New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1869-10-19


Same time. 1866 %|O'"Eo
Attic annual election OF Ohio and Mississippi Railroad
the following gentlemen elected directors for the en-
suing year: WIN. ID. GrisYold Larz Anderson, w. W.
Scarborough, Alex Fl. Lewis, Cincinnati John Ross,
Vincennes; Lewis B. Parsons, John j. Roe, st. Louis;
Joseph W. Alsop. wm. H Aspinwal VIM Whitewrigh IT,,
Samuel U. f. Odell, Allan Campbell, Frederick schu-
chardt New York At subsequent meeting of the direc-
tors the following the officers chosen; President,
Vim. ID. GTswod; Vice President. Alex H. Lewis; Gen
eral Superintendent ]. g. Griswold Treasurer Chas s.
Cone; Auditor p Van Deursen; Secretary, f. d. Ham
mond Assistant superintendent, Samuel Trevor
The net earnings of the Cincinnati Haml ton and Day
ton Railroad Co., after deductng interest on bonds
taxes &C. s093S2, fraction over 81 per cent on
the capital Of SS5OOOOO On this showing the Directors
declared halfy early dividend OF per cent payable III
bonds of the Dayton and Michigan Railroad Company
received for advances to that company for constructor
additional equipments the net earnings having been
applied payment OF the floating debt IN accord
ance with previous action of the board The floating debt
as will be seen by reference the last annual statement
was $39o62 So This has lbeen reduced to less than
100000 r.T r.
Thompsoms Bank Note Reporter has' the following in
reference to National banking and State banking
The advantages Of the National Banking system and
profits for the shareholders concerned
arc Of vital importance We win enumerate of these
advantages l. The National banks furnish uniform
currency. The circulating notes of banks everywhere
current and par everywhere 2. The currency being
of uniform value in all parts of the country establishes
cheap and uniform rate for domestic exchange
Let those Tho paid enormous discounts on n'c TT
change" b. ne days c Stale bank currency contract
the tCO systems 3. The public except stocOiuers Sn9
mansged National banks The State bank currency, in
its day. formed the very worst element IN panic se
trusted ana general rush the exchange offices fol-
lowed. Millions OF bank notes that were but the Gay De
GOre usabe as currency all at became useless ana
than that. fonit became species OF COMMONLY
and took gSh real money To- buy ana SnS eS issues @ rea
all through the most violent panos Inc NOTES.
on ST0Hs We noS come to an sdvansSe
Of the National system the State system OF great
tonalaw makes the stockholders individually liable for
their shares in case the banks assets
stockholders are not asessabe for the safety Of deposit
for the reason that State banks are not now panKs
Sec H. The shareholders Of any association iSTe1
hs snnay an So' raeaby and not
not one FOR another, for al contracts
the extent Of the aSonnt Of their stock at the par value
thereof, addition to the amount invested 10 snch
liability question Constitution Of the State OF York.
Article Section 1.-THE stockholders IN every corpora
ION and joint stock association for banking purposes Is
suing bank notes kind of paper credits TO circulate
money shall be 20 Hne Sc
corporation association for all its debts and haoites
Sf every kind" The old State banks that continue 70
DO business under the State law having retired
their circulation, and the new organizations unoer
ate as money ehectualy shields the shareholders OF
banks the individual liability. The Natlona
banks whether they issue currency not give the oe
OositOrs creditors this individual guarantee
In the failure of National bank, the assets are
Immediately taken in hand by Government receiver,
without going through the tedious ana uncertain process
h state courts, and its affairs are wound up with as
patch This very different from the usual process with
broken State banks. 6 The examinations OF the Ma
honal banks by Government Inspectors has restrain
ng and sautary influence over bank management
hat OF Importance. When bank is found
70 doing a loose, unsafe, and losing business
is closed mp before even its capital Is lost or us IN
tolveBcy fairly developed Taking all these advantages
Of the National any State system into CON
alteration the people TO TO II that state
banking again gets into We nope the PEG
pie will sight of the fact that formerly millions
were lost annually by uDcurrent money premium on
Eastern exchange aud broken bank Now nothing
Of this kind is lost Bear also in mind that IN former
mes the State bank currency was the most inammaDe
element in time Of panies New beginners In business
houd talk with those who In business IN 1850 TO
$50 during the Indiana, Illinois, AID Wisconsin stump
ail times and during the revulsiOn OF 1851 when the
currency OF all the States thrown into utter oonfu
ZION.
fable OF me Average Amount Of Loans Speete, Crenla
tio, Deposits AID Legal Tenders the Banks Of lie
Ciiy OF Ne0 York for he Wee6 ending Saturday. OcI
I6 1859. . - =,