The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1846-12-08

AGnJST, nSas7DtSf s~o 40 "a
THIS was blue dsysin Wall street. The mlssrsbis
weather and the meeting OF Congress has put damper
upon operations Quotations remain without any mate
rial alteration very slight improvement was realized
in some Of the fancy railroad lts ,ks
The Mechanics Banking Association have declared a
ssmannual dividend of four per cent payable on ths
10th inst.
The Delaware and Hudson Canal Company q semi
annual dividend of eight per cent payable the 10th
inst.
The Bank Of Baltimore has declared a dividend of
three per cent for the last six months. g
The Marine and Fire Insurance Bank Of savannah has
declared dividend Of four dollars per share of the
profits of that institution for the past six months being
ct the rate of eight per cent per snnun
We learn that several of the stockholders of the Nor
na Canal Company Of this city and Philadelphia. be
hsvlng that certain officer of the company for some
sinister purpose has been holding false hopes 10 re-
haon to procuring new loan to remove the present
emosrrssments Of the concern and who Is and has
been for sometime endsavorng to sacrifice the stock.
holders and to get the canal and all property into the
hands OF its CREDITOR have cooperated together and
pioyed the most able counsel in New Jersey the
purpose of fling bill 10 chancsry To show that the
debt Of the company which the 800 zoo mortgage was
executed to secure usuriously contracted and that
usury has actually been paid. and therefore, show that
the bonds and mortgages given to secers that debt
should be given up and cancelled.
appears that the Morris Canal Company q corpora
ton Of the State of New Jersey being pressed for money
last spring. proposed to make loan of 500 0oO and In
orderto induce New York capitalists take it, agreed
to pay per cent interest when by the laws of New Jer
sey psr cent only is allowed to be given and received
About $500 he loan TAKEN and interest At the
rate Of per cent has been paid
The law in New Jersey in relation to usury does not
differ Of .u<Iv IN.
cardinal point on which It turns il, that by no Device
can more than six per cent be loan Of mo
ney. In all cases involving the question Of usury the
first enquiry is this, Was loan of money tho object
OF the transaction out Of which the reservation of more
than six per cent has arisen7" If this is answered a
hrmatvely the transactn Is usurious no ingenuity
OF man can save it. This appears to be clearly
usurous for the agreement to lend to more
than the lawful interest of New Jersey the advance
of the money, and the bonds and mortgage were ell
contemporaneous and parts of the Transaction Of the
loan.
We also understand that the stockholders also comsm.
plate dissolvng the present company and to sell all the
real and estate of the which are not
actually necessary appendages to the canal and also sell
the canal itself in sections is the opinion of some Of
the stockholders that the large and substantial dock
water right and other property at Jeey City alone are
worth $3.50 900, and that similar property belonging 10
the company at Newark is Of great and rapidly ncreas-
ing value. 1t ID estimated that sufficiently large
can be realized from the sale Of tn, canal in short Sec
lions and it, boats and other property pay the stock
holders SIS SHARE in the event of the present
debt of the company not being adjudgsd usurious and
ordered to be cancelled.
We annex settlement showing the commerce of the
main line of the public works Of Pennsylvania for the
years ending November go 1884, ls45 and 1896 giving
the quantity OF certain articles transported East and
West and the amount Of tolls received in each month";.