The Sun.
London, England, 1865-04-24 00:00:00

ILLINOIS CENTRAL.

The report of the directors of this company states
that the local traffic upon the line in the year 1864
was much disturbed by the requirements of the
Government. The forage and other supplies for
the armies in the south-west were taken to a large
extent from Illinois, and the preference which the
Government had a right to demand prevented the
company from doing the private business of the line
with regularity. Although the rolling stock had
been largely increased in the past two years they
had not • kept pace with the increasing amount of
business. and required more motive power. Their
expenses were much larger than in previous years.
If peace should be at once restored there wouldbe a
larger amount of business than they had yet had and
with diminished expenses. The increase of traffic
over 1863 was £3B per cent., while the gain in net
earnings was only 18.4 per cent. They were exposed
to very expensive labour in their machinery and
repair department while the war was in progress.
There had been a very active demand for land, there
having been 3,501 purchasers for 264,432 acres of
land averaging $10.96 per acre, amounting to
$2,898,980. Those sales were widely distributed,
and in small tracts. On the majority of them one-
fourth of the purchase was paid in cash, and the
balance payable in one, two, and three years, with
6 per cent. payable annually in advance. The ar-
rears of interest had been generally paid. Great care
had been taken not to dispossess any man making
an honest effort to work his farm, and this course
had established confidence in the company. At the
close of the year there were upwards of 15,000 in-
dividual accounts on the books of the office, and no
suit or claim pending in the courts in relation to
any one ;of them ; the balance of notes and con-
tracts on hand was $9,357,693. There were still
1,110,554 acres of land for sale. The collections
were double those of any previous year, being
$2,575,928, of which $1,440,091 was paid for
$1,200,000 construction bonds which had been can-
celled. From the balance to the credit of income
account a dividend of 5 per cent. was declared pay-
able on the Ist of February. The capital account
showed a balance of $364,928 from the last report,
$828,540 received on 9,206 shares at £9O per share,
$1,132,600 on 113,260 shares at £lO per share, and
$2,086,000 on 6 per cent. redemption bonds of 1890
issued, making together $4,412,068. Out of this
was deducted $46,000 in payment of 8 per cent.
bonds of 1865, $1,065,181 on permanent expendi-
ture, $458,253 for additional rolling stock, $24,874
sundries, and $2,086,000 for cancellation of 7 per
cent. construction bonds, leaving a balance of
$731,851. This income account showed a balance
from last report of $1,328,716 ; the net collections
from lands, principal and interest, were $2,461,681 ;
the net traffic in 1864 amounted to $2,463,194, and
the profits from sundry sources $62,604;
$6,316,194. Of this sum $1,000,028 had been applied
to interest on funded debt, $118,718 sterling ex-
change, $1,665,830 dividends on shares, $1,964,763
expended in Cancellation of construction bonds,
leaving a balance of $1,566,855. When the bonds
called for, with $240,000 8 per cent. bonds, due the
Ist of March, were paid, and for which they had
cash in hand, their debt would be reduced to
$12,500,000. The property now consisted of 706
miles of railway, 105 miles of sidings and double
track, 133 engines, and 3,500 cars. The machine
shops were well furnished ; the facilities for building
locomotives and cars were ample.