The New York herald., 1862-06-03

pshic indebtedness are worth l0OH n. The de-
pesits at the Sub bTreasury, bearing per cent in
terest, are on the increase, , -.
Foreign exchange was very dull to-day. Rates
Tor bankers bills are ll4Z l14Z for sterling,
and 4.s5 1917 for francs. There are few bills
o6sring, and very small increase in the demand
weuld give strength to the market. Gold was Q
shade frmer to-day, selling at l035I.
The stock market opened with some irregularity
SAis morning, various constructions being put upon
the dsspatches touching the battle on the Chicka-
hsminy. It was soon ascertained, however, that
it was substantial and important victory. and the
balls hereupon recovered courage. The specula-
tive list was generally higher at the first board,
Hsie, Toledo and Rock Island being the most ac-
tive shares on the list. Between the boards the
market was active and buoyant. At the second
board the buoyant feeling continued, and though
there was not as much Of rush to buy as we have
sometimes witnessed lately, stocks were very firm
y held, and was willing to sell at the prices
Of the morning. Comparing the closing prices Of
the day with those Of Saturday, we note an ad-
vance Of Il in registered skies of 1881, and u in
coupons; Il in Tennessees, q in Pacific Mail, u in
Central, a in Erie, u in Erie preferred, Il in Hud
son, "a in Michigan Southern. "a in Toledo and "a
being, as usual, in Pacific Mail. The only excep-
tions to the market were Reading, which declined
n per cent, and guaranteed, which declined ss. The
following were the closing quotations at half-past
three:-United States 6s, registered, 1881, 1927
"A; do. 6's coupon, 1881, l05ss q "a; United
States Treasury notes, z $40, 1857 n Tennes-
see 6's, 69a n; Missouri 6's, 5lN . 50; American
gold, 1887 q; Pacific Mail, ll591 ll6; New
York Central, ssH q n; Erie, s711a "a; do. pre-
Ssrred, "a a.; Hudson River, 44A o ~ Harlem,
AaA; do. preferred, Assn; Reading, 40 q ri;
Michigan Central, e291 a63; Michigan Southern
and Northern Indiana, 254 u; do. guaranteed,
6sA 81; Panama, l3l 4; Illinois Central, 6214
AZ; Cleveland and Pittsburg. 22A %; Galena
and Chicago, 69H . n; Cleveland and Toledo,
~ . a; Chicago and Rock Island. 63Z I;
Chicago, Burlington and Quincy, u . "A; Mil
waukse and Prairie du Chien, % . r. After the
board the market was better again, and ssT was
bid for Central, e41 for Erie preferred, 1857 for
coupons, Az for Rock Island, &C., &c.
There is good deal Of talk in mercantile circles
about the necessity for the adoption of some uni
form course of policy in regard to insurance COM
panies which attempt to evade payment of losses.
There are quite number Of companies here
which make system Of refusing to pay losses
until they are sued, in the expectation-too fire.
quently justifed-that parties insured win COM
promise their claim and make large deduction
from the amount to which they are entitled rather
than submit to the delay, expense and annoyance
Of o lawsuit. It is admitted that where there are
anything like substantial grounds for suspectng
fraud, or noncompliance with the terms of q
policy, insurance companies are right in seeking
judicial decision before paying loss. But where
no such grounds exist, and the refusal to pay is
merely designed to obtain delay, or to
eoerce the party insuring into compromising his
claim the company evidently forfeits all title to
public confidence, and ought to be exposed. The
fundamental object of policy of insurance is de-
1eated when the insurer intends to make the in
sured sue for his money. In our courts, at the
present time, . simple suit for few thousand dol
lars against defendant who seeks delay may be
made to last several years. Many merchants who
lose goods by fire would be ruined If they were
compelled to wait as long this; and not few Of
cur insurance companies, knowing this, are apt
In such cases, to give the insured the choice be.
tween reduction Of twenty to thirty to forty per
cent on their claim or lawsuit. It is doubtless by
this dishonest method Of doing business that many
companies are enabled to divide such large profits
annually, while their Presidents and Directors
grow rich. This is nuisance which imperatively
requires abatement. It has been suggested that o
list be made out, and hung up in some conspicuous
place in the Chamber Of Commerce or elsewhere,
containing the name Of every company which, by
the decision Of court, shall be convicted Of
having resisted payment Of loss on frivolous or
plainly insufficient grounds. Such list would be
very useful, and we recommend that it be pre-
m IL - T.
mercantile afAirs than the attempt Of insurance
company TO trade upon the necessities Of . loser
by fire in order TO compel him to receive less than
hin due.
From all that We can learn, the Indiana bond
afair il in fair way Of being adjusted, and the
question Of the liability Of the State for the bonds
known a. irregular may not arise. II II does, the
following article from the indianapolis State Jour
nal, the organ Of the State government, win show
what quibbles the State Is prepared to urge By
way Of evading payment. We may observe that
the Journal is in error in stating that the "spu-
rious stock cannot be transferred at the agency"
Throughout the months Of January, February,
March, April and part Of May tho "spurious''
sSo1S was always transferred at the agency just
Ike ali other stock, though the State officers were
during an this time in full possession Of the par.
tculsrs Of w. origin and issue. The following ID
the article - !. ...~... s.,
UsNs ADVISED 6y some sf the absss lawyers Of Out
ElaEe That Tho opinion expressed In the articles OK
posing the Slower fraud, regarding tbs statea jAesy
Tor the spurious bonds u incorrect and that In no event
can any liability attach 10 the state. The rule in The
great Schuyer raud case, chat the issue Of spuroui
stock by the authorized agent OF corporation makes
the corporation LIABLE does not apply 70 h case, be
cause BY the terms Of the act authorizing the
certostss OF state stock property In them cannot bs
Transferred without their surrender At the agency
the Issuing OF new certificates. A purchaser Of stocl
has NO legal property In I'LL he brings the ccrtiaca
70 the agency, and has u properly roper, transferred %
az" titie OF the purchaser 70 the stock. New
this spurious stock cannot be transferred a
ths agency for the minute comes 10 fraudulent cha
racter Is seen Therefore no property can be trans
ferrsd and no one be cheated unless ne chooses
nav for his stock before he eetst In the Schuyler case
was otherwise The holders OF the spurious stock cou
transfer IL so that bona fd purchasers could be made