The New York herald., 1865-06-13

1880 A M...........l 1884, 3:3oP- M...........lA
11:ss M.....1sS's 4:so :so M.....'.'laoh lay
One cause of the rise the disappointment of the
expectation Of further advance securities abroad
and another the conviction well informed minds that in
any the premium must 60 higher. At the same
time the return of fvetwenty bonds for sale by
the which arrived to-day assisted the natural
tendency Of the market.
Foreign exchange has been very Arm at advanced
rates. Leading drawers have asked 110H for
their sixty days bills and Ill u at short
sight. Mercantile bills have sympathzed, and sales
made at 1O9H r. but owing to their
extreme scarcity the transactions in them necessarily
few The reduction of the Bank Of England rate of dis
to three and half per may have conduced
degree to the increased frmness of the market,
but the prospects of foreign trade such lead
the expectation of still higher rates. Although money
s very cheap in England at present. 1t will not continue
so if the Indian cotton failures which are follow
ing each other in rapid succession, result in that
distrust which is always less productive
of panic; and probable that shall hear
of turn for the worse among number Of commercial
and financial houses in Great Britain whose affairs are
great extent, associated with the East India trade
That Bombay has not yet felt the brunt of its
ruinous cotton speculations is evident from
the latest commercial reports from India, which
full Of expressions OF apprehension. The
depots teem with cotton, upon which the holders
have sustained tremendous losses and how the large
differences between past and prices to be met
without further bankruptcies is difficult to discern In
other words, crisis in the British East India trade
imminent but to its severity 1t would be pre-
mature at this distance to speculate. II must bc how
ever remembered that whatever unfavorably affects
mercantile and monetary affairs in Europe cannot be pro-
ducve good tous By further depressing prices abroad
Z hut ont tuallv Than VIZ at
present from market for produce while by ncrcas
ing the financial necessities of people in business it
would expose the danger Of sudden return Of
securities for realization.
The money market continues easy at Gve pcr
cent on CALL with q better demand Many lenders
ask six, but while there are. some transac-
tons at this rate there many based
upon government colaterals at four The bank state
ment for the week shows the important decrease Of
g. sos s7s in specie There is decrease also OF
than two millions in loans and nearly million and
half in deposits The discount line is dull and strictly
arst class paper quoted eK per cent the second
grade being taken at 7ha9
AT meeting held to-day the following gentlemen
elected directors Of the Hudson River Railroad for the
ensuing year:-C Vanderbilt, d. Thomas Vail, John N
Tobin, H. r. Clark, James H Banker O. Charlick,
Augustus schcll. William n. Vanderbilt John Steward,
Joseph Harker Smith Barker, Jr N. Il. Sanford Dean
Richmond
At the same meeting the following resolutions wcre
adopted upon the retirement OF Mr. John M Tobn from
the presidency Of the road
SEcRErAaY's OFrIcx, !
HUpsoS RIVER RArRoAp COMPANY,
NKw YORK, June IL, 1865.
JoaS NJ TosS, ESQ.,, President Hudson River Railroad |
Sm-I take great pleasure in handing TO you the
companying copy OF the minutes Of the Board OF Drec
of the Hudson River Railroad Company, adopted
THOMAS n NORTH, Secretary.
Mr. Clark from the special committee appointed at the
last meeting, submitted the following report
Mr. John n Tobin having stated ot the last meeting |
Of this that the year for which he had undertaken
the discharge Of the duties OF President about expr
ing and That IL his determination not to become
candidate for election 10 the office OF President the
referred respectfully report the following resoiu
tions
Resolved That the thanks OF this company are due to
Mr. Tobin for tho manner in which he has discharged
the duties OF the once Of President for past year
We recognize that his administration OF the Office has
been characterized by diligence by fidelity and by the
hot strict integrity Notwithstanding that the period Of
% ssssss sy resulting
the exravagant prices of labor and materials which have
prevailed has nevertheless 30 conducted the Affairs
OF the company that upon his relinquishment OF office
he congratulate the stockhoders OF the company
upon condition OF unprecedented prosperity He
carried out many measures OF reform which have
largely contributed the economy OF management and
10 the general welfare Of the company His adminstra
ton has been successful and his personal deneanor
has been no uniformly unobrusive and kind
20 make appropriate this special acknowledgment oil
his valuable services which tender 70 him with the
expression Of earnest wishes for hs future pros
perity and happiness.
Resolved That the Secretary transmit to Mr. Tobin
copy Of the foregoing resolutions.
He CLARKE,