New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1859-12-14

This bank did contribute from the time on I've
10 the aIl of 1861 when il failed At Buffalo having
been removed there I'D 1852 and it, substantially
changed 10 that of the Reciprocity Bank 49, -
Ii ad contributed TO that fund $2S,OU, or II
cent ON it stock. When failed, ifs debts including
circulating notes. amounted 10 some $SOoVvV' anu hS
assets nomir.iy. TO about $4,000.
Uuder the act Of 1879, receiver was appointed 70
ascertain and appOrtOn the debts Of the sockaolde,
who reported tie above facts and appotioned sgsns
each stockholder about ~ per cent Of hs stock ana
Indictment was rendered compelling them TO paw that
auourt-notwiihstanding The Assets remained unex-
haused 70 the nominal amount Of some So, VVO and
the debts remaining TO some Sl1seo only thus com
peiug the stockholders to pay the whole debt OF tne
tered AZ the pleasure of the receiver and the conyen-
fence of the bank debtor and without resort 70 me
safety fund which amounts TO some or s'VVV
ard to the effect also Of compelling the solvent stock
holders 10 paw their assessments leaving the assets 70
meet the sssessueuts which cannot be collected.
In their defense the stockholders unsettled thst
neither bv the Constitution of 1886 the bank law
of 1870 were they made personally liable for the deots
OF the bank; and further that LIABLE the assets must
be exhausted before an appointment can be made.
The questions issue will be tsSen to the Coa OF
Appeals
The Commissioners of Licking CouDty, Ohio, pro-
pose reissue Of bonds to the Central Ohio Railroad
Company in consequence of the impracticabty OF re-
deemug the bonds already issued the said Company
on their maturity, the LIST day Of January, 1860.
The Richmond Enquirer says:
The State of Virginia has guaranteed the interest On
the Canal Bonds and upon the faith OF that gusrn-
tee these bonds have found purchasers. Tne July m
terest has not been paid and the January interest VIII
soon be DUE and should be provided for The credlt
of the State has already suffered by tins failure 70
meet her just liability. Every DAY tnt .ns Interest
unproyided for contributes weaken public confidence
in the promises of Virginia Let the Legislature re-
estabish public confidence by immediate action.
The Philadelphia Ledger says:
ave have no sales of the discredited railroad bonds
issued by the City of Pittsburgh and the County oil
Allegheny to report but the quotations daily show in:
proyement They have been advancing at the rate OF
about a dollar y day for several days past aud on
Saturday A bid without eheitng an oher 70 eel.
Holders express great confidence IN the power ana he
will of the Courts to compel payment, and OF the
ultimate ability of the people of the city and county 10
pay willingly. -
tain Newly ok creditors Of the Pittsburgh Fort ayne
and Chicago Railroad Company to the Courts OF oho
Receiver bad been appointed, and on application OIL
certain boudhoder of the Company IN thus State 70
the District Court of Allegheny County, Sequestra-
tor had also been appointed. These gentlemen nave
respectively issue the subolned circulars In pursuance
Of the designs of their appointments
The circular of Mr. Dupuy Is as follows:
OFFICE .. Tsr P On ST.sr FSST b S.Tsf
The Courts having issued decree nm sss -,
popted Ha.kns Dupuy eque.To you hereby notified
hs all Ieveoues due said Pittsburgh, Fort Wayne sad
GA'sT Esis s .eoasaor and ii bu,Sss. Of The
viii be his direction and control until further notice al OF
which you will duly perform.
That OF Mr. Edgerton is es follows; .. ~. ,.,o.
cp cour Of The United State. Tor the District Of
Ohio thereof held at the City Of Cleveland on
,e IN and sh Of December A D. 1891 m certain canse
equity therein pending wherein ChAres moran snd LOUIS ~
on aoTGsn are Se PS%sh Fort Wayne and Chica
20 Railroad Company defendants the AS ossa
uy appointed hss been qushhed Receiver IN SAID csase
pfslit he
power take possession Of control ana opeiane ssa
CHICAGO and receive its In the and under the
iances Of said Company vested in him said Receiver
ard all diIeetors officers agents and serysn OF sara
will be held respon'ible to him accordingly
II will be at once apparent that conflict of juris-
dction like this in the financial affairs OF the Company
nst proye detrimental to the interests of the creditors
and shareholders of the Company. The Directors of
the COMPANY have had a meeting on the subject, but
seem in doubt as to what should6 be done. MIR. Dupuy
resides at Pittsburgh and the acting President OF the
Company He has given bonds in $500 ,OOO Mr.. Ed
gerton resides at Fort Wayne, and has given bonds in
the sum of only S5 900, Judge Hanna of Fort Wayne
becoming his bondsman. The Ohio Court fixed Mr..
Es salary at $4,000 The cause of this cross-ac-
ton and threatened collision of authority IL said 10
arise from disagreement TO the disposal recent.
ly of some of the OF the Company II said
that there has been Interpretation OF the income by
approprapg part Of il to the payment OF interest TO
the Pennsy wanna Railroad Company for the large loan
made by il to the Pittsburgh, Fort Wayne, and Chi
cago Railroad Company 10 complete the road
TO the last-Damed place, and TO the payment
of the floating debt, to the prejudice Of the prior
right of the fret and second mortgages OF the ONO
and Pennsylvania Railroad Company, whose coupons
were not paid when due on the hrst day oil Vc1ooes
last BY the express terms OF these mortgages fall
ure to pay that interest within sixty days after 1t be-
comes due declared in substance to be divestture
of the road and upon application of the owners Of
opeffh in value Of the mortgages the trustee of the
Ohio and Pittsburgh Railroad Company is bound TO
deliver tho possession OF the road with all s depots
and equipments to the said mortgages all Of which
are pledged for the payment Of the interest and prn-
cipa of the mortgages after first satisfying the current
expenses No Legislation consolidating this nOrtgaged
road with other roads can legally affect the night OF
the mortgages TO the whole income Of what was tho
Ohio and Pennsylvania Railroad Company, after pay
ING the current expenses; and il is expected that
meeting of this class OF creditors will be called to
remedy any injury heretofore sustained and to enforce
their legal rights.
In relation TO the movement In Cotton, w. p.
Wright's Circular SAYS:
the expression Of orr opinion that there has
been des indulge ia exaggerated opinions as TO the extent
present crop. During the past week there has been
change public sentiment in I'll, regard the extreme es
Jet gaining ground We have Telegram from Orleans
rsdrced In the southwest portion region they
hsye with heavy storm, which has doubtless
mali lf rom New sI Orleans are some days over due
Receipts for the week 96cO bales The largest ~ over
20 n cen, In any previous history the cotton trade
sudden in he southern rivers allowed detained boats TO
crowd We not likely 70 heavy
weeks receipt during the remainder OF the The boats
from the tributaries the last SIX weeks have been running
the ain river Orleans hence tho rspdy Of recsips AZ
that place from plantations Since the rise IN the wso
tie boats their respective routes and though sb
have receipts time they will probably be
uniform The this week has been augmented By the sdd
ton oftwo receipts gns before counted aud
the receipts month in FLORIDA proper By
Will that the ending lss uday there were y1
bales Orleans and 81 600 ~ Mobile IN the aggregate s0
ls.. thar in the week preceding
The following Of the movement in Cotton since
tie lat September last compared With he previous four yss'
1859. 1855. 1857. 1855. 1855.
Ree'hu Ptal, 900 ls55,co $500 l,goc0 llo5ce
E1p TO Ct. Br. 1900 55a 900 Sjs,Oo 5llfyo 5GOD
IN to France. ~, go $4,000 1900 10000 1900