New-York tribune., 1883-03-14
Central Company on receiving the report passed
tba fol

the Following resolutions.
Resolred, That these reports be accepted by this
board printed, and copy thereof transmitted to
each shareholder of the Illinois Central Railroad
Company and 10 each holder of the leased line stock
cerlhcates issued against the shares of the Chicago
81; Louis and New Orleans Railroad Company.
Inai thlS Board desires to express and place on
record IFS high appreciation of the wisdom, zeal
and unhagging fidelity with which Mr.. Osborn,
MI. Clarke and Mr.. Fentress and every other
officer whose work has come under the observa-
ton OF tins Board, have conducted the affairs of
the chicago, st. Louis and New Orleans Com
And the presdent of tSo ndps Tenra ComnanT
rs hereby directed to express to those officers of the
Chicago, st. Louis and New-Orleans Company the
thanks OF this Board for the gratifying results
which their labOrs have done 80 much to ac-
cOmpsh.
In view of these highly satisfactory reports. the
Board deems t srable to call the attention OF the
Illinois Central shareholders specifically 10 the in
creased value Of Their property resulting from the
Intelligent aud unwearled efforts of the officers who
have been charged with the care and development
OF the Southern Line therefore, be II
P@oir9d, That the Board recommends to tho
shareholders at their next annual meeting TO take
such action they may deem best to express thelr
appreciation Of the results thus obtained and their
recognition of the services rendered.
Nj. Osborn, under date December 30, 1882, says
" This railway, consisting of 54S miles OF main
track, thrtyone miles of branches, with lO6 loco,
motives, 2,241 cars and all other property and
rights attached 10 1t, with Sl,OOO,OO0 per cent
1,9O1 bonds, Sl25OO0 per cent bonds, ana
SG23,0l2 20 in cash will be surrendered to
you on the 1st proximo, in pursuance OF
the lease OF this property 10 the ILLINOIS ZEN
tral Railroad Company, dated June l3, 1867, th1s
completing your system, with well I-inished ran;
road aud plant from the lakes TO New-Orleans"
The Mississippi Central Raj road, and the Jackson
and New-Orleans Railroad were sold under lore,
closure proceedings in 1877, and were purchased
IN behalf of all the bondholderS on
equal terms, the Illinois Central holding
majority Of all the bonds IN default. After referring
10 legislation in the several States through which
the roads run, and to city ordinances which were
necessary To be obtained, Mr. Osborn continues;
have therefore the satisfaction OF concluding the
active existence of this corporation, which has had
five years ouly of duration Iour road constitutes
The most important north and south trunk line in
the world The traffic is chiefly in the interchange
of commodities the exclusive growth OF the south
for commodities grown In the North, ana
Is of Indispensable necessity 10 population OF SIX
or eight millions OF people. Ihe fcatlun OF the
line Is direct that this trdc Is perhaps less open
TO competition than that of any other line on TINS
continent" The difficulties Of rcOFgJnh NJ a prop
ertythat was Sc completely wrecked are referred to-
and Mr. Osborn paws Mr.. James T.. clark:
the general manager under him, the compliment OF
having rebuilt TINS line from tSaihcs., ne De.-
termcnts 10 this hue, which have cost ABOUT
$1,000 900 have been paid for out Of the earnings
OF tins property. The road Is not Overland Win
debt to correspond 10 thee OUTLAWS. On tn con-
trdry, it's improved condition and the increase Oi
the traffic benefited the credit of the corporation 10
such extent that il has be N practicable to issue
and sell . per cen. bonds TO take up the
older issues OF g., u aud IS. IN this way the
interest charge upon the properly which Is lntrIn-
hcaily worth tJODO,OOO moro than IL was IN Io'p,
has been actually re lucei ..j70. .JO5 "a per annuu
and its debt from Sls.372. s34 20 @lTOOO,JOO
In conclusion MI. OsUOrl tenders some atvice IN
railway management which Is more needed
in some directions than il il in that Of the
Illinois Central Company. lie rays: " loI taNo
tins productive property, with % surplus IN hand
and with all the powers necessary TOR IT'S tlture
management. You now own TJ,OOOOOO OF the
per cent bonds. for which tIcre !, no immediate use
as tine requirements of the Southern Line upon
capital account are drawing 10 4 close, aud can
readily be met from the earnings oil the property
therefore beg to suggest to YOuT consideration the
cancellation Of tins - OOO. 900 Of bonds. thus r.
ducug the debt 10 SlS, 100000, upon which the IN
tcrc,t charge viii cycn,uiliy be S6jOOj0 This
reduction of interest charge will enable you 20
0f stock now che property Of your
shareholders. This sep Will reduce yOur
entire hxed charges 10 about Sl,35O,0DO on 1,o23
miles of railway. For the next thirteen wears you
have no debt o. provide for-S2, 100000 Of yOuT
bonds fal due m 1898. IL seems unwI.e 10 hold
IS 900 900 OF your own executed Obligations avail
able at any moment. The experience OF
nearly thirty years strengthens my impression
that prosperity Oeadng 10 unwise eXpendl-
turesl II ufteutimes dangerous "a adverse
crons with the consequent loss OF traffic affecting
income The specific for accuracy in accounts and
economy IN expenditures appears 10 be- To take All
expenses including construction out OF income, aud
divide the surplus only. l beg To rcierdo you tbe
annexed exhibits aud reports In retiring from this
trust | have every reason to believe that the New
Orleans Division OF the Illinois Central - In charge
of Jealous, faithful and experienced nel'
The gross earnings OF the Chicago. 81. LOUIS and
New Orleans Railroad for tho last five years were as