The Texas Republican. [volume] (Marshall, Tex.) 1849-1869, 1857-12-26

7
t,t,ion oi tho reader 40 the aiuele' pub
shed below, for the reason that we design
o-erafinr M article with some care in rela.
tisH 10 railroads. which viii be forwarded
ia due season, aud Published ia succeed
i,c issue Of our paper. Aside from thi-,
lies. articles are inhiusictll, worthy OF
attention. particularly ri thl. time
Great Railroad Failure.
The lilno. Centtal Rs.lroad ha. failed,
and made an Assignment ihi, Is among
the greatest OF the great failures oi me
passing day.
The Illinois Ceuirsl j. the longes, rail-
road boz ,hs Dit,d State. Il Is 100 mile,
I1re A. last accounts It had cost over
81 900 600 t., gioss receipts At The
last ,,arls return were $ iiG,000' =. net
r,c.ipts were 5 OBJ 600 Ga the 1911 oil
September it, stock stood At ~, aud as
late rs last Saturday, stood al ~.
4. every one know. l!is road was 'ich'
D, endowed by the state With lands gran.
led b, Corgfe.. The grautwa $40
acre. io ever, mtle. - that the whole
urnt was over . 1000 acres Of land.
lhe.e iauds Wcte appropriated hN The CON
r,,,, in the manner following > 900 coo Of
Of acres was m1rtgaged a. stcafiiN Tor
none, to be- ia,sed Tor the construction Of
thetond be moue, expected To be fals-
ed IN thi. way, was $1,000. 600 The
be- 4. were seven per cent interest, paya
lie on the 1T Of October and April IN
New York, go 600 acres were TO be held
suhleci to sale. 50 ~ Ia form q fund for the
p,tment of interest The hlauce 400,
600 acre. were to be .old ftom time TO
tim. To- meet such demands - the exlgen-
Gle. OF toe compau, may demand
IL. animum ,alue Of the : 600 Geo
acfes. lneugaged toe eonstmrton} was
set down at over SIS coo COO
The company also created stock to the
amount OF So 600 coo
The land. sud road were CONVEYED Ia
trust 10 Norfis ko,chum Of New York, aud
f to john Moore and Samuel ID Lockwood
OF lunois The trust thu, created was Io
secure the construction of ihe road, aod
those who loaned il nancy Oh the strength
Of its lands aud road
p lhs bonds csllei construction bonds, te
the amount OF ST. 600 900, have been u
. sued brrdes' there ." 3oooooo "I
per cent bonds secuted hy lands, Other
thau those Sc, apart 10 secure the cunsifuc
, ton bonds, have been issued These So
2 600 900 are called free,land bonds.
\. the minimum valuation pat on toe
2o0o,ooO acres, which were mo'' gagged ID
secure the construction bonds. 'he whol'
landed property may be considered WORT
= 50 600 900
ibis last sale OF the bonds was SIXTY
hive.
80 sungnlne were the projectors OF tbs
road that the proceeds al the bonds ma
the lands sold, would put them amply ~
% lued- that thrS made u a condition OF tht
construction bonds that the company mt4hl
a ANY time Purchase THESE bonds, or AZ,
OF th"rn. bs paying "a addition to the r'g
ultr interest the principal, "i'h twenty PEI
cent. added Ia tact, i.w supposed thai
>urb tond as this. endowed ~ 1t Wa
coult tail at being eNccll,ui property.
1t hnd - 600 600 OF capital subscribed
II had such proceeds 10 money as near
100 coo actts oi baud would Ni'li 10 pN,
interest A. wei Hs tor construction. N"A
It had the proceeds OF 'h" 81 oOo oVu
construction bonds.
lac cost is set down by the kat'ond
journal At, a' We have stated above q mite
over s25 oOo ooo. ~" constitution E"d
lrte hand honds amount to 500 ouo. 81
they haze bee" all soln. Il" PER '""N
on these bonus i - 'oo'ooo me h''
f"crg'' 81 tue foa'' ~ u" I'Nt weary 'e-
rto.s at 81 10000 o. the gros- receipts
, per cent are pa, able into the ilnol,
state Treasury, M the bonus agreed on
lot the land grant. Five per cent. on the
gross receipt, last year we're over sl23, ,
900 Aud It the sum above given as net
receipts Is what Is len after defncitng
merely running expenses, this ) ~ 900
must be deducted from these receipts. thus