Morning journal and courier., 1882-02-11

ors in the Dominion But t'What do We see
| now p" asks the Toronto Globe. ''The syndi-
cate have Yankee engineers in every import
ant charge; Yankee superintendents, Yam
kee general manager; Yankees in every place
from which Canadians could be kicked out.
With all their managing men Yankees, 1t Is
not surprising that Canadian contractors have
now been given the cold shoulder by the syn
dictate. They did not even take the trouble
to pretend to give the despised Canadians
chance to tender for the 500 miles of prairie
road to be built next summer. The work
was advertised throughout the States, but
not in Canada. The plans and specifications
could not be seen this side of Chicago. No
Canadian need apply is practically the an
nouncement of the company" The only
business Canadians have with the road, &C.
cording to the Globe, is to furnish money to
build it.
If what Colonel John b. Dickinson, of San
Francisco, says about the insolvency law OF
California is true the sooner that law Is
changed the better. 1t now puts creditors
who live out of the State completely at the
mercy of dishonest debtors within it. To
attach property in California the creditors
claim must be upon a contract made or pay
able in the State; and So eastern merchants
who sell goods to California houses on orders
sent to their places of business cannot at
tach. The law provides that man can be
judged insolvent on the petition of only five
or more creditors who live in the State, if
the debt accrued there, and if they have not
become creditors by assignment within thirty
days before the petition was filed. This gives
any firm that is heavily in debt to outside
merchants chance to settle With its credit
ors in the State, leaving less than five IN
paid; and then the debtor can cause an at
tachment by these remaining creditors and
refuse to go into insolvency, thus leaving
outside creditors helpless. Mr.. Dickinson
suggests as remedy that houses in other
States employ agents to do the business on
the ground, make the bills payable there with
exchange, and then attach if necessary.
An interesting nd important decision has
Just been made by Chancellor Edwards IN
Louisville. The suit was brought by Samuel
spalding against E. H. Payne and E. P.
Fontaine. Fontaine owned large majority
of the stock of the Louisville Transfer COM
pany and executed mortgage to spaldlng,
his father-in-law, on $50 shares, to secure a
debt of $4,000 The mortgage was record
ed, but no transfer of the stock was made on
the books of the corporation to Spaidlng,
and Fontaine retained the certificates In his
possession. Afterward Fontaine sold the
stock to Payne, who had no knowledge OF
the mortgage. Payne took the certificates
aud had the stock transferred to him on the
company's books. When Spalding discoy
cred this transaction he brought his suit to
have the sale of the stock set aside and his
lien on the $50 shares enforced. A demur-
rer was filed to the petition, and the judge
sustained it, holding that Payne, who was an
innocent purchaser, was not affected by the
previous mortgage. The chancellor alluded
to the fact that vast deal of the business
now transacted with banks is done by the de-
posting of stocks and bonds as collateral,
and if every time a man went to bank
with securities of this kind the bank officers
had to stop until they made an examination
of his title such transactions would be re-
tarded and business stopped.