The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-04-13

pTeBbe Il an eQuHuy 0eclueu lnCllu0tlOu 10 eDOiibu
such OF IT'S provisions as had become odious and
oppressive, and returned the bill to the House with
amendments. The House judiciary Committee re-
solved to recommend non concurrence with their
amendments and to ask Tor q committee OF con-
ference. This course OF action promptly followed
mp would have brought the report OF the Committee
OF Conference to . vote within week. The result
would not In all probability have been repeal OF
the act but the Senate amendments some or all.
with others, probably would have been adopted.
The principal amendments OF the Senate were:--
First-ro allow the assignee when 1.-THE interest
OF the estate, as well as OF the creditors, would be
promoted thereby" to carry on the business OF
the debtor Tor nine months
SecOnd-To allow the real estate OF the debtor TO
be sold Tor one-iourth cash; the remainder to be
paid In three equal annual instruments, with In
terest.
Thtrd-To allow a discharge Of the debtor in case
OF involuntary bankruptcy, irrespective OF the
amount or assets or assent OF or ditOrs; and, in
o. the debtor equal thirty-tnree per cent Of claims
proved, or, II not with the assent OF majority oil
creditors in number and amount.
FOurtjt-To allow forty days after suspension OF
payment, and 10 require one-lourth In number OF
the creditors and one-third IN amount TO Apply
before an application ior Involuntary bankruptcy
FUth--IO allow q majority IN number and three
f0urths IN value OF the creditors TO make settle
ment with the debtor, and take the case out Of
bankruptcy. providing, however, Tor pro rata
equal payment to all the creditors.
Sfrth--ro reduce the lees or marshals, assignees,
registers, Gc., One-haf OF the present allowance.
,SeUenth-IO require each marshal assignee, reg
lister and Clerk OF Court to MAKE return annually
to the Attorney General, under oath, oil the fees,
costs and emoiuments received by them respec-
lively.
E.Gntn--To allow proof OF debts to be made be-
fore a Notary Pubic
These provisions are all looked upon az being
reasonable and wise; the fourth, and especially
the fifth, oil great public Importance recent
case has Illustrated the value OF the fourth; and
such cases happen from time to time. single
creditor threatens to throw the Snrague Manuiac-
turing Company into bankruptcy, to the injury or
the mass OF creditors, and causing the dis
charge OF many thousands OF employees.
Any law which legalizes such Odious
and intolerabe mischief Is a disgrace to
the statute book, and ought promptly to be modi-
fed. Another case, which Illustrates the value OF
the ftn has recently occurreuin the city Of Phia-
delphia and such cases happen from time to time.
Saving Fund Society, involving many thousands
OF depositors loss. has broken, and the unfortu
nate sufferers desire to take the complicated
assets OF the concern into their own hands and
nurse them with care, SO that, IN time. all Will be
paid, and o loss Of hundreds OF thousands OF
dollars prevented. But under the present law,
the consent OF every creditor Is necessary. In
fact, II case gets into bankruptcy 1t is impossible
to get 1t out. Any one creditor may, from obsti-
macy or something worse, pnt case into bank
ruptcy, ana any one creditor may similarly keep
it there, to the manifest injury OF the mass OF
creditors in both classes OF cases.
Many satisfactory reasons are urged in favor OF
the other amendments. The above are selected as
fair exemplars Of the care bestowed upon the sub
ject in the Senate. Senator Edmunds has been
conspicuous In the support OF the amendments.
His absence in Florida has thus far been the main
reason for postponing action upon them. Mr.. Ire
a in hoe n N
will doubtless avail himself OF the earliest oppor
tunity to press it for action.
The Annual Signal Service Report.
The annual report OF the Chief signal Officer has
Just been issued from the government printing
Offices 1t makes volume Of ], 100 printed octave
pages. The correspondence OF the once IN ts
several divisions is extensive, 4s2 letters having
been sent ana 2l7,575 received during the last
year. The aggregate OF the correspondence Is
264 OO7 letters and documents sent and received,
exclusive OF publications and kilograms The
office is in communication with many foreign cor
respondents, and last January the exchange OF sim.
ultaneous reports between Turkey and tue United
STATES commenced. The reports are nearly as
possible uniform in character, and exhibit pres
sure, temperature, wind, rain. relative humidlty
and clonds. The volume contains much valuable
scientific information, accompanied by diagrams
and maps. indicating the course OF tornadocs,
storms and cyclones; also chronological list OF
aurOras observed at the respective signal service
stations from November ii. 1870 to July 81, 1875,
inclusive. A list Of disasters to shipping upon the
great American lakes during the year 1878 Is gwen
from which it appears that the number Of vessels
sunk is Al, destroyed by fire, 3; damaged by fire.
8; dismasted, u disabled, damaged, &c. 166; DAM
aged by COLLISION I2s; struck by lightning, a;
waterlogged, IS; sprung leaks, 50; ashore and
aground, l4s. Total $50. Sailors drowned, 40;
killed by fall, &C., TO- seriously injured a. Total,
-. The meteorological record is very elaborate.
The volume contains the report OF r. Meyer, OBJ
server in the signal service, who gives general
description OF the voyage OF the steamer Polaris,
from New York to Godhavn, DISCO.
Condition OF the National Banks In the
state Of New York.
Tbe following is an abstract OF the report made
TO the Comptroller OF the Currency, showing the
condition OF the national banks In The State Of
New York at the close OF business on Friday, the
27rh day OF February, 1874
RESOURCES.
Loans and discounts ............... S84. 500, 2Ol
Over drafts ACKNOWLEDGEMENTS. 4Tl51
u S bonds TO secure circulation. 81, sos, $50
n = bonds to secure deposits. ........ I,I45,500
u. $. bonds on hand .................... $50, $50
Other stocks. bonds and mort cages :,A0,l11
Due rom rcdecmng and reserve agents l29ss, 1Sg
Due from other ma tional banks. ........ 2,O7403l
Due from state banks and bankers..... 8e2, 253
Real estate, furniture and nXtures... -. 2,l33,06
Current expenses. Observation-Disclosures. sos, 544
Premiums paid. ACKNOWLEDGEMENTS. $500
Checks and other cash items. 1880, 01
Bills OF other national banks. 9TS,5l5
Bills OF State bankS.. ..-................. 40
Fractional currency. Observation-Disclosures. .02,0lB
Specie Observation-Disclosures. 123,0l2
Legal tender notes.. ........... 1867, o2S
United States certificates OF deposit, for