New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1854-10-19

y
The Philadelphia Ledger appears to be vssy hoe.
ous TO create a money panic in New-Ycrk. m
labor will be in vain.
The Albany papers deny that the circular issusi
by tie Treasurer Of the New York Ccnrsi Rsrssl
Compsuy was intended as private circular, and
was unusual in its character or meaning. Tho ckss-
lar It is stated, il word for word the used fas
eighteen years by Gideon Hswley, the Treasurer Of
the Utica ard Schenectady Railroad Company, sat
no fault was over found with ii with the dirscsse
from which 1t emsDated.
In regard to the arrangements concluded ct ~
Railrosd Convention held at Columbus, Ohio, soae
weeks since. The PsssJurgi Gazette says; ..
We waive the very important question ~ V
the legality OF eyoh cotrciye combination - thsy
have attempted ~ create between separate and ads-
pendent corporations with the remark that simil<x
combustion between Individual carriers the P.ss-
sylvania Canal har been decided by the Courts Il
Pepns ylvshia to he illegal and criminal.
An opinion Of c. L. Kirkland, Esq, In relation 70
the New-iaven Railroad frauds, has been published
from which we make the annexed extract, as convey.
ing the gis' Of the opinion:
II seems to me, then, an inds putshle psopo.i.ioa
that under the facts expressly stated and declared W
Company elf through President add Directors
% Ia snster Agent invested far The pablo arc osa
etrod with foil 10 ue esrte .tes OF stock, that sAh
that The Company pUt into bis hands additional esuels
.ys sSdspSs e s pG.,T and seS%y 10 a. che S.as s.s
loo required they by their deliberate resolution pss
msrd,6 ihe upliei, condolences parties hin .sas
ssr e bad N .v.J lessl and practice senss o' ~, ss.
yoss ne tths Of sek eo0cenated 10 himself tbs power
the President and Directors ssus st lswfS sad day csa
vsned meeting end issue OF stock authorised swf
sGTa T ps sr T.a. OF '''S
The foregoing establish the proposior h,, In
eop Of bis authority nav NOR, tina, he pss.uins
precise and only eu.De.. be as Transfer As.o' had % DO
in nsDpsI bound 70 kncw had 90 power mssas q -
ns Whether 10 the performance Of this Lgzfs bssk
mes. riih he violating h. duty b. psepsI sssy
hsd hun the full 10 issue cefthe.ies thy h1
the Authentic aud impressive msnner invited and soeA
the cop6deDce the community IN him their DELI sp
rsnstve and thus they emphstesy declared shs! tho oes
.eqpences h conduct hem and not ,hes ~hs
thus led on were Induced deal With him Stnp this
tie nsy snc idle iseussop Of the question .to ths pw
By rs ehasr and keep 10 view che %,gs., ,,d ,i
oi The hand ssd his iesste powers az % s ass
&c the aud the oOub aud dhcu't apparently .sf
Ills esss isl rroy rsudsrnt a. % ne prapIh sod yet psr.
bona ade aud dels1 vh ne sgss
acting Ii iho scope Of biz authority when psdornis4
ns btsia embraced and Contemplated b. that aa,hory
come a maxim and elementary proposition OF eisw; We
have hat the ssaDs Of stock Tss No., on, gt,a me
could DO onds that sqbory foiS~s iasflss.
sSei ne re s9et asS b. seSay wasshsr sc
Issue exceeded fell short Of the authorized esps sad We
s si'i ss,oS 70 % soI Sea ho The
m vet rat been laid the fact that 5chsJ-
Is bs isi he claim Of The holders
ssTcs req9fss argument 10 show thai 40 ssse t s go
0rfrsd i might hsye been equally anduenf - bet~ses
h. ond he ce~paHy i.sUs tyoad a. aad eoes.qasay
question between the Company ADD rae present hsde" OF mo
stock sllesed TO have been yer.A-sard.
.bo1, ,tsed Is 80 vel essbhsd 50 repestsdy sdadssil
10 every Of form that i work Of sups.stot ,ssa -
fore liz myssfo rs.eDee 70 tho ven estblsa-e doctdss
BY Of the most eminent OF American lswyen snA
and Uhoae aufb0r Nv oil 40
JBdGe storJ In hi, admirable treatise on agency ~
oil act, oaaesied sia pa.isa bah'e.,O, e-Dsy"sa e!
q t2 the principal held liable 70 third ps'soa. 10 ssn
nesseuer and other misfsaanees sad o1i.slSo.
the principal Old not authorize or asy % Ps lP.is w.
indeed know ofsueh misconduct or even 0" 'fosas"s
Mr. % Conors opinion has also been published. In
which he a,erts that all overssaes which cannot DO
traced must be recognised add for all that can b
traced the Company is responsible to the holders for
the full amount of their loss Though the corporation
has no legal authority 10 issue shares beyond $4,000.
il lad the actual capacity to issue shares to any
smount the validit, whereof could not be dened ~
the Company itsef action by the stockholder for
damages. lie asserts that corporations are liable for
the acts aud even frauds Of their agents Mr.. OConor
argues that It Is the interest Of the original share
holders to recognize the overssae rather than py
damages. He also nsss ,hat recognition Of .
greater number Of sbarts than the State allows "a nos
impracicsbe. and lit involves the excrcse Of an en-
ee Of power no one but the State can take sdsaa'gs
Of il. HH
? r-Lords opinion we publish below irerDs
yEN -YoRK-AsD NEw-HsvEs r n co.. -
-'f LENf Otgh-ts5UE 1sE
oPISIOS oF'DtsTEL LORD, 80
I CAst.-By the charter OF tue New York AID New
ssstp sIT.ad Company passed ~ tec Leosa'ay ,1 IL
secteut Aay 1915 thst CoDPzkY ves neofpcEsfed "its