The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-04-21


follows
-,of customs: ~
IotA pay ments ZaIoSo =
baianCo u yOo0,SSo W
The exchanges ut the Bank Clearing House thin
morning were 1898 o. and tie balances
81 ,0l4,702 rs.
Sales Of 81 per cent Treasury notes hsve been
made at premium, and Of 6's at one per cent.
The following is the act reoreanizing the Erie
Railroad Company, under the effest of which the
stock has risen from $s'to SIT the share:-
AN AcT RELATING TO THE FORECLOSURE AxB SALE ~
The people OF the State Of New York. -epreeentct n
Senate and Assembly. do enact as follows
Section J. In the event OF foreclosure and salo or ~
New York and Erie Railroad, and its foreclosure
any mortgage executed by tho New York and Erie Rail
or TO James Brown and John Davis, such sale aad the
conveyanc thereoa shall be made ect - the liens
structon Of the New York and Erie Rairoad, passed
May H. 1875 and TO the liens by under thes
mortgage 10 John Palmer, Joseph Walker and Urah J.
and Erie Railroad Company prior 70 the lien Of the mort
5 ny 2
lien upon the same prior 70 the debt for the discharge a
to remain Hen upon the same after the sale; ssS
In case the same shall be purchased by Dudley SGrs
CORY and J. bancroft Davis, trustees under the AMI
cable agreement between the said company and f0
creditors, or the survivor 0 thcm or his or their
the said purchaser purchasers such sale
Others to consuae together with such purchaser par-
chasers, seventeen persons, who shah constitute body
such associates lsg with the Secretary SMte artceo
Of association, signed by them respectively setting forth
act and that they have organized board Of dre,os
OF the Eric Railway Company, and chosen President,
and
Of shares Of capital stock of said company the pep
value Of each shase, and whether any, and, 60 what
ever the whole amount Of stock shall not exceed IT,
amount OF the capital stock Of the lew York and Erie
secured By morssse len upon tSe ssid psrooS pro.
perty franchises st the time Of sale and upon dim
such articles OF association the satassocaton shall 30
come body corporate, TO be known the Erie Railway
Company, and shall possess all tbs rights, franchises
powers and privileges by law conferred upon the New
q though Al laws relating % sad Now York snd RS
Railroad Company were reeuaeted N relation 70 the
YosI .nS S a rsIg the e NE
lava q The Saas now applicable 70 the New York sad
relating TO Tia New York and Erie Railroad Company,
ahal be applicable to the Erie Railway COMPANY; and
articles and such new company shan DO vested With an
me properly, real and personal ana all the rights and
snrssss = such s. whatever kind ad
New jersey or Pennsylvania not Inconsistent with The
laws OF said States, and ssbect to conditions or
mortgage ar mortgages under which the same may BE-
sod and any other lien that may decreed by the Sd
for the discharge OF which il shall be sold or which, shaa
be decread 70 remain lion upon the same After the sao
Sec. 2 me said Era Ralwey company authosiaed
last seceu Of this AT, in Carrying out any
made or to be made between the New YORK, ana Frio
unsecured creditors, whose rights forecosed by sack
Foreclosure any amcabs agreement between said New
creditors in aid o. FOR the Sroecon Or Ss r,Sss ~ .sc
stockholders and CREDITORS but the right 10 be-
come parties 10 said amicass agreement shall be extend
ed 10 not eE than six months after such SALE and all thu
unsecured anc judgment creditors Of tho New York and
Erie Railroad Company becoming parties within that
debts preferred stock q the ssid Erie Railway Company
Sec g. The said Erie Railway Company shall b authe-
rzed TO tsfe and hold execute, fun and renew,
Gel any and all contracts and agreements for the use and
possession Of any real estate franchises or personal
property Il the said New York and Erie Railroad Com
porson in his Or any other safe, and especially with
the Long Dock Company. and with the Union Railroad
Company. ana We Paterson and R.mapo Railroad 0on
Company Of the State OF New Jersey she same exenk
that tb. New York and Erie Railroad Company are an
Bee. 4 The Eric Railway Company Is authorized end
empowered to make contracts with the holders Of any
the mortgage bonds Of the New York and Erie Railroad
Company to extend any all Of such MORTGAGE bonds
or to make any or oil Of said bonds perpetual len upon
the property and estate purchased said sale in the or
bonds under the third and fourth mortgages on SAID Now
York and Erie Railroad Company but oaly for the pur-
poses in said mortgages respectively pamsd and 70 70
ceve surrendeYs Of any outstanding mortgage bond
bonds issued or 70 be issued under said mortgages and
the provisions Of this act and issue new bond In LED
thereof to be secured IN like manner with tho bond eK
changed. e8 DTls
Sec Il shall be lawful for The Supreme Court to do.
cree sale OF the property and franchises Of the New
YORK md Erie Railroad Company, at any place there
in 10 be designated by such decree Notwithstanding thaa
said road and property, situate IN different counties and
anya1S ns LAWS Sshs state 70 The oon
by the trustees under the said amicable agreement
the survivor or his or their SUCCESSORS and the real and
chises thereof may be decreed 70 be sold together and
10 sold the purchaser shall take title BY virtue OF suo
sae 70 all the rights property and r.ncni:es covered
Sold without reference 70 where the same may be sta
ated, well that which may be situated in this state
sush title is not Inconsistent with the laws Of such Other
| States.
and frsnchies now formerly Of the New York and
Erie Railroad Company, upon heforeclosure OF any junior
nS q :sy bs s,or sG not
Sec T. In case the said New York and Erie Railroad
Company can arrange with the stockholders and creditors
50 as 70 avoid foreclosure and SALE said company d
authorized and empowered TO issue preferred stock in
and such preferred stock shall be entitled TO dividend
at the rate OF seven per centum per annum, earned in
the current after payment Of the mortgage interest
before any dividend ID made 70 the general STOCK and
also to ssue and sell and exchange ts unissued bonds
under any and all OF its mortgages.
SEQ In case Of sale Of said railroad, franchises
and other property and the purchase Of the by any
other than sad trustees under said amcable
men the said trustees under said agreement or the
vivor Of them, his their successors may redeem
the property and estate sold within ono year from the
day OF sale by paying the amount that shall actually
MAN. After deductng from the sum actually paid for the
me with interest s the rate Of seven per cent per
num- the net earnings Of the road after the SALE whon
payment sha be 10 such person - the Supreme Cont
/
vested With al the said property and franchises subj
70 all the liens declared IL said act and the decree sale
and to the trusts created BY eaid amicabe rcemeut
md sso vested with all the rights powers ar nrivege
relating thereto in this act herenbefore cr.asiued
Sec. Nothing in this act contained ANAL be construe
to interfere with the rights and poers OF the receiver
the New York and Erie Railroe heretofore Appointed
Sec. 10. This act shall hSe effect Immediately.
We read in yeste.days Philadelphia LEDGER
Tho debt OF Aeehany county, in this State aoocar
81 railroad sapscripton, il 81 800 oe0 on which thsra