The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-03-03

III u
70 do 80; but there would ALSO he believed, be two or
three other points suggested for consideration various
70 have permanent effect He moved that the books
and be annually audited by two personsone to
be appointed by the shareholders resident in the United
the other by the shareholders resident beyond the
MI OSBORN, President OF the company, seconded the
Mr. Crnmr objected that November WAS an nconve-
nen time for general meeting and suggested the pro-
priety Of holding IT, II possible, In August.
Some discussion took place upon this point, and even
rually resolved that the meeting instead OF being
held in November, should be 'hed annually the agent
English shareholders Of the time appointed for each an
nual meeting.
Mr. ,. CRorrx moved 'Tha. the directors in case Of
extending assistance TO other companies should submit
of the circumstances Of the to each share
holder sixty days before the meeting and that they be
10 consider in OF further capital being required
whether could not be raised by second mortgage bonds
on the security Of the road and rolling stock"
Mr.. ELLIS seconded the motion, which was adopted,
MI J. W. CAroN said the expectation that the land
along their railway would be settled, bad from what he
could hear been fulfilled to extent OF which they had
10 complain He understood that fewer than
three hundred thousand people scattered about the
bad been there that the land was h surprising of
cultivation, considering the short space Of time which had
elapsed since was waste The state Of their debt now
required TO be dealt with and he had resolution TO
propose that point which he thought would be equally
both shareholders and boudhoiders In cou
cusion he moved, That the directors should consider
how the $500 coo construction bonds cancelled and
the future so arising should be dealt with for the be-
neht Of the shareholders"
adopted
Mr.. LAWRENCE HEYwoRTH moved az the fourth resou'
on-That long the ret earnings OF the line are In
sufficient ater ing interest the bonds pay acash
dividend the stock OF the company the directors be
recommended, in paying the annual interest upon the
capital stock TO render such payments in bonds Of the
company bearing per cent interest," which bonds
shall mature subsequent to the existing bonds OF the
Mr. HursHISsoS seconded the motion
Mr. RxED said there In 1856 profit on the trac OF
1888 Geo. and he wished to know where that had
gone TO- No doubt good answer could be given to
question: but he did not know what the amount paid
the shares, and he thought such se3s0oo
would pay a large dividend
Mr. OSBORN said Mr. Reed ha2 not taken notice of the
interest the funded debt to which the referred to
Mr. REED wished to know whether portion Of the land
had not been set aside for payment Of that interest
had been set aside of which $50 had been sod but
upon that there charge Of 5000 0O0 which out
In notes. and notes were not money.
In reply TO other questions from Mr.. Reed,
Mr. OSBORN said es 900 OF the land set aside re-
NAMED to be cold; that $500 900 of notes had been
collected since crisis that the small farmers had
mostly paid that the larger purchases were standing
for six months at 10 per cent interest," that large sales
discouraged and that the sales lately had
only averaged about liz acres
The motion was then agreed to.
The CHAIRMAN then said there other formal bust
NAMED but to cherish lively faith in their future success,
for which he thought they had afuy sufficient warrant
discussion connection with the state or
affairs Immediately commenced, and
Mr. RkED said he had observed with regret that there
had lately been falling of in their traffic and he wished
10 impress upon Mr. Osborn and, through him, upon the
directors in America the necessity of efficient manage
ment Of the affairs Of the company He quite satisfied
that there were ia the Illinois Rail way ali the elements of
They had wide extent OF country large sup
plies Of agricultural and mineral productions along the
quantity of the best coal ever put fire. which
could be brought to the surface at Of 81 50
ton. and supplied at Chicago rom which was distant
txrnn tall fan Ioao
the price now given there for the worst quality OF
coal now sold there. he insisted upon the ne
the carriage Of this coal by the company, and
expressed his conviction that by the adoption OF
such course the company might realize revenue OF
1c0o,o 600 dollars which would pay dividend Of
per cent upon two-thrds Of their capital The Great
Northern Company in England charged one haipenny
per mile for the carriage OF coasa rate which expe.
rence had proved TO be amply remunerative, and he
hoped the directors of the Illinois Railway would follow
this example.
Mr. Ellis also urged the necessity o. developing by
liberal tariff of fares, the mineral traffic along the Line to
| the fullest possible extent
bad been anxious develope the coal traffic aud had taken
steps for that purpose but owing TO the peculiarly mid
| eoualled their authorizations IT, however thew had
another cold winter, ike the three last, the coal
traffic would no doubt increase considerably The coal
! field which had been referred 70 by Mr. Reed at
Drquon OF the very best quality extending about rs
miles Of country about 90 feet from the surface and
could be mined more easily that any coal ia tbs States
With regard to the OF carriage he thought the drec
tors had fixed low enough, for there was no competition
IN connection with H. and he Understood was only
where competition existed that the carriage fixed at
he low ngure mentioned by Mr.. Reed Ultimately the
directors bad no doubt the coal traffic destined
10 produce onethird OF their revenue from ireghts
(Hear, hear.)
Various questions having been put,
Mr. OSBORN entered upon a heightened rssums OF the
state Of affairs In connection with the railway in the
course OF which he described the progress made In the
settlement Of the district trsversed BY the railway de-
scribed tho Increase Of value the lands along the line
consequent upon lie execution and expressed bis full
victon that the effect OF the full development Of the line
would be very considerably to increase the value OF land
throughout Illinois and Ohio.
The CHAIRMAN thanked Mr. Osborn for the Information
thus afforded bu, sad Of the questions put had
been distinctly answered He would, therefore, him.
self put two three OF importance And first he
wished TO know whether the directory bad In contem-
pla,ion 70 effect any second mortgage on the ilneS
Mr.. 0sBoRs said further mortgage Of the line was
contemplated by the company.
The CHAiRMAs inquired whether the course taken by
the directors, with regard 10 the works, would be
IN accordance with that recommended by the English
shareholdersf
Mr. OsB1RS had no donbt as 10 the erpedency of the
measure but did not think that while they were In debt
II was proper time 70 discuss what they should do with
their future profits When they free imam.
oal they M enter upon such deus
sion With advantage, but not tll then.
The CARsAs asked shether the settlers along the line
were farmers or loafersy
Mr. OSBORN replied that the settlers aorg the line were
unsurpassed by auv class 10 the world They were not
frontier men but farmers who had found farming in other
The CHanMAs asked whether the land re. to be sold
a good IN quality as that which bad been already
soldy
Mr. OsBoRs said the quality was quite a. good. ,ai
though the land neare, the stations had Of course been
frsi oisposed Of Generally, Mr. Osborn expressed him
self 10 be well satisfied with the prospects of the company
although be declined to pledge himself SPECIAL iterr
o. increase of revenue
On the motion OF Mr.. CtosE, seconded by Mr. Ellis
vote Of thanks passed 10 Mr. Osborn and the Amer
car directors for their attention 10 the interests OF the
COMPANY and vote Of thanks W The chairman closed the
proceedbgs.
European Money Wsrkess,
From the LIVERPOOL Zines (City Article), Feb 10
The directors OF the Bank Of England, nj their weekly
meeting yesterday reduced the minimu N rate of dis.
count from 81 per cent at which Il wv fixed on Thurs
day ast, TO per cent There little surprise felt at
this movement as the tendency Of the money market has
been 50 clearly discerbsble Of te However the
reduction was hardly expected 10 take place 80 soon
Nearly I've years have passed since the rate was at
per cert gradual advance, with one or two
short exceptional intervals. having taken from the
Lat OF june. lhha. WHEN la.l al that mini