The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-03-01

TIE Railroad Journal gives very full and con-
prehensye account Of the Illinois Central Railroad
Company, from the commencement up to the pre-
sent time. The article contains lengthy extracts
from the acts OF Congress and from tue company's
charter showing that Its progress thus far has been
strictly in accordance with the provisions Of these
acts The future Is open to one individual Just as
much rs another and the ultimate value Of the
company's property eau be judged Of by tnose To-
teresteo, according to the advantages and faities
enjoyed by each. There Is important feature ia
the finances o, this company, which has been over
loo kcd in the discussion and arguments relative 10
the valuo OF the sccufities-ard that Is the margin
left for calls upon The stock. This is matter OF
much msgnitu e that 1t is strange the company
have not alluded to it more fully in their different
reports. II Increases very much tie basis OF the
security upon which the bonds rest, and is suffi.
cit mt 70 moks up any deficiency In any valve plied
upon the landed property Of the company. The
stock thus far has not been csuet in equsliy, and
the margin left on some issues, which will be oover
ed when niece ssary, is large enough to place the
company in funos as they may be required, indie
pei ut Of s o.her resources. After reviewing the
acts granting the lands, charterog the c,mpauy,
and regulating It's bonded indsbte dness, the Jour
nal ssys:-
In accordance with these provisions, the company,
the lQth March 1851 organ zed accepted the charter
above notified the Governor to that effect The
OF 500 900 in specie was deposited and duly acknos.
lesed. On he Gath of that same month"; eeed Of the
TO The company ond the transferred by them 10 the
tru,tces- namely, Morris ketcf um, John More and
city Of Cairo depot he right of way, also the rail
road 10 be built with the buildings thereon, TO be held
by hem for the purp,ses named IN the act
The length of the road, a. present located is IOl
miles 1pe number OF acres TO which the company
WAS entitled consequently amounted to 2c3.36o but
owing 10 with the Land Agent OF
u general goysrnm' mt the number actually received
Was 2b9SSS9. OF these, 100000 reserved for
interest furd 1000 we're yed for coo 900
The estimated sufficient to construct and ca zip
the road. Thee last were classified as follows
| eco, 600 acres # the lowest agriculture value
within IL niles OF the road worth in 1915,
1,aco,Ooo Of ordinary agricultural quality,
worn ........,..:...r ;.,....... 1oiOOVoo
boWo Of superior agricultural quality,
Of rs elias, lands consisting Of co '1''0'
hslcs quarros, minerals. town lots, &c,
worth lo00,o3o
Total estimated value In 1875 ........ sls loo 900
OF these lands lQl $40 located within six
miles Of he foai and the remainder i397, 5o from six
The plan adopted BY The com 2auy 10 secure the con
structon The rpRd to raise the necessary funds
from mortgage bonds issued and secured BY the 900
lands with The road and appurenAnces paying
interest the bands from the reserved lands aud tue
ar'essments on Their capital stock,
In accordance with the above acts OF the United states
and O., the state Of illinois, am OF the Of the
company pursuant thereto the main trunk OF the ROAD
extending from Caro- 10 the Illinois river with the Gale
ma branch has been constructed The Chicago braoch
has also been nearly mpleted and b. put opera
ton with tnall additional outlay, aud withoat much
| delay
lie company have negotiated Their siT COO 900 lo,a
follows 80 600 600, bearing per cent interest in
April 1852, 81, 0Uo 900 Of per cent In london May
1852 Tits loan carries stock privilege equal . one
SIXTH oil he whole stocs Tor - $40 shares 900 coo
further issue OF IS 900 600 at per cent with the pr
vese 20 zach purchaser Of 81 In bonds OF becoming
subscriber TO three shares Of the capital STOCK was
mace in Juoe, 1852 all OF which bombs taken NJ
par These 9TH the bonds TO 10 taken pay by
tractors and other parties make up ~ whole amount
s7 coo Oto) issued tic so00ooo OF land AMI
/ tho ROAD.
a. tfto tee,. u thcre, according 20 the ast Upcri