New-York daily tribune., 1859-05-31
xrw.voRK DAILY TRIBUNE TUESDAY, MAY 81, 1859.

luvsep. Wm A. White, +. I. II. Gibson and Leroy
NJ Wiley Of New-York. /. Tilton was elected PTes-
dert, and J. N A. Gfisvold Treasurer The earnings
Of the road for April, 1882 were $500.
The Cahawba, on her way from New'Orieans, has
si5o Geo in specie for this city, The Arizons 3, New
Orleans, has 5000 eco on board. We learn OF foOoo
or 400 eco in gold going to Boston orthe Wednesday
steamer, but this amount may be increased.
TIE supply Of money offering call is irgcr than
last week. and we hear of some transactions at Il y
cent. Tie current rate, however is > 3 cent.
The annexed circular gives the details of the new
financial scheme Of the Illinois Central Ra'lrold
Compspy:
The Directors of the Illinois Central Railroad Com
reonet the shareholders 10 consider the following
nan which has been suggested for the purpose OF pac
II at the immediate disposal of the Company that
portion Of the annual revenue derived from The sale o
it, lands New expenditures are not contemplated 1t
is very desirable however 10 take early steps 10 pro-
vide tor the debt free lands maturing Sept. 1907
and obyate the ipc bvenieDce attending tue terms of
the mortgages by which the current receipts from the
sales Of land absorbed in the redemption OF the
Although the first mort gage Of $l7, 900 is nom-
inaly Cue in 1875, il is substantially undergoing the
process of dsiy liquidation, because the moneys re,
ceived fast they are received, must be applied
10 the payment Of the bonds. Thus Tar, Sl,llOOOV
have been paid
The funded debt is now SIS 500 900, the annual in
terest upon which is 81 ,2S2, $40. During the past
three years the net earnings aud collections from tue
lands have been So 561 296 l2, of which SJO2o3 w
has been applied to the extinction of the funded debt
1T is proposed to set apart fund for the payment OF
interest by placing in trust the S265 ,OS1 OF Free
land Notes held by the Company, which notes, with
The proceeds OF 1871 acres of land, valued at
s. 46i $40 G3 This trust fund will, it IS believed,
sford an ample provision for interest until dividends
are earned upon the capital stock.
The plan suggested is the voluntary payment by
81 - hold of tba .spi
shares, and upon receipt thereof, the Company will
issue full paid certificates OF SlOO, with interest way
rants attached for 81 per annup, which VIII be
equivalent TO 10 3 cent upon the Sto contributed-
the amount is to be applied first to the ants OF the
COMPANY for the cnrert year, then to the pay
men of The Freeland Bonds, and 10 the purchase OF
the Construction Bonds to be held for the wants ot the
| Land Department The extinction OF the lien upon
the Freelapds will release the property for the pur-
poses of the trust and render available Tor the puf-
poses Of Interest all the collections in the Land De.
uarment Ii will be seen II at no new lien is placed
upon the road and the obligation 10 pay interest ter
minates when dividends ale earned.
The means of the Company 10 pay four e cent to
the shareholders who may choose to pay in full are
apparent even if all pay. $40 share on lI3,OGO
ii ares is 81 0O0G00 The liability for interest Is IN
creased k2l0 600 y annum Toe cash receipts IN the
Land Department in each Of the three last years have
been sufficient to cover the increased interest;
81 ESQ 263 60 is the aggregate for the three years. sp-
| piled to the purchase and cancellation OF bonds.
The London agents of the Company, Messrs. Robt.
Benson & Co.. have issued circular to the stock
holders calling upon them to conform to this scheme,
and pay up $40 in each share.
Private letters by the New-York speak of easier
money market in London, discounts being obtainable
below the bank rate, and the supply of money being
abundant. There wa, but little Going in American
Securities but Illinois Central shares had improved to
II discount. The last quotations were: