Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1873-04-25
NEW YORK.
The Legislature at Work on the
Usury Laws-RailWay COnsol-
idatiOns -" Moral Sensi-
biIities Shock ID.
Important Proceedings Of Fire
UnderWriterS-StOkes' Trial
~ Bret Harte's Copy
right Infringed.

Indian Peace COmmissiOn-Prizt
Fight-MacdOnald, the Bank
of England FOrger.
New YORK, April 24.-If the bill to
regulate interest and prevent usury,
passed by the Senate yesterday, should
become a law, it would still be illegal to
take more than seven per cent. interest.
The penalty for taking more is reduced
to the forfeiture of interest, leaving to
the lender the principal intact. No
person but the borrower can bring suit
for the recovery of excess Of interest
and no suit can be brought unless COM
menced within six months after the
time for which the money was borrowed
has expired.
The majority report OF the HoOsac
! tunnel railroad committee of the legis-
lature, providing for the consolidation
OF a number of railroads into one cor
/ I1O-LOLl
Northwestern railroad company, is re-
garsed here as the beginning of de-
| Election of these servants of trade, that
have hitherto made New York the ship
ping focus of the continent. The con-
sOlidated company, it is provided, shall
operate on the HOOsac tunnel approach
es, but all railroad corporations connect
ing herewith, or with the Boston and
! Northwestern railroad, shall possess the
night Of sending their cars and passen-
gers though the tunnel upon equal
terms and with equal facility. Its also
/ provided that the commonwealth NAV,
after six months notice, take possession
of the road of the consolidated corpora
ton.
Aletter from Boston says that by near
| opening of the HOOsaic tunnel, and the
| consolidation of the railroad interests,
| Boston hopes TO share in the western
| trade, which is to undergo great and rap
! ID development. Boston expects to be-
come a grand grain depot through
new railroads, harbOr and dock i'm
provements, and the arrange
ments for the rapid trans-shipment
of goods. Commercial expedients are
even now needed for the rapidly in
| creasing western trade. Four western
connecting lines are projected, and con-
neCtiOn with O5WegO is proposed to Sc
cure the lake trade. Chicago will be
brought within nine hundred and
twenty-fOur miles of Boston, while it is
one thousand and eighteen miles from
New York. OsewegO is twenty-five
and half miles, but Boston is two hum
hundred miles nearer Europe. Now
Boston gets the sitting of western trade,
but hopes soon to get the bulk of it, and
to make producers seek the New Eng
land mart
A dispatch from Richmond saws
that the Virginia supreme court
of apI eals has rendered q de-
cisiOn in the case of Underwood as.
McVeigh, affirming the judgment of the
corporation court of Alexandria, which
directed a writ 10 be issued ejecting
Judge Underwood, of the United States
district court, from the possession of
handsome residence in Alexandria, pur-
chased by him at q cOnhscation sale
ordered by himself in 1854. Mr.. Nc
Weigh was owner of the property during
the rebellion, and went to Richmond
and introduced testimony to show that
Oakes Ames, John B. Allen, Samuel
Hooper and Underwood d Son had or
ganized to cause the cOnfiscation. The
supreme court, in giving its decision
according TO the dispatch-declared that
in its opinion Mr.. Underwood's conduct
had been such as to shock the moral
sensibilities of every honest man.
A London special of the twenty-third
says the EPSON spring meeting was
brought to close to-day. Warrington
won the grand metropolitan stakes
Dutch Skater, last years winner, the
second, and Uplan Good the third. The
race was a handicap for twenty-five
sovereigns each, and two hundred
added. Twelve horses started. War
rington had also won the city and su-
burban stakes.
1t is proposed to have in this city a
a grand international billiard tourna-
ment at three-ball carom, open to the
world.
The national board of fire underwrit-
ers, in session to-day, adopted resOlu-
tions on the recommendation of the
committee of local boards, empowering
supervising agents to examine privately
the books of any insurance agent sus-
pected Of taking risks at less than sched-
ule rates, and to report the facts to the
agents of the company only. A resolu-
of one hundred thousand dollars to pay
rewards to secure the arrest and convic-
ton of incendiaries. After a long dis
cussion a resolution was adopted giving
the executive committee power to con-
slider recommendation for the adoption
Of fthree-quarters of the Limitation clause,
such clause to be inserted in all policies,
thereby limiting the liabilities of the
company's bill, pending in the legisla-
ture, providing for a corps Of sappers and
miners, with power to destroy buildings
TO prevent great fires, was favorably
viewed, and a copy thereof ordered to be
sent to each board Of fire underwriters
in the Cnitel States. A resolution was
referred to the committee on legislation
advocating the repeal of the State law
taxing the premiums and deposits of for
eign companies, and the premiums of
State companies. The only change in
the board of officers is Samuel 7. Blag-
Gen for secretary. After recess, the
committee on adjustments and statistics
offered a supplementary report requir-
ing all companies to collect as much Of
statistics Of fires and losses on different
kinds of property as possible, and fur
nish such information to the general
agent, with view TO as correct an ad-
justment OF rates Of premiums on prop
erty as possible. The report was accepted.
Mr.. Garrigue offered resolutions TO
the effect that in losses where a number
OF companies are interested, no COM
pany shall pay the insurance on its
amount Of risk until il has notified
the other companies. The resolutions
also advised precaution against the
hasty payment of losses, and provided
that adjusters, before any claim is paid,
shall send proof of losses and adjust
ments to home companies. Mr.. Hardee
and Mr. Webster opposed the resolu-
tions, and after considerable discussion
the resolution regarding hasty payment
of losses and the requirement of proof OF
losses being sent to the home office be-
fore the payment, was withdrawn. The
following was offered in its stead and
adopted:
ResOlUed, That the companies consti-
tuting the national board, will dis.
courage the hasty payment of losses.
and will so far as is expedient have
proof OF said losses sent to their respect
i've offices before their payment.
The following was also adopted:
ResOyUed, That the payment Of adjust
ed losses before maturity shall not be
authorized by any company without the
consent in writing, Of a majority
Of the companies interested, having
been previously received. The election
of officers was then gone into. Messrs.
Webster, Little and Miller were ap-
pointed tellers. The ticket reported by
tho nominating oor11 aiffaa uyog alacfad