New-York tribune., 1902-06-19
TO IMPROVE THE ROAD.
ILLINOIS CENTRAL DIRECTORS DECIDE
TO INCREASE CAPITAL STOCk
BY S15,S4O,OOO.

Tho directors of the Illinois Central. Railroad
f,o,nanv AT q meeting in this city yesterday
decided upon 20 per cent increase IN the
capital stock now SI9.2O0,OU, the additional
S15S4OOOO to be offered to the stockholders at
mar The new capital is to be used in meeting
the expense of extensive projected betterments-
Although the formal announcement OF the
boards action was not made until " o ocloch'
the news found it's way to the Stock Exchange
early in the morning and on heavy trading the
stock advanced from 1884 to 160A. easing oI'
in the last hour on profit taking to l9S14 at
the close net gain for the day of five points
The statement of the Board of Directors an
nouncing the proposed increase of STOCK ana eN-
planning the reasons for it is as follows;
special meeting of the stockholders of the I'LL,
Chicago on August % 1902 to consider and act upon
recommended ton this day made by the o9Sfa TOD o,
$79 10000 to 800 Oi0OOG by the issue of lbs 100 new
shares each stockhoder to have the m ne new ~
stock at par. The funds thus to be raised Will be
ment yards and other facilities which are required
70 meet the growing trac MgGh Of @ h st|fe that hat
not only has the number OF tons OF trelsht MoNeu
areased ea f seadv in each Of the last fifteen years
but this increase has also been persisteht IN y vi
year with respect to the number OF miles OF rail- r;tlr
road operated the tax e@Hlng tsp vas
a traffic very much lighter than that OF the aver
age of the old road
gers moved mile : together forming UNITS OF
rendered by the company to the Pubic IL
will be found that in the last five years the units
of service thus rendered per mile of railroad oper-
ated have been: In 1895 790 961; 1899 6306S4 1870 SO
as; 1901 1g4 so 1902 estimated). 11262S6 Concur
rently, the revenue per mile OF rdllroaG Op-
In 1S9S 81 37 1899 1853; 1909, 81 Sl
1901 IS 55: 1902 estimaed). S906- In the year ended
80 1890. the net income applicable 10 dlVldendS
50 24 ~, SO upon the then capitdl
of $50 coo coo In the year ended June J. l9l the net
income S. 967 .659 %. 1885 cent upon the
then capital of $66 100000 and 1t is now estimated
that for the year ending June 80 1892, the net IN
will approximate 9.506000. which is u per
upon the present capital of SI9.2pUo
The necessity for a second track was referred 10
In the report for 1850 and again in that foT 1901
During the current fiscal year there have Deen
added III miles of second track, and a large amount
Of additional work has been done in preparation for
further extensions thereof. the company having un-
dertaken what amounts in practice to doube-track-
ing the whole line from Chicago TO New-Orieans
over which as stated in last years report the
traffic is in excess Of that which can be eco
nOmcally handled single track.
The company has made large additions to Its
equipment this year and has entered into heavy
for further additions thereto. and we feel
that bound alike to the stockholders and TO
the patrons of the railroad speedily as may be
furnish all the facilities which be called for
The Illinois Central early last year increased
its capital stock from $50 600 900 to 900.
end in November. 1901, further increased it TO
$40 2OOU 900 The stock paid per cent dividend
in 1901. The Illinois Central system extends
from New Orleans to Chicago and westward
from that city to Council Bluffs. opposite
Omaha; Sioux Falls. s d. and Albert Lea,
Mimi