New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1855-05-09

,ubir ,sie- st 81 and y y cent.
"a question ~ what was the stock worth and what vOudn
sc fr ne sch Deeerbe. 1853, and n-edt1ey ere1ffeT
Tie ory r-sos uhy The Northern Indians Conf sny pre-
frrsd make portion Of this advance IN the form OF pIf
credit that hoped the stock could al b. disposed Of
ons ihe rs. Of H. co%Fssy s s soS the the nsses
Of the Company The CCrpsny nlnsdis,sy oas,eI hs -.
desired credit Of four and liz month"; some q the direct
or. aud stockholders II the Northern Indiana Company took
The proe M Bills then PrdeHt q the Chicago s1d Siss
pfi Company purchased ONE and MI o9ue ,nIh - S !;
the soek uron the sme from which bargain be was AZ
stH,s 'sss's r,S,, a. 81 H. chicago and Mppi Road
word decne stock Al 81 when tbs market value
AIN .re,er tes, What did the stock Mr. Dwight
By r. couirpei for construction he was to receive too
SD"py for budrs single track Railroad, with Necessary
engine station houses from seld 70
,esnot fenced bslansd and without egnPmeni while
lie Mbsn southern and northern Indiana Road fully com
pei,d ard equipped vii not ao-i ovsI tuo 70 - P '
nile The fact without comment Etmsiins tne oons
- rror security 1t their fair value, railroad men can de-
terune fr whether - per cent IVES high or low
PFC M to dwell upon this subject The charge Of
,v IN afterhough only discovered and hsst heard OF
when IL ssceriAiDed nat hs papi = ~, -
collection Had been necessary - set up oPl"y hsie9d o.
ss,y the facts in DE eAse would nave tehad Is ''ns9 70
| rsirtsiu the defenlo % the other
have neither time nor inclination @ Do more than refer
isss.fbsi eI,orf. nearly Cc sale Of 27o Of
rcn then Toledo and which stipulated 70 deliver at
Chicago on OF lefore the l April and wfuy ana design
eay kept back" rnin ate IN June IN sngri, ins, mas
ne ron which Mr. D. saws forced him Jake e1orb
tsnt Price wns the property Of the hern Indiana h.foai
Co. and was yountsny pIeI1's GSss RsiisasS compsp,
al h. fre rot latter Company The sale made not
Jer's sLa s 5s Inch NJ B then pres dent OF the
Chicago and Mississippi Company. member) which vote
IA hozod Us sell the ronpTohbns Us from selling at less
The
take the iron let II alone end claim the money buH
- heir manifest interest take for the that i
gd 70 eope,e the road at the carries, practicable day and
was m1osbe transport their rails from Sew.fors BY
railroad Chicago in mawInier without loss Of time and an
s5Sisl expense transportation which forbid the under
ticking In short was cheaper 'r mat company % axe '
rcu which already at Ioedo 1t Tue pce Ssnea tnan
would have have sent their own from New YORK by
| Rsiroad a. then Understood, and AZ still believe
lie ireu.seton was for the mutual accommodation. and
% tie ertiTe satisfaction Of both Comrsnies-uly und.f
boh Bccds Of Directors without dissent or objection tom any
quarter and the idea that compulsory sale made win
view 10 obtain eAhoTifaut price aud a color Tor uury
S never rpfi now been limited during the l6 months tina,
have Ysd since the transaction took place and the sleeres
TseteNt that sensible ever attempted 10 palm on upon an
Intelligent pubic The contract for H. transportation to Chi
csgo made under specs vote Of ne Comee an,hors
liz II By Mr Jery and not by and was transported at
Tee bsey s.nsn,L ~ ,s sbi.bea rae and Al prse
dollar per lees than the present rates. and yet Mr.
ID sege. IN his til conpnt that the charge for ranporta
lion was too high and designed color fog usury
Neither in Ills case nor any other since my connection with
the reed have undertaken TO make contracts for snpore
tou OF ipusted time of delivery sud the charge ina th
iron viuy and oegnedy kept beck by me or 50 Tar
know or believe By any one CONNECTED WIZ our oSp.I
Is iis len 9Th and breadth ~ letter ana 10 s an ehfe ,.o
oaiion No contract was ever made BY msde b me nd hI
Jeyi; dnis ihs' any w ever or s og @ time
sslitcant fact u worthy q special attention. II tas
" he crt-n alleged hsue been pfacticee in the sale Of
ron bed sny foundation in fact must have been well Known
,,5 S And vet in biz sidavii snnesed to Nj Ds bill
plant he utterly omit. lam mistaken IN believing that upon
srrlIcnion he refused suh-fanefe either charge Nh
Biz i hgh-ninded man to have an accommodating
Ore charge remains to roced-at refused to out
the contract OF the December until Mr. Dwight should return
hat G mpSny io cancellation This sdmi, and justify That
Company then had legal authority 70 Issue Bonds 70 the eAe1
Of s5aOo, and no mort Bonds had however ben iSpet
and then out-tvndi,s 20 the extent OF 30 which
egsl issue Of ~ o M ~ mad % 70 man 7i D
ning that amount Of Bonds TO tue lineage and pp
Company for Cancellation That Company held security for
the performances Of this contract willing stand before
the pubic Director that Company knowing q this
ue and vet corccag IL; and ned upon the Bonds being
fued TO pay rs co Of the money Of the Northern Indiana
Company to corporation which va. trusting Nj, d without
for were known to aud approved y the Director. Of the
the judgment e. tie public In this MISTER acted from no dis
position ue M D. but from an honest desire to perform
! duty which the circumstances deyOlyei upon me.
In providing the fund Of $500 before spoken o. had been
agreed that the Chicago and Mississippi Company should en-
snd hsa bes ecedy done to the extent q
Company holding security except II. stock belonging 70
cents on the dollar Prior therefore, the return Of the t65oo
n above Ssep Of the h'd dset b and seno Of
slHoo holding the time nearly $4,000 Of the stock
ofihe n o. Company deemed proper that effort should
be made 70 aneud the chatter the Chicago and Mississippi
Company make the stock Of oc hoder liable 20 the
Company for sny debt be might H. Such provision Il
IN corporate charter and can see no good ooJec
Of the Chcseo end Msppi Company IL, however. gave
scat ohene Mr. d. and his friends and not perseveEe
IN 1 ss, a as SnS s be the terms Of s sa.cpon Ell.
pres,ly the nihug IF h' road, with stipulation
h S H Sssys s fund wa. placed b. The .aSrSers
hs hands he Directors Of the Chicago and Mississippi COmpa
Gy trustees for he 'Iee par9se OF completing The t9I
Company Mr. d. Soon sf 81 became Director, claim
uadeu Company 5000 5000
money which had been borrowed s. Louis upon the paper Of
Mr. H. September Oeto Der previous and that time sp
down upon the rad This cossdre the individual debt
Mr. D. for building the road and that shord be
rs upon pap there why should b. paid
from ind which provided very feent purpose.
teamed that had been paid om the fund. OF the Company
and told that BY che officer wss ehssed the books 20
Mr. snd that by another officer the charge cOunermani
ed felt that such Of Iusfnds IN violation OF the
upon The faith OF w-h the money had been al
ysuced; and uniformly objected 10 H. and complained Of il
The controlling iBdueemeut to the Northern In ans Company
for making he Of otOo that agreed that
for they should hsve majority Of the Directors Of The
Chico M..i spri Company Without this stipulation
in his written contract the Sh December the psyposs
securing the Noythern indiana Company o.seT elect
majority me Director Of the Chicago and Mississippi
Company, Jreocae pIory much Of MS
in the Tosd together with the eco purchased BY
the Northern Indiana mpsny, would eonsifue majority Of
the entire stock; iih pTzt" his contract spulaes, AaH
during years be kepi god for nl,'riiy Of the 'ocS
He execute the prr delivered becsuse refused
paw the money until zone; hut vi hin IS days f er
The ls payment mare on account Of The $4,000 for
attorney ard pr " be ranseTel 10 1her parties all Of his
s3oco If stock except seventy shares; and with proxies
election reuse 10 pror proxy given under
with the Northern In Company retaet TO elect
Of Mi .eiown Connecticut who GesiEnsted by The
Northern lnisna Company as the;i choice for ID.