New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1852-12-14

our rseoleoGop, when tAe whole Nsw-Yori Pres hsye
been, with entire unsnimty, subjected 70 eozsneFeN
hsusex ecxJTnu
We have received the following commaAics-
on in reference to the Buffalo, Corning and Ne~-foff
Railroad
To he Editor Of Them Y Tribune:
A statement appeared in your money Article ~m
days since, purporting to give to the pushc an De-
tant decision in reference to Corporations ioreu @
the general Railroad Law TO wit lhat " " -. az
ions of this Law the ten per cent required 70 pe
the original stock subscriptions before tnc i s b
articles Of association, must De 10 ors b the law Ibis
payment Ia notes not compliance ii ". -. ,o,,r,
decision wac ssid 10 have ceer gwen IN ru' 1880
sgsipst the Buffalo cer~t.s sno $1,000 H., H.
Company and impression @s ocp' 80 - g.
Comnnuy Ind Al niae1 tieir allure 20 conpJ "nn NJ
- =, 49,. a. Re only Direcfo' CT
~, $3.50. ,c.,r. III is Gy, and one OF me rb
tees nauaed In its Bonds, and never oei9le s. for
an intusator Of such an idea l bos,re The
he fsc. " ,ie case that might place tneih oeioie '
public. .-.i.le ,,s am informed
brought by certain parties from wnon lie soa.Ss
IA &c, land for their track and who were dssasnea
.h the Con,mssieners Of Apprsal appointed IN pu
snce oftbe statute In this suit they sought 70 reSIa
the ompspy from running their cars over thelr lano
alleging that the Company - 20. .nS Pss iega To
sustain this position they among otner things cnaise
tbst the ten per cent the original STOCK
was not paid in cash Of the time OF the ~
,Ie s-ny,natv that the stock not subscriber IN
God fsith That the General Railroad lBw IL uncon-
s,;tu,;onsl &c TO all of which the Attorney Oh tne
Company thought proper, without ui Jr
any officer of the Companyo put N b,
rhis corse while il denies nothing admits nothns'ou'
raises at once a question Of law on the pieadhss;
The overruling of the demurrer by the Judge decides
simply, in effect that il hs allegations IN We eoapatns
ar, me they constitute sufficient ground OF ACTON ana
the Company have only TO amend by putting IN taeir
answer DENYING the allegations in the complaint Inc
decieon ofthe Judge TO this effect and no more ana
On inference might as well be drawn that ne hsd usce
the Railroad Law to he unconstitutional az that he mad
decided that this roed had failed to comply with ts pro
visions No injunction has issued against the ROAD
nor Is possible for any 10 issue on the ground aegd
Nearly twice the amount Of the 10 y cent required by
law was actually paid in in cash the time of the filing
of the articles OF the association ana the COMMISSION
erf-John Magee, Constant Cook and Elias 3 Gilbert
Esqs-hnye verified this to be true oil Their own knowl-
edge The character Of these gentlemen, who are large
" intereted in the securities OF the road and ayorsby
known as well for their sterling integrity and great
practical knowledge for their large wealth. sucn
that it IL only necessary now to say that tns aaVt
made in ignorance Of the fact that notes are not
cash and am now authorized by them 10 say that In
this respect and they believe in all Others the Company
have compiled with the Letter as well as the spirn OF the
law.
Having thus been led 10 speak of this Road, permit me
70 add that il now completed 81 miles 10 Conesus and
graded nearly to Batavia 1t ia under contract to But
falo and II is hoped TO run the trains over the whoe
Road in July. Perhaps Road has ever been built
more permanently economically than this, the entire
cost being estimated at less than $4,000 per mile The
Bonds which can only be issued from time TO time, az
consecutive portions Of the Road completed, are
limited in all TO 81 100000, being but little over $1,000
per mile about the cost of the IRON The earnings
thus far exceed the most sanguine expectations of the
Directors and sufficient 10 make certain the safety OF
these Bonds under any possible circumstances and rem
deIing it altogether probable that their convertibiy
may within short time after the opening of the Road
make them worth much above par.
Trusting that you will excuse me for making, what
intended as a correction, advertisement,
am, very respectfully, yours,
JOHN A. c. GRAY.
Neao- York Dec - 1852