, 1865-01-21
KLE4INCIS AND MICHIGAN
CANAL.
Annual Report of the Trustees to ft,e
Bond Holders.

At the annual meeting Of the Board Of Trus
tees of the Illinois mud Michigan Canal, held
| on The 8th ult., the President was directed to
| prepare report Of the operations Of the
canal ca during the financial year ending Nov:
By resolution Of the Board of Trustees n
dividend of five per cent on account of prin-
cipal OF registered canal bonds, was author
ized to be paid On the LIST of July, 1864, This
| Dividend was the sixth which has been paid
! bE tue trustees on account Of principal of reg
! i:tercd canal bonds and canal indebtedness
/ since July !, 1857. At TINT period and subse-
quently thereto the State assumed 10 pay Tie
entire Interest on all the canal bonds, The
SIX dividends which have been pald by thc
trustees on account Of principal amount to
forty per cent Of the entire amount of regis.
tered bonds.
The entire amount paid By the trustees on
account Of arrears Of interest and princinol Of
registered bonds, between July l, 1851. and
Nov 80: 1864, Is as follows: Arrears Of in
terest dividends to G, $2,155,G ,G.2,S3: ac-
count eo Of principal, dividends to e, $751;
55:N premium on gold, London bonds.
' sscs' 81 p ditto 1sc4. s113. $3.50; total
amount Of unclaimed dividends On The 3oth Of
November, 1864, was $3.50.
Inc Whole numoer Of registered canal
bonds outstanding is 9, ,048; Of which t.i75
are payable In London, and the residue. 1.473.
arc payable II the Uniied States. Reckoning
bond Of CO.'S, equivalent in value to bond
Of 81 600, as assumed by The Commi,sioners s
Of the State Of Illinois at the time the origin
al bonds payable in each country. Vouid he
thus represented In dollars: 1,473 bonds nav
able n United States. 81 ,473, 900; 1,475 bonds
Payahls as r. II Lsondon, 81 31 total bonded
In resa'd to future dividends on account of
principal Of registered canal bonds, the trus-
tees say that their ability to nar the sa,ne
must depend entirely upon the amount Of |
tnnas II their hands at tile period at which |
tue dividends have latterly been declared, say |
aoont Jnly bat 1t may be not amtss on the
several circumstances combine to rcnder r.
improbable that There will be sufficient funds |
On hand July !, 18G5, to authorize dividend
Iof That year to be declared. Without enter
tng into further details upon this question at
sn's !ime. the probable condition Of the flnan-
;atement Of two or three facts: '0''- 'lA'
/. Ihat the amount Of premiums Maid In
lSc4, TOT sufficient gold to pay that potion Of
Inc dls1dend on bonds payable In London.
amounted 2. to the large sum OF S11S,0oO.
=, The very low stage Of water IN the H.
lnols II ha'er, from June 70 November, 1864, so
eoneed the transportation business of tic
anal, that the tolls thereon were reduced
aee, n9se tnan sa3,oo, as compared with the pre-
Although the receipts from the sale of
anal l5ndg and lots In 1864 are in excess
bout e63, ,ooo beyond those Of 1868, It Is to be
en- emembered I'm that the remaining unsold lands
na lots are, comparatively, Of small value,
nd Iot capable hereafter Of contributing
argcly to the revenues of the trust. !,
~ ~ 4. IL Some Important and expensive repairs
M a renewals Sae, at the pumping engines, which
~ 4 oeen IN usc SIXTEEN years, must he pro-
,ded and paid for within the first hair Of the.
The following summary exhibits q state. /
ent Of ceipts and. expenditures during the
ar: @4'S
RECEIPTS.
hlcs o. lands and lots, set ost O. (
otet paid for previous aates. .:., saEt95 c
nal tolls. Dec I, 1868, to Nov 80, iS6f 15aSG1 n
snta M Or water power, lands, lots and ''' =
Ias ~ =! ~ 3ja5s5
tcrcsf m nnnst.n' 'tte...'.'.'.-....-. 3,a70.f9
=" 'ts....-.'..-.....-..-.. T,08.43
1ancs cas SnT SlSee5b'a; e ,as9 ssea Gas IS
ss losse. on money, rB4s to
eS3 Inclusive, and hereto
ore reported. 14Et3s9