, 1877-12-21
How the English Law Protects
Railroad Bond and Stock
Holders.
Ths Produce Markets Moderately Act
I've and Irregular-Hogs Dull
-.proviMons Easier.
Breadstu1s Easier, but Wheat and Corn
lleavy In the Latter Part
OK the Session.


wtAthsr coald pack &. COO 10 10, QUO hogs a day
cannot In these warm days handle nin1s than
thousand. Tbs receipts Of hogs here arc cbeckcd;
the Disbursements uf currency to tho cuuntty
Ereasiy cut down On aceoant Of this 11eated move.
mtnk IL mafket OF wheat And corn, ~ well ~ hugs
Al thfoaRhout the country the roadA are ImpAsss-
bls snd ~ ths farmers prevented from getting
tenlr catls And produce to nAtkes they Cannot
pay their bills, and restricting their Purchases.
7hs collections OF merchants lu the Interior and
Chicago suffer In consequenec. A war ar hostilo
&mbAHe could not produce more complete t.aE-
nsusn In many dsscsfons than IL this result os tho
warm weather that IL swelling lao tad4 III tbe tsess
ait aeous the city.
Ths LOAN market ss indlGs.snsly snpplled with
good nesotIabls paper. ThIs atate Of s1alrs which
IL - unfeasoDabs the weather, ekc!tes lcrs rc.
marx or complaint than woald be the ease IN oe.
d1nss1 tanes Ths fact is that banks aso now Will
ing 10 keep ah unusuA proportion ot their deposits
Ia cash meanB And ARE not anIlons to efttnd their
discount lines. RAtes OF discount are SGt1O per
cent " the hank 10 regular customers; on the
ntfset, loans aEs psr cant aud upwards.
Thu ordess from tbs country for currency w4ro
sssy light
New Yotk srebsnes w.s unoted between banks
1t oonooc per u, 900 discoant
The elsar,uEs wars 81, zoo. oo0
HOW RAILROAD BOND AND sTocK HOLDERS
ARE sKcU2xD IT xsaLiaH LAWS.
John n DosglA, who u probably tbs J. u. D..
WHO'S fstalttgeat 1ettefa TO thu It,ntlon Tmte
about American railroad securities NC have repr,nt-
90, has written for tho financial Chronicle an
elaborate statement Of tho legislation by which tho
holders Of railroad bonds and stocks arc protected
In Great Dr.ta[n The abuses 70 hsgrant In The
management Of American railroads were c1pettenc.
I'd - ho fall in England many Joars aKo, hut that
country. ~ long staca A. lRi5. provided for their
cure bJ national legislation. under The title OF tho
''companlca' Clausea Cancellation srt," which
lhhA A&1t via ftn~
poratona generally. Under this law such sribuIu-
fions ~ have beiet the Investors In Erie would
have been impossible. Instead OF tho mortgage
pond, which. ~ sad experience shows, Giyus the
holder none OF the rights Of MORTGAGE, the
Engl!sh railroads haue ''debsutarcs,r or
bonds. which aso hrst and laatsng lien
on tbs revenue Of the road. The loan ~ accured
By A1t the psopeny Of the company, and any add
hou to tho property merge Immediately in the st-
curisJ. THIS American system Of = Rocciycr for
tae benefit Of tbs company IL NOT followed In Great
Britain. whera tbs tondholdars, II Interrat H.
not paid. can Ret 4 Receiver who viii act for bin
proper constituents. and IL not allowed 10 pay on
the hositng debts In precedence OF bondhofdsra'
Alair1s, ~ ihs AmsHeau courts permit To ke DONE
The saftons bonds OF an English road n1l rnnk
equal. This smount Of bonds to paid uhare rapi.
tat Is limited by law, and nothing IL allowed to
take precedence Of the bonds. Another great "a.
psrionsy Of tho English over the American system
~ that tho bondihlders arc given by tho law The
right "a inspset the books, and demand all needed
Information about shs condition and working Of
the prooertY. even to having lists Of The other
tondho'asrs aud shareholders aud their holdings
The ftsl ultimate security for bonds and
shares" NF. Douglas woll sc.narks. "lles
In ~ far ~ possible securing GOOD
management Tbs EnQltsh law throws Tho
noe' s'soorato salesnards around, Tho
hsues Of new stocks and bonds; they eau be tuale
only bIa rpts os tbs holders already e.l,tIpg and
every preeautton II taken 10 issue full notice tu
III Interested. Thu books and accounts Of Tho
road must bs open for frss inspection 1t !casonu.
ble etnes. The accounts must bs made IN Accord.
fns stasatosy form, which Is ssry searching tn
IT. re9aircnaents And sent by mall to every boud.
holder week before ths half.Jearly meetings.
Ths abasea which IN thls country accompsny The
Transfers OF ths toutrol Of companies from onc
party to smother ats prevented under the british
Ian, " provls!ona that Directors must be laroe
at1a'thofdefs, that they must rotate Ia ontce by
elsssss, and BY regulations ol tho voting which
maks u necessary 10 hold nearly uiuB. B.tsutlu af
tha stock 10 be sure Of controlling rai,rDad COM
psuyt Tbs owner Of Ian shsrps Las ten votes,
bat tho o.nsf OF 100 shares has only twenty votes
asd The ewafs Of goo only thirty votes.
.1he fAVohts pssil,na OF railroad ~rsckipK.
which eo1Ests IN the purchase By ors noad Of aock
enough In smother 10 control It and ruin ls r,ock
holders. IL now unknown In Great Dri,aiu, There
renla nov bs comparatively poor had tic En-.
G]lss hN On this subject ruted hsre. No Epsl!sh
railroad company can PAY for shAses OF bonds la
snolhsk railway OF company without special Icsss.
1ttlyepoFsE. Thsrs ass many other regulations Of
Tue duties OF Directors and tho rErhtn Of stock.
ao'aef,' oet enough nas been quoted to give tho
general bearings Of tho English system, whoso
Atms, - VI. douglas puts than, ate 10 protect ths
weak agaast ths strong, tho ponF Agau.t The Itch,
ths scattered uAnJ against tho combined aud.
possely' eonsplr4RF few. 10 that great and atnaIi
Investors allks may employ she,r resources su the
improvement oI the county.
CONDITION or aNoLlsH TRADE.
Ths New York Datiy hui't.tn obtain, from III
Euslua sfsds szeh4nges information down to Dsc,
Of ths coudlttou Of tstds In Great Britain, A
Dundes paper says; "Homs American huyer,
havs essn ta the distrtet. and have bought III,
quantities. OF linens, especially In Fifs; and. ae
modersss o'dsrs for shs hon,e.tssde houses ara
a]so eouiss forward, tIsrs Il now lsas depression
In ths Market" Quiet pferatIs u Manchester,
Lssds. Hnddsrsas,d. sud nottingham, Production
i being limited, and tbs new ysxs IL looked TO for
Tbs EsiDbatssalsss Of tbs tostsa of 1871. The
hasssss Of Tbs IirKs shesld eatlsry houses Il. to
soms sztent, aR s1espion 10 the general dullness,
Ttsfr otdes1 are 1argsr than was anticipated. Hut
Tbs hsAvy trade, iks ifon and steel, ase duli and
Improbable.
L1A1tLlTx or TuA TAus1zSs or TEE NATIONAL,
TRUST COMPANY.
Receiver Beat, Of the National TEuat Company,
Of hsw foFk. comforts tbs dsposltoss with The
assurance that shsy will b paid Ia fu and renders
tho Tfustses miserable BY quoting Sec. IS Of ths
company's charter. which specially provides for
I'll !oases OF mossy OF property which the capital
atoex shall not b. sulaesat 10 satisfy" and that
tue Trustees shall b. responsible Ia the satns
manner and 10 The sans sxtsnt that Trustees are
nov responsible IN Law and squ!ty." Under this
u" ths Tsu4tets who rosed tor tbs bad investment
ct lhs noasyt Of tbs Sattona! Tsaat Company can
b held liable, and tbs Aec4Ixss promises they
shall not sscaps. Tbs active msnsgeEs. who per.
pstftted ppos the public sad ths Bank. Examiner
LIS fraud at Including among ths ssssts quantity
OF forged railway bonds, are thts4tsas4 With esl.
tpka pfpsoesuon,
sAvisGs AAKKs IN CONNECTICUT.
4 messing, representing ttty savings bAnkt, WIS
held at New Haven, on usc. ~, tu dlscu&4 the
eapdt!nn and ptosPssts Of instiluiops for savings
il couascsieat. 4 sommit,ss WA appointed 10
appeal 70 ths LsR!slAtuts for = reduction 0! thu
6lAts tag from Hrs-sigttbs 10 one-haIf Of pss