The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-01-24
The Illinois Central Railroad.


The Illinois Central Railroad.
MEETING OF THE SHAREHOLDERS IN LONDON.
From the London Times, Jan. 7.
meeting of English shareholders In this company VI
held yesterday at the London Tavern Mr. q. Molatt,
p in the chair.
the shareholders at the meeting in July last had devot
themselves TO the interests conhded to them. The
object was communicated with the Board at New Yo
respecting the financial affairs OF the company Some
lay occurred in forming deputation from the commit
to proceed to New York and confer with the directo
on the company's affairs The committee felt necessa
that frank and full investigation of the accour
should be made, and Mr.. Smith, of the depuatio
had devoted himself TO that subject. The extcnsi
and elaborate statements he had prepared given
committee on the financial state OF the company show
how completely he had devoted himself to the wo
confded to him. 1t had taken him (the chalrma
two days to master the volumnous accounts Of e(
various matters connected with the company. The
were three points which involved irregularity in their
counts 1t appeared that three Of the directors had pc
calls on their shares by promissory notes instead OF
cash which was highly irregular course, while the 9th
shareholders had paid in the usual way. The total
those about $500, 000 f75 ,000 He had be
informed that those notes would be met, and then
three directors would be in the same position as 9th
shareholders They found that the land sales departme
required some alteration The interest accruing on la
sales had been applied to the extinction of bonds where
hat interest fairly belonged to the shareholders. On
minaton of those accounts which we're prepared for
Information of the shareholders they would lad the ex
state OF their affairs With regard the value Of the
held by the company all doubts had been removed by
friendly oner and subsequent opinion of Mr. Card NJ
who was perhaps the highest authority on the subject
proceeded to Illinois, examined the land, and return
nrodncv s nature ~ tha soiI Tho lana 500 a,a
FERTILE and would ultimately be Of great value Thc
enanty on some Of the lands suffering great dstre
10 Continue their navments regnarv The Sirac,nr.
New York. on the representation of the committee, |
nonjre into the affairs Of the comnany with va,v m
nrove their nosition He was Glad ~ saw tnev wsre m
very fairly and that there existed at perfect
He then adverted To The reremcnt from he Roa ri M
Osborne the President OF the ana statcd Sa,
RESIGNATION dated the 20tb Of December last had nor
been accepted by the directors Mr. smith had
that there would he deficiency of about q, 00o 600
meet liabilities ana some or tho monow w"u
be REQUIRED in the early part Of the wear T,
question was No IN bnw n sbor,a hs r,iso1
whether by calls or loans If by calls thew would rsSn
five dollars Stare Scenc that Grtv nor cont or ,ho o.
had been made Amounting to CT 900 0O6 and that in man
thew had caused great sacrces on the par Of
who held shares the committee thought that loan Of
requisite amount w0ud be far preferable IN ano,har u
Neaotiaons for loan had been entered into Inv tho
mittee who had TO hope they would succee in nj
tanning the money favorable terms. He should Ina 4
mentioned that both Mr. Wheeler and Mr. Smith had
ported fayoraby of the whole machinery of the lin
that the railway was in good order and there was not
better managed railway In the country than was the Ilno
Central He had found great difcuv in SOLVING The
ton with resnect tn tho denrecation IF bojr
Considered that the vicious system originally adonied
raising capita for the comnanv was the chief cansa
commenced moi Inv having mn their shares Int bv ha,
borrowers Of evervbodv who would lend tbem money e
and in,p,a
since been subjected to two successive ban harves
the result had been IN scr;onsv reduce Tho roca;n,s
their railway and to diminish the ability Of the nurchase
TO nav for the land This was contnocncv ,ha, could
ha rresaan ard had rlacod ,hon, in hor ros"n,
he Thought that after having had two bad M
may expect return to more 70, tunate state Of aar
He fhouoh under all Tho clrcumstances that di,,da
in the course of next wear might he eynected The
creased produce of the land economy of WORKING and m
value would ali tend to augment their recsnts and my
duce surplus which would be available for diydenS
he concluded by stating that some of the gentlemsn
the committee had travelled goo mles 10 attend n an
thew had exerted in way 10 nromote
interests Of the company. Hear, hear)
Mr. AUSTIN proposed RESOLUTION 10 The effect that Il
resignation Of NJ Osborne IN" nresident be accen,eS
M BROWNE seconded the motion and in doing m rss
long statement. 'N''0
A d,scussion ensued in which Mr. ,;ln,r n NJ
s. Ellis Mr. J. Ellis Mr.. II smith And Other sharehn,del
took mart as 10 the canabties and ouaacat;ons ~ n
President, who had recently rendered his resignation
The course of wh,ch n vas Commended tha h hS S =
hest he couId nnder Tho circnnostancs. " ~ S "
M I g E,IM stated that ha hsd rono oro. ~, y
line and The President had g;ven him a,,or "a -.
anime and inou;ra fnr bmssIf fJa s,rnj 49, S -
miles of ra;Ivav con-, netad md I.ro ssoc ~ r
and CARRIAGES enongh FIR double the tr"G,c rts -
notes in fheir strong hor for SIa 0oo noo h;ch naa
he nan A. nrasart hut M do~h, vn,,IS - LA o.
had 3OO an acres M land IN dsroeo or rbas ~
position al present Their line had cost s3O oOo 0oo
which $40 600 600 consisted of debt and bcr shorn
was only $40 600 600 which was nov denreciaed aho
enc half 80 that when thew talked about the denrecia
of their nrorertv thov sho,id rooar,hor ~.
IN the a1tent ~ ss 6oo 900 ont Of san noo noo
mail amount under the circumstances He tbouCbt the
prospects were good and that thew should net nal
things worse than they were nv needless
If favored bv good harvest they would soon eynerien
n change for the better
Mr. lmEN exnlaned that tho President had roecrod
of his objection 10 reside in Illinois Shich
was necessarv no sbon,d do a President of Tho
He boned Mr. Austin would whdraw his motion I'm
had had two good harvests in Illinois and Tho tue hJ
harvests In England their nronertv would bava haan
that position that Instead of fndng fanl, thcv wn,
have been voting Testimonial N the prcsdent ana
tors TIearI He believed tho geptIcmen On rho cor
mtee held oneihrd Of the whole Of the sbareS os M
companv held in England and he beleved that tbov no
held Greater number of shares than they did when t
were a1ncinted 49, ~ ~ WAY
Mr. MoRmcE thought II would be much better for N
stability of the compapy that the money reouired m M
their liabilities should be raised by calls on shares
OF nv loans He proposed that instead nj n loan call
made to The extent The commee migbt dean, ad,'ah,
Mr. CopDry thought thew had M des of The vas, aw,a
of their pronertv. thev had had 0o 0oo acres os i
granted them They had commenced onnra,ons b
horrowing monev and in fac, - NOS ;r,anJaa H. "
for the railway and to pay il of by the sale Of land
they were to call up the whole of the share capt.
they would confscate the shares Of the poorer shar
holders or force them to sell their shares for small SUD
to the wealthy shareholders in the company The rio
man and the strong man would be enriched and bencdt
by the proposed CALL while the poor and weak man won