New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1860-03-29

lens6t Of TIE latter with the assent OF the mortgage
creditors. This contract coniemplaea the organization
OF anew Company, IN which the stockholders IN The
old Company shall receive stock TO the same amount
az their present interest in which the unsecured cred
ors shall ecei i've per cent preferred stock for
then debts and interest, and ia which the mortgage
ri, l.. X II. Co. Offices were opened for assents to
| this contract simultaneously at NewYOrk, London
and n, rln and assents had been received the 10Th
March "A uce which time sssents have been somewho,
ine eastd rom the stockholders unsecured creditors
ana ltb and .Nh mortgage bondhodere as follows be.
ing nearly the whole interest affected by the fore
closure:
a5a 400 out - total Of $11 occ
unseeuTed Crecton 5s6ee0 out Of total Of $4,000
Fourth Mortgage Bends: $4,000 about $4,000
The proposition has also received the assent of
| large majority of the Sd mortgage bondholders, and
majority OF the I'd mortgage bondhoders have signed
pcper slgnyiDg their wish that it may be carried out
This III. ia asked for by the trustees of these credit
ors and stockholders and the trustees under the mort
cages Jointly Meesrs. James Brown Dudley s. Greg
ofy, and j. G.. Bancroft Davis. The bill authorizes
these rustees TO orparize new Company, aud gives
them the right of redemption flor one year after fore
closure for the benefit Of credc and stockholders,
N case the road should be purchased nv oher parties
IL also gives al Interested parties the rgt 10 become
parties to the contract for Elk months after the sale,
aud limits The ssues OF unssued bonds under any ex-
isng mortgages to the Issues Of the 81 and lth mort
cages The object OF retaining the right to Issue these
bonds lDht the second mortgage Wnlcn is Matureu
liability, and in suit may be liquidated under the
terns Of The trust. Without such provision there is
great danger that the property will be sacrificed for the
second mortgage.
Il is ouite certain that the company cannot, 10 its
present FORM manage its maiured debt aud it would
seem almost equally certain that an unconditional fore
closure would result in total loss to the unsecured
bopdholders and perhaps the fifth and fourth mortgage
bondholdeTs. The plan proposed by this bill, which
has already received an assent from the parties in
teIesed large that be regarded as unanimous,
all partse in their rights, aud at the same time
gives 10 the unsecured creditors that If the
rood sha be able from its future earnings TO pay To-
terest its debt them after disobargiDg prior obi
eatioIe, they will receive il. The bill is altogether so
Obvousy fair and just that it is difficult to understand
why il should receive any serious opposition at the
hands Of the Assembly
PROTECTION AGAINST UNSAFE BUILDINGS.
Mr.. Mcleod Murphy has introduced the following
biz in the Senate which it is to be hoped will become
law:
AN ACT for protection agsnst buildings and defining
the liabilities of Owners Occupants Architects and Buides
SKcToS Upon the completion OF every bloln erected IA
the OF the certificate oil construcon
which certificate shall set forth
]. The location and size OF the said building.
The thickness Of the OUTSIDE VALE o. as bsH srs sna
lively composed and also the materials used IN covering the roof
O. The purpose for which the building has erected
IL store factory he amount OF pressure each hoor VIII
sustain in PSand. per square foo o9' m o Db .smbe, or
meetng the number OF people will hold m each part oil
q. II
4 Whether the Building has been supen,euded BY such
architect during the Of It's erection or whether he has
only furnished the required plans aud specifications and working
SIC Upon the compilation of every building in this State
S S the aS 81 sssy Issue to
!. The cation sud size Of the building
The and residence OF the architect by whom was
g. Whether such budiug has been built according plans and
specifications furnished b. architect and agreeable to his
contract for building the ar materials workmanship
specifications have been devated from he Ia to state ell the par
Iculars % such deviation OF deyiatlns.
SIC. /. ss be the duty Of the owners every
building herceTto be erected in this State eGbody every
written hereafter given lessee Of such budr or in
Of verbal agreement to issue certificate to SAID Lessee
setting orh all the items embodied IA sections and oil rms
sgc Upon the letting leasing Of any budpg this State,
% sefa in or upon .Ss s S ., Sa,
ohe End .ee hsFes 6 % employ de an h es
animation each the and ersee of said building
l. The location pon size and materials composing the
building
It's capacity to support weight per square foot each oor
Whether the il seproof and If so, to whist extent
II building for the dse OF public assemblies or aeetns
5n Of the sale Of bde already erected or in
Of erection or in case OF building TO be erect
and purchaser Of said building snail each employ architect
specyey and the architects thrs coyed shall examine
each building and e joint duplicate certificates one to the
purchaser snd one 10 the vendor.
Such certificates shsl set forth all the items required in the
certificate menticned in Section a. -. go,
sEc g. II in the case mentioned in previous section Of tai.
ect the seller purchaser shall prefer not employ architects
the purpose CT procuring the certificate therein mentioned
forth all the required which shall be signed by both
parties ard Of the said certificates shall be retained by the
SIC J. Whenever any damage shall hereafter be sustained by
any Peon or persons by OF any injury 70 ether OF
any thereof heretofore constructed or now IN process OF
hereafter to be constructed the owners
Of building the such falling shall be liable for oil
damages to the person persons sustaining the same IN case
such injury occurred without fault negligence iron the part
Of the sustaining such damage his agents servants or
SIC g. occupant of such building has either
altered the construction OF the same without the consent IN
other person persons place greater weight in any such
building any part thereof than stated as the capacity OF
such building in the certificate the lease or IT, in
N ary n of cb bpdpg than the maximum allowed In the
certificate given him by the thereof then and in each Of
inch cases 9eh .,se Or occupant sh9 pay to ach o%sr g
the liability mentioned in Section g. ,,,,-,
SIC If the occupant Of any such building shall
of hi. set to be done and L sch building shall have been
esd By the Thereof Tss the ED
ard such building any part thereof sha s py ea Of
I've construction being positively Poye9 in the plans sPeGhea
tons and WORKING drawings Of sad buildings. and = 1t ai also
owing to detective materials aud workmanship on tue @ Of te
contractor builder erecting said buildings In case such con-
iruccn supentended by such architect and it shall ap
pear that such building not Of the strength stated In me
certificate Of construction Of the then such architect sh
be liable to the Of such building 20 the so9ut OF any and
al that nay be ecoyeed aganit 'acs owner upon
building any part thereof sba fail within ten ater the
hst hsI not have S % the eoSsetion Of
Of the JUDGMENT that may bs yered against such owner "
herein before stated
SIC 10 any architect architects shall give the eertih
mentioned In this aui sad building shan
been such certificate shall have been
given and such building any part thereof shall fall within ten
after the giving such certificate and the occupant or
such bu ding shall MOI have done suffered OF the
mentioned section be DONE such architects shall be
Jointly severely liable the of such building to the
Of half Of ell judgments that be recovered against
such for injuries sustained by
OF ueh building any thereof unless such
architect architects shs that such budng fell by
some defect in the same not in existence at the time OF his
their giving ,uch certificate
SEC H. 1.-THE vendor and purchaser owner or lessee or
either of upon the sse Of such buidin; shall issue
Of etreuf and Of so