The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-11-23
......Al ,43l ,402 S23, POS 1853


| This shows decrease in circulation of 1851 1888
in deposits under both heads of 048 and in the
total liabilities of ST. lo,524; while the other side
of the account we have an increase Of bullion OF
s2O975O contraction of discounts of $40, 426, and
decrease of total assets of 81 ,O3O,67l.
The Milwaukee Wisconsin, of the 18th inst. con-
tans the following report of the proceedings in the
Board of Common Council, of that city, in relation to
the delinquency the Milwaukee and Mississippi Rail
road Company in the payment of interest due Nov.
l, 1867. The City Comptroller Of Milwaukee, Mr.. Gar
diner promptly reported the delinquency of the
pany and took the proper steps to place the
in the hands of the proper authorities. The Railroad
Committee of the City Council, in connection with
the City Attorney made an official demand upon the
company the result of which is embodied in the fol
lowing report -
Your committee directed letter to the of said
company, copy of which is herewith enclosed.
The verbal Information received from the treasurer OF
said company in answer entirely unsatisfactory
sstng in vague promises that the company would finally
pay the interest and declining all definite action until the
return Of the president said company whom
directed 10 Mayor Cross has been since received which
gives better explanations and wherein is only stated
that the company going to fund their floating debt
which arrangement will take them from thirty to forty
days and that by that time they hope 10 pay tue interest
the city bonds
This dereliction of duty the part of said company
makes Common Council protect the
city from any loss arising therefrom, by selling much
of the securities Of said company the hands Of the
CITY treasurer rs will suce to cover the interest now
due, including costs and expenses.
To attain this object, your committee recommend the
adoption Of the following resolutions
Resolved That the treasurer of the city Of Milwaukee,
be and he hereby directed and he required
tain at the expiration Of thirty days from the first day Of
November, inst, whether the Milwaukee and Mississippi
Railroad Company have paid the interest coupons which
maured on SAID first day OF November on the Milwaukee
city bonds issued in pursuance Of ordinance entitled
Gan ordinance to authorize the issue OF city bonds 10 the
1856"
Resolved That In case said company shall have failed
to pay said coupons at the time aforesaid certificates
for 1850 shares Of full paid stock amounting TO 1926 600
issued December ~, 1855 by said company to the
then Of the city OF Milwaukee In pursuance OF
resolution Of the board of directors Of said company
passed October 10 1855 collateral security for the pur
pose Of ndemnfying and holding harmless the city of Nil
waukie from any loss by Of the payment of
the principal interest, they become due said city
bonds and in of the Stipulation contained in the
same said stock certificate shall become forfeited and the
treasurer Of the city of Milwaukee shall then be- and he
hereby empowered and directed to give thirty days notice
To said company and TO advertise In at least two daily
papers In the city Of Milwaukee and in the daily HERALD in
the city Of New York that he will sell at public auction 10
the highest bidder at the Office Of said company, many
shares Of the special above referred
will produce sufficient to pay the amount Of said
interest in together with all costs and
by the city on account of tho payment of said
interest.
Resolved That when sale shall be made in pursuance
Of tho premises stated the the city
Milwaukee shall surrender the above described certificate
TO said company and thcrcupon said company shall issue
10 the purchaser purchasers o said stock portion
thereof certificates of fun paid stock in the usual form,
which from the date Of such surrender and issue cnie
the holder all tho rights and privileges enjoyed by other
and for portion Of the stock unsoi the
said company shall be required TO issue 10 the city Of lii
waukie certificate similar TO the one above referred to
in form and substance.
The report was signed by all the members of the
Railroad Committee and the City Attorney. 1t was
accepted with but dissenting voice. In relation
to these proceedings the Wisconsin says:-
The default Of the Milwaukee and Mississippi Railroad
Company brought before tho Council last night aud
the sale of sufficient stock 10 pay the defaung interest
ordered but tho Mississippi Company Will payho in
tcrcst They claim 10 have abundant from freight
stored in their warehouses along tho line but which
freight the merchants 10 whom goods consigned
not able 70 pay.
The financial affairs Of the city Of Milwaukee are in
good hands, and the prompt action Mr. Comptroller
Gardiner shows that nothing on his part viii be left
undone TO sustain the credit of the city treasury