The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-11-10

We believe that the Illinois Central Raj oad Company
rs The FIRST which has within gunsho Of s ogi-
estimates of 1t has done so, however, in face
Of combination OF adverse circumstances which are
seldom to be encountered The original estimate was
SIS 500 oOo by Col. Mason, in 1882 This estimate
based upon responsible contracts when wages were rea
souabe and the purchase of the iron at very low
Agure The company therefore ISIS ued SIT 900 900 of
bonds secured on 600 OF land, in addition
20 the road TO be built by the bonds The work pro-
creased within the estimates of time and cost up to the
autumn Of 1853 when wages had risen for borers %
per cent-say from 81 to 81 20 per day-undcr the
general railroad excitement II is obvious that whore
ten thousand men employed that such an advance
was formidable 1t caused the failure Of many contrac
TORS compelling the company TO make new contracts at
The advanced rates This item alone would have increased
The cost to and half millions, If other diff
Rculties had occurred; but early this summer the
cholera caused stampede among the aborers making
Il still more costly to keep labor employed. At the
same time the great panic in all railroad securities
book place rendering il next TO impossible to raise
money on such securities The company had however
another resource, its lands but here new din
suy 10 the loss of crops which made it difficult to sell
land unless at sacrifice To put the 4e5 600 acres OF
land at the disposal of the company independent of the
1000 in trust to the bonds the mar
Let at that uncture to make great sacrifice. The
issued Under these circumstances the gentlemen WHO
eomposed the company put their hands in their own
pockets TO pay the difference assessing the stock 80
per share, and have called for s. more, making
Is per cent say 81 600 oo0 which makes good the
sngencies that have ariscn 6rst from railroad spccu
lafion; second from cholera third from railroad con
vnlion fourth from cropilures Under all these for
mdable difficulties the track has steadily stretched its
length, meeting given points in the given time, and
srwa fpfp
expenditure of e. 500 900 aimee July The whole road
yin by January IS 1866 be in full operation, with the
exception Of the connection Of the Chicago branch with
tho main STEM which will be months later.
To do this they have not had to any modern
financial expedent have they accumulated an un-
wieldy floating debt" have they sacrificed their
land hut they have assessed their stock thus in
ereasing the security OF the bonds by the expend ire
upon the road of 600 than their proceeds,
nj the time retaining the land for the benefit Of
future rise under the growing population and wealth of
che State The bondholders have thus guarantee that
she bonds will be protected by the stockholders under
MI circumstance No better evidence Of faith in the
great of the undertaking could be afforded than
for the gentlemen who compose The company to refuse
10 borrow any more in any shape, but to meet them
selves an contingencies that have arisen in the Of
Their own unremiting management neither have they
eourht 10 disguise this fact, that revuson pestience
and famine have disturbed the original estimates Of cost
IN respect 10 stockhodes but not in regard to bond
holders and we believe this is the first instance where
the actual cost has closely followed the estimates
The steamship North STAR at this port from Aspnwal
brings two later intelligence from California and
one million hundred thousand dollars In gold and
gold dust The Golden Age at Panama from san Fran
CISCO brought down ITO in gold and gold dust
The commercial sdvices from California do not vary ma
from toea reeevod NV The prcyious steamers.
quite On sxciiemsnt bad bsep created 10 financial sir