The sun. [volume] (New York [N.Y.]) 1833-1916, 1892-08-12
ILLINOIS CENTRAL AFFAIRS.
stoehhoiders WIN Ne Asked 90 Authorize
an Increase CT Capital stock.

stoeAho,aers WIN ne Asked 20 A.thorire
an Increase CT Capital stock.
Tho annual meeting OF the stockholders OF
the Illinois Central Railroad Company Is to he
held at the general office Of the company In
Chicago on Wednesday. Oct. IL. 1892. The
report for the year ended juno 30. 1892. with
the balance sheet and abstracts. Will be pre-
scnted to that meeting. and. as usual. copies
will. In tho meanwhile. be sent to each share
owner OF record.
The Board OF Directors have determined to
submit to that meeting with their recon-
mendaiton for it's adoption. tho following
proposition
That the capital stock Of the company be In
creased from $40. 100000 TO $50.OOO.O00 by a
new issue OF fifty thousand shares Of 800
each: each stakeholder OF record on the 10Th
Of September. 1892. to have the privilege Of
subscribing at par. for one share In respect TO
every nine shares thcn registered in his name.
provided written advice Of his intention to
tako such proportion OF new shares shall BIO
received by the company In New York on or
before Sept. 30. 1892.
Payment for the new shares to he made in
i i,h to ne company in New York between The
rate Of one hundred dollars per share Certi-
hcates for such shares will be delivered on the
third business day inter payment in full shall
.Stockhol ders entitled to subscribe for frac.
tons OF shares shall, upon payment therefor.
when presented in sums Of one hundr red dol.
mrs or mnltipes thereof. Such scrip shall not
Arrangements hive been made for the sale.
at par OF such Of the new shares as may not
be subseribed and paid for BY the share own
ers within the times above set forth for those
cbsss sts OF shs station in
N N MAI fnIl nd N
adequate. and the business OF your company
recurring It. the erection Of iireprooi build
sstmated cost Of $1,000 900 for Both on o. site to
AlthoSrh no contracts have t been MH'e eoncIuded
using this company's tracks in Chicago will
use the station and pay adequate rents.
The erection Of new shops at burnside. ten
miles further south. has been undertaken on
ins in one place the WORK Of tie u machinery
department. This has heretofore been done.
atgreat disadvantage. in various, small shops.
The holding Of the Worlds Columbian Ex.
Central. and your South Chicago railroadsi
anS has Of h Of
to raise nearly, two and q half miles Of your
railway above the grade Of the streets enter.
purpose including tho depression and re-
paving Of the streets. is estimated at $780,
600. OF which S35O.OOO will be borne by other
interests benefited by the change.
AS no other railway than the illinois Central
connects the city with tho site OF tho EXPOSE
ton. improved passenger service must be pro-
vided over the eight miles which separate
those places. The equipment required for
m!ttee Of engineers as 30 locomotive engines
and 800 coaches. costing S.. 100000. While 1t
is now certain that much less sum will pro-
vide all that will be needed. 1t is obvious that
a large and somewhat uncertain outlay must
be provided for this purpose.
The number OF passengers coming from dis
tant points to Chicago during the Exposition
will also be very large. while tho conpany's
passenger equipment Is barely sufficient for
present demands. Additional coaches bag
gage cars. and engines must be purchased.
Of New Orleans from 5.OOU.00O bushels in
1880 i to 23.OOO.00O in 1891 . will require the
erection Of an elevator Mt that point, and the
growth OF the traffic in other respects has
compelled the building Of a now freight house
and Of a train shed adjoining the new passen-
ger station in New Orleans.
Grade cross inEs are being interlocked. block
signal 8 and other safety appliances are being
introduced. and other minor works are under
way and In contemplation at various points.
and chiefly in and around Chicago. 1t must DO
borne in mind that In the past four years. the
earnings from that source have increased from
$3O37.7 43 in 1850 to 4.3SS 269 In 1912.
and that the suburban business in and out OF
Chicago has furni shed more than its share OF
1850 to $762.O17 In 1912.