New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1855-02-28

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s S.sss: 55 I R;sf:i 81
D. ,lSn .sesspse... 4Isss.a 4lss5 Inc =. e5iss
A Committee of the Delaware Legislature have
made report on the condition of the Bank OF Mil
ford and pronounced rotten from its inception In
order TO show bow the concern was managed, we
make the following extracts from the report Of the
COMMITTEE;
appears from the testimony of william Shannon, the
holders, were ne, Cls Bloodsood COLGATE, of New
Yorh the other four vere persons al CT whom RESIDED
hi. state some hiIy ION Milford aud three Of
whom svey doubtful whether the stockholders ever saw or
by them cashier and who never seem to have i the
least interest in the sfsr Of the bsns .... -, H.
C.,ber who ALEC Director, that neither he nor any
other Of the Delaware eveE PAID esst eTesy
BY MI Bloods,cd ard that the entire 1sre.t and owner'hp
c. .id Of s. the CITY Of N YS
transfer Ct few to the residents Of bs State vas
IPss to %ty o se So
a.o sppar from the books sept ~ tes Cs,her tntt
cbsrter required should actually be PAID 10 before the BANK
into he SsI da on ns Of 81
se'ual wldswp hom the vault. OF the Bsns, ' ~,
bolesr Of almost the entire stock Of The Bank -
The whole Of the Indebtedness Of Charles colgse
ss.s s,oct notes ara on
Bsmr.bre Coal end Iion Company y. sie COO .he the
on loan. by them City Of New York a. the AGENTS
Of the Bank We. about that OF ne suoa1t o. a.
Newyort which left outstanding $50 roo ofccuston o. TIE
e IN nina in the mean tm that there had never been
s.tusy the vaults OF The Bank q Milford any specie or
%oon 81 Of except the $1,000 part Of
The @ on o1s m s'ae IN. %
8rst egoscn upon the seeuy Of hi. STOCK note Accord
ey when the Bank appended the cashier tesdes that aer
ming 1850 of notes presented TO him IN Milford ey
gentleman from York who was ssyi.ed to present the
same he Bsuk 10 Milford by Sir Colgate there were only
5000 $500 OF money, IN specie and current banS'
notes. In lie vaults"
The Railroad Journal has published in its last
number an article upon the Illinois Central Railroad
Co, which meets the attacks which have recently
been made in the street by the shorts on the secu-
rites of this Company fully that give place to
it. 1t is q comprehensive history of the Road from
its inception to the present time:
ILLINOIS CENTRAL RAILROAD.
The very large Of capital invested 10 this work rs
great sgDtuds the TeoDs IL susas TO the railroad ss
tenn Of the country and fact that It's securities
States render 1t very important that the legal basis upon
We therefore prepared the following statement which
Of me various legislative acts in ,eisIeSee to rse
has been carefully prepared ara we can vouch for
who with the dais before him probably difficulty
in coming to eoeet illusions in al, questions that may
nke
States approved 20h September 1850 by the fr" section Of
he s.e lef h oe u md misbis,n csn.I 70 eoip A. o
near the Junction the Ohio Mississippi Rivers with
bneb To Chesgo and other via Gaenu, to Dubuque In
timber &c for .uueon Tie rsht Of not
100 feet eoh sfe OF the sc sud copies OF the sur
yeys be forwarded the Land Off es within ninety
etys sfor comp The second section enacted that there
ond be sbted the State OF Illinois for the purpose OF
sd 10 1skiIg the branches aforesaid alternate section
denstd ~ even numbers for ak sections in width
On s side Of The road end bspeee, IL case The road ran
which the night Of presumption was attached selection
GSd e6 m,S S s 1n sssh P TO 4o
TO toh sI6s the United sstss bsd disposed Of pro
niles from the line Of road The eon.sTuetion
the extreme southern AID ernni OF he main ns
rsned be spped in the construeon OF said Dad
The ssn, 70, each and disposed Of only the wok
rIe.ree. ard be .Iphsa to DO 0,ss purpose
m Michigan Canal reserved Iom the operations
Section d6d crtsGe the sale ohe sections and ps.ef'ec
tom oflsnd whhb, ,ue ,sn 'ho9d teTaia 70 The Used
for less then d,l. and fifty cents per acre or double the
ih the .d ssaed to the State should Be subject 70 the
disposal Of the l. sanre thereof for the pape aforesaid
public highway for the Of the Government Of the
United ssie' free om o or other sn.Tfe Spoo the
Section IN required the completion Of the road within 70
ON be sale these By the 'r section the United States
all stoud at all times be transported on this railroad under
ssss BY Law direct BIZ The ssr add last acc
ton the privileges granted the state. Of Alabama
For the purpose Of making the above oct Of the General Gov
eminent An act va. passed by ne LEGISLATURE o. i
Of hich were a. fOllowt
rsms Of the Illinois Central Railroad Co " and
Ioweis and privileges granted to corporate bodies
I'd defined the location of the road fixed BY the Ac,
empowered its construction arc operation
Sec Sd soitd that the corporation should have the right
ss upon might PpSP.s 20 Iss r own soc ae .sS
feet in width through s eniie lsBsth all lands water,
prvl. and materials belonging to the State granted
and private property was authorized 10
tsleu, rndsr certain regulations arc testiietiop' $3.50,
Increased to% time to time to any amount MT exceeding
Abues put at go each and where owners ne elected
tsymsrt mtht be sold after 80 GAYS pushe notice TIE
.cpens to said stock in such and At such times and
" places as they shall direct
l2oelhol1e the Governor of Illinois btiug oteo Di
rector rrebfd modes of election aud das vacancies and
Sec Sih ssy: The BOaid power establish bylaws, ana
upon the ,osa as thsy should ffo@ time to ae 81
their bylaws direct and determine" All Other matters aud
with rules they should determine The OF the
Common Council Of city made before they
esnla locate their track within Its limits
SEC sth prescribed limits fCr wuly ipuins obstrueins
the read OF ether property eftie Company ~.
Sec Is granted the Company Ter the construction OF the
o.s ana its bsnhs the riht way AMI all the s5ds wssh
nsh be sc reed sors the lines of he road and rs
OF Illinois aIe also the right Of which the State Of III
bran ebss heretofore located surveyed for
TIE Use, OF he sane ws - the lot o. srSaAa eo.aIsa
l1aoing snhsuklnents executions surveys work, rater
personal property pfofles and constructed
ptccusd cd behalf Of the State Of
illinois for account of said roaa and It's branches also
The rsht Of and through lds owned By the state
ion the only and sole purpose Of surveyng loe,os con-
suetps completing. altering, mainisinrs and o,ersnos
sid rosd branches and In the following inme-
daey upen orgsriz of the Compsny and pesents
ton the Governor Of etess signed BY the eoreoraors
certifying their orga1ixaon their subscription 10 the esp
tai ock Of 600 co. the bona 5s syent Of ~ per cent
and tie deposit with the Secretary OF state OF $50 go OF re-
eIsd canal bonds OF sS per United state.
bonds specie seeaty for The eoDpsor Of ths Inst %