The weekly Minnesotian. [volume] (Saint Paul, Minn. Territory) 1852-1858, 1855-06-16
Illinois Central Railroad Lands and Bonds
splendid Prospect for the Central and other

Roads in that state. zes.- \
Since the announcement of the sales of land |
by the Illinois Central Railroad Company, says
the New York Herald of May 30th. the sellers
of bonds on time appear to be inclined to leave
this security alone. Aw,ek since. time sale
were made at 72a to 7s, buyers 60 days. The
rate has gradually advanced to cash sales
at n to TIA. This rapid advance is undoubt
eddy to be attributed to the fact that public at
tention has been arrested by the operations for
the past three weeks in the land Office at Chi
cago. During April 1860 acres were sold for
$3.50, S47--an average of Sl3 per acre-and to
the 26th Of this month the sales have amounted
to S3Ss, $3.50 that the company have already
a sinking fund formed. in round numbers, of
Sl,5Oo,O00. A list Of the purchasers has been
exhibited at the Office of the company for seve-
raj days, which shows that the sales-are made
generally in lots of 40 to l6O acres At very
moderate assumption the company will have
from S25OO.000 to S3.00O,0OO of their lands
sold during the present year. The prices are
too high for speculation. The purchasers set
tie and cult, ate the lands at once; thus the
adjoining property is greatly enhanced in val
ne. The great feature of this system is that the
sinking fund is in the best possible shape-that
is, in notes given for land to be placed under
improvement prior to their maturity. and the
title to the land retained until notes are paid.
By this ingenious system Of long credits and
low rates of interest, The company will realize
an immense sum of money for land, far exceed
ing their bonded Indebtedness. AT % per cent
less than the prices actually obtained in the last
two months, these lands will bring S25, 900, 00O
The road has cost about $50 100000
This unexpected show in the land department
will induce the stockholders to wait very qui
city the development of the business of the
road, the receipts Of which. for the last month
were 00500. derived almost entirely from
way business, and through country impover
ished by the almost total failure of its crops the
last season. If the originators Of this enter
prise had held up to the world the fact that
building railroad on the praires is building
great highway to create business, no disap-
pontment would now be felt at the receipts
this first year, before the harvest A portion
the prairies, under precisely such circumstan-
ces, and the receipts for March, 1854. were Sl6,-
1884. against S37, 639.4O in March of this
year. For April the receipts were Sl4,59226
in 1854, against s42, 99l.39 for the same month
of this year--nearly treble last years receipts.
Prior to the opening of the Illinois Central
road in the fertile districts of Vermillon and
Champaign counties, and all the central and
southern portions of the State, corn had been
nominaly worth Is to 20 cents per bushel. This
year the farmers of Southern Illinois have paid
10 cents per bushel for corn to keep their stock
alive. This week corn has reached the unheard
Of price of SO cents per bushel in Chicago. The
suffering caused 10y this scarcity is destined to
react wonderfully upon the products Of the
prairies. Farmers are turning up their lands
upon all sides. A crowd Of Eastern, New York,
Ohio and Pennsylvania farmers are pouring in
upon that magic soil which the Grst year pays
all the expense of blowing, fencing, &C., and
yields an abundant ha. vest without manure
This will enure greatly to the adj antage of the
Central and other Illinois roads. The directors
of these concerns have learned by the expert
ence of the last year, that the public will hold
them strictly accountable for their manage
ment; that unless economy and personal inspcc-
ton are clearly manifest, they are subject to
rigid investigation and scru:iny--therefore we
look for decided change in the public estima.
ton of these securities, and think that capital
lists who have held their securities through the
railroad crusade, have reason to congratulate
themselves upon their future pros poets.