New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1851-01-29

IN Of loans by some OF the Banks and foreign
houses. This is probably movement Tor the Pur
pose Of endeavorng to raise the rate oil interest,"
and when this is accomplished, or the attempt
fails, money will again be plenty. The Banks
which are sending specie South TO bay Northern
Exchange. which is at a discount, are using that
plee for reducing their loans. There is, however,
with all this movement, no tghtness in the Money
market. and it can only be said that money IS less
,lspt, than it was. And even this is only felt In
quarters which depend almost entirely upon Dor
-o,iny for facilities. Loans have been made to-
5sv roon Government Stocks az 4 Y cent and
good paper goes easily at = cent. The supply
oftbis description is rather better than 1t vas
No permanent scarcity Of money can exist while
California continues to yield US three or four NIL
lions of gold every month. The Banks no longer
hold the control Of the market 20 contract or ex'
pand it a. will. Private capitalists have taken
the place Of Banks aud supply the demand when
the Banks will not.
A negotiation for $4,000 Of the Bonds OF the
Central Ohio Railroad Company, has beenrecens
" closed in this City, at prices which have not
transpred, bot said to be very favorable for the
Road. Upon inquiry, We find that this Road IS
destined to play conspcuo as part In the h2u-
way interests Of the country. II IS practicaHy an
extension Of the Baltimore and Ohio Railroad
and By its prospective connection with the Hemp
field Branch Of the Pennsylvania Central Rail
way. it becomes one of the shortest lines be-
tween New.York as well as Philadelphia, and
Cincinnati. and St. Louis. When the Baltimore
| and Ohio Road is completed to Wheeling, and
the Central Road extended from GAINESVILLE to
Wheeling this Road will form portion OF very
| important line 1t is beside located IN fertile
and wealthy district Of country, and makes connec'
ton at Newark with the Railroad running to San
dusky and Cleveland, and at Columbus with all the
Railroads radiatiDg from that point. The Central
| Ohio Railroad is on the line Of the great Ma
tional Road constructed by the United States
Government aud will be as prominent among the
Railroads Of the country, as that great work vas
among the old avenues Of travel.
! The Leather Manufacturers ank has declared
dividend Olive a. cent. for the past six months.
The annexed communication appeared IN the
Eapress on Saturday last:
MoRRIsCANAL-The Morris Canal being the sub
iect of considerable discussion in the monetary cir
ces ofthe city just now, friend has furnished as
with the following erD9N6 rs embOdylng a correct
and reliable view Of the affairs ofthe Morris Canal
Company giving extracts from the Act OF ebru-
ary ls49 and as much of the contract, In relation
| tothe issuing of preferred stock as is deemed es
sential to a satisfactory calculation OF the whole
subject
! F,PowERED 20 reduce the NUMBER OF SHARES OF their
capital stock 10 10 go which shares shall have the same
/ nominal value as heretofore
Sec . AHd bet further enacted Tha shau be lawful
for the taa company issue II 5) shares OF new stock 10
bessued preferred stock and 10 bear such rates OF dv
bends the board OF directors may prescribe TO ENABLE
| SAID COMPANY TO PERFECT THEIR CANAL.
From the above, it will be seen that the direc.
tors were authorized to fix the rates ot'dividends,
on whatever quantity of new stock they should
find il necessary to issue to enable the Company
to perfect their Canal and in addition to the privi
lege Of issuing preferred stock, the Company was
authorized and empowered to consolidate the old
stock, in the inverse ratio Of four to one.
liz will be seen from the terms, authorized
and empowered that the power to consolidate
| was permissive, not obligatory or mandatory, aud
on review Of the contract which was made with
the subscribers, such the construction and IN
| derstandng of the parties. The contract, made
! in due form and regularly executed, is on file
among the archives of the Company, aud full
! and complete transcript has been spread on the
official records of the Board Of Directors subject
to the free inspection OF any stockholder.
The material and essential matters OF the ne5o
tiation having been fully consummated by the re-
spective parties there is no power in the Company
10 change the relative position OF either the new
stock having preferred rights and the old con-
! trolling the elective power retains conservative
restraint preventive of abuse. This arrangement
! is equally lust and equitable; the new stock has
| pecuniary advantages, while the old, the repre-
sentative of the great mass of property, reserves
to itself prepondersting influence IN the affairs
ofthe Company.
Ii is proper here to remark that the Company
| have no DISCUSSES nor concealments, and that the
officers are not only highly respectable, but pecu-
liarly competent to execute with honesty and ln'
telligence the trusts which have been conhded TO
their charge. ,,,-,..,, -,
ARr VII That the entire receipts OF The Cana sinai be
| appropriated as follows
| list TO the PAYNE Of the current expenses H..
I'd To the payment OF The interest," on tue Outstanding
So To the payment Of dividends the preferred stock
| 4tb To the payment of dividends on me socA uhti
such dividends shall reach doars and ny cents each
share. - -,- -. ..s.,.. -, ,ts
COMPANY enabling IL pay dividends beyond te rses
mentioned in the contract then such further ovloenas
be paid in the proportions OF $40 81 10 the respecNo
classes Of stock but should any OF The Old socA oo 9nso
dated four into one then instead Of % 'he con'oaasa
stock would be entitled To $40 dividend ,,,
Art IN That The holders OF the preferred slocR saa 90
entitled vote thereon in the same manner as The holders
OF the old stock and fconsohdsted then As the noders
OF the consolidated stock.
1t is only necessary TO refer 70 the 18th item OF
the With Article, to show the understanding OF
the parties which constitute perfect recognition
of the relative rights OF the classes, ancient ana
modern, the old and new StockhOlders-and so
their respective interests must remain, until new
contract shall be made between the old and the
preferred Stocks.
From an inspection Of the minutes OF the Com
pany we have ascertained that, had the through
trade equsled the quantity Of Coal which entered
the Canal at Easton, the income from that tun'
mage, being $4,000 tuns would have been -
600, and if to this sum we add the amount OF tolls
which would be received on the transportation oil
an additional 100000 tuns, equal to s2oOO0O' me
aggregate revenue on the through business would
then be S325O00, and if to this We unite the PROB
able receipts from the local transportation 80
| coo, an increase Of but 20 3 cent. on the past
| year contingent consequence Of the enlarged
through trade, the gross income forthe year would
/ e ,f& fan Tho WOuIl