The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-02-22
FINANCIAL AND COMMERCIAL.
MON EY MARK 4 T.

The tendency was up ward from the opening this
morning. There was no particular movement OK
cept In Reading, which was quite active at the ad.
vance. Erie, Harlem and Central were compare
lively quiet but better prices were reaz I'd. At the
first board Erie bonds, 1875, advanced 1 per cent
Illinois Central bonds, Ii New York Central bonds 4;
New York Central 70, 4; Cumberland Coal, /; New
York Central Railroad, I; Erie Railroad, 4; Read.
ing Railroad, J. Erie bonds 1871, fell of per cent.
or railroad bonds Illinois Central wore the most &C
tive, at an Improvement In prices. There was bear
fale at TO- sellers option, six months. Quite large
business wss transacted In railroad bonds at the
first board to day. There are now on the mnke.
three classes Of New York Central bonds, half
dozen classes Of Erie, two Of Illinois Central three
Of Hudson River, two Of Panama, and 90 on.
Bords of nearly oil the Western ralro Dads are in
this market, and the supply OF each description ID
at all times ture to DO equal to tho demand. Tao
question Of usury having been raised on railroad
bonds issued at twenty and thirty per cent below
par, has induced those interested to examine the
law on the subject, and we And in some OF our eve
ming contemporaries an extract from the statutes Of
illinois and New York, on the point alluded to:-
Law oy THE STATE on NEw York.
Passed April 0, 1850
fence Of usury in any action
I'd. The term corporation used In this act, shall be
20 nsuso al and Joint stock
corporations not possessed BY individuals or partner
90. This act shall take effect immediately.
LAW on THE STATE on ILLINOIS
Approved February H. 1853
lst That corporation sha hereafter interpose the
defence Of usury In any action.
3D. The term corporation used In this act shall DO
construed 10 include all associations and Joint stock
corporations no. possessed by individuals or partner
ships
3d. This act shall take effect from and after its passage
We have not lost sight Of these lava, and our re.
marks were made with full kno Wedge OF the pur.
port and meaning Of each. These laws are propsr
aid just It is very seldom that the managers Of
on incorporated company VITO were parties to the
INJURIOUS acts, put In that plea to destroy the dsbt
hence there existed very little necessity for the pas
sage Of the above act No company In its corporate
capacity can put In she plea Of usury for the repu
da,ion Of any Indebtedness II may have created
sub restriction was advocated by incorporated
companies, and It Is well enough o. q check upon
railroad managers; but It gees further; II by no
means frees the bondaolders from the dangers Of
such plea. Any stakeholder can put In the plea
OF usury, and when We find such men as form the
RIO. kholders Of the Nev York and New Haven Rail.
road Company putting in su plea to get rid Of an
honest ard just claim, there win never be want
ing Individuals willing to do the dirty work Of In
corforated companies who may want their servi es.
According to the law Of this State, quoted above,
the New York and Nev Haven Railroad Company,
In It's corporate capacity, Ia debrred from putting
in the plea Of usury in any action Notwithstanding
which We find suit commenced In the Supreme
Court, by the New York and New Haven Railroad
Company, against The holders Of the over.issusd
stock, in which that plea ID made very impor.an.
point In the complaint. The Law says that no cor
pora'ion shall hereafter iDterposs the defence OF
usuiy In any action" The New York and Ne.
Haven Railroad ia a corporation chartered by the
Legislature Of this State, ard on, laws regulate It.
Ia true that but po tio1 Of Its property In this
State but oil is rights and privileges derived from
our laws are sufficient TO give them great control
over the entire interests OF the corporation 30 the
company viii find before 1t gets through with its
swinclirg opei stions.
After the adjournment Of the board the folio wing
tales Of stocks and bonds were made q. auction