The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-06-10

DRY GOODS NOTES.
1t Is one Of the pecuharities OF trade at the
present time, especially in the dry goods depart
ment, that there exists what has been aptly de-
nominated by one OF our large merchants. IAN era
pfindividual paper.r In other words, the small
traders instead OF paying cash as they have done
heretofore, are now meeting their Obligations with
hood OF small notes, which constitute. it we're,
. new currency, and a.e rhe basis OF the credit
through which our jobbers are obtaining accommo.
dations from the banks.
THE TRUE FINANcIER
win look upon this condition OF AFFAIRS Us I'M.
healthy, because 1t means imitation without bound
or limit. 1t is an expansion OF credits born OF the
necessities Of the hour, substitution or individual
for public promises. oil private notes for public cur
rency, and, according to the degree OF expansion
that may take place, IL is resort raught with
the possibilities or danger, inasmuch as 1t leaves
the wholesale dealer dependent on contingencies
over which he has no control An additional bad
feature OF the situation Is that this paper has been
subjected to the process or renewal until the
patience OF the holder is well nigh exhausted.
CHICAGO AND ROCK ISLAND
The suggestions in the following communication
We publish without comment:-'Since the annual
report OF the Chicago. Rock Island and Pacific Rail-
road Company is not to be issued until july will you
not suggest TO its managers that TO the forthcom-
ing report they add supplement- embracing the
treasurer's accounts from the commencement OF
the present organization SO that the stockholders
may know st what prices some 100, 900 shares OF
stock have been sold at different periods and to
what accounts the premium on such sales have
been credited. No one knows why the present
company departed from the practice OF the old
Chicago and Rock Island Company OF always CIV
ing the treasurer's account In the general report
OF the company. and without which no report C an
he complete or satisfactory
THE VIRGINIA DEBT IN ENGLAND.
Our late foreign files report that the council Of
foreign Dondnolders have communicated the fol-
lowing with reference TO the Virginia debit
AT meeting OF the Board appointed by act OF
the General Assembly OF April -, 1874 to provide
for paying the interest on tie pubic debt held on
the 18th OF May. 1874, 1t resolved that, relying
upon the revenues TO be received at the Treasury
and the balance now on hand. IL will De practical
Bile, in the opinion OF the Boara, to commence on
the LIST July next the payment OF the January, 1874,
interest provided Tor by the said act-to VIII. two
per cent on the six per cents and one and two
thirds per cent on the five per cent stock issued
under IDe act OF March 80. 1874, and the ike rate
upon two-tMrds OF the lace OF the stock not
funded. Resolved further, that payment at the
rate for interest due July l, 1874, Will be
made as soon as tue condition OF the Treasury Will
warrant IL, OF which Que notlce will be given. The
Second Auditor Iurtler announces that the Fund.-
Ing act OF March 80, 1871, is still 10 orce, except
that coupons receivable Tor taxes and public dues
must now be issued.
RICHMOND Va. May IL.
BROKEN BANKERS.
The proposed terms OF settlement OF the affairs
Of Jay Cooke a Co. have been received in London.
They are iollows:--
After declaring the dividend of five per cent, it
ID understood that the trustee s authorized oy the
committee further TO settle with the creditors
upon the following erms:-Filty per cent in the
enty cents the dollar eighteen per cent of the ore
gon steam Navigation COmpany's stock, at forty
cents the dollar; seven per cent in frst mortgage
bonds OF the Lake superior and Mississippi aud
other railroad companies. at from seventy cents to
seveniy-fve cents the dollar; and ten per cent in
the ten per cent income bonds OF the Lake Superior
and Mississippi Railroad Company at lorty cents
the dollar. IL Is prop 'sed oy the trustees and
committee to make a further last dividend of ten
per cent as soon 1t can be realized from the re-
naming assets, thus setting with the creditors in
Iu. Upon this beng carried out the creditors
Will receive fifteen per cent in cash and eghty-fiye
per cent In securities at the rates given above.
THE NORTHERN CENTRAL RAILWAY OF MARYLAND
And PENNSYLVANIA
through their English agents, announce an issue OF
f40o,ooo IN per cent consolidated mortgage
bonds The price OF issue VIII be SIX per cent, or
els per 600 bond. and interest viii be payable
halfyearly In London. Tree OF all United States
taxes. The present issue Is part OF consolidated
mortgage Tor slo,oooooo, OF which so,oooCoo is re.
served to provide for the existing mortgage debt
OF the company. This mortgage debt is at present
s5,o1o, 900, besides an irredeemable annuity oil
$4,000 payable to the State OF Maryland in perpe.
unity The proceeds OF the present issue are to be
applied in discharge OF floating DEBT
ENGLISH RAILWAY RECEIPTS
The traf1c on English railways at the presen,
sine does not appear to be much more encourage
ing than thar OF the United States. The total re-
relots for the week, on all lines, show a decrease
n $4,000.
THE FOREIGN MARKET.
London advices report our securities as steady
with the exception OF Erie, which declined to 2s
@x. the market. however. IS dull Twenty
eight thousand pounds bullion went into the Ban'
OF England on balance to-day. The following ar
late quotations :--Consos, money, s2S e5s4; DO.
account, e2% a 92gs; five twenty bonds 1868, ola
los losk do, 1857, ITO; ten-iory bonds lo4A
1o4h; new nves, loak lo4's; Erie, 27H. PRICE,
~ Amsterdam are as follows Central Pacific mrs.