New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1855-03-08
-. 1o,,ovipg sales were made at auction BY Adrian

asoI EIe in.u.,sse Co. w:.t.rn
~, HIhsri III. Nicoay's reg lar semi WEEKLY aac-
..le of Stocks and Bonds will take place tom )r
80 Ubur,dayl At 1871 O'Clock, at the Merchants Tx
change. oo.o 49,
IT, bu.ine,, atthe Clearing IIoufe was s6 2a3, 3''
no..s. IN the Money Market before noticed con-
.,us, and ON call the supply Of capital seeking en-
,o,r.nt |, considerably in advance Of the demand.
Leading houses have large amounts offered them at
sas cent Paper Of fst-clase is scarce, and tsses
.tea7Y cent Some Of the Banks are taking good
short paper from outsiders 81 cent. The cOnlrac-
tiou OF business, which hss been 50 general, hss
largely decreased the quantity Of good paper created,
and capitalists who have usually employed their
funds in this way find it difficult to do 30 nov; and
there is rather more money offering On BOND ana
mortgage. We hear, however, Of few or no loans a.
lees than cent. even upon the best properly. Ia
Waist general business is very dull, and the Oldest
babtues complain that they have never seen quieter
times
The recent set Of our Legislature taxing capital
employed here by nonresident parties ia the subject
of very general conversation in the street aud fears
are entertained that it will drive away foreign capital
from this to other markets The bin was probably
only intended to apply to parties doing business in the
City and residing on long Islaod, in jersey Con-
pecticut, &C. in order to avoid the heavy taxes Of
This City; but the Assessors, it is feared msy con
strue il to include all capital employed here whether
temporarily or permanently.
The Southern Banks and some Of the Montreal
Banks at some seasons Of the year accumulate bai'
suces here, which used Temporarily IN the purchase
If naper. or as coll loans, and in the same way ths
Agents of European houses, by drawing bills ana IN
CHER WAYS frequently have large resulting balances
nm hand. belonging abroad, which are loaned here
until the operations Of the parties Place these balances
.,sin at home Should the law be construed az tax
mon such capital as this, the effect wo1ld undouot-
edly be TO drive away to Philadelphia Boston, &C,
much capital now employed here, belonging to non
resicents, and which the commercial world finds at
fines extremely convenient. If the operation OF the
law Is confined simply to parties doing business 10
NevYork and residing without the City limits, for
The purpose Of escaping taxation it is just and unex
centonabe law and trust it will be Vigorously ex-
ecuted but we see good to result from taxing in
Unfortunately, capital in the hands of agents of nom
resident parties unless such capital Is placed here
permanently as basis of commercial transactions.
The Indiana Legislature has repasSed the State
Bank and the Free Bank bills, and they are now laws,
notwithstanding the veto Of the Governor mentioned
yesterday.
The shorts" in Illinois Central Bonds are out with
another pamphlet throwing doubt over the sufii ency
and Legality Of the acts Of the Company to secure the
BondholdeIs and which, although written with great
semblsnce of fairness, is as insdious as the anoay-
nous one before published. This latter one, how
ever has Dames attached to it which can be found IN
the Directory, in which it has an advantage over the
other. The opinions given by Messrs. +. IL Up
ton, and +. w. StoughtOn, and Judge VIM. Kent
II -.
derstapd put On record an exactly contrary opinion
In another case the one will neutraze the other. 10
regard TO the question Of usury the opinions advanced
by the above.nsmed gentlemen are pronounced IN
sound by some of the fret legal talent in the City, and
the following decision of the Supreme Court 10 the
case of-Bank vs. Edwards. throw come light upon the
subject
Al to the psuy well established that hi, y personal
and be st by tn sas to p fS' %of
Ss5s:sn wsss ss The C6aneeo in savage
U rs Of s -. RsS s%B' Statute.
ofltS7, e" L. OF 1881 ~ sec ana 10 eAenc .ne oe
and Al representative and confer also ths sub'e'
qusn grantees Of PREMISE. subject 70 u.1 p R. 81
Uss B a9i ovenued bis decision and even under our
ssys BY the original contract TO ray The 'u" borrowed
Livingston Harris, ii wepd S!9l 49,.
g.u the f; hen Th, persons. defense confined
tives only rho bound BY the original
haef 70 pay The sum borrowed
In regard to the efficiency of the Mortgage Deed
70 cover the lands road, property, &C. excepting the
rolling stock, the annexed opinion of Mr. Daniel
Lord would appear to be sufficient to satisfy the pub
lie upon that subject:
OFFICE THE ILLINOIS CENTRAL T. X COZ
NEwYoRx, Feb "a, 1893.
DANIEL LoRp Esq -Siv; The construction OF the NOR,
Rase this the 18th septembor 1891
conveying millions Of OF land, the Illinois CenIs
branches with the depots engine houses turn
for the OF raising fund
om for the completion Of the said rarosd sn
hrapehss been questioned of late ard doubts prese
Intentions of th Company Therefore requested BY tn
Directors 10 ask opinion the subec aud 10 Iques
you to dsvise should appear to requisite any additions
oct which will fully vest and confirm the premises 10
qes this action the part Of the Company should sPPea
slviahe. Very truly. yours. Nc,
The clsuse alluded to in the above letter is q
Sollows: =, o.. s,,t
ri, ,ure,oors and all and every person or Persyns
aw fully OF eQuitsb deriving any estate ns
ses or Interest Of the premises -
=. ro-, under or trust for them, shai sna VIZ =,
eo.. and charges in the law OF me ala
AZ .oepd part their bel snd assigns maze 10 su
Ana cause made cone and eheeufo 81 "a
Ohsr n other reasonable aets md con.
Sr.,ns The prenses hereby efaDted OF lnenueu % ~
"a ,oth, .so parties the second part, then he %
~ ever As BY the said parties OF the second par,
or ssssss, OF their counsel leanea N '"e "' ~
To This Mr.. Lord replies as annexed
fbe mortgage of the Illinois Central hauo1e sxooS
rH.s. T,tshnm John Moore, and samuel " noeS ~