The New York herald., 1862-04-26
ne fac. 10, the market is inactive in consequence


~ soon AZ our generals begin to send us reliable
hteIhgence OF victories, stocks will move quickly
enough. At the close the market was steady, the
ssllowpg being the last quotations:-United States
ps, registered, 1881, s4ss "a; do &c, coupon,
1881, s4H "; do. 5's coupon, 1874, e71s "a; In.
diana So, 7s "a; Tennessee 6's, 65H N; Virginia
Sc, 66 a56; North Carolina 6's, GA 65 Missouri
rs, 4s1I u; Pacific Mail, l047s l06; New York
Central, SO o Is; Erie. se24 u; do. preferred,
slss q "a; Hudson River, 351I a SO; Harlem, l211s
AZ; do. preferred. 80 o 81; Reading, 43 "a;
Michigan Central, 537s q "a; Michigan Southern
and Northern Indiana, az %; do. guaranteed,
As1 4; Panama, l2314 "a; Illinois Central, 5s
~; Galena and Chicago, s694 81; Cleveland
and Toledo, 4lA a ss; Chicago and Rock Island
SSM q "a; Chicago, Burlington and Quincy, "
Il; Milwaukee and Prairie Gu Chen, 25H 26;
Cleveland, Columbus and Cincinnati, liz A
New York Central rs, 1876, lo3 io4; Erie
third mortgage bonds, 93 a "a; Michigan Cen
Eal s's, first mortgage, 99h Il; Illinois Gen.
trail bonds, rs, Sc n; American gold, 1915
~.
The following is the late law Of the State Of Wis
sonsin concerning the Milwaukee and Prairie du
Chien Railway i
ftbs;shoa 1Yri 49, 1899 tcp,ey &c. Pripce and Loeo
Anaet TO amead siIsPtsr 30s Of the general laws of
aS60 entitled An act 10 facilitate and authenticate the
sCfmaono Of corporation, by the purchase Of the MI
waukse and Asslssppl Railroad Company"
The people or the State Of Wisconsin, represented in
Ssnate and Assembly, do enact as follows:-
Section Section aoven Of chapter 30S Of The general
and local laws Of $780, entitled Gan TO facilitate and
Aashentcate the formation Of corporation by the
shasc OF tho Milwaukee and Mississippi Railroad Com.
sany," is hereby repealed. ~
Sec. 2. This act ehau not be construed any man
.sr mparna Or nyaaatns Tue articles o. ASSOCIATION
Allan ie ssss az sssa von Holman" io on
he 21st day Of January 1861, and filed in the Office Of
me Secretary OF State and the said articles Of assoca
SION OF the Milwaukee and Prairie dn Chen Railway
UoMpany are hereby ratified and confirmed. ~.
Sec s. This net shall effect and be in force from
and after its passage and publication. ft el
Approved April o, 1862
This law repeals section Of the reorganization
law, and confirms the articles Of association under
which the new company organized. The repeal
pf section has or must have, in due course, the
effect to increase the value Of the common stock
The surplus which, under section 2, was to be
Invested in the prior securities will now be appli
cable TO dividends on the common stock. Taking
last years business, as criterion and making rea
sonable allowance tor outlays, to which last years
income was yet liable, there would still have been
sufficient for dividend on the common stock, and
dividend Of even only or 2 per cent would pn-
dcubtedly have caused the stock to advance. An
advance in the common stock would do much TO
facilitate the settlement Of the farm mortgages
An advance to 40 a so per cent would undoubtedly
operate on the holders OF the farm mortgages Just
as confidence in the property and The reorganiza-
ton operated on the Milwaukee city bondholders,
who took second preferred for their Milwaukee CITY
bonds, Whatever may have been believed former
iy, recent events will have convinced the public
that Milwaukee city bonds were far prefera-
ble to most of the farm mortgages,
and gradually as matters settle down the holders
Of farm mortgages with, perhaps, some excep-
tons viii find it better to take common stock
&as reserved and offered by the trustees of the
Milwaukee and Mississippi creditors) than TO lose
time in fruitless SUITS which, at best, in the ma
i0rty Of cases. will give them the land, unsaleabe
and probably neglected, besides taxes and court
and counsel expenses to pay The farmers, driven
10 despair by annoying court proceedings, doubling
the possibility Of any material appreciation in the
salue Of the stock to which they might become en-
Etled, formed leagues, and pressed their views
for relief before the Legislature. The result is
Me so-called Farm Mortgage Relief bill which
passed, and will, it is thought, become law in
June. This bill scales the farm mortgages, and is
optional with companies TO accept. Those CON-
eanes accepting are to pay twelve per cent
searly on the scaled amount Of the farm mort
cages issued for the company until these arc paid
pf. Of course a strong effort will be made to
brce companies into accepting. the expected
hw. This has depressing influence on the
mock, and counteracts what naturally would or
might have been the effect of the above given law
sepealing section7. The remonstrance now being
signed is with view to show farmers that
stockholders viii not consent to the acceptance Of
xhe Farm Mortgage Relief bill or law, and
that, il necessary, they will, through the
proper tribunals, forbid the acceptance
Of such law or prove it unconstitutional;
also to urge the repeal of the same on the ground
that it operates and only can operate injuriousiy
10 the farmers. 1t creates hopes that never car.
be realized s unjust in its exactions, rctards the
settlements Of farm mortgages, and tends TO keep
OF make farmers unfriendly TO the road, when
their good will would do much TO benefit the pro
perty and thereby relieve them. The farmers
have acted and are acting very unwisely. When
the compromise wac being negotiated they refused
10 appear and treat. They were advised not 10
commit themselves in any way, and, a. matter Of
course, they would have been totally excluded but
for the representations Of the directors OF the
Milwaukee and Mississippi Railroad. Instead oil
pursuing the only course that can benefit them
siz, doing everything in their power to aid and
benefit the new company--they seek relief by urg
ing unjust and impracticable measures, which the
stockholders will not listen to; for the new com
pany has nothing whatever to do with the farm
mortgages. AL such laws as the farmers have
arged and partially succeeded in obtaining hereto.
Tore have been declared unconstitutional they
tan only injure them and, above ALL they must re-
Sult in dscredting the people Of any State whose
Legislature enacts them. Such laws reflect upon
abe whole State and its people.
The business Of the Sub. b.Treasury was as follows
today:--
kscepts. $50, $50 o.
Payments. ........................ so2s,7e5 es