New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1844-01-31


The names good Collecting Attorneys viii be given
% '''@'' A'A's'AS pe's''z' 1'p'''aI LEWIS TAPPAN,
ja4 lraeod Corner Hanover and Exchange ss.
Commercial and Money Matters.
NJ-For sales at the Stock Exchange, see Last Page.
There was large amount of business done to-day,
but the market was not very firm. Most descnp-
tons were lower.
The amount of Exchange taken for remittance by
this steamer has been considerable. The failure Of
mails from the South has kept the supply of bills
small Sterling is 9 80 Francs 5 32l 5 81
We noticed, some days since, the fact that the
Chancellor of Mississippi has decided in favor OF
the validity OF the assignment made by the Com
mercal and Railroad Bank of Vicksblrg. This is
considered very important decision, it prevents
the seizure of the remaining of the Bank and
their sacrifice at low prices by the judgment credit
ors, especially the United States, Girard and Php-
nix Banks. 1t Is also considered matter OF strong
doubt if the claims Of the above Banks are legal
binding TO the full extent even the honor OF the
stockholders, and the establishing of the ASST gnmen
gives the assignecs time to investigate these claims
We are not very sanguine about the stockholders Of
the Bank making any thing very considerable from
the concern but in justice TO the original stockhsd
ers we give the following statements, furnished by
one themselves. If these statements be relied
on, they will account for the recent movements in
the stock We do not advise speculation, but those
who paid par for their stock would perhaps do well
to hold on and see the result of the present action
One favorable feature of this case that the Rail
road is continually making more than It's expenses.
The fee simple OF this Road by the laws of Mis-
sissippi can nerer pass from tie Stockholders, which
is Il point Of great importance.
CapitaI Stock cr CommeiciaI Bank and Railroad
Company Of VicksbnrS, paid IN cash 81 ,oo1Ooo
mount than ............ 225O,GO0
Assets 10 possession of assignees consist Of
Property taken comp omise Tor debts
due the Bank-a part of II IS productive
and increasing in value, aud is estimated
Debts 81 secured by mortgages upon houses,
lots plantations and sl2ves-tIe most Of
this property is productive and incIeas-
ing in va 'ue-repressnted TO be good So ooo m,
otie1 rs assets as Of various kinds to avery large
Railroad and other property and aprure-
nances connected from Jackson to
Vicksburg. now compleed-is ploduc;
ing Sl5O,Oo0 per annum, at an expense Of
SIS, 900, aud is represented to be yearly
increasing in value, cost 23'ooOo -so nm
The assignees are instructed and bound to resist
all illegal claims, and very large proportion OF
the debts Of this class it is probable the amount
may be reduced below what has been stated above
1t was said 10 be the purpose OF certain claimants
to cause the assignment made for the benefit OF the
Stockholders, as well Creditors, to be set aside,
that they might come in and sacrifice the assets, by
sale under execution, This application was re-
sisted by the Assignees and the Chancellor has
decided that the assignment is valid.
II the decision had been in favor OF the claimants,
it is probable the whole of the assets would have
been sold at public sale for small sum, TO tina
utter destruction of all the interest OF the Stock
holders. This was resisted by the Asslgnces; and
now, as was intended by the assignment, the prop
erty can be protected and from time to time such
part of it as shall appear to be necessary can be
sold at something like fair price.
The Choncp1lOr in delivering his OpluOn, mt
mated that he should hereafter cause the expenses
of the Trust to be very materially changed. The
salaries of the three ASS gnees, we learn, were
SIS, 900 each and, although the business has been
done with great care, fidelity and judgment, yet
surely one-third of this ought to be sufficient
Indeed, we understand the Assignees have offered
to renquish u part of their salaries. 1t Is SAID
that they have completed the Railroad and rem
dered it productive, and have secured large amounts
of debts and rendered it available for interest, and
settling claims against the Trust, NC.
The assgnecs under this trust have had some adj
vantages that are seldom found in any similar case.
There has been large and constant income from
the Railroad and other property, which has enabled
them 10 secure q much larger amount, from deDts
due the bank. And they have means to defend the
propertv anst the large amount illegal claims,
that arose under the direction OF the bank-ana II
NAV be satisfactory to the stockholders to know that
the assignees are determined to preserve as much as
possible for them.
c>>'
chased and is now held by the assignees, some is
held by persons who have purchased it tor specuia
ton but much the largest amount Is IN the hanus Oh
these who have paid par tor lt-and VINO never iost
all hope of getting something IN return-to ulosG
last particularly the decision of the Chancellor, and
these facts and explanations must be very acceptable
A statement in the Courier OF yesterday gives tle
reduction of liabilities from 18th Feb l04O TO Sd
June, 1913, on all excepting the bonds to the =.
States and Phoenix bank at 81 QUO, ana on tne
bonds alluded TO- S30,502. We have also the ioi-
lowing. from a gentleman of whom we made some
enquiries. knowing him to be very large stock
holder at par and thoroughly acquainted with the
affairs of the Bank. He writes with some "arrnln,
as he we'll NAV, being 4 loser some SoU,Vuo pE MS
acquaintance with Nicksburg stock lie says 100
1.-The Road cost S2400,000 and produces Sioo,ooV
annually. even in the times when the planters net
and dictated the rate of freight This is now TO oe
all changed, and am told by Mississlpplans that
the road will produce nearly double this amount
next wear. From Jan. 1912 to June, 1913, SiU9 0u0
of debts were collected The Real Estate IN lo42
was S25O,0OO, in 1843 i, was $4,000 The receipts
for rent in 1912 were S1042, in 1913 they were STU
o87 think that the stock must now become val
uable. The decision of the Chancellor and the rise
IN Cotton has quadrupled It's value IN my opinIon.
The Banks who have these illegal claims wall be
offered compromise, and Will, no doubt be glad 10
acceptit. They must be forced INTO an artalisc.
ment to lake the bills receivable which are growing
more valuable every day, and leave the stockhod-
rr the Road and real estate, which will make the
stock worth $50 per share. This arrangement Will
come about think, sooner than any one is aware
Of In answer 10 your question, are Iiie s'oeA-
No. No. .. Are the proceeds of The Road pledged to
the Banks?a No l understand the deed Of as
s sils is very strong document, and the US
ssns , have the power TO compromise in any way
beneficial to the stockholders | am glad 10 see
stockholders are now perfectly aware oil teir power
as regards the Railroad It>can never be taken