, 1879-04-19

sketches than ncwspapcr.lottcrs. 4 largo patt
Of tlc volume Is devoted to observations Of lso
though pot narrow, h,'ns oi Wow. Man1 i Of
slsE %f s""'t1 %1,s aS fsssoo 'pHa plo
Deuaat'nent" ra,l'.ms,nt, NStabtte., etc.--
fesslonal exrerIencc aud skill have cuat,lcd him
to ,wri.o about With .speenl gruphIca'tty,
an, a,a ~, nearly & al! ao Of :, ,',em ;' are o1t:
nn.e Ia orcupGd With a running dcscrIp-
tun Of lrlb OH tile En1.sncnt, cnlly-
cncd lY conversational form which s,,nyaya
different individual ln'preseiots Of tle varied TX.
keen observer, with fnfnd ulnt Il readily I'm
nrussch with iilc humorous aln! Ero!cstl,c, mud
llo 1as tie faGaty ot refatns his expetlcnces in
poI'I.te.l a'sl foreIlic sty!e H. hook In:
i,ewspa,,cr-lcttcrs. liz Is rather 10 be eol,.
do(cd tlan congratulated, however, as 10 the
mechanical work on his book; tic type 10 too
lnostiv atroclouf. II IL pity lint Chtrago does
not turn out better lo0k.wUrk than this Tor a
home author: tSkctt1cs Beyond tic *,va l,y
Frame u. Wilkte, author Of 1Wa!ks About chi.
LAW OF RAILROAD SECURITIES.
Tile branch of Inv treating Of railroad sycurt-
ties has, within tic last ten years, developed in
an astonishing degree, n,ld the subject ts 50
complex tiat q textbook OIL II will doubtless
prove very valuable. mud especially In tho West
crn 9tntcst whcre 80 many railroads havc bcct,
sold under tic nuctiorrcr's hammer. Although
tho general principles governing railroud mort
cages arc very similar to those relating to real
estate securitles, yet u.err arc aIso new rriur-
which au,ply Justify Mr. Joncs III giving 4
special work on tllls aubjuet The nut,oe ID at-
really well kl,s'wu by hia excellent work on rcal-
estAle mortgages. and fn tHeaaurc the prcseut
this account Iiu oln,ts any discussion OF tlr
elementary principles Of the Inv of mortgages
III general, mid begins With all examination of
The powers OF railroad compa1ies to iurumbur
Their property. llIrn follow chapters On lilo
form ind construction Of raroaIl mortgages, ,
the property covered by t!,euI, tn. legal natuta
Of rolling atockt on bonds, railroad n!d bonds,
Boating uebts, foreclosure proceedings, nppoint-
ruptcy and Insolvency agaiust railroads. Tic
greater pMrr OF the law OF the su!,icct having
iccn developed since 1870, 1t is by no means set
tied, a,ld the cuthor at tiulss seems 70 csdeAyar
ions for, this purpose of making them
appear harmonious. No case demands
tnorc careful attention Or presents
more difficulty than The foreclosure of
rallroad mortgage. Few railroad companies
run u smooth course TO success. but their affairs
arc complicated BY sccsncs for funding. scaling,
consolidating, and rcorgunlztll. Aild they pre
also burtscnGd with mnrtgagcs On mortgages,
hcssdss iloatiE debts Of divers tcgrecs Of prior
lty, atl ol which arc exceedingly difficult to un-
dcrstantl, nsid require years for settlement. As
thu Autllor aptly says. It IL fortunate that tie
Federal Courts have 9ccn t1lc foremost to lead
the yvny In uic growth Of this branch Of Juess.
prudence courts Of the highest authority. and
consequently tllrrc Is less diversity OF opinion
than would hnye been the case had alt the tllcr-
ent courts Of tle several States passed on tho