New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1852-07-26

ble and the security OF the Bonds 10 unqu'suonsoo
the cost Of the Road exclusive OF lie equipment more
than double the amount Of the BOnds.'
In relation to the legality of County
BoDds the following proceedings of the Cincinnati WI
miDston and GAINESVILLE Railroad Company are inpor-
tsnt settling that point conclasivey a. far Is ohos
concerned:
In order to place the legality OF those bonds beyond
all possible question: the Commissioning OF Chnton
County though authorized by law aud vote OF the
people under the old Constitution determined not -
iiue their bonds until the Supreme Court should Gfn
their roiidtty
Under such refusal the Cincinnati Wilmington and
GAINESVILLE Railroad Company sued out Writ o. Man
damus 70 compel the Commissioners tossue the oond.
This presented all the questions tbst could poss
bly, arise az 10 their validity aud upon JaR arg nsnt
befor lH bench all the points we're decided In iaVor
OF the bonds a the Jud cnncurrng) In March iaH
and the Commissoners were ordered 70 deliver them
This only sussins the legality of those bombs
but exhibits the powe Of the courts over hem, when
is very important the courts have power 10 compel
the officers Of the county 10 ssue those bonds and give
thsm 10 the public they certainly have p7Der TO COM
pei the officers and collect tae tax 10 pay In
tsrest and principal and this tax 10 collected by tue
same officer who collects the State and County tax for
other objects II is impossible for one to be collected
without the other
The power therefore TO coerce payment Of interest
and prir cipsl ample and summary, and the secur
ty so abundant that these bonds. when understood
be regarded equal to the very best State ieca
rites.
The Cleveland, Columbus and Cincin-
natl Rsilrod Company has declared dividend of p
of the net earnings between the let Dec last and
lst Aug, with large surplus payable aud after the
18th next month, Arrangements are being made By this
road 10 open books of transfer in this City.
Certain citizens of Ross County, Ohio, not
satisfied with the location of portions of the Cincinnati
ard Marietta Railroad gave notice Ia The Courier and
ENQUIRER of this City, early last spring. that they would
take legal steps to prevent the collection OF the special
tax levied In that Couhy meetthe accrung interest on
the Ross County Bonds which had been Issued to said
Company By large vote of the people In payment OF
stock subscription by the County to the capitol stock
Of the Company The coming for hearing atthe
present term of the Court sitting in said County, was
dismissed at the cost Of the plaintiffs 1t Is alleged BY
theCompany that the suit was brought for vezatous
purposes.
The Huron Signal of the 18th inst,
says: We are no fully enabled 10 say that the Bufa
To- Brantford and GOderch line has become great fact
in Railroads line of steamboats, win be placed on
Lake Huron running from Godehch TO Milwaukee,
Bruce Mines and American Copper Mines on Lakes IS
ron and Superior, Is also great fact"
The NewburypOrt Herald has the an
nexed remarks upon the state of the manufacturing
business
The amount of capital which hus been sunk during
two three years past proves to be much greater
than was anticipated. Many of the companies have
recently made investigation into their affairs, and will
be obliged sink the value of their shares and pay in
capital 10 order 70 save any OF their property nov
invested We sorry 10 learn that the effort 70 DO
this In the Globe hl in this place is likely to fail
What the stockholders will do Ia this event at the adj
journed meeting which is to be held on Monday, we do
not know, but the mill lie in worse condition than
N.Aa nfl In auA
and II will be matter of regret II the property Is
rfced has been dsDe Ia many other instances 70
pay their debts This MILL considering althe dissdyan'
taees under which II has abored has been quite forum
ate that It s In condition. There have been
many other manufactures which have lost much more
of their capital in much less time. One of the wooden
manufactures In this State, which has been generally
very successful and managed with great shreTdness,
hs average dividends for ten years past having been
ten per cent has within twelve months, solely by the
high price of the material and the ruinou'y low
price of wooden goods lost fifty per cent of its capital
and as there Is opposition among the stockholders 10
pay In capital to the amount OF 80 cents on the dol
lar clear of the debt It Will probably be sold under
the hammer and wound up at a loss of so or 30 per
cent for s stock is now sold In the market at IL cents
on the dollar.
The Gobo MILL though il has been struggling under
the pressure Of bad management at the outset and def
Client capital during intoeraby adverse times Is in bet
ter condih) than this II Is worth fully 30 cents the
dollar 10 the present stockholders but company
will of be found to take 1t at anything like this
value, If the old Company allows 1t 20 be sold.
The mode in which factory property Is sacrificed,
when the will not sustain It. IL In
sale which made last week of the Holster NJ II,
at Utica N Y. This mill, which belonged TO the MesTs
BOLSTER who failed about six months ago. which cost
over 100000 and which, on the appraisal Of their
tate few months since, valued at stl5 900,
sold by action last week after being extensively sdver.
ii.ed all the country and knocked off TO capital.
let Of New York for $4,000
Msny mills In Rhode leland nnectcut, NswJorsey,
NewYsrk and Pennsy lvania have been sold within
year. at an equal II not greater sacrifice.