, 1859-06-02

tile ensuing year:
WALTER L.. SEWBERRi...... .Chlczgn
WILLIAM II. BROWN. Chicago.
WILLIAM LAENE:D. New York
FLAEEl t'heasa.
THOMAS D. ROBERTSON. ...EocEfusd.
CHARLES :. .HESfrsTEAD..... .tialt,sa
John WENTWORTH H.........cli ican.
JASON AECoRD D................... Chicago.
bLXTER a. kSoWLTor. .Ftrcpost.
oEKiSGToN LCNT--............ Chicago.
FRANCIS Il. COOLEY. l............ Chicago.
i. h. ia"EKS .t'hieaeo.
JONATHAN DCKll....- ..........Chicaku.
Or the above. WIN. Larlcd received $3.50
rolc< John Wentworth 27,924, Jason McCorl
:7,?3l, and Jonathan Bum 27,5Co; all the
rest received 2e,035. There were d38 votes
cast for II. 7. Dickcy, ii. fur Charles Walker,
d for JOHN b. Turner, and % fur B. ". Ray
,nosld.
Before the lallotinS commenced, Mr. Tltr-
ner. President Of tic Company, stutcd that he
llad som" time ago rendered lis resignation. to
take effect ut this date. He lind no dis,osi-
tlou to recall it, or TO enter into contest Tor
reelection, and that he aud his friends lad no
ticket to present
Mr., Larned, If New York, addressed tic
meeting Oil behalf of the New York share
holders, diarlainl:ng any personal feeling on
their part a:.anst any Of the gentlemen com.
l"sine the old board, especially in reference to
Mr. Turner. But L difference in their rcspcc-
tive views Of The interests Of the road, and the
proper policy 10 be pursued the coming year.
n,ggcsted ! change If administration. lie
rendered the thauks Of tile New York stock
holders to the members Of tic retiring board
The voting then commenced, tic result bc-
ing as stated above. Captain Turner and his
friends, We understand held stock aud proxies
to the amu,lnt Of sixteen thousand shares, but
the majority beiu; strongly against them, thcy
rast M yolts.
The election Of tl,c above Board it is under
stood, secures til" early construction Of the
bridge at Clinton. and close running con,trs-
ton with the Chicago Iowa aud Nebraska
Railroad, now completed 10 within short dis
talN'c If Cedar Rapids. III fact, this is tic
point on which the election turned and tue
secession Of Mr. Turner's withdrawal from tue
Presidency.
Captain Turner las been identified with the
Ga1cn, and Chicago Union Railroad from the
beginning. To l,is energy aud indonatablc
perseverance arc the people Of the city anl Of
tho country through which it passes in great
part indebted for its construction: and how
ever much they may differ wtl. him on the
question Of policy which, las resulted in
change Of administration, he will pass from lis
public position with no abatement Of tho ll;gll
respect and good-wishcs of the public,
At meeting of the newly elected Board,
last evening. WALTER L. NEwpEnnr, Esq.,, Of
this city, was elected President atlcr which
an adjournment was }ad until 10 o'clock, this
morning, whcn tue other officers will be dcsic-
New Daily at Rockford.
We hare before lis copy Of the Rockford
UdIy Register, published By E. C. DArGuknrs-
neat and well filled sheet, Of course Rcpubli-
can in politics. The lftetly Register has long
been one If the best Of our Western exchanges.
and VIC see no reason why the Daily should
not full heir 10 its merit. Mr. Daugherty de-
serves success in lis new enterprise.
Financial Plan OF the Illinois Central
Railroad.
The anacxed circular gives the details Of the
new financial scheme Of tile Illinois Central
Euilroud Company:
The Directors Of the Illinois Central Railroad
Company request the shareholders TO consider
the following plan, which has been suggested for
the purpose nj placing ut the immediate dspo-
sal Of the Company thAt portion Of tue annual
revenue derived from the salc Of its lunds. New
expenditures arc not contemplated; it is vcrv
desirable, however, TO take early steps to pro.
vide for the debt oil free lands, maturing Sent
], 1sG". aud obviatc the Inconvenience attending
rent receipts from tic saies Of land are absorbed
in the redemption of the principal.
Although the first mortgage Of cit 100000 is
nomlnally due in 1875. it is substantially under
going the process Of daily liquidation because
the MONEYS received. as fast as they are rc-
ccivcd, must he applied to tic payment Of the
bonds. Thus far. Il ,llh,1dD bare been paid.
EThe funded debt is now &lS,S99, 900, fbe an-
nuul interest upon which is Sl,:oa $40 During
the must tl1reo years the net errninRs md col.
!ections from the lands hare been t3,5G7 1856 la,
Of which Il ,263 " hns been applicd 10 the
extinction Of the funded debt.
1t is proposed to sct apart 3 fund for the pay
ment Of interest. by placing 10 trust the *e, $751;,
Us; of Freclund Notes held by the COMPANY.
which notes, with the proceeds Of l49, ,16G acres
tf land, vaued at &4.4j4 $40 0s. This trust fund
Will, II u believed, a1ord an ample provision for
interest Until dividends are earned upon the cap
ital stock.
TIE plan suggested il the voluntary payment
BY the shareholders OF the unasscssed H9 upon
their shares, and upon receipt thereof. the Com.
pany will issue full pnid certificates Of $l0o.
with interest warrants attached for ~ mr. an.
mum, which will be equivalent to 10 per cent.
upon the 40 contrbuted-the amount il to be
applied. first to the wants Of tue Company for
tue current year, then to the payment of tho
Frceland Bonds, uud to The purchase Of the Con
struction Bonds, to be held for the wauts Of the
Land Department. The extinction of the lien
upon the Freelands will releasc the property for
tue purposes Of the trust, aud render available
Tor she purposes OF interest oil the collections in
the tand department.. It will be seen that no
new lien is placed upon the road, und The obi
CATION to pay interest terminates when disi.
dends are earned,
The means ofthe Company to pay four per
cent. to the shareholders who may choose to
pay in full are apparent, even if all pay 40 per
share on 175,o00 shares in & ;ooo, 900. The H.
biity for interest is increased $2i0,Oo0 per an-
num- The cash receipts in the Land Depsrt-
ment in each Of the three last years have been
sufficient TO cover the increased interest; &l.-
ooo;zSs,os is tue aggregate for the three years,
applied to the purchase and cancellation Of
bonds ~
The London agents Of the Company, Messrs.
Robert Benson Co., have issued circular to
the stockholders. calling upon them to COT
form to this scheme, and pay up ~ in each
shzze.