The New York herald., 1844-10-09
sl4. .ssl. .s2o % 7ai2. .oal 1a $500 6aa ID

A,36320 80 7,9i203l 13 6,508,638 48
The price se upon these works by the legislature is
osoo to be taken by company to be called the
pennsylvania Canal and Railroad Company the par for
shares being fxsd at hundred each making the
Der Of shares tw hundred thousand. This company
not to be incorporated unless hundred and fifty thou
sand shares sold the the commissioners
not succeeding in disposing OF that number within the
time allowed by law they to proceed to open books
in the city Of Philadelphia Tor private subscriptions the
stock hc legislature have the right take possession
OF the works OF this company should be deemed proper
at the expiration of twenty years. by smbursing the
stockholders the amount Of their expenditures with
re- cent advance their capta but should the egsa-
ture not deem proper to the possession at the
expiration Of the hrst twenty years. they have
the privilege oil doing upon above terms at the end
or the second third fourth any number Of terms they
may h to do 1t does appear very probable
this moment, that the line will be sold The people may
grant permission 10 SELL but under the existing circum
stances -ssee very little chance of the commissioners
succeeding in their efforts to dispose Of the works pub
iicly or privately.
The Vice Chancellor the case Of the North Ameri-
can Trust ard Banking Company has decided that the
million and first half million trusts created by the officers
Of the company illegal and has ordered the
to assign and deliver the securities included in the two
trusts, which amount to about $2,O 600, to John
Palmer, President of the Merchants Bank as special
receiver. The million trust created in April, 1870
to 900 bonds, dated Feh l. Isio each for f250
sterling and payable Feb ls45 at par amounting 10
$1,000 900 Tho frat half mili,n trust was created in
April May, ls4O to bonds dated February
sio, each for fa6o sterling, and payable February
sl7 at par amounting to $500 O0-being together 1850
bonds, amounting at parto 81 500 600 sold London
at $50 per cent, at par amounting to $544 4l4 a. 294
held as collateral by different parties 557 held by Pame
MacKllop, Dent Co.. which amount par TO s6is sss
S. and the holders of these 557 bonds Palmers Mac
Kop Dent Co clsim to be secured by of these
two trusts for the large amount which they aege this
banking company owe them The amount Of bonds and
mortgages in the million trust is 81, ,3a6 s75 l9. The
amount Of securities in the first half million trust
s6i64l3 34 Amount Of other securities Qncluding Is47
shares Of the capital stock Of the company par about
S220.oeO. Total amount about 2,l6a,2ss So.
The Chancellor in giving his decision said, that al
though this motion for a receiver was sought for the
general merits of the case the is not to be considered
decided, ii may be altered when considered in
formal way. The Chancellor states that he is OF
the opinion that the bank engaged in legti
mate bansing operations that its principal business
specuang in stocks and that the condition Of the Com
pany at the time Of making the trusts such that
could have right either in law equity to make any
dscrmin alton by appotoning large OF assets
to obligations to party to the exclusion OF
others would be contrary to all the principles which
understood should govern tn Company were pre-
ference made and large amount Of assets appropriated
creditors The view taken OF the BY the Chancellor
out doubt be confirmed by every future decision made on
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