
well ordered financial Institution there should be sys
tenn Of checks and other contrvances TO render such
Frauds IL not impossible at least very difficult but the
true secret Of careful bank management lies in
watchfulness of bank clerks after bank hours.
1t invariably happens that, after defalcation
TO light, the first thing discovered is that
the defauler has been living above his means spending
money debauchery and dissipation of various kinds
keeping up grand establishments associatng with extra
VACANT friends, frequentng brokers Offices anxious
about the prices of stocks visiting faro tables When
the defacaon ia discovered, IL is astonishing how every
one seems to have known this all along except the very
person who ought TO have known of 1.-THE president OF
the bank Numbers Of persons invariably forward
and declare that they had frequently been astonshed the
lavish expenditure or the reckless gambling of the de-
fsulter. Friends acquantances, relatives neighbors-
even strangersnoce the facts, and suspect Every
Is on the alert except the very who should have been
the first 10 know how bis employee lived how he spent
money what society be kept whether he likely yed
to temptation or no. These not views in this jour
nal. Each successive dealcaton confirms them. No
is fit for the Office of bank president unless he willing
and able to keep friendly eye the habits Of his
clerks after they leave the bank. By doing 30, he
will not only render it almost impossible for any Of his
young men to become dishonest without his knowledge,
poor fellow from crime and ruin Until all bank pre-
sidens do 90 as matter Of rigid duty defalcations will
continue to recur with periodical regularity
The Railroad Convention met again today at the st.
Nicholas After full discussion of the communication from
the Hudson River road made yesterday by Mr. Soan well
as various other complaints made against both the Central
and Erie roads through their connections the whole ques
ton in dispute settled by the agreement the part
Of the Central and Erie that the contract between
the four lines should in all respects, be strictly complied
with, and that in the Hudson River or the Buffalo
and New York and Eric roads violated the compact they
should be cut ofrom all business local charged
vi all ieEht received from them. Various other ques-
'ons that had arisen between the four lines dis
cussed and settled the amcabe manner there
good reason for believing that the compact will be
onued. Ihs the more likely the presidents Of the
roads ssred this morning that the breaking up Of the
asfeepient would Immediately lead to such reductions
oov passenger and freight rates would prove most
ramous The difference between the present rates and
those that would inevitably follow the abrogation Of the
agreement estimated by the parties in interest at
less than one hundred thousand dollars per month to
sch Of the four lines With this admitted fact it is hardly
possible that any road will oare without good cause, TO
terminate the present arrangement, the SOLE object of
winch is TO secure paying rates the present small bust
ness The complications which have arisen between the
Pennsy vana and Baltimore AMI Ohio roads, chiefly grow
Dg out Of alleged violation of the established rates
liver points not yet settled but there is little doubt
that the pes1ens Of these will be able to agree
all these questions.