Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-08-12
THE BUSINESS WORLD.
Illinois Central Expenses Incident to
the Worlds Fair Make
$4,000, 900 MORE STOCK NECESSARY
A sky-scraper Office Building and the
Elevation of Tracks.
Fires, FAILURES AND RAILWAY NEWS

NEW YORK, Aug. ia letter over the
| signature of A. G. Hackstaff, Secretary. has
been to-day mailed to all holders of Illinois
Central Railroad stock. 1t opens thus:
The annual meeting Of the stockholders of
| the Illinois Central Railroad Company is to
be held at the general office of the company
in Chicago at noon on Wednesday, October
u, 1892. The Board of Directors instruct me
to inform you that they have determined to
submit to that meeting, with their recon-
mendation for its adoption, the following
propositions:
That the capital stock of the company be
increased from $45 900, 900 to $50, ,000, 900 by
new issue of SO 600 shares of 500 each; each
stockholder OF record on the Goth Of Septem-
Der, 1892, to have the privilege of subscrib-
ing at par, for one share in respect to every
nine shares then registered in his name,
provided written advice OF his intention to
take such proportion of new shares shall be
received by the company in New York on or
before September 30, 1892. Payment for the
new shares to be made in full to the COM
pany in New York between the 18th and 3lst
days of October, 1892, at the rate of 500 per
share.
Stockholders entitled to subscribe for frac-
ions of shares shall, upon payment there
for, receive scrip convertible into flll-paid
tiples thereof. Such scrip shall not draw
dividends.
Huge Expenses in the City OF Chicago.
The undertaking at the cost of s., 900, 900
Of q new general Office and passenger build
ing in Chicago is referred to as an item Of
expense; also the erection of new shops at
Burnside. Then comes consideration of
added expenses incident to the Worlds
Fair, in these terms:
The holding of the Worlds Columbian Ex-
position at jackson Park Ia triangular body
of land lying between Lake Michigan, the
Illinois Central and your South Chicago
railroads) has determined the direction of
the growth of Chicago southwark, and has
made it necessary to raise nearly 21 miles
of your railway above the grade of the
streets entering the park from the west.
depression ana repairing of the streets, is
estimated ut s., 1850, 900. OF which $350,000 will
be borne by other interests benefited by the
change.
Asno other railway than the Illinois Gen.
tral connects the city with the site of the
Exposition, improved passenger service
must be provided over the eight miles which
separate those places. The equipment re-
quired for such service was last year esti-
mated by a committee of engineers as 80 To-
comotive engines and 500 coaches, costing
81, 100, 900. While 1t is now certain that
much less sum will provide all that will be
needed, it is obvious that large and some
what uncertain outlay must be provided for
this purpose.
More Rolling Stock and Grain Elevators.
The number Of passengers coming from
distant points to Chicago during the Exposi
tion will also be very large. while the COM
pany's passenger equipment is barely suf-
flcient for present demands. Additional
coaches, baggage cars and engines must be
purchased.
The increase in the exports of grain by
way of New Orleans from 600, 600 bushels in
1s90-91 to % OOO, 900 in 1919! will require the
erection of an elevator ut that point. and the
growth of the traffic, in other respects, has
Compelled the building OF a new freight
house ana of q train shed adjoining the new
passenger station in New Orleans. Grade
crossings are being interlocked block sig
nails are being introduced, and other minor
works are under way aud in contemplation
at various points.
Arrangements have been made for the
sale at par of such OF the new shares as may
not be subscribed and paid for by the share
ow( ers within the times above set forth Tor
those purposes respectively.