New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1856-12-16
es25,39 50


The Tennessee arrived to-day from San Juan, with
1906 oOO in g Id, making the semi.monthly remittance
81 s65 900. which is larger than the average. There
have also been paid at the SubTreasury 81, 600 on
drafts and checks, which brings the amount up to
Al 9l7 OOO The money market to-day was quite
stringent, but will probably be relieved in day or
two by the above receipts, and the redistribution OF
the amount called in by the Shoe and Leather Bank
The market is also stringent on the arrival OF
California steamer the drafts drawn against the
gold are to be paid, while the gold is not instantly
available The bullion brokers have bought por-
ton of the Saturday receipts but the demand for bars
is small Some relief in the money market is antci-
pated during the week. but shall doubtless have an
active demand during the remainder Of the year.
The Common Council Of Galens have voted to sub
scribe for 800 of the stock Of the Mineral Point
Railroad.
The question Of the division Of the back earnings of
the Baltimore and Ohio Road in bonds has met with
considerable opposition, and has been postponed to
Wednesday next The amount proposed to be divided
is about 80 cent on the capital stock. These earn
ipcs have been used up the construction Of the road
The Common Council have taken action in the mater
and the legality of the dividend denied by the Hon. j.
II. L. McMahon and Mr.. John Nelson, who say:
FIRST: That such applications of net profits to con-
strpctiop or reconstruction or TO accomplish other OBJ
iects of the charter in the several years IN which such
authorizations were made, were absolute apPropna-
tops unless accompanied ct the time Of making them,
bv distinct intention, clearly manifested at the time
of 20 sppropriang them, to refund them as DIVIDENDS
merely borrowed from the stockholders Tor the use OF
the Company and under circumstances existing al the
time of the appropriation from which an eng agement
10 refnpd them as a mere loan OF dividends might De
clearly implied and that the said appropriations II ao-
sou,e snn,onriatons entered into and become par.
of the cspits and property Of the Company aod can
not now be TIRE sted profits and distributed among
tle stockh in the shape Of dividends.
SIcoNp: That the relation Of borrower and lender
as between the Company and Its stocknoieers, whcn
II Is alleged grew out Of the appropriation OF the said
earnir 10 the construction reconstruction OF the
road or to other objects of the charter cannot DC IN
ferrad merely frcm such appropriation, nor unless a.
the tine Of making such Appropriation tne eueum-
stsnc.s tb existing clesry manifested liked uten-
ticn on the part of the Company TO return them As div
iends merely borrowed for the time Tor the use OF the
Company. ACKNOWLEDGEMENTS.
ETHIRD II the Company did tor many years aPpro-
pirate any psrt of the net earnings ,eAy eAisting
the construction or reconstruction OF the road or to the
other purnoses of the charter with such dstn, inten
t;or ~ r1nnd tasm AZ entitled the stock holders 10
dividend Of the pe earnings 30 appropriated and so To-
tended 10 be refuoSed such preparations. with such
intention % rotnru IA dividends the same used Gre
ated in lay A loau a. between the Company and the
stockholders Oh ming tn stock at the pertd when the
eanp,s were 40 apDroprst ed which loan e5ursd only
TO the ben lit Of the then Scckholders and not TO the
benefit of those IN whom tbS shares were afterSard
Transferred and that the former, hno noe the ia are
eJtted 10 said dividend.
The HaJrsburgb, Penn, papers contain q iofmda-
bic list OF applications for bank chArtts from which
We lemp that there are II applications tyr esaang