New-York tribune., 1868-12-28

time 10 time borrow such Of money a. NAV ne ps
therefor convertible into socs Tie power 10, offered a
manner eTseps T ~ issSs,ng e'i @ 55 ,gY '2e.oa, ~.
knoEu the Legislature had been al subscribed ad e
to he bofose and The saart 6oToa,d eoeri & sFa
Tbs section ee % sub o wh'b is. BY aIno prosio sod
peble 10 hem 3D. h. - 70 nel corporations iuorsge 10 neg
bot increase their capital by borrowing convertible bo1. 'ya
,ttie which daye brought together a l ar,ars.t 'iroa
AZ Of % lss5 to provide r ,o g's.s, sry,.. Of a R.s
q railway eorportons Which bad taeretosrs r-o,ss",y
VA, no re.,oo t,So -rrobl, vtb & s' !" 20 ma' T..
10 tle Directors othe Ede % Central discretion g s Hs
% TIE Dictor. u the Moissk sud Hudson. ae HUDSON W r ga
Syraea;e AL Rochester lalroll coPlntgl Is..' ..' g:
asese. iis.9,sGo ..iso to which .ago he,etose spJ -,
statutes: ss!s tfcarl loan may certain couors csy.
n pursuance Of policy established hy u s 80
corporation, shoa b. ergsie By general avs and by o w5
through convertible bonds proper in resy Ia f'
20 tie cooa Sse taeS 1's'fs fe: " % s,,S g Il d'i
ell corporations ~ Ike csc. Ibis poey Of tae pl, ro5.,s
Convection of as year By which ile o Of ae preset. Ct
general AVS Il that Constitution adopted n woal b. osy
m grsnt % any one e'ori th privilege ans to TIE Mlivk al
corporations Of the State Two obst,oss bs1e ''it.! ia!
pot forth to Construction. which sioud Ls.
Inconsistent wiih the 2h sad the o'hr that thus ys he D
epore 70 fect grorsy the property of ie sortoen Wan,
their ability 70 prevent it, Let Us eEsuiae these os, i,
r an Increase Of capital but neither declares that a. increase ss nos
be effected 10 any other mnner u s true that TIE M e,c
bat Ibis refers to the aceise provided for by at ,eoS 80,
n9n . authorizes an iaSea.; oy ael of the 'to,shoAs
ibis act found to be insufficient ior constructing oper1g It, oss
Section p authorizes the Directors borrow money c8mps
finishing operating their ralod and for the purpose ublst
them make better gives tbea power ibe liz
ciamei TIN hm caraot be Inosa atte nce..s of oga.
needed 10 6tlrr wo' Wien ne bonds are ssoel uersen he
conag1y hns po' 20 %nsl su.lo'g pIoree rntr section
1oe tbs section e ninth ets 70 have ~ I~ tie condition q,
enough begin o9eoBs and thus TO remedy d tie oaa
ton Section ~ however seems 70 have n vie" The ns ois
a Qf fr
,i1ree lie of rails bs aid BY Of .e ra
sltd afr has ellen short of de ertire
lusgue board ofdecor' debsg after seasoa n res sad
sar about toe Of relief They may La' sth sn
selves We eanaos ye. say that We have found oarpi r'a
cent for constructing lsd operating our rod We nes OILY ung
best seihs si offer this itluceent 70 tie 'Her thai Eey
yiss's. aGtngeue, IN Which section o o1al a
stss OF seton The proceeding under section sog gi,
not be frs to cali Ne foes 's together More u brd
then might reside abroad or be |.sea | 10 ~, mel Sse
as, which auterzs directors o. ralsaf 70 Increase t;er
tse Ee RawsT vts cfarsei Lud 70 Which vas en uals uc
ruch the Gsners Railway Act Whatsver restrictions b
articles Of association large euough 70 aHy be zs
TIE practical erec, therefore Of holding h,l se' % apples osy to
taken capital within The Unite frtd BY The tries would be
a;e, their sueemes, Of association, desiring % pro.
i' for al poe9 or poSiSs sD, % s'a
al conceivable are expenditure In that the directors would b
spg . N. TaoriiS ~ tS3s less oa .lare to G co u
the mino Of atrd with share added theTe sAY
between the same rnp we're % be .are o.eTss n p -i e:
I,tS1 SsS b,ve S srsst sip.ntage in te sn,stta,
Tor trphc. that in every possible contingency ne
. y. r,.io,, % could o rf o. tS most 7,-6 ,,r rsi
sc, on tic increased capital could be used price bses par
Under Section p be used st price which he -ne' o the
Company reqare Wheat in gh credit Section , be rssei
% could be resol TO- tie Company would b
a,J, soa4 Rs 9p IfPt t 5use s se1 sa' ts i ts ~
The genenl coarse Of lesi.uon grder u that eoronaOn
hus persr.uce for the Legislature possible TIM. r'peh
g., '} are 2n'd e ,11. S r iay 10 o ee @
ahsr all bat question witch Of two bc created g
sody of directors the body Ehch rarely so the BODY vheh
asas se''oD %. BODY veich mo-, a1' sew u 80 ~,
General certainly dd 10 provide ortl osn,.ton ani ol
Shcs eGpssnoc b., .Sowa a. likely arise o5 m pro-
vts FOR both tte contingencies Contemplated NE "" s
very much such machinery ss Is there ciea1L Bl asf AZ &
prevail the raIe q onerPrss 'i shn Se at, Of se ,.,
;'.u s r,,coaeoess ne h i,!e m II S S 2, s H.rss
too asi hsces.te, " s.l - pc no, a & tl. ,r he sr.t
|fee0 | =, s,, oo ., Taia eoporIton b ,dma.
[ b, pSrerty sb mortgages TIE dr-c'or o th E Rsi.iy
IsJ Beyoni dispute suhory borrow 5000 @ aoi To- fs uH
burden With is hafy'ary Interest. uron ne is"arI % %, So
version of borrowed eapiIa into stock olPtt Ihs aa.s ~
shas OF Posei IS & % % t ~ tbs sE Of thr awver
couinvo sas hest 'a'esaarts ss'',t sb', ara % %
Asio he eoa,iree9 By ta RHs9ssr Dyp1asst .as
ss ii,rra sis @'s the Eao-e, p,oarnsa.
af
beeu aangei 800
mite. T. tie Ierature q dssea Arr irom iag
orrt.r an the Fe cation bega tst Spag hase sfr- ne ia
epr Engineer t, zoe Le.sfne ~ $50 in
s,rs II Tie Efe Cooperation is here ti s. 9i f
ns csar- Is fr1n tine truh a. lsir ~ cea
y,-blr boni. eafy oTth ia the ttereut "a rrf Ts
rt nov Si- a1er tbs oug tscrssDa efelir. ~ l a-st
you eue s''h 50 nuen pienee Ray ' e,1-sbg
say that hosegsf he NAY have appeared Wil W
d,,url charges published The ueNsn1f nd 10 oH
tie 1bt Il M courts s1i ~ the pubic here " s o c4
IN lie -frt-r ani The pin's a1i Tier re
Yt pos their es.e sai t6e proo an T. " t othr
side repeat that there l. 20 cause n is ' ID "a
0r raf
ao. ton rsr that 1brh Nr s' St"l maze I"
ia Whry sys csse, direct II - b. a4'fha-L
DAVID rr.YY FiFtp,
OfCourse ior tie Ele l'1. F.r Coapinr
Nr F"ld then asked that stay hal ui been gwen
TN 'he conclusion Of the argument new orer migt Oe
mad" staying all the plaintiffs and Receivers acts uhh
the dt ciSIOn OF the motion.
Mfr Rapao did not object 10 such stay flr as the
Receiver was concerned but deemed that plaintiff should
not bp stayed IN his proceedings
Mr. Field said they did not wish 70 be forced irto an
argument on the appeal while this motion uudeter-
mined.
Mr. Rapnllo said they could withdraw their appeal.
Judge (ardOLO said he wOud examine te ni Ter ASKED
and the counsel could Oh Monday submit such briefs as
Ia IA