The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-01-26

Of Manufactured goods 10 this country In producing
the causes governing the present rate Of discount That
our importers are indebted in very considerable
amount to Europe s certain; but ground for
the apprehensons expressed that these credits have
been extended to weak parties. That our commercial
community ID beset by host Of dangers consequent
| upon the abnormal condition Of national finances
| Is not 70 be denied; but with . settled financial
| policy, such Congress should adopt, there Is no
| reason why We should be exposed 10 those
revusons which otherwise threaten and which 1t Is
essential to the interests Of the country 10 avoid The
main Of the monetary srngency in England is to
be found In the vast absorption OF capital in public and
private improvements and enterprises, which has
been steadily progressing for long time past Although
the Bank Of England returns have latery shown con-
tnuous heavy drain Of gold and the last weekly state
| ment prior to tho Hibernian's sailing showed
further loss of f2lsOOO, there has been
very light foreign drain The money with
drawn from the bank, therefore, remains to a great
extent In the country Although 1t is important that the
specie Of the bank should be well maintained the
bank Is in danger just from its supply of notes
running Short and hence 1t is urged In quarters
that Sir Robert Peels act passed in 1874 limiting the
circulation Of the bank should be disregarded deemed
necessary it by acts Of Council in 1s47 and 1857
| lnasmrch the trade of country demands q cur.
rcncy ductuang in volume according to its require.
narrow and its repeated violations should have led TO
its repeal before this time 1t is the fear of the Bank of
England running short OF notes well Of bullion
that is most likely OF all other to presipiiate
panic in Great Britain; for with ample supply of
notes guaranteed by pledge Of public stocks none
| tary panic would be almost impossible there.
Is feared by OF the British journalists that tho
| bank rate may be advanced to fifteen twenty per
cent but of opinion that Pees restrictions would
the further of diminished pressure would be
Immediately felt The London Daily Ncsos publishes
table Of tho exports of manufactured goods from Liver
pool for New York for the month Of December which
shows that those of the last month were by far the
heaviest for tho last fifteen years. 1t also gives
a similar return from July to December, show
ing that 1887 packages were exported during
the last months OF 1885, against only SIG for tho
corresponding period Of 1864 We Observe however
that the gloomy differences Of the press with regard to
the effect Of these exports met by opposing statements
from commercial correspondents, one Of whom says
that, while the exports from Liverpool to the United
States for eleven months amounted to about f1e 900
in value the receipts Of cotton from the United States
at Liverpool aggregated 900 during the three
months previous to his writing.
American securities showed material decline the
London Stock Exchange the 18th inst from the prices
current the 5th with the exception of Illinois Cen.
trial. which 7516 49, against 80 50 the latter
date.
The Now York and New Haven Railroad Company have
issued circular announcing that in consequence Of tho
recent judgments given against the company amounting
to about 5000 0O0 they propose pay Off the by
the issue OF stock which offered at seventyvc
cents the dollar to registered stockholders the 9th
inst in the proportion OF four shares every
held Such Of the stockholders choose accept tho
shares at this price must notify tho secretary Of the
company prior to tho Goth of February.
The business at the Sub-Trsasury to-day ~ fol-
lows
Total receipts g. 1856 $50
Balance 90 241 2os
On account OF government loan ........... SSs'o0o
Coin cershcates. OBSERVATION-DISCLOSURES. l3S, 800
FA Conkling, ESQ., has been elected President Of the
Etna Fire Insurance Company Of New York. in place Of
Jacob Brouwer Esq., resigned.
The Merchants National Bank and the City National
Bank Of Newark New Jersey, have each declared semi
ANIMAL dividend OF seven per cent.
bill is before the Legislature Of this State which pro-
vdes that hereafter any person holding claim asains.
any insurance company doing business In this State,
growing out Of the issuing Of any policy, SHALL in
OF action OF aw, be entitled 10 recover 10 addition TO
the amount adjudged to be due on said policy or de-
mand further Of not less han ten nor more than
fifteen per cent the amount arded damages and
In Of appeal Of Ave per cent and costs for
each appeal All suits against insurance companies shall
hereafter have preference in oil the Of the state
except regards of civil action which the peo
pie OF this State are party.
The W, stern Union Railroad Company which was or.
gan zed und title acquired by purchase foreclosure
sales OF the Racine and Mississippi Railroad In the States
Of Wisconsin and Illinois, consolidated the 18th
inst with the Northern Illinois Railroad Company, and
the new consolidated corporation organized under
the Of the Western Union Railroad Company Gov.
ering the whole line from Racine wscon n Savannah
Illinois, and from thence 10 Rock Island and Cacna
The Schuyler fraud is thus referred to by the
New Haven journal ualr SIG
The case OF Robert Schuyler Ct s vs. Tho New York
and New Haven Railroad otherwise known In the New
York courts tho Omnibus suit, decided n Dccem
Der by the Court Of Errors Of New York the Of las.
awarded to the plaintiffs Judgment and cos'S TO the
amoant Of 100000. The case can go further and
Judgment and costs On Monday the directors met and
voted 10 increase the capital stock of the road to
required On the 27sh instant tho subscription
DO Ks will be opened and awho are stockholders then
render ng two and half shares Of their old for one
Of the new and paying for the nov stock s5 per share
S. 600 The amount Of fraudulcnt bonds was
81 100 900. large part OF these bought up by
10 wn ns ao hs s SGs being
shares for one Tho present Increase will now pay up
all tho liabilities caused by ,hc fraudulent issue. The
rad s considered worth $40 600 600 and there Is no
doub, thai the stock will be taken ,hc Great
clog which the Schuyler frauds have been for years TO
the road will be removed and u will enter an era
Of great prosperity
American securities quoted In Lonon on the eth
inst follows
United States 20 yrs, 1882, 6p c...... Of GA.
virginia . per cent .'...''..."'......-. %
Atlantic and Grcat Western, ~ y. sec, 1t
mort, 1850, per cent. ................1 u 70
n
DO Pennsylvania, LIST mort, 1877. ...... SO 81
Do DO; "a ., mort &. i $50; e 9