The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-01-14


The earnings and expenses Of the road for the
year ending August 81, 1859, we're as fonows:--
Passenger earnings. s239 6Sl
earnlngs.....
Mad aud express earnings. 4o,osl
Total. 500, sos
Expenses Of ali kinds, exclusive Of interes, on
debt, partly estimated. 43s,Tll
Balsnce. $685. a7
Interest % deot.. ...'................s4o 2.iss
Netes ior coupons. ..,................. lo,oo5
--- 4lo,2A
The traffic of the year cited was unfavoraby
affected by the failure Of the crops and the stagna
ton resulting from the revulsion OF 1857 and the
committee look for material increase during the
current year from the large crops and the open
ing of new and important branch in the Logans,
port Peoria and Burlington Railroad. The commit
tee estimate the receipts and expenditures for the
year ending Dec. /, 1860, as follows
o 600 Ne, nno,h sso ooo
Net earnings. s$7o,oco
exceeding the annual interest on the entire
| funded debt, by the sum Of Sj7,755 rs.
| They recommend that the cash means Of the pre-
sent year be appropriated as follows
Of interest first mortgage bonds $ll9 900 90
Interest due on LIST Of February and LIST OF
Angus. on FIRST mortgage BONDS S3s 900 90
/ Interest on notes given for funded interest,"
and on upundod coupons, and instalment
Of principe thereof, due LIST Of November,
lseo. ACKNOWLEDGEMENTS. $500 81
Floating aest. b5,779 %
Total. :. s45l ,5sl 81
and that the second mortgage bondholders are
requested to fund their coupons due LIST of Novem-
Der, 1859, and lst of May and 1st Of November,
AOi rt~
recommend that bonds shall be issued for coupons
funded az foows:-
l. The bonds shall be OF the denominations OF SIo5
s55 and ST $50 dated on the lst Of May 1860, and bear
interest at per cert per annum payable semi annually
in the city of New York. lst OF May ist OF No
vembcr in each year. and the principal also payable in
SAID city the let Of May 1885, with the privilege to the
COMPANY on giving sxty days. public notice IN ono or
redeem all or any OF the bonds at any time previous to
shsr maturity.
and interest OF those bonds the coupons for which they
issued shall be deposited with trustees,
appointed by the Beard Of Directors who shall counter
seu the bonds and keep registry thereof indicating the
number OF the coupons tor which each is issued.
g. The company shall pay to Commissioner {appon.ed
by the Board OF Directors the Isl day Of june 1850,
and monthly ther eaer the Of $4,000 out Of its
revenues after payment OF The necessary expenses
for the operation and maintenance OF the road and
tcnEnces, sinking fund for the paymept and extin
gusnent Of the principal Of the bonds proposed to
OF issued
a. IL shall be the duty oc the Commissioner the re.
ceipt OF each of sta monthly payments ~ purchase, ~
no, exceedr pa and accrued interest as many of The
bunds proposed be issued may be necossay 20
absorb the amour, money in his hands belonging the
sinking fund.
At meeting Of the directors, held on the 2sth of
December the officers VI the company were direct.
ed 10 carry the plan into effect, and Blakey Wilson
was appointed trustee with whom the coupons
are to be lodged and to whom the monthly install.
ments for the sinking funJ shall be paid.
The following are the directors Of tbe Toledo and
Wabash Railroad:--A. Body, B. Wilson, George F.
Tallman, George d. Morgan, U. A. Murdoch, John
Ross, j. B. varpum, New York w. Balm, j. R. Os-
born, Toledo James Speen, Lafayette j. Cecil,
Logansport; q Pumpitty, Mr.. Kent, Albany.
The Boston Post, in its weekly review Of
Finance and Trade" remarks:--
Our bank specie declined Saturday 10 s44!o 100,
with New York finds in qucs demand and small supnly
and exchange ruling decidedly against Boston, tonse
quence, mainly, OF the continued activity of the New
YORK market, thai has induced the gathering 10 By Wall
street OF every available dollar whether by borrowing
otherwise. In Stale street Itself, the dem aud for
ney rather light and outside Of the banks the supply
adequate for really good loans Bat high,
quote to 10 the range Of figures
For any thing Clancy, or ont Of the way, the market
disrustul. Ilaps the "Coppcrs not easily OBJ
tanned at any price, and those in need think themselves
favored when they can borrow ct 10 u per cent
month upon these fuctuang and !ndedae vslues. In
Side the banks hs rates are o 10 N per cent with
small business. Sound stocks continue TO sdvance,
upon the whole, the current nvesmen, de,
mand, with the encouraging facts abou. many
of these securities, olsetlng, AS yet any IN effect
upon prices that might be expected result from
the untoward turn Of the money market. In fact, credit
has been abundant SO long that few TO think it will
again he scarce. But the wheel Will turn and al
though certainly improbable that any rapid
condition Of things in which money would become as
tight as drum in very little while, and couuae TO
be for period that would be both unpeasanty long
and unpensany annoy ing. For instance, il the Boston
bank specie Should decline another bali million only,
pey would BE- quite light here until recovered mil
lou, and this contingency may occur with continued
hardness in New York itself the result in part OF the
heavy payments into the Treasury imports, and the
light disbursements Of government from the
ton Of the House OF Representatives Then again the bank
loans of New York aud Boston only large but they
peculiarly inactive. Millions millions Of them
composed Of debts thai entirely uncoecsbe, and
the Institutions OF both cities, or raher the debtors OF
these institutions less prepared than at
sen, for a sharp contraction.
We have received the following communica-
tom
To EpiroR HERALD.
The interest Of your New York insurance companies
quiras that the views OF your Augusta correspondent
abou, the Georgia Insurance law, passed at the late
zion Of legislature should receive prompt
ton.
The only object Of to exclude frauduIen, and
feeble companies, and us rcqastcDs very nearly the
Insurance laws OF ether states The statement
required Of foreign companies lees complete and
ing than that demanded by the New York statute and
the Insurance commissioner ID only authorized to refuse
license TO tho agent OF company whose net
under Slo0 900. For life company still less required
Besides theee features OF the sx there only one
other and that has been everywhere adopted in nearly
every State In the Union This is provision that the
company may be sued in Georgia; and nothing is
us. and reasonable thar iris aud nothing more harmless
No gooi and sound company would hesitate for single
moment 70 comply with the law We need your New
York companies here and We expect to have them.
AN INSURANCE AGENT
The weekly statement Of the banks Of New Or
leans for the week ending December 81, compared
with the previous return, shows the following re-