The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-07-03


Tie Chicago, g. Paul and Fond du Lac Company have
sold 70 EASTERN capitalists half million Of their privi
lege bonds leaving small part OF The 80 900 900 unsoi
Al the meeting Of the Michigan Southern and Northern
Indiana Railroad directors yesterday, Charles Mnot the
former superintendent OF the New York and ge Railroad
was appointed resident manager to be located Al Chicago
j. NJ Hopkins, I'll now secretary OF the company ,rcs
surer; and Geo II. Ford, secretary.
The National Fire Insurance Company has declared
semi annual dividend OF twelve per cent payable tho
,lh inst, the Market Fire Insurance Company, per
cent the Clinton Fire Insurance Company ak per cent,
payable on the sth inst, the Columbia Fire Insurance.
semi annual dividend Of ave per cent payable the sh
Inst
The Bank Of Albany has declared q semi annual divi.
deDd Of per cent the Newark banking and Insurance
and New Jersey Insurance. I've per cent and the Newark
Gas Company four per cent the Norris and Essex Rail
read, three and half per cent
The following statement, made By ". John lockwood
giving the particulars OF contract entered Int for the
construction OF the western division Of the Milwaukee and
Msssippi Railroad viii be found very interesting just u,
this time me public have been serious sufferers By Tho
system OF management purued In railroad companIes
and they row want know what parties to be held
responsible for the reckless and exravagani Of
hnapcierps which has involved Of the promi
nent lines Of the country In hopeless Insolvency We have
In his statement Of Mr. Lockwoods insight into the
financial system pursued By The Milwaukee and hssipp
Railroad managers. We give for he purpose Of showing
bat the only parties 10 blame for The enormous decline In
the market and actual value Of railroad property The
directors themselves Ia all very well for effect 70 talk
abVui Ae mepdaclous bears" and The "unscyupuioos
press" and Wall street obbcrs bat ,hs pubic can
not be blinded By such things The time has eons by
when the bull organs influence any BY such so-
RES The directors OF the Nlwsuke and Mississippi, Rail
road have done than he directors nearly every
other road n The country have done They are all alike;
but In the Milwaukee and Mississippi they have been found
out, and The rest will soon follow
hmwAuKx MrSwFuFFT RArRoAD-SrArysrSr oy Ma
JONI LOCKWOOD
Mr. John lockwood tee6ed that 10 tho rear 1856 SO he
was solicited 10 become member OF the Board OF Dreo
tors OF the ard railroad company that he
and went Into the board that almost mmed atey After he
The road nom Madison 70 Prairie du Chen up that
ID Cook was willing 10 take the contract that was private
proposed by certain members Of the board Of directors
that the contract should be let 10 Cook alone, 70 Cook
and Lockwood &C. D. O. aud Jno Lock wood) ostensiby,
while In reality the nominal contractors should not control
thereof but that while hesc nal apparent
~snmed 10 do all the work. they should In fact bold and
manage The tract rarity their advan-
tsge and partly for the advantage Of certain members OF
The Board who In this plot that Lockwood declined
70 have anything 10 do with this bargain or arrangement
then prevailed upon 20 Of the Board In order 70
place himseh In position Join with Cook In taking the
contrso1 with clean hands carry ont plan he
resigned hh place W the Board, and N partnership with