The daily exchange. [volume] (Baltimore, Md.) 1858-1861, 1859-08-06
PRICES AND SALES OF STOCKS IN NEW YORK.
RY TEIECRApH

In New York to-day Erie advanced and Missouri g.:
- but most of the stocks the list were lower Cleve
land and Toledo declined X; Michigan Southern guar
aneed q Rock Island 81 New York Central 4 Reading
81 Harlem X Virginia 6s II and Illinois Central bonds
per cent Galena and Chicago and Michigan Southern
sold at yesterdays figures.
The market for foreign Exchange at New York is very
dull and heavy Sterling is nominally 109@l104, bu
the transactions are at l090l10.
Receiver has been appointed behalf of the creditors
of the New York and Erie Railroad Company The Times
of to-day gives the following explanation of what ha:
been done in the premises the which led
the practical effect upon all the parties interested which
it states is from official source:
On Thursday Of last week Judgment was recovered
against the New York and Erie Railroad Company fol
S55O00 Sinking Fund bonds and execution issued
the same day. Other suits pending in which the
same questions were involved, and it became plain
that il the bondhoders wished protect the
Of the corporation, and hold it together for reorgani
cation, some steps must be taken at once reauisi
tion by holders Of nearly million of fourth mortgage
bonds was made upon the trustees of the fourth and
NTH mortgages, to proceed Immediately for a fore
closure and the appointment of a receiver The Off.
GERS of the company notified of the requiston
aod a Gr ana al ese6s s Ss
rights of all paaties and for receiver of all the property
OF the Company empowered to the road and pay the
operatives and the interest on mortgage and other debts
The officers of the Company yielding to the emergency
did not resist the motion, and an order made by
Judge Mason at Norwich in Chenango county, Tues
day. for the appointment of receiver according to the
prayer in the complaint This will not necessarily
probably result in the destruction of of the interests
in the property subsequent to the mortgage debts If the
time has for the reduction of the capital of the Erie
Railroad it be done by mutual agreement better than
by litigation. While the parties making their agree
ment between themselves the property will be protected
by the Court But if the hodersof the Erie stock and
securities wise they will at take steps for
organization which is inevitable and this val
liable property to the custody of its owners.
The Times remarks:
The steps thus taken construe the proceeding
simply to arrest Of execution upon the pro-
perty of the Company, at the instance Of judgment
Though mortgage) creditors. This does not
sarly imply haste in the nomination and appointment
General Receiver and is probable that circumstances
may to supercede such necessity. Meanwhile,
the Board of Directors met this afternoon and
duced the expenses of the executive administration by
cutting down the salary of the President What will fol
The shares sold this afternoon at per cent the
principle, suppose, that the first public acknowedg
ment of necessity for change Of rule implies the impos
sibty OF efectDg such change without total anniha-
ton. We able the proceedings just related
in this light but others perhaps may In the absence of
sufficient nerve for year or two past in majority Of
the Directors to the order of practical misrue
and to arrest the downward of financial discredit
for asonishment at the interposton of
higher authority only to bring all parties in interest
proper sense of impending danger.
Mr.. James Brown, of the firm of Brown Brothers. and
Mr.. j. Bancroft Davis, Attorney Law have been named
Receivers.
The Cincinnati Commercial remarks respecting the
July business of the principal Ohio roads
The Little Miami has been doing large freight bust
ness at remunerative rates. The Indianapolis and Cir.
cinnat exhibits gain of about 81 900 July 1853
The Ohio and Mississippi has enjoyed large passenger
traffic its freight receipts have been essened by the
friendly action OF powerful EaS tern roads, The earnings
of the Cincinnati, Wilmington and GAINESVILLE road for
July about $12 000 The freight traffic the Central
Ohio reported to have increased most encouragingy