, 1874-01-20
RAILROAD INTERESTS,
S,eci,1E Uitpatch to Tho Chicago Tribune.


RAILROAD COMMISSIONERS.
srn1NoF1ELp, ILL.,, Jan. 19.-Gordon intro
duced bill providing for electing the Railroad
aud Warehouse Commissioners, aud wanted it
referred to Civil Service aud Rctrouchment, but
motion OF Dir. Hopkins to send it to tho Rail-
road and Warehouse Committee prevailed.
GnAH.LAW FIGURES.
Tho President presented for the Auditor OF
State his report under 11r. Starne's resolution
concerning tho benefits arising to tho State
under the Railroad Grab law Of 1860. II shows
railroad mileage Of 2. 790 miles and 1,005 foot,
on which the amount Of registerod bon1n ia
$12,38 ,G57. Tho assessment OF 1873 on this
mileage is:
Fur railroad track and rolling 1855 421
Capital asock... 2s,o77,SJ7
t47, ,oel, ,258
Ths second tab1e shows in detail the valuation
Of 1868 OF all tho property in counties through
which aided railroads run to be 3l79, ,2B7, ,95G.
The valuation Of 1873 for the same counties and
localities IL as follows:
Property Of railroads aitctl.. a, ,TGp562
Other property. 440,oil,734
Total valuation Of 1s7s.,..
Against valuation Of 1885,. 179 1S7, ,9si
Increase $780,, Oh, $40
WATEnED STOCK.
Following is tho Cummings bill relating to
watnred stucx now on second reading in tho
Senate:
Bill for oct to prevent fraudulent Issue Of rail!
road stock aud bonds.
sEoEios l. Re Il enacted by tic People q The STATE
hereafter o certificate Of stock shn be iaaued y any
sailroad corporation organized undo: tho general laws
Ut this Stao or Of any special nct Of incorporation,
copt unon the following conditions:
rst-lhe payment TO the CORPORATION BY ths PERSON
tSs Ut e T M ao as
shares Of the capal stock represented by such cor-
sco.d-rhe incorporation in each certificate Of tho
following provisions, namely: Th!a certificate Of
stock IL sscd in conformity net Of tho General
te Of The ctand tho date Of It's approyal and Upon
tue receipt Of lawful money Of tho United sates to hs
full amount ut par, Of the shares Of stock represented
herein.
SEQ 2. No certificate Of stock shall be issued
for eapisa!zed eArniugs, or upon tho lasls Of
lytaend upon stock hcretotoro issued, or "ia II
payment Of any, contractor for constructing OF
supplies, cars furnished such corporatlou for
any ands right Of way, franchises Of other corpora
oblIga.ion M lieu Of money But in all cascs wholl it
shah be lawful for any such corporation to Issue
.thcates Of original ssock or to increase a capita!
consolidation Of two or mora rai!roa corporations, In
pursuance Of tile lawa Of s s!ate, the capital stock
Of tho consolidated corporation shall not exceed
tho aggregate amount OF all, prior to colBoiiIa-
ton aud tho stockholders in the old corporations
may DO entitled to tho saIne amount In the con-
solldated corporation, and no more. And upon tlle
issuing Of new certificate, the Old one sha bo
rendered and cancelled: Provided, that II tho market
yalue of any Of tho stock Of any such corporation, ut
the time Of the proposed consolidation, Ia lcss thnn
par, such deprecated a0c shall only bo admitted
part Of tho stock of tho consolidated corporation, upon
tla asis Ut a actual market vAlue Ut tho ne OF
soidution,
SEQ. .. No stich railroad corporation eha create
bonded Indebtedness to i greater amount than tho
amount oi the capital stock subscribed aul actually
pald In.
sEc l. No such corporation shall issue bonds bear
lug greater rate OF interest than per cUutum per
a1inun,, from the time Of Issuing thercot payabe
Aetni-aunually, running for moro thaii twenty
years. shall stch bous 10 negotiated nt 1ean than
05 cents the dollar, III lAwful monoy OF the United
HtutGs.
SEQ s. No dividend upon tho capital stook Of my
such corporation shall bs a!d In tho bonds thereof,
nUr shall any aucA corporation nuke my contract,
obligatlon agreement, or iucnr any liability to 10
discharged III whole In part by thu payment dc.
livery OF the honda of such corporation.
SgC 6. AL bonds and capital atock Of any Auch
corporation ssuo in violation Ut the provisions Of this
act shall bo void and any erson having ~ interest In
ny such corporation may apply to court altytnn
uye such bouls or capital stock cancelled unu a!l
bouds OF any such corporation thereafter iaacd shall
state upan tlcr tce lat tho provisions Ut this act
have. III all rcspecsH, beon compiled with In tho asu-
NJ xIt,ft 1,sIf1