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Stock Exchange Ec. Last Page. The sales of Stocks were large WEDNESDAY to-day, and P. M. was again a considerable decline. The feeling there proached a panic, but after the Board there apbetter. immediate reaction and prices were 1/2 to 1 per was cent. an The Exchange market is without change. The demand is light at 83 a 9 per cent. for Sterling Francs 30 a 5 283. The New-Jersey Railroad and Transportation Company have declared a dividend of 3 per cent. payable on the 1st of February. The following statement. which we find in the Journal of Commerce, accounts for the improvement which has recently taken place in the stock of the North American Trust and Banking Company: The assets of the institution have materially increased value within the past year. by the advance 10 State securities in The Receiver claims that the trusts should be set aside. for the reason that they were created in secure the payment of large illegal and usurious debt. and post notes is ued 19 direct a violation of the Act of May, 1840. Should this opinion of the Receiver be sustained by the Vice Chaecellor, before whom the case has been argued. a very large amount of assets will he releas d for the payment of the small amount of debts holders which will be legally due, and for division among the stock. The Receiver, in his opinion of the entire illegality of th trusts, sustained, We understand by the most eminent COUR se sel the city. Thefollowingstocks were held by the insti. aution before the trusts $15,000 Arkansas $1,000,000,Albama 167,000 2,300,000 Indiaga South Carolina 250,000 Florida 800 000 Ohio 100,000 New York Total $4,792,000 100.000 Maryland now of the above amount we understand there are on hand about $2,000,000 which may be added the bonds and mortgages 3,285,900 taken for capital stock Total $5 285,990 The 1th section of the Act Mar 14. 1810. declare that TID Banking association or individual Bank shall issue any bill or note exceptisach note shall be made payable on demand. & The Supreme Court decided. 11) the case of Safford Wvckoff. that before the Act of 1810 these Banking ASPOCE tions could not issue anv negotiable paper on time This Sencision was reversed in the Court of Errors But the ators in giving their opinions for reversal. stated that 11 the issued in that case had bead issued after the of 1840 itwould have been void other the Court of Errors effect already upon many if not ii of these trusts and by this Company. The post notes of this Company dated and issued after Act of 1810. and secured by trusts, and payable on time with interest. exceed $800,000; and the nominal amount of property of the Bank embraced in the trusts made to secure such notes exceeds $1,200,000. In addition to the above, the following paragraph we clip from the Albany Argus: A Western friend informs us that the Receiver of this institution has recently obtained written opinions from several of the most distinguished jurists of this State upon the validity of the trusts created by this Company; and that such counsel havennanimously arrived at the concession that only are the trusts void. but a large part, if not the whole di bt. to protect which the trusts were made. is also utterly void, for usery and other grounds. The Governor of Mississippi, in his Message, admits the validity of the Bonds issued for the Planters Bank, and urges the necessity of a resort to tax ation to enable the Treasury to pay the interest and principal. The following rich paragraph, more amusing certainly than any thing in the Complete Jester," is from the same document. The Governor of Mississippi is a wag: The people of the State of Mississippi are brave. generous and just, yet jealous of their rights and houer, both personal and Ipolitical. They dare to do any thing that is right and just; therefore they have. without sordid and avaricious intluence, dared disown and reject, or to use a more commonex pression, to repudiate the bonds issued on account of the Mississippi Union Bank, the act authorizing the same being vicious and prohibited by the Constitution, not twithstanding the act was passed and the engagement Was entered into by Junctionaries of the State, who arrogated to themselves that they were the agents of the State. in that behalf. and had authority to pass such act, and to enter into such engagement. Therefore they have dared to preserve the Constitution from tarnish, violation and repudiation. To such a brave, generous and just, and at the same time so enlightened a people, I look withan abiding confidence that the faith, crédit and Constitution of the State will be supported and preserved within integrity and promptness which will endure the test of scrutiov and time The bill introduced into the Tennessee Legislature to restore the capital of the Bank of Tennessee, to provide a fund for the redemption of the bonds of the State, and pre effectually to aid the cause of Education, " contains 11 sections. It provides that the capital of the Bank shall be !!!" creased to $5,000,600, and authorizes the issue of State bonds the amount of $1,500,000. one-third payable in 16 years, one. third in 21 years and one-third in 26 years. The stockholders of the Virginia Bank have resolved to discontinue the Brauch at Danville The stockholders of the Franklin Bank, Baltimore, have decided. by a very large vote, for the Bank to re. same active business It is said that all the directors of the Baton Rouge Branch the City Bank of New-Orleans have resigned, in consequence of some arbitrary orders/from the Parent Bank. to press the country debtors beyond their immediateabili to pay, and beyond what was necessary for the ultimate payment of the claims. At New Orleans, Jan. 6, there was little Cotton shipping for Europe, and foreign Exchange was very scarce Sterling was rdemand at to 8 premium. On Paris of 371 to 5f 10 On New York the supply was not large. 60 days discount sight was abundant at 1 to l: discount.a Treasury Notes- States were rather moreabundant In few cases the rates had given away. The Boston Post says '- Our capitalists who are largely interested in cotton and woolen manufactures have made up then minds-that no reduction will be made to the present tariff and are increasing the investments. A new company at Loweil is organized. and their machinery in progress, by the Locks and Casals Co.; and another at Saco will soon be built All cotton factory stocks are looking up. and daily making adv MAINE rates. Amoskeag IS 19, Merrimac 27, York 19 Middlesex 13, Boot 11, Lawrence 9. Suffolk 12, Trenton 12, Hamilton 5, Lowdi 3. and Massachusetts Mills 7 per cent advance. The latter makes a semi-annual dividend of G per cent on I capital of $1,200,000. Markets Carefully reported for The Tribune. WEDNESDAY, Jan. 17. ASHES.-Th market is still very quiet and entirely nomfinal at 4 622 and 12: for Pots and Pearis. COTTON-Themarketstill feels the effects of the fore gn advices, and, as yesterday, we can hear of nothing done war