New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-03-02
RAILROAD INTERESTS.
AFFAIRS OF ILLINOIS CENTRAE
CHANGES In THE BOARD OF DIRECTORS MOI
- nnoax nrr-.rxrs AxUI1AI. REPORT


CHANGES IN THE BOARD or DIRECTORS NOT
PRoBABLE-rHE ANNUAL REPORT.
The annual meeting Of tho stockholders VI tb, nli-
nos Central Railroad will DO held ct Chicago On
Msrch "a. The recent rumors Of important change,
In tho board are not likely 70 be fulfilled Inc al
vance sheets Of tho annual report considered to
DO unusually favorable under tho conditions ~
regard to The Iowa lines the report says that all
tire railways west Of the Mississippi In which tho
Illinois Central has an interest have been merged 10
tho Dubuque and Sioux City Railroad, ana tho share
capital of that company has been increased rom
5000 900 10 sS,00o,00o. The holders Oh the
~ 900 900 Iowa Falls and Sioux City stock received
s2s75.0o0 Of the new shares at the rate OF 70 ..
and the Illinois Central, as the owner OF subordinas
companies, received the rest Of the stock Tbs an
mail report has this to say about the Dubuque and
sioux City:
Tho share-owners Of the Illinois Central were IN,
formed in the annual report for ise7 thai during
cent Of the gross earnings for the first e years and
same ssTsns ne assss &c
antec is assumed The subject was again alluded TO
In the annual reports Of 1883. 1884 and 1885. In
Ike period the obligations q lease Of the Cedar
Falls and Minnesota Railway TO the Duhpsrs and
mentioned twenty years the Illinois Central
the demissd premises Thereafter certain parties
sofa Instituted in the United States Court for Illinois
suit against the Illinois Central In order to obtain
judicial decree that the assumption by the Illinois
Central of the CEDAR Falls and Minnesota lease was
for term Of forty years. In that suit this company
has answered that It's assumption Of the Cedar Falls
and Minnesota lease vas only for twenty years, and
the question 50 raised is now awaiting judicial IN
vestgaton and decision. 1mmediately after tho
lease made by the Cedar Falls and Minnesota Com.
forrner issued certain bonds under q mortgage pre-
viously made. The assertion that tho Illinois
Central undertook In any way 70
on on is without foundation in fact such bonds
were issued on or about October ], 1885. On May
oo 1870 the president of the Cedar Falls and Minne-
sofa was authorized by that company to make an
application TO the New-York Stock Exchange TO place
such bopds on its regular call" without previous
cation by &C. an Endorsement was placed on p0r-
ton Of such bonds In the following words:
The lease Of the Cedar Falls and Minnesota Rail-
road to the Dubuque and Sioux City Railroad COM
pany, referred TO In the within bond has this day
been assumed by the Illinois Central Railroad Com
pany, and the minimum rent which that company has
hereby become obligated to pay In monthly install
ments Is moro than sufficient to meet the entire
amount of interest on this issue ssps Of bonds
President Cedar Falls and Minnesota R.R. Co."
"EewYork October, L, 1857" 49,
There are also suits pending, and awaiting
judicial determination, between the Dubuque and
Sioux City and the Cedar Falls and Minnesota. "a
define the responsibility of the former under the
lease of tho last named to the first named railway
on September 81 1866.