The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-05-08
udicia tribunal In the SD Opinions delivered by
DEMO, G. j., and se,den j.
Judge Seldep Of the Court Of Appeals, said 10 his


they incur. No one yet tell who may be eventually
liable for the debN Of all insolvent corpora
| tons. The tale Is yet TO be unfoaded The stock
| holders viii probably DO called 70 account No
can yet imagine who may be ultimately liable for the
debts Of many Of railroad companes for instance,
we Will take the case Of the Michigan Southern an
Northern Indiana Railroad Company By the thirty
second section Of the original act Of the Northern Indian
Railroad Company authorized TO borrow money,
and 70 secure the payment thereof II was provided
That the stock and other property Of said corporation,
together with the profits said road the individual stock
said corporation and the Individual stockholders there
Of ehal each be liable for said loan, much thereof
az contracted for during the time in which they
spectvely such stockholders, to amount equal 70 their
stock respectively, and IN that proportion may be re-
covered by suit in equity or Otherwise.
On the 18th of February, 1866 the STATE Of Michigan
passed act authorizing the Southern Michigan and
Northern Indiana Railroad 70 consolidate by the rst
ton of which act il was provided
That all the franchises, property powers and privileges
enjoyed by the Michigan Southern Railroad Company,
and all the restrictions liabilities and obligations imposed
upon said two corporations by virtue OF their respective
charters and all by and With either both Of
tons in the same manner as ii the same had been con-
aDed In or acquired under an original charter or made
by with said consolidated corporation and in the
ner as II said consolidation had not taken place.
The articles of consolidation executed due form be-
two corporations on 18th day of April 1885,
provides
That all and singular the debts, liabilities and obhga
tons whatsoever Of the said parties Of the first and second
parts Chat s the Michigan Southern and Northern ndi
Railroad Ccmpanies) severaly and respectively shall
be henceforth the proper debts liabilities and obligations
Of the said consolidated company, to all nens and pur
poees
From this would appear that the stockholders In
dyiduaiy liable for the debts Of the consolidated compa
pies; and who at this day tell the extent Of the u
mate individual liability Is currently reported that
large Of the bonds Of this company have been from
time to time pledged to different parties for the purpose Of
raising money meet ts daily necessities. Whether the
reports be true NOT reference 10 the exposure Of
stockholders for ultimate liability is not inappropriate TO
existing contingencies Our readers that there
many railroad companies created by the laws Of neigh
boring States IN very midst, most Of which States
have what called general railroad laws" for In.
stance Ohio indiana Michigan and Illinois have such &C.
neral laws the judicial constructions 10 which h.vc not yet
TRANSFERRED For instance the corporate rights claimed by
the Southern Michigan and Northern Indiana Railroad Com
pany comprised in octave volume Of 2l6 pages,
containing lees than forty five distinct legislative acts,
the understanding Of which would require the labor 1t
industrious lawyer for long period Of tme and how then
hyman, stock bondholder know anything Of his
rights or dabilitesi And yet people Ego blind" in ope
rating in the securities Of that company we2 ss others
similarly situated.
fhe dry goods trade, n nrst handle has not improved
oSbing houses in Boston has produced uniavuabie
effect Only OF these houses 10 understood 10 have
large liabilities this city, the credit of the others
very good among merchants These houses, with
exception had been doing business on small capital
and obliged To smash up" finding impossible TO
obtain further credit Too little capital and too much
credit the great evil At present The dry goods trade.
FIRST class obbng business cannot be carried on 81 an
expense Of than 900 per The large houses
IN heen buve fhe OH and
their frequently at the prices their neghbors
nay porter The small jobbers, hswever, have the
advantage Of obtaining very eng credits and OF not being
obliged keep stock hand which may deprecise In
value. The competition among iobbers ut present very
active tricks OF all kinds resorted 10 10
customers For instance, staple print the price OF which
well known N offered q, ten per cent belo~ cost which
induces the buyer to make arge purchases under the i'm
preston that he Is obtaining his whole stock at
responding reduction while he actually pays double the
difference few pieces Of alpaca he rarely able TO
ascertain The cost Of imported goods, though he be
favored with sight Of the invoice many merchants
have two invoices made out-one for exhibition
TONER'S another for private Tho market for domestic
fabrics suffering depression, which may be only te
porary. Cottons Of all kinds dull and be bought
q ri1e easier than two weeks ago The quotations. gwen
merely nominal hold firmly at these rates,
| while others would discount a little In order
II 70 EEL EoOd Dill. We quote DfoWn bhetHnFb
and sbirtiags, s1,c s1c for light; 9,sc. e.c for
heavy little doing. Bleachod goods duh and selling below
cost except low priced fabrics, below ST. Drills quiet
&C. for brown blsachcd, sc blue, 1916 some sales
at Nc below these rates. DENNIS IN moderate demand,
at l0c. 16c ospaburgs-stripes and ticks and cotton
l duck quiet Printing cloths have been sold at private
terms large prices quite drm heretofore.
Printed goods for spring and moving 81
more freely the Improvement In the weather. We
quote prints, first class madders at s1ze 1ohc. the
lower for early styles Lawns, &c. 12hc Cling.
hams loc Ike. Chaes, lsc zoe. Domestic wcollens
are dull heavy Fancy cassmeres spring Styles
be bought all the way from zoe. 70 81 12S; the goods
which sell zoe have wool in them costing per ID.
Heavy fall goods bring from 81 12a 81 60 sarpee are
slow Of sale, prices ranging from 35c. 7oc Tweeds
| and jeans dun.
The foreign dry goods market is emphalcsliy fat OF
most descriptions Of goods there enough market
10 las, another season This results from excessive rupor.
atjon, induced by tho expectation Of heavy Western
trade and the disposition 70 speculate in the carly part o.
the season. There q Of confidence ard mutual un-
ders,andns amons importers, which very detrimental
to their interests In the early part Of the season every
told his ncehbor that he could not and would Dc i'm
port largely view Of The rising pricee, and In
qusnce, each secretly resolved bring forward an
! unusual amount and "make good thing 81" Two or
! three years snce the importers Of French goods,
feeling the need Of come concert Of operations, signed
contract by which they agreed 70 sc nothing through the
auction ROOM until time nxed late In The season, when
the bulk OF the stock should have been disposed OF for
fair prices at private sale Every surprised 10
nnd however, that the auction were flled with
French goods Al very early date, until, Al last, WA
discovered that nearly all Of sbe contracting parties had sen,
cases 70 the rooms by night which sosd tho
| Of clerks and carriers The policy pursued by tho I'm
por,ers has always bean fo shottsehtcd this
are, consequently NOT at all SURPRISED prices going
down here while they coonve TO advance The ether
dc Fabrics Of silk, hnes and woolcn slcw Of SAID
In this mashet at prices le than they could be landed
for China silks, however, arm ~ Comparatively high
prices.