New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1857-11-17

Tota.....................S7l,2 66 80
The Book Trade Of this city have held meeting
and resolved TO restrict credit. The following resou
ton was unanimously adopted:
Resd That we viii SELL after Jan l. ls5s. on no: onsor
on the city in which respectively
plan 10 in circulation to dsembarrass the finances
of the Wabash Valley Road. the first aud second
mortgages are to be kept intact. The holders of the
first ale asked to fund twelve months interest-the
Coupons of August 1851 and February, ls5S-and the
holders Of the second eighteen months Interestingly
and August, 1857 ard May, lSjS-all the Coupons to
be held in trust for the security of the Scrip, three
TO years TO run. Then the holders of the real
estate bonds are TO surrender for 50 y cent in conso
dated stock; the income bondhodsrs to surrender for
40 y cent in sunk stock and the common stockhold
ers to surrender for 25 = cent 10 sunk stock. The
floating debt to be funded in a preferred y csnt
stock Provision is made for foreclosure under the
second mortgsge if general consent is not had to the
proposition the second mortgage agreeing to eons-
tute consolidated property subject Of course, to the
original first lien, to be participated in by all who do
agree 10 the foregoing proposition Mr. Body, the
President of the Road, and Mr.. Sage of Troy, have
the subscription in charge at present. after receiving
the sanction of the Board of Directors at Tolsdo.
Further information, and copy Of the programme,
may be had at the Office Of the Presiden, No. 81 Will
liam street, near Pine.
The Philadelphia Bark Presidents a! late meeting
decided to bring their cash means up to at least %
Ct 1T of their liabilities At the present tine they are
really only about 10 y cent.
The re cent decision of Judge MLean in the Gaze of
the New-Abany and Salem Railroad Company en-
bacef ore point of great question which
has hitherto been fruitful subject OF dn CUSTOM between
different mortgage interests the same line oil raL'
way and between bondhoders and shareholders stand
ug as contracting parties to an existing mortgage.
We refer to the question Of the right on the part of
railway company TO mortgage property acquired SUBJ
sequeny to the date of the mortgage Until this de.
cion by Judge NJ Lean, it has been held by lawyers
of unquestionable ability in various sections of the
COUNT that no such in the morgsger and
in the nature of things well as In common law that
uch mortgage could not hold the property as
against other claims subsequently accruing against
the Company. Sach was the question which, about
three years ,ince between the first and second
mortgage bondholders Of the Rutland and Burlington
Railroad Company in Vermont-the second mortgage,
through q Committee of bondholders, claiming that
the fist mortgage could not take possession of any
part of the equipment or movable property acquired
aer execution Of that mortgage, and threatening to
carry the matter into litigation if possession wa. in
ssted upon by the first mortgage. The report Of this
Committee, which was published at the time, quoted
the opinion, of several distinguished lawyers Boston
and Vermont. The matter finally compromised,
and decree Of Court was obtaiced, by cousen. OF
DO interests that under certain conditions the Sec
OF mortgage might retain possession until maturity Of
the first mortgage.
Judge M'Lean's decision takes equitable grourd.
carrying out the original intent Of the mortgages,
r;x- 10, Of hopJ all 81.
tights to which they thought themselves entitled at the
begin ning far their lien the property il con-
oeIned uphods the principle Of carrying GU. the
original contract in good faith, principle which mus.
meet the hearty approval Of al honorable men, Such
decisions as these viii do much toward removing the
6isrust which prevails in regard to the validity of rail
read mortgages
About one.half of the State Banks have as.ented TO
the arrangement proposed by the Clearing House for
the REDEMPTION of their notes. and making prspara
items for that purpose. 1t is believed that the country
Bank balances now here are sufficient to redeem one.
half tie amount Another meeting Of the Clearing.
House is TO be held on Wednesday.
Gov Pollock has appointed the Hon. Jane. T.
Hale Of Centre County the Hon. Eli Shf.r of Union
County, and Jacob C. Bomberger Of Daupha County
to be commissioners 10 investigate the condition Of the
Bank Of Pennsylvania.
The London TiAsss of tie ith inst. notices sales of
illinois Central Bonds at 76, and shares a. al dis.
count. NewYork Central Shares we're sold q. 3 and
~. 1t Gays furthsr tina. American securities were
qDiet, aud the recovery in illinois Central wa, not
fully msr taired 1t says:
The recent rapid rise seems rather have checked
the investments Of the public, and the funds have
perenced reaction Of half p cert from the closing
prices Of Saturday. TIE first TRANSACTIONS In Consols
lo- money this morning we're at s9i to 9oi and they
gradually declined to SO. to for money, srd go To
fSr the n Of December. Notwithstanding tAs gene.