IUINOIS RIVER RAILROAD COMPANY. 
 
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 harte, farms of first fjlflrtpaf 
 
 ^ 
 
 FIRST MORTGAGE, OR DEED OF TRUST; 
 
 
 OPINIONS OK COUNSEL: 
 
 RUNNING ARRANGEMENT 
 
 AND ROCK ISLAND RAILROAD, 
 
 HAi, TEAM 
 
 n
 
 UNIVERSITY OF 
 
 ILLINOIS LIBRARY 
 
 AT URBANA-CHAMPAIGN 
 
 ILLINOIS HISTORICAL SURVEY
 
 ILLINOIS EIVER RAILROAD. 
 
 PRESENTING 
 
 CHARACTERISTICS OF LOCATION AND CONSTRUCTION, 
 
 WITH 
 
 Mistm an& (Estimate of Irokfrle 
 
 MAP SHOWING ITS POSITION AND CONNECTIONS, 
 
 TOGETHER WITH 
 
 CHARTER, FORM OF BOND AND MORTGAGE, &e., &e. 
 
 NEW YORK: 
 BAKER <fe GODWIN, PRINTERS, 
 
 PRINTING-HOUSE SQUARE, OPPOSITE CITY HALL. 
 1858.
 
 \mrnt 
 
 of % 
 
 DIRECTORS 
 
 WM. THOMAS, . 
 R. S. THOMAS, 
 J. M. RUGGLES, . 
 B. S. PRETTYMAN, . 
 J. WAGENSELLER, 
 
 Morgan County. 
 Cass " 
 
 Mason " 
 Tazewell " 
 
 R. S. THOMAS, . 
 B. S. PRETTYMAN, 
 FRANCIS LOW, . 
 M. H. L. SCHOOLEY, 
 J. B. CUMMINGS, . 
 
 PRESIDENT, 
 
 Virginia, Cass Co. 
 
 VICE PRES'T, Pekin, Tazewell Co. 
 
 TREASURER, . Havana, Mason Co. 
 
 SECRETARY, . Virginia, Cass Co. 
 
 CHIEF ENGINEER, Pekin, Tazewell Co.
 
 CONTENTS. 
 
 PAGES. 
 REPORT OF CIIIEF ENGINEER, . . . . . , . \ 5 41 
 
 Termini of the Road, . . . . . . 5 
 
 Alignment and Gradients, . . . . . 6 
 
 Excavation and Material, . . . . . * 7, 8 
 
 Bridges, Culverts, <fec., . - . . < . .' _.'.' 8, 9 
 
 Progress of the work, . . . . . .9,10,11 
 
 Distance the Road runs in Peoi-ia, Tazewell, Mason, Cass and 
 
 Morgan Counties, . . . . . ' . 10 
 
 Estimated cash cost of the Road, in each County, . . .10,11 
 
 Estimate of total cash cost of the Road, . . . 12,13 
 
 \f> Resources of the Road, . . ... . . 13 16 
 
 Its connections with other Roads, and the advantages to be derived 
 
 therefrom, Ac., . . . ., . . . . 16 23 
 
 Description of the towns and counties on the line of the Road, . 23 33 
 
 Description and population of Peoria, ,' . . .23,24 
 
 " " " TAZEWELL COUNTY, . . 24, 25 
 
 " Pekin, . fc . / . . 25, 26 
 
 " MASON COUNTY, . 26, 27 
 
 {$. It" " " " Havana, . . . . 27 
 
 " Bath, . . . 27, 28 
 
 fj~ " " " " CASS COUNTY, . . 28, 29 
 
 " " " " Chandlerville, . . . 29 
 
 " " " " Virginia, . . '. , 29 
 
 "D " " " Beardstown, . . . 29, 30 
 
 " " " MORGAN COUNTY, . '. . . 80, 31 
 
 " " " " Jacksonville, . . ^'. 31,82 
 
 Statement as to population in certain counties of Illinois, . . 33 
 
 Statement as to assessed valuation of property in 1857, in certain 
 
 counties of Illinois, ...... 34 
 
 \D -f^ Statement as to receipts of certain Railroads in Illinois, . . 34, 35 
 
 General Summary, ....... 36 41
 
 11 
 
 PAGES. 
 
 Estimated cost of the Road including discount on bonds, . 36 
 
 Passenger Traffic, ....... 37 39 
 
 Freight Traffic, . . .. ' . .... 39 
 
 Estimate of Revenue, ....... 40 
 
 APPROVAL by the Directors of report of Chief Engineer, ... 41 
 PROCEEDINGS of the Board of Directors of October 8th, 1858, ratifying sale 
 
 fec., of first Mortgage Bonds, <fec., ..... 42 44 
 
 REPORT of J. COLLINS CHESBROUGH, CIVIL ENGINEER, confirmatory of the 
 
 report of the Chief Engineer, .- . . . . 45, 46 
 
 OPINION of Hon. Stephen T. Logan, as to the power of this Company to sell 
 
 its bonds, at or below their par value, <fcc., .... 47 
 
 CHARTER of the Illinois River Railroad Company, February llth, 1853, . 48 54 
 
 ACT AMENDATORY, of March 1st, 1854, . . . . . 54 56 
 
 " of January 29th, 1857, ..... 5660 
 
 of February 16th, 1857, . . ' . 6063 
 
 COPT of one of the 1320 First-Mortgage Bonds, .... 65 68 
 
 COPY of First Mortgage or Deed of Trust as executed, . . . 68 82 
 
 CERTIFICATES of the recording of the First Mortgage in Five Counties, . 83 85 
 CERTIFICATES of the Clerks of the Five Counties that the First Mortgage is 
 
 the ONLY LIEN upon the corporate property therein described, . 85 89 
 RUNNING ARRANGEMENT with the Chicago and Rock Island Railroad Com- 
 pany, dated September 27th, 1858, . . . . . 90100 
 
 APPROVAL of said running arrangement: 
 
 by John Cleaveland, Esq., .... 101 
 
 by George T. M. Davis, Esq., . . . 101 
 
 by Alexander Studwell, .... 101 
 
 PROCEEDINGS of the Board of Directors of November 20th, 1858, approving 
 and confirming the forms of the First-Mortgage Bonds and of the Mort- 
 gage or Deed of Trust, dated respectively, November 1st, 1858, . 102 105 
 
 PROCEEDINGS appointing Henry Farnam a director, .... 106 
 
 LETTER of George T. M. Davis, Esq., to Mr. Studwell, ... 107 
 
 LETTER of George T. M. Davis, Esq., to R. S. Thomas, Esq., . . . 110 
 STATUTE of Illinois forbidding corporations from interposing the defence of 
 
 USURY in any action, . . . . . . 112 
 
 STATUTE of Illinois declaring that Illinois Law shall govern in construing or 
 enforcing contracts, loans, bonds, <fcc., authorized by that Law, although 
 made payable in other States or in foreign Countries where a less rate 
 of interest is allowed, , . . . . .112,118 
 
 OPINION of John Cleaveland^ Esq., as to. the validity of the First-Mortgage 
 
 Bonds and of the Deed of Trust made to secure their payment, . 114
 
 TO THE STOCKHOLDERS. 
 
 OFFICE OF THE ILLINOIS RIVER RAILROAD Co. ) 
 PEKIN, November 1, 1858. ) 
 
 IT is with pleasure that I have it in my power, officially to an- 
 nounce to the stockholders of the Illinois River Railroad Com- 
 pany, that since the annexed report of the Chief Engineer of the 
 road was made, bearing date September [10, 1858, 1 have con- 
 
 uf rir^t-Murtsfngi- Homls 
 
 eluded a sale, upon terms entirely satisfactory to the Board and 
 such of the Stockholders as have been made acquainted with the 
 terms of the contract, to an amount sufficient to purchase for 
 cash, all the Rails, Chairs, Spikes, Frogs, and Switches, that are 
 required to complete the road from the junction of the Peoria 
 and Hannibal Road, to Jacksonville, in Morgan county. 
 
 The rails are now being purchased/*?? 1 cash at the present low 
 rates, and are to be delivered by the opening of navigation. 
 
 And as the road is required to be completed through the entire 
 length above designated, by the ensuing autumn, the duty of the 
 stockholders in meeting with promptness their installments, so 
 that the bed of the road may be ready for the iron as fast as the 
 latter shall be received, will be apparent to all. 
 
 I have the additional pleasure of announcing that a most 
 advantageous and permanent running arrangement has been en- 
 tered into between the Chicago and Rock Island Railroad, and 
 our own, by which, among other decided advantages, we secure
 
 all our rolling stock and motive power, without incurring a 
 dollar's indebtedness for the same. 
 
 By the terms of this latter arrangement, the rolling stock is to 
 be placed upon the road as fast as we have ten consecutive miles 
 completed. 
 
 All which, is respectfully submitted, 
 
 EICHAKD S. THOMAS, 
 
 President Illinois River Railroad Company.
 
 Illinois $!a&tr |laHroalt> Compang, \ 
 
 CHIEF ENGINEER'S OFFICE, 
 PKKIN, September 10, 1858. 
 
 To the President and Directors 
 
 of the Illinois River Railroad Company: 
 
 GENTLEMEN 
 
 THE following REPORT, made in accordance with your instruc- 
 tions, is respectfully submitted. It is intended to present in as 
 brief and comprehensive manner as possible, the characteristics 
 of the Illinois River Railroad, as regards location, cost of con- 
 struction, connections with other lines of railroad ; together with 
 statistics of the counties and towns through which it passes, and 
 an estimate, of its probable business and revenue when opened 
 for traffic. 
 
 The Illinois River Railroad, by its charter, extends from 
 Jacksonville, in Morgan County, to Lasalle, Lasalle County, Illi- 
 nois ; but for the present, its northern terminus will be at the 
 junction with the Peoria and Hannibal Railroad, two miles north 
 of Pekin, and about seven and a half miles south of Peoria. The 
 agreements between the two companies are such, that it may be 
 considered virtually one line of road from Peoria to Jacksonville.
 
 6 
 
 From Peoria to the Junction the line is very direct, crossing 
 but one stream and encountering no heavy work. This portion 
 of the Peoria and Hannibal Railroad is ready for track, with the 
 exception of the bridge across Kickapoo Creek. 
 
 From the Junction to Jacksonville, the characteristics of the 
 
 f 
 
 line are as follows : 
 
 ALIGNMENT. 
 
 From the Junction to the city of Pekin, the line crosses the 
 Illinois river-bottom for about two miles by embankment and 
 piling, and the Illinois river by a bridge consisting of a draw- 
 bridge and five spans of truss bridging. From Pekin to Jackson- 
 ville, the line may, for all practical purposes, be considered 
 straight ; the curves being, in nearly every case, at the towns on 
 the line of the road and points where maximum speed would in 
 no case be required. 
 
 Of the seventy-five miles of road, over sixty-six miles is in 
 straight line, and over eight miles of the balance in curved line 
 that practically would be but little inferior to straight line for 
 operating; and with exception of the approaches to the Illi- 
 nois river bridge and two short curves between Virginia and 
 Jacksonville, there are no curves of less than two degrees or 
 2,865 feet radius. ' , . 
 
 The line passes through the city of Pekin, towns of Havana, 
 Bath, Chandlerville, Virginia, within one and a half miles of 
 Arcadia, in Morgan County, and connects at Jacksonville with 
 the Jacksonville, Alton, and St. Louis Railroad. 
 
 GRADIENTS. 
 
 The grades on fifty-nine miles of the road vary from level to 
 thirty feet per mile : there being twenty -two miles of level grade ; 
 and over twenty-four miles additional, less than twenty feet per
 
 mile ; the balance varying from thirty to . sixty feet per mile, 
 about equally divided between ascending and descending grades, 
 the preponderance being rather in favor of northern transporta- 
 tion. It will be practicable to reduce the extreme gradients 
 whenever the demands of traffic and the interests of the Company 
 require, at moderate expense. 
 
 Nearly all the grades of over thirty feet per mile, are on that 
 portion of the road south of Sangamon river, and there is no 
 grade of over forty feet per mile, of greater length than three 
 quarters of a mile in one consecutive piece. 
 
 EXCAVATION AND EMBANKMENT. 
 
 There will be twenty-three miles of cuttings, and fifty-two 
 miles of embankments. The great excess of embankment will 
 keep the road-bed free from snow in winter ; and the cuttings 
 being few in number and in nearly every case short, gives ample 
 facility for thorough drainage. The width of the banks is fifteen 
 feet and of cuttings twenty feet, at grade line, generally with 
 slopes of one and a half horizontal to one vertical. 
 
 MATERIAL. 
 
 There is no rock excavation or indurated earth on the line of 
 the road, the whole earth work coming under the head of " com- 
 mon excavation." The general character of the material on the 
 line of the road is sandy loam, of itself very good for laying 
 superstructure without ballasting. 
 
 There are several fine gravel pits on the line between Pekin 
 and Sangamon river, fifty miles ; and wherever any better than 
 the natural surface is required, ballast of the best quality can 
 be procured within moderate distance.
 
 From Sangamon river to Jacksonville, the character of the 
 soil is less suitable for road-bed without ballasting ; but there are 
 several gravel and sand pits on this portion of the line, and no 
 ballasting would require to be hauled over ten miles. Fifty miles 
 of the road without ballasting, would be equal to any road in the 
 Western States for running. The sandy nature of the soil, ab- 
 sorbing rains and obviating, in a great measure, the effects of the 
 frost, which make so many of our "Western roads not only diffi- 
 cult and expensive to keep in repair, but dangerous to ride over 
 in the spring and winter seasons, together with the superior fea- 
 tures of line and grade, warrant us in asserting that this road will 
 be one of the cheapest roads in the country to operate and keep 
 in repair. 
 
 BRIDGES. 
 
 The bridge across the Illinois river is to be built on the plan 
 of Howe's improved patent truss ; consisting of a drawbridge of 
 two hundred and ninety-two feet span, and five spans of one 
 hundred and fifty feet each, making a total length of bridge of 
 1,076 feet. The masonry is of the first quality, and built in the 
 best manner. The superstructure, with exception of the floor 
 beams and track stringers, is to be planed and painted with three 
 coats of the best oil paint. The bridge at Mackinaw river will 
 be one span of one hundred and fifty feet, and at Sangamon river 
 there will be one span of one hundred and seventy feet, built on 
 the plan of McCallum's patent inflexible arched truss. All of 
 the bridges will be built of the very best materials, and in the 
 most thorough and workmanlike manner. 
 
 CULVERTS, TRESTLE WORK, PILING, ETC. 
 
 In consequence of the absence of building-stone on the line 
 of the road, timber structures will be used south of Pekin ; but 
 in all cases the material used is of the best quality, and of a plan
 
 9 
 
 to substitute stone when necessary to be renewed. There will 
 be about a mile and a half of pile bridging on the Illinois, Mac- 
 kinaw, and Sangamon river-bottoms, and several pieces of trestle 
 work, built on pile foundations, in Cass and Morgan counties. 
 
 SUPERSTRUCTURE. 
 
 The track will be composed of " T " rail, weighing fifty-four to 
 fifty-six pounds per lineal yard, resting upon cross-ties of eight 
 inches face for intermediates, and twelve inches face for joint 
 ties, secured by chairs of wrought iron, and the whole fastened 
 with heavy spikes. 
 
 All the materials in track will be of the best quality, and 
 laid in the best manner. 
 
 PROGRESS OF THE WORK. 
 
 The work from the Peoria and Hannibal Junction to Pekin is 
 far advanced, the embankment on the bottom being completed, 
 and the pile work in progress. 
 
 There are four piers nearly finished, and the foundations for 
 the balance are driven. Coffer dams, foundation timbers, &c., are 
 ready ; and nearly the whole superstructure of the bridge, includ- 
 ing the drawbridge, turn-table, and iron, is on the ground. This 
 portion of the work is being urged forward with the view of 
 making early connection with Peoria. 
 
 South of Pekin the work is being vigorously prosecuted in 
 Tazewell county. In Mason county the road is ready for 
 track with exception of about one mile, at the north end 
 of the county and at Sangamon river. The materials for the 
 piling and bridges at Mackinaw and Sangamon rivers, are being 
 delivered very fast, and the work is progressing favorably. 
 South of Sangamon river, between Chandlerville and Virginia,
 
 10 
 
 the work is progressing rapidly, and will soon be completed to 
 Virginia. From Virginia to Jacksonville, fifteen miles, no work 
 has been done as yet ; but the surveys for final location are made,, 
 and the work will be commenced at an early day. 
 
 The distances through the several counties are as follows : 
 
 Peoria County, Illinois River Rail Road, . . ". 1.85 miles 
 
 Tazewell " do do . . * . 11.85 " 
 
 Mason " do do . - . ' 36.57 " 
 
 Cass " do do . , . 15.21 " 
 
 Morgan " do do ... .. 9.42 " 
 
 Total Length of Road, . . . . r , 74.90 
 
 Peoria and Hannibal R. R. Junction to Peoria, . 7.61 
 
 Total, Peoria to Jacksonville, . .... 82.51 
 
 Estimated cost from P. & H. Junction to Mason County 
 
 line, N. E. Division, ready for Ties, . . . $175,00000- 
 
 Amount of Estimates to Sept. 1st, 1858, . ... . 91,60500 
 
 Remaining to be done, . . - ' . . "' ' $83,395 00 
 
 Length of N. E. Division, .... 13.70 miles 
 
 There is completed, ready for Ties, . . . 6.00 " 
 
 Remaining to be done, ..... 7.70 
 
 Estimated cost of the Road in Mason County, ready 
 
 for Ties, '.,_. . . . . $120,000 00 
 
 Amount of Estimates to Sept. 1st, 1858, . . . 84,472 00 
 
 Remaining to be done, . . . . . $35,528 00 
 
 Length of Line in Mason County, . . . 36.57 miles 
 
 There is completed, ready for Ties, . . , . . 35.75 " 
 
 Remaining to be done, . . . . . 0.82 "
 
 11 
 
 Estimated cost of the Road in Cass Co., ready for Ties, $133,000 00 
 
 Amount of Estimates to Sept. 1st, 1858, . . 71,91300 
 
 Remaining to be done, . . . . . $61,087 00 
 
 Length of Line in Cass County, . . . 15.21 miles 
 
 There is completed ready for Ties, . . . . 8.00 " 
 
 Remaining to be done, . . . . . 7.21 " 
 
 Estimated cost of the Road in Morgan County, ready 
 
 for Ties, . .. . . . . $115,000 00 
 
 Total Estimated cost of Road to Virginia, sixty miles, ready 
 
 for Ties, . . . . . $405,000 00 
 
 Total Estimates to Sept. 1st, 1858, ' . . 247,990 00 
 
 Estimated amount remaining to be done, . . $157,010 00 
 
 Total distance to Virginia, ..... 60.27 miles 
 
 Completed ready for Ties, . . , . 49.75 " 
 
 Remaining to complete Road to Virginia, . . . 10.52 " 
 
 Total Estimated cost of Road to Jacksonville, ready for Ties, $543,000 00 
 Total Estimates to Sept. 1st, 1858, . . .. ; 247,99000 
 
 Remaining to be done, ,.-;' . . . . $295,010 00 
 
 Total Length of Road, . . . .. ... 74.90 miles 
 
 Completed ready for Ties, % .. . . ' 49.75 " 
 
 Remaining to be done, . . . . 25.15 "
 
 12 
 
 ESTIMATE OF THE TOTAL COST OF THE ILLINOIS RIVER RAILROAD, FROM 
 PEORIA & HANNIBAL R. R. JUNCTION TO JACKSONVILLE, COMPLETE, 
 INCLUDING BUILDINGS, EQUIPMENTS, <fec. 
 
 Graduation. 
 
 Clearing, Grubbing, Grading, and Bridging, North East- 
 ern Division, ...... $1 75,000 
 
 Mason County, . . ,' . '. 120,000 
 
 Cass County, . " . '. . . . 133,000 
 
 Morgan County, ..... 115,000 
 
 $543,000 
 
 Track and Materials. 
 
 180,000 Cross Ties, 50c. . , . . . $90,000 
 7,000 Tons Iron, 2,240 pounds per ton, 54 pounds 
 
 per yard, $55, . . . 385,000 
 
 48,000 Chairs, 35c. . . . 16,bOO 
 
 200 Tons Spikes, $100, .' . . 20,000 
 
 50 Switches, complete, $75, . ' .";' ' . 3,750 
 
 81 Miles Track laying, $320, . . 25,920^' 
 
 8 1 Miles Distributing Materials, $200, . 16,200"' 
 
 $557,670 
 
 Equipments. 
 
 8 Locomotive*, $9,000, . . . . $72,000 
 
 10 Passenger Cars, $2,500, " . . . 25,000 
 
 5 Baggage and Mail Cars, $1,500, . . 7,500 
 
 120 Freight and Box Cars, $625, . . . 75,000 
 
 8 Hand Cars, $75, .... 600 
 
 $180,100 
 
 Station Buildings, Engine Houses, Turn Tables, Machine 
 
 Shops, Repair Shops, Tools and Fixtures, Ware- 
 houses, &c., complete, from Pekin to Jacksonville, . $60,000 
 Right of Way and Depot Grounds, .... 10,000 J 
 Engineering and contingencies, .... 25,000 *. 
 
 Total Cost of Road complete, . . . . $1,375,770 
 
 Average cost per mile, complete, .... $18,300 
 
 Average cost per mile of graduation, . . . $7,200 
 
 The above estimates contemplate first-class work and equip- 
 ments, and include six miles of side tracks. The equipment
 
 13 
 
 estimated for, is larger than necessary for the business of the road 
 when first opened, and may be reduced by taking off two locomo- 
 tives, two passenger cars, one baggage and mail car, and twenty 
 freight cars, which would make a reduction in estimated expenses 
 of equipments of $37,000 
 
 On Station Buildings, Engine-houses, &c., a reduction 
 
 may be made at first of . . $30,000 
 
 Making a total reduction of .. . . . $67,000 
 
 Which would reduce the total cost of road, complete, 
 
 when first opened, to ..... $1,308,6*70 
 
 And the average cost per mile to . . ... $17,450 
 
 These estimates are made from reliable data ; and on a large 
 portion of the work done, final measurements are included in 
 above estimates. It is believed that the whole cost of gradua- 
 tion will not exceed the estimate. 
 
 Iron can be bought for cash, at the present time for about 
 $44 to $46 per ton in New York, and if purchased now, would 
 not cost much over $50 per ton, delivered on the line of the 
 road. 
 
 The items of station-houses, &c., &c., include all necessary 
 buildings and fixtures for the complete repairs of all the motive 
 power of the road, cars, &c., and building grain-houses for 
 storage. 
 
 The other items are believed to be liberally estimated ; and 
 unless some contingency arises, wholly unexpected and not to be 
 foreseen, the total cost of the road will not exceed the amount 
 above stated. 
 
 RESOURCES OF THE ROAD. 
 
 To pay for the graduation of the road, estimated as above at 
 $543,000, and prepare it for iron, which would include a further 
 expense of $90,000 for cross ties, the company have a stock and 
 bond subscription as follows :
 
 14 
 
 Pekin City 8 per cent, bonds, . . . $100,000 
 
 Tazewell County and Pekin private subscriptions, 103,000 
 
 Mason County 8 per cent, bonds, . . . 100,000 
 
 Havana town bonds, 8 per cent. . . . 15,000 
 
 Private subscriptions in Mason County, . . 85,000 
 
 Cass County 8 per cent, bonds, . . . 50,000 
 
 Private subscriptions in Cass County, . . 97,000 
 
 Morgan County 6 per cent, bonds, . . 50,000 
 
 $600,000 
 
 The private subscriptions in Morgan County are small in amount, 
 no exertions having yet been made to obtain subscriptions, 
 owing to the unprecedented panic in all business during the 
 past year. It is believed that with the present flattering pros- 
 pects of the early completion of this road, and its recognized 
 importance to Morgan County, and Jacksonville particularly, 
 a subscription can be raised in Morgan County, and City of 
 Jacksonville, of , . . > . , . 75,000 
 
 Total, . . . $675,000 
 
 Total cost of Graduation, including Ties, . . ;- ' .' 633.000 
 
 Leaving a surplus, as above, of . . . $42,000 
 
 It will be seen that in our resources are included $315,000 of 
 county and town bonds ; $246,000 of these bonds are to be paid 
 to contractors at par, which leaves the company $69,000 of bonds 
 to dispose of outside of payments to contractors. The private 
 subscriptions amounting to $285,000, exclusive of the estimated 
 subscription in Morgan County, are divided between nearly 800 
 individual subscribers, generally farmers on the line of the road, 
 who took stock, not simply with a view to its paying them back 
 in dividends, but also securing incidental benefits to as great if 
 not greater extent, than the amount of their subscriptions. They 
 are all able to pay ; and the only drawback upon collecting at 
 once the whole amount of subscriptions unpaid, is the inability of 
 all classes to meet every contingency in the present unprece- 
 dented derangement of business affairs. 
 
 With the rigid economy that has been used in every depart- 
 ment, and the fact that the whole community on the line of the 
 road is so generally and deeply interested in the success of the
 
 15 
 
 enterprise, there seems to be no reason to doubt the speedy com- 
 pletion of the road. 
 
 The work on this road has been pushed forward, at a time 
 when almost every other road in progress of construction has 
 been forced to suspend operations wholly, or greatly curtail 
 expenditures; and the estimates to contractors, amounting at this 
 time to $242,000, have been paid in full. 
 
 With these facts in view, no one can doubt the ability of the 
 Company to go on with the work to completion. 
 
 Thus far, this Company have issued no notes, have no obliga- 
 tions maturing or falling due other than the monthly estimates 
 to contractors and incidental expenses, and, taking all the facts 
 and circumstances into consideration, presents a case of freedom 
 from financial embarrassment almost unprecedented in the 
 history of railway construction in this country. Certainly, when 
 the stockholders and friends of the road consider what has 
 already been done, in pushing forward this work during the late 
 panic, more general and disastrous than has ever occurred since 
 railways were first commenced, they cannot fear for the result, 
 but should take fresh confidence, and make new exertions to 
 meet the demands upon them. 
 
 The officers of the Company are confident that the resources 
 from subscriptions will complete the road, ready for the rails ; and 
 once ready, no difficulty will be found in procuring iron. 
 
 To provide for the purchase of iron, equipments, &c., mort- 
 gage bonds will be issued, and with the completion of the 
 grading and providing cross-ties from subscriptions, there is no 
 reason to doubt that the iron, <fec., can be obtained with the 
 bonds. 
 
 From the foregoing facts it is made certain that, with the 
 completion of grading and providing cross-ties, the iron, &c., can 
 be obtained, and with proper exertion the whole road, as far as 
 Virginia, can be ready for the rails, and the track laid by 
 May 1st, and completed to Jacksonville by September 1st, 1859.
 
 16 
 
 CONNECTIONS WITH OTHER LINES OF RAILROAD 
 AND THEIR ADVANTAGES. 
 
 The Illinois Kiver Eailroad will form, in connection with the 
 Peoria and Bureau Yalley, and Rock Island Eailroads on the 
 north, and the Jacksonville, Alton and St. Louis Railroad on the 
 south, a through line from Chicago to St. Louis. Also, with the 
 proposed connection with the Jacksonville and Savanna Railroad, 
 an air-line road from Galena to St. Louis. 
 
 The Peoria and Bureau Valley road is leased by the Rock 
 Island Road, making one line from Chicago to Peoria. The con- 
 struction of the Illinois River Railroad, cannot fail to be of great 
 value to the Rock Island road, being in fact an extension of 
 the Peoria and Bureau Yalley road ; and it will be one of 
 the most valuable connections to the Rock Island Road that could 
 be made. 
 
 Large amounts of freight from Chicago and points on the dif- 
 ferent lines of railroad centering at Peoria, take the river at that 
 place for shipment to the towns on the Illinois river and the inte- 
 rior of the bordering counties. With the completion of the Illi- 
 nois River Railroad, freights from any connecting roads would 
 not have to be transhipped for any points on the line of that road ; 
 but could be taken from the place where loaded to their destina- 
 tion without breaking bulk, saving charges of handling and stor- 
 age. Supplies of coal, stone, merchandise, &c., destined for the 
 towns and interior of the counties on the line of the road, could 
 be forwarded by railroad-cheaper than in any other way. 
 
 A large amount of revenue would be derived from the trans- 
 portation of coal, and stone for building purposes. There are 
 several fine quarries on the west side of the river between Peoria 
 and Pekin, from one of which the stone is obtained for the railroad 
 bridge at Pekin. This stone is of fine quality and could be advan- 
 tageously shipped by the railroad to the various points on its line. 
 There is no stone between Pekin and Jacksonville, fit for building
 
 17 
 
 purposes ; and it is believed that these quarries would give a large 
 amount of business to the road. 
 
 Ice, also, would be an article of transport. At present, large 
 quantities of ice cut at Peoria and Pekin, are shipped by river 
 to St. Louis and southern points. 
 
 By shipping this ice by rail a saving would be made, not only 
 in expense of boats and towage, but also in loss from melting, as 
 often the river is not high enough to take the ice down until the 
 spring is far advanced. 
 
 The transportation of coal, before referred to, will be a 
 source of great revenue to the road. The supply is inexhaust- 
 able, and the quality equal to any in the State. 
 
 The scarcity of wood-lands, and their annually increasing 
 value, render it certain that coal must be substituted for wood 
 to the largest available extent. 
 
 By this road the best stone-coal could be taken to Jackson- 
 ville, and sold there for twelve cents per bushel ; and this would 
 secure a large trade without any competition. When this trade 
 is opened it will rapidly increase, and prove profitable to both 
 consumers and shippers. Shipments of grain for Chicago and 
 St. Louis, from all points on the line of the road, would be made 
 by the railroad nearly the whole of the year. 
 
 From Pekin and towns on the river, as far as the railroad 
 would come into competition with the river, the charges for 
 transporting wheat to St. Louis by the river, at a good stage of 
 water, .has averaged for a series of years from seven to twelve 
 cents per bushel ; corn from five to ten cents ; and in low water, 
 from twelve to twenty-five cents per bushel for wheat, and ten 
 to twenty cents per bushel for corn. From St. Louis to above 
 points, merchandise is shipped, in good stage of water, at from 
 twelve to twenty-five cents per hundred pounds, and in low 
 water, from twenty-five to seventy-five cents. The results upon 
 the great lakes, and even the Erie Canal, where the uncertain- 
 ties of high and low water are not experienced, warrant us in
 
 18 
 
 believing that there need be no fear of successful competition 
 with the river navigation. The Rock Island Railroad has 
 competition with the Illinois and Michigan Canal for eighty-two 
 miles, and when it was completed for 100 miles from Chicago, 
 its freight business was heavy, and its receipts were over $60,000 
 
 per month. 
 
 The average length of the season of navigation on the 
 Illinois River for the past six years, has been about six months 
 in the year. During seasons of extremely low water, and in the 
 winter, communication by river and canal is closed, and produce 
 cannot be forwarded with reasonable cost. It often occurs that 
 for a long time the river is too low for making shipments of 
 produce when the market is good and prices high, and the 
 farmers and shippers are obliged to keep their grain, &c., for 
 weeks, and sometimes months, waiting for an opportunity to 
 forward their produce to market ; while those who have the 
 facilities of railroad communication can take advantage of the 
 markets at the most profitable times, and save large amounts in 
 prices. It would be difficult to estimate the actual loss to the 
 farmers of the counties of Tazewell, Mason, Cass, and Morgan, 
 every year, from inability to send their products to market when 
 the demand and prices are greatest ; but it is believed that with 
 the facilities the construction of the Illinois River Railroad will 
 afford, the actual benefit in dollars and cents from these facilities 
 would soon amount to more than the whole individual subscrip- 
 tion to the road. 
 
 With increase of facility for disposing of products, will also 
 increase their amount ; large tracts of land, now unimproved, 
 will be put under cultivation ; and from the invariable result 
 attending the construction of railroads in the "Western States, the 
 value of property, whether in town or country, will be immensely 
 increased. 
 
 As a through line from Chicago to St. Louis, it is not claimed 
 that in distance this line will be shorter than any other, for it
 
 19 
 
 exceeds considerably the length of the Chicago, Alton, and St. 
 Louis Railroad ; but from its light grades, great proportion of 
 straight line, unsurpassed quality of road-bed, with new iron, 
 new equipment, and passing through so many places of business 
 importance, it is claimed that a large share of all through freight 
 and passenger business would take this line between Chicago and 
 St. Louis. The time could be made on this route as quickly as 
 by any other between the two points ; and occupying, as it will, 
 the middle of the chain, the Illinois River Railroad would have 
 the influence of connecting roads in its fullest sense to create 
 and obtain business. 
 
 Chicago and St. Louis must ever be the great centers of busi- 
 ness for the West ; and any line of railroad giving direct commu- 
 nication between these places must necessarily derive a large 
 amount of business from them direct. To show that the Illinois 
 River Railroad is so situated as to command a large share of 
 this business, it is only necessary to refer to the map accompany- 
 ing this report. 
 
 At Peoria, a connection will be made with the Peoria and 
 Oquawka Railroad, extending from Peoria by way of Galesburg 
 to Burlington, on the Mississippi river. This must prove a 
 valuable connection to the Illinois River road. 
 
 At the Bluffs, two miles from Pekin, connection is made with 
 the Peoria and Hannibal Railroad running from Peoria to Han- 
 nibal, Missouri. This road, for many miles from the Junction, 
 passes through the coal and stone region previously referred to. 
 
 At Pekin, a connection will be made with the Wabash and 
 Mississippi Railroad, to be built from Lafayette, Indiana, to Keo- 
 kuk and "Warsaw, on the Mississippi river. The Peoria and Han- 
 nibal, and Wabash and Mississippi roads, are in progress of con- 
 struction. 
 
 The Jacksonville and Savanna Railroad will probably connect 
 with the Illinois River road, at or near Havana. This road is 
 under contract from Liverpool, on the Illinois river, ten miles
 
 20 
 
 north of Havana, to Lafayette in Stark County, a distance of 
 fifty-two and a half miles, crossing the Peoria and Oqnawka Kail- 
 road at Yates city, and will cross the Chicago, Burlington, and 
 Quincy Railroad, at Galva or Kewanee. From one or the other 
 of these points it will be built to Galena by way of Fulton and 
 Savanna. An amendment to its charter extending the line to 
 Galena, authorizes the use of the grading done on the line of the 
 old Illinois Central Railroad, under the internal improvement 
 system of 1836-7. From Galena, a road is proposed to Prairie 
 du Chien, thus making the shortest line of railway between these 
 points and St. Louis that can ever be made. 
 
 With the arrangements perfected, now contemplated by the 
 Jacksonville and Savanna Railroad, there would be but about 
 thirty miles of road to be provided for between Liverpool and 
 Fulton on the Mississippi river. Between Liverpool and Galena 
 this line will cross four completed lines of east and west road, 
 and three in progress of construction. 
 
 The present traveled routes between St. Louis and Galena, 
 give a distance of nearly four hundred miles by river, and three 
 hundred and fifty-seven miles miles by railroad. By this line of 
 railway, the distance would be less than three hundred miles. 
 The Rock Island and Peoria Railroad is completed for 12 miles 
 from Rock Island, in the direction of Galva, so that the building 
 of that portion of the Jacksonville and Savanna road between 
 Havana and Galva or Kewanee, would leave but about thirty 
 miles to be built between Rock Island and the latter points, to 
 make almost an air-line road from. St. Louis to Rock Island. The 
 proportional saving in distance between Rock Island and St. 
 Louis, by this line would be about the same as shown above 
 between St. Louis and Galena. 
 
 With a line of railway in operation from St. Louis to Galena, 
 avoiding the delays and dangers of river navigation, and saving 
 nearly one fourth of the entire distance, running through so 
 fertile and productive a portion of the State, no one can doubt
 
 21 
 
 that this whole line of road from St. Louis to Galena, when its 
 northern and western connections are perfected, will have an 
 immense amount of business from Northern Illinois, Iowa, and 
 Minnesota, in addition to the local business that its position would 
 be sure to command. Leaving the river at Fulton, there would 
 be no competition for way and local business, and no rival line 
 could ever be built that would afford so direct and cheap a route 
 from St. Louis and the South, to Galena and the Northwest. This 
 line would pass, for a long distance, through the famous " Mil- 
 itary Tract," and the surrounding country, for nearly its whole 
 length, is of superior quality for agricultural purposes. Refer- 
 ence to the map accompanying this report, will satisfactorily 
 illustrate the advantages of this connection. 
 
 At Jacksonville, the southern terminus of the Illinois River 
 Railroad, a connection is made with the Jacksonville, Alton, and 
 St. Louis Railroad, sixty miles in length, passing through Man- 
 chester, Whitehall, Carrolton, and Jerseyville, to Alton, on the 
 Mississippi river. From Alton to St. Louis, the railroad connec- 
 tion is perfected. From a recent report of the Jacksonville, Alton, 
 and St. Louis Railroad, we learn that the road is progressing 
 rapidly, and there will probably be thirty miles of track laid 
 from Jacksonville to Whitehall, this season, and the whole road 
 will probably be completed to Alton by the time the Illinois 
 River Railroad is completed to Jacksonville. With this connec- 
 tion made and both roads in operation, the most skeptical cannot 
 fail to see that this line of road from St. Louis to Chicago, as a 
 whole or in its separate links, will inevitably do a large business, 
 and presents as favorable prospect of being a " paying stock " as 
 any railroad in the State. 
 
 A connection will be made at Jacksonville with the Great 
 Western Railroad of Illinois, extending from the Indiana State 
 line to Naples on the Illinois river. 
 
 By reference to tabular statements of population, value of 
 real and personal estate, &c., attached to this report, we find that
 
 22 
 
 the counties through which the Illinois River Railroad passes, 
 present larger averages of population and wealth than those on 
 any other line of railroad in the State. They have, with excep- 
 tion of Mason, which is comparatively a new county, been long 
 settled, are all rich and prosperous, yet capable of almost indefi- 
 nite extension and increase in business and products ; and as yet 
 but two of them have had any facilities of railroad communica- 
 tion. Should the result of building this road, in business and 
 receipts, compare with other roads in this State, in proportion as 
 the averages of these counties to the counties on other lines of 
 railroad, it would fully meet the expectations of the most san- 
 guine friends of the enterprise. When the Galena and Chicago 
 Railroad was commenced, an estimate of its probable revenue 
 and business was made, and by many considered preposterous in 
 its magnitude ; but in two months only, of the year 1852, the 
 amount, in tons, of one article of freight, exceeded the estimated 
 amount of all kinds for a year. The estimated receipts of the 
 whole line, from Chicago to Galena, were $393,000 ; and in 1857 
 the actual receipts were $2,117,900, including the Dixon Air 
 Line, in all two hundred and fifty-nine miles. 
 
 It is not asserted that the Illinois River Railroad will do as 
 large an amount of business, in proportion, as the Galena road ; 
 should it do so, the receipts in one year would be over $600,000 ; 
 but from the actual results of the building of different railroads 
 in this State, we can approximate nearly to expected results in 
 particular cases, giving due allowance to difference in position of 
 roads, their capacity and availability for business requirements, 
 and the characteristics of the country through which they pass. 
 
 In the year 1852, there were but ninety-five miles of com- 
 pleted railroad in the State of Illinois ; at this time there are in 
 operation nearly three thousand miles, and many roads in prog- 
 ress, nearly all of which are on a basis that insures their com- 
 pletion at an early date. 
 
 Immense tracts of land have been opened and brought into
 
 23 
 
 'Cultivation that without railroads would have remained for years, 
 perhaps ages, unproductive. Towns and cities have sprung up 
 as by magic. The resources, wealth, and importance of the State 
 increased so immensely that the mind can scarcely imagine what 
 has already been done by railroads, much less foresee the future 
 results when all these enterprises shall have arrived at maturity, 
 and given to the State and the world their whole fruition. It is 
 almost needless to go into argument to prove what will be, for 
 what has been done can be seen, and affords almost proof posi- 
 tive of results yet to be accomplished. It is sufficient for our 
 purpose, to suggest examination and inquiry, confident that the 
 result will render any labored argument unnecessary. 
 
 DESCRIPTION, STATISTICS, ETC., OF THE COUN- 
 TIES AND TOWNS ON THE LINE OF THE ILLINOIS 
 EIVEE RAILROAD. 
 
 The following statistics were obtained, in nearly every case, 
 from the county and town authorities, and are virtually official. 
 When any other than these were needed, the facts were obtained 
 from business men and others conversant with the actual amounts 
 of the various products, shipments, prices, &c. ; and in every case 
 the figures are rather under than over stated. 
 
 PEORIA, virtually the northern terminus of the Illinois Kiver 
 Railroad, is situated on the Illinois river, and, with exception of 
 Chicago, is the largest city in the State. The population is about 
 twenty thousand, and the city is rapidly increasing in wealth and 
 importance. Several lines of railroad center here ; and when her 
 railway system is perfected, Peoria must inevitably be a place of 
 great importance. Some of the statistics of this city for 1857, 
 are as follows :
 
 24 
 
 Shipments of corn (bushels) . ; . . 2,000,000 
 
 No. of barrels flour : .- . . 84,000 
 
 " hogs . ' .. *,.' . .-.' 30,000 
 
 " tons coal V. . . 80,000 
 
 " ft. B. M. lumber . . . 16,000,000 
 
 " . bushels oats _ ' . . 400,000 
 
 Value of lard ..... $90,000 
 
 No. of bushels barley , . 20,000 
 
 " " wheat .... 650,000 
 
 " tons bulk pork . . . 500 
 
 " gallons -whiskey . ' . . 5,000,000 
 
 The aggregate value of the business of 1857, was nearly six and 
 one-half millions of dollars. 
 
 The bluffs on the west side of the river in Peoria county, 
 extending for nearly thirty miles, afford the best quality of stone 
 coal and good building stone, and the railroad passes directly by 
 the entrances to several of the best mines. All the coal and stone 
 wanted for the counties and towns on the line of the Illinois River 
 Railroad, would naturally pass over the road, and would prove a 
 large item in the receipts. 
 
 TAZEWELL COUNTY. 
 
 Tazewell county is one of the richest counties in the State, 
 and produces large quantities of grain. The soil is productive 
 and the county steadily increasing in wealth and business. From 
 accurate returns of the statistics of this county for the year 
 ending April 1st, 1858, we gather the following items : 
 
 Valuation of real and personal property . $11,500,000 
 No. of acres land in county 
 
 " " " in cultivation 
 
 " " timber land 
 
 " " unimproved prairie land ' .. 
 
 " inhabitants . . '..' 
 
 Value of manufactures
 
 25 
 
 No. of bushels corn raised . . 5,500,000 
 
 " " wheat do. . . . 1,800,000 
 
 " " oats do. . . 122,000 
 
 " " barley do. . . . 14,000 
 
 " " coal mined ia county . 2,800,000 
 
 Nearly one-half the shipments of grain, &c., from Tazewell 
 county are made from Peoria, which is not included in the state- 
 ment of business from which the traffic estimated to be done by 
 this road is made. 
 
 PEKIN, county seat of Tazewell county, is situated on the east 
 side of the Illinois river, at the head of an extensive valley run- 
 ning south to the Sangamon river, and averaging twenty miles 
 in width. This place is fast increasing in wealth and importance, 
 and will give a large amount of business to the road. The city, in 
 her corporate capacity, subscribed $100,000 to the stock of the 
 road, and the private subscriptions in the city and county, amount 
 to over $103,000. The number of individual subscribers is over 
 three hundred, which evidences the general interest of the people 
 in the road. 
 
 Some of the statistics of Pekin for 1857, are as follows: 
 
 Population . . . , */.',! . 4,000 
 
 Valuation of real and personal property . $1,200,000 
 
 Value of manufactures . . . $650,000 
 
 Ft. of B. M. lumber imported . ' . 5,000,000 
 
 No. of hogs packed . ' . . ' .' 10,000 
 
 " bushels corn shipped .- .' 1,500,000 
 
 " " barley " . . . . J . 6,000 
 
 " " wheat " . .' *. 350,000 
 
 " barrels flour manufactured . . 21,000 
 
 " " whiskey " . V " 18,000 
 
 Value of merchandise imported . . $550,000 
 
 No. of bushels coal . . ;..... 1,000,000 
 
 The Illinois River Railroad will give to Pekin, and a large 
 portion of Tazewell county, a means of transport for their products,
 
 26 
 
 that have often been almost sacrificed by inability to get them to 
 market at the proper time. The present season has shown the 
 value of this means of transportation, as large amounts of grain, 
 which would have been shipped from Tazewell county, have been 
 kept from market by the extreme high water of the creeks and 
 rivers, making it impossible to get to a shipping point with pro- 
 ducts. The amount lost in this season alone by the farmers of 
 this county, from inability to take advantage of the market, would 
 much more than pay the interest on the cost of the road in Taze- 
 well county. 
 
 MASON COUNTY. 
 
 Mason, although comparatively a new county, is rapidly 
 increasing in population and wealth. The general character of 
 the soil is sandy loam, especially adapted to the growing of corn 
 and grain generally. Some of the most fertile lands in the State 
 are in this county, on the Sangamon bottoms. It has been 
 believed by some, that near the river the general character of the 
 lands is sandy and worthless for cultivation ; but the proportion of 
 sand-ridges so called, is in reality small, and large tracts are at 
 this time being cultivate, dand prove highly productive, that were 
 considered worthless by careless observers but a few years since. 
 The line of the road traverses this county from north to south, a 
 distance of 36.57 miles, striking the river at Havana and Bath. 
 
 Mason county has subscribed $100,000 to the stock of the Illi- 
 nois River Railroad, and this amount comprises all her indebted- 
 ness. Fifty-six thousand acres of " swamp lands" are owned by 
 the county, and these will be brought into market for sale at an 
 early day, and being almost wholly of superior quality for agricul- 
 tural purposes, will command a high price. The whole property 
 and revenues of the county are pledged for the payment of the 
 bonds above mentioned ; and the county authorities have signified 
 their intention of redeeming the bonds long before maturity, from 
 the proceeds of the sale of the ' ; swamp lands."
 
 27 
 
 The town of Havana has subscribed $15,000 to the road, in her 
 corporate capacity, and the individual subscriptions in the county 
 amount to $85,000, divided among over three hundred stock- 
 holders. 
 
 The statistics of Mason county for the year 1857, are as fol- 
 lows: 
 
 Population . 14,000 
 
 Valuation of real and personal property, 185*7, $2,517,428 
 
 " " " " 1852, $997,114 
 
 Increase in five years .... $1,520,314 
 
 No. of acres "swamp lands," owned by the 
 
 county, worth at least $4 per acre . 56,000 
 
 No. of square miles in county . . 500 
 
 " acres of land . . : . 320,000 
 
 " " in cultivation . . 130,000 
 
 " " of unimproved land .. : .; 130,000 
 
 " " timber land ' , . 60,000 
 
 " bushels wheat raised . . . ' 900,000 
 
 " " corn do. . ' . 2,400,000 
 
 " " grain shipped . over 2,000,000 
 
 HAVANA, county seat of Mason county, is situated on the Illi- 
 nois river, thirty-one miles south of Pekin. It is fast increasing 
 in population and wealth, and is a shipping point of considerable 
 importance. 
 
 The statistics of Havana for 1857, are as follows: 
 
 Population . . . : .,- ...-.,. - 1,400 
 
 Valuation of real and personal property . $283,000 
 
 No. of bushels wheat shipped . .. . 350,000 
 
 " " corn do. . . 700,000 
 
 " " other grain do. . . 50,000 
 
 " ft. B. M. lumber imported . . 4,000,000 
 
 Value of manufactures . ... . $100,000 
 
 " pork packed and shipped . $50,000 
 
 " flour and other produce . . $50,000 
 
 BATH, situated on the Illinois river, nine miles south of Ha-
 
 28 
 
 vana, is also a place of considerable trade and importance. Some 
 of the statistics for 1857, are as follows : 
 
 Population . . . . 900 
 
 No. of bushels wheat shipped . . 100,000 
 
 " " corn do. . . ' 500,000 
 
 " " oats, rye, &c., &c. . 100,000 
 
 Value of merchandise imported . . $150,000 
 
 No. of feet B. M. lumber imported . 2,000,000 
 
 There are at Bath two steam flour-mills, two saw-mills, and 
 several other factories of different kinds. 
 
 Several towns have been laid out on the line of the road in 
 Mason county, that will be of considerable size and importance, 
 and give large amounts of business to the road. A large increase 
 in the products of the county will be caused by the improvement 
 of over fifty thousand acres of " swamp lands," before referred to. 
 These lands are of superior quality, and when sold will be eagerly 
 sought for by the farmers of this and neighboring counties. There 
 are also eighty thousand acres of other now unimproved lands, 
 large portions of which are being brought into cultivation ; and in 
 a few years the products of this county will be more than doubled. 
 
 CABS COUNTY. 
 
 Cass is a very fine and rich agricultural county, equal to any 
 in the State for grain, grass, and stock raising. It is rapidly 
 increasing in population and wealth, and will be greatly benefited 
 by the construction of this road. 
 
 The statistics of Cass county, for 1857, are as follows : 
 
 Population ..... 11,000 
 Assessed valuation of real and personal property 
 
 in 1852 .... $1,521,200 
 
 Ditto, do. do. 1857 $3,203,631 
 
 Increase in five years .... $1,682,431 
 
 Number of square miles in county . 390
 
 29 
 
 Number of acres of land . . v 251,600 
 
 " " " in cultivation ../.- 130,000 
 
 " " timber land . J, .-. 80,000 
 
 " unimproved prairie . " . 40,000 
 
 " bushels corn exported . ' . ; 900,000 
 
 " " wheat do. . . ; '..: 250,000 
 
 " " other grain do. . . . 350,000 
 
 " hogs sold . . . . 35,000 
 
 " head fat cattle sold . . " .'-' 5,000 
 
 This county lias no indebtedness excepting $50,000 subscribed 
 to the stock of the Illinois KiverKailroad. The individual subscrip- 
 tions amount to nearly $100,000, and the number of stockholders 
 is over two hundred. The county is largely interested in stock 
 raising, and a large amount of business would be done by the road, 
 when completed, in forwarding pork and cattle to market, that 
 are now driven to the river, and to other roads, to find a shipping 
 point. 
 
 CHANDLERVILLE, two miles south of Sangamon river, is a 
 flourishing and beautiful place of about four hundred inhabitants. 
 In 1857, there were shipped from this place thirty thousand 
 bushels of grain : five thousand hogs were packed, about one 
 million feet B. M. of lumber used ; $20,000 of manufactures, and 
 $75,000 worth of merchandise imported. From the position of 
 this town, all its business of travel, import and export, would be 
 done by the railroad, and the town increase rapidly in popula- 
 tion and wealth. 
 
 VIRGINIA has a population of about six hundred ; it is one of 
 the pleasantest situations in the State ; is in the center of the 
 county, and the heart of a rich, extensive, and well-improved 
 agricultural region ; and with the facilities of railroad communi- 
 cation would be a place of considerable importance. There are 
 one college and several other educational institutions located here. 
 BEAKDSTOWN, county seat of Cass county, situated on the 
 Illinois river, from its position, has been the business town of the
 
 30 
 
 county; and produce from all parts of the county collects at 
 this point for shipment. Nearly all the forwarding business of 
 Cass county now done by the river, would be done by the Illinois 
 River Railroad when completed, occupying, as it does, the center 
 of the county, and by which the hauling of grain, &c., and driv- 
 ing stock over miles of heavy sand-ridges near the river, would 
 be avoided. A large portion of the products of Cass county, 
 shipped from Beardstown, crossed the line of the Illinois River 
 Railroad to reach a shipping point. Some idea of the amount of 
 this business may be formed from the following statement of some 
 of the exports of Cass county from Beardstown in the year 1857 : 
 
 No. of hogs shipped . ' '. . . 30,000 
 
 " hams cured . . . , , . 99,000 
 
 " bushels wheat shipped . j; . 200,000 
 
 " " corn do. ..'. ./ 750,000 
 
 " " oats do. : . " -. : .; 275,000 
 
 " pounds lard . -. . 600,000 
 
 Aggregate value of business, 1857 . > . $2,246,595 
 
 It should be borne in mind that the year 1857 was a year of 
 " panics " in business throughout the country ; and that, generally, 
 comparisons made from all business statistics for that year, are 
 not as favorable as if drawn from the statistics for several years 
 previous. 
 
 MORGAN COUNTY. 
 
 Morgan county is one of the richest counties in the State, in 
 wealth and products. Great quantities of grain are raised, and 
 stock raising is carried on to a great extent. Our statistics of 
 this county are not as detailed and minute as could be wished ; but 
 it is known that there are few counties in the State that combine 
 so many elements of wealth and developed resources as Morgan.
 
 31 
 
 From statements for the year 1857, it appears 
 that the valuation of real and personal prop- 
 erty in the county is . . ' $6,932,614 
 
 Population in 1850 was . . . 16,064 
 
 " 1857 . . . .... 25,000 
 
 It is estimated that during the year 1858 there will be shipped 
 from this county fifty thousand hogs, and over twelve thousand 
 head of fat cattle. The farmers of Morgan county purchase large 
 numbers of stock cattle from the adjoining counties in the fall of 
 each year, and feed them for the ensuing spring and summer 
 markets. 
 
 Large quantities of corn and wheat are raised and shipped 
 from this county, the statistics of which we have been unable 
 to obtain ; but it is safe to set them down as larger than for Cass 
 county. 
 
 Morgan county subscribed $50,000 to the stock of the Illinois 
 River Railroad ; and the private subscriptions, though small in 
 amount, we are sanguine of increasing to $75,000, when it becomes 
 evident, as it must, to the citizens of Jacksonville and Morgan 
 county, that the Illinois River Railroad, with its connecting link, 
 the Jacksonville, Alton, and St. Louis Railroad, will be the most 
 valuable public work that could be engaged in for the business 
 and wealth of both that city and county. 
 
 JACKSONVILLE is one of the pleasantest and most beautiful 
 places in the West, and bids fair to be one of the most important 
 in size and wealth. The State has located here, .a Deaf and 
 Dumb Asylum, Asylum for the Blind, and Insane Asylum. There 
 are also four colleges and seminaries, and several fine schools, all 
 costly and splendid structures. From the statistics for 1857 we 
 gather the following items : 
 
 Population in 1857 . . . .' 7,500 
 
 Valuation of real and personal property . $2,000,000 
 
 Value of merchandise sold . . . $600,000 
 
 Number of bushels wheat shipped . . 160,000
 
 32 
 
 Number of hogs , . . . 22,770 
 
 Feet B. M. lumber imported . . 4,500,000 
 
 No. of barrels flour exported T V ' . . 8,000 
 
 There are two founderies and machine shops, three steam 
 flour-mills, one oil-mill, one woolen-factory, and three banking 
 houses. 
 
 The progress of Jacksonville, when the proposed system of 
 railroads centering there is perfected, will be rapid ; and her 
 position, the character of her people, and the excellence of her 
 institutions, will make her one of the most important places in 
 the State. 
 
 ' The following tabular statements of population and valuation 
 of real and personal property, of the different counties traversed 
 by the various lines of railroad in the State of Illinois, are com- 
 piled from statistics published by the Auditor and Secretary of 
 State. As many of the roads mentioned are east and west roads, 
 with connecting lines both east and west, the relative proportions 
 of averages would not be fairly applied if used to show through- 
 business ; but for local and way business, both freight and passen- 
 ger, they will serve as an approximate basis from which to j udge 
 of the relative merits of lines in progress, in these respects. Taking 
 from the aggregates of population and valuation, that of Cook 
 county, which gives a more equal representation to those lines 
 which do not derive business direct from that county, it will be 
 seen that the valuation and population of the counties through 
 which the Illinois River Railroad passes (Peoria to Jacksonville) 
 show larger averages than for any other line of road in the State, 
 and that the next highest averages are found on the direct con- 
 necting lines. 
 
 The through lines from Chicago to St. Louis compare as fol- 
 lows: by way of Peoria exceeding the averages by way of 
 Springfield in population over twenty per cent., and in valuation 
 about ten per cent., this including Cook county ; but the portion 
 of the line from Peoria to Jacksonville largely exceeding the 
 average of the whole line.
 
 33. 
 
 In the tabular statements, where several lines of railroad pass 
 through the same county, the same aggregates are made use of 
 for each road ; and as the local and way business is necessarily 
 divided between several roads in many of the counties, we can 
 claim that the average of the counties through which the Illinois 
 River Railroad passes, and which have no other line of railroad 
 to support or use, may be fairly applied to estimate the probable 
 business of the Illinois River Railroad in comparison with the 
 averages of other lines of road completed, so far as regards the 
 local and way business. 
 
 There is, to be sure, the river to compete with for a portion of 
 the distance, and a portion of the year ; but this competition, it is 
 confidently believed, will not affect materially the comparison 
 now made ; and, from the invariable result of the creation and 
 increase of business from the construction of railroads, but a' 
 short time will elapse before the present data for calculation and 
 comparison will be far too limited in extent. 
 
 STATEMENT 
 
 Showing the population of the counties through which the lines of rail- 
 road named below run, according to the census of 1855 ; and compar- 
 ison of average population per mile of road on the several lines. 
 
 lane of Railroad. 
 
 Length 
 of 
 road. 
 
 Miles. 
 
 Population ol 
 Counties, 
 1855. 
 
 Average 
 per mile 
 of road. 
 
 Average, 
 after de- 
 ducting 
 pop. of 
 Cook Co. 
 
 From Chicago to St. Louis via Peoria 
 " Peoria to St. Louis 
 
 327 
 167 
 
 340,910 
 135,380 
 
 1,042 
 820 
 
 732 
 
 820 
 
 " Chicago to Peoria 
 
 160 
 
 235,664 
 
 1,473 
 
 826 
 
 " Peoria to Jacksonville, 111. Riv. R. R. 
 " Chicago to Rock Island 
 
 82 
 182 
 
 81,961 
 215,965 
 
 1,000 
 1,192 
 
 1,000 
 615 
 
 Galena road, including Dixon air line, and 
 from Freeport to Dunleith 
 
 332 
 
 280,693 
 
 845 
 
 533 
 
 Galena road proper, includ. Dixon air line. 
 From Chicago to Burlington 
 
 259 
 210 
 
 256,589 
 249,833 
 
 990 
 1,190 
 
 590 
 695 
 
 " Chicago to Dunleith 
 
 215 
 
 231,467 
 
 1,076 
 
 550 
 
 From Chicago to St Louis via Springfield . 
 " Chicago to Quincy 
 
 285 
 268 
 
 242,521 
 286,920 
 
 851 
 1,070 
 
 477 
 608 
 
 " St. Louis to Terre Haute 
 
 208 
 
 99,033 
 
 476 
 
 476 
 
 " St. Louis to Vincennes 
 
 147 
 
 67,801 
 
 461 
 
 461 
 
 Illinois Central Railroad .' 
 
 704 
 
 412,483 
 
 586 
 
 436 
 
 
 
 

 
 STATEMENT 
 
 Of valuation of property assessed for taxation in 1857, in the several Coun- 
 ties through which the lines of railroad named below run, and com- 
 parison of the average valuation per mile of road on the several lines. 
 
 
 
 
 
 
 Average 
 
 
 
 
 
 
 
 
 of 
 
 Valuation 
 
 Average 
 
 Valuation 
 
 
 Lines of road referred to. 
 
 road. 
 
 of 
 property. 
 
 amount 
 per mile 
 
 after 
 deducting 
 
 per mile 
 
 
 Miles. 
 
 
 of road. 
 
 Cook County. 
 
 deducting 
 
 
 
 
 
 
 Cook Co. 
 
 From Chicago via Peoria to 
 
 
 
 
 
 
 St Louis 
 
 327 
 
 $117,636,652 
 
 $395,715 
 
 $71,976,319 
 
 $220,111 
 
 From Peoria to St. Louis . . . 
 
 167 
 
 43,336,019 
 
 259,377 
 
 
 259,377 
 
 " Chicago to Peoria. . . . 
 
 160 
 
 84,167,071 
 
 526,044 
 
 38,487,538 
 
 240,547 
 
 " Peoria to Jacksonville. 
 
 82 
 
 22,195,930 
 
 270,682 
 
 
 270,682 
 
 " Chicago to R'k Island. 
 
 182 
 
 82,364,808 
 
 452,554 
 
 36,684,465 
 
 201,563 
 
 " Galena R. R., includ- 
 
 
 
 
 
 
 ing Dixon air line . . 
 
 259 
 
 85,622,495 
 
 330,589 
 
 39,942,162 
 
 154,217 
 
 " Chicago to Burlington 
 
 210 
 
 87,555,777 
 
 416,932 
 
 41,875,404 
 
 199,405 
 
 Chicago via Springfield and 
 
 
 
 
 
 
 St Louis 
 
 285 
 
 98,863,404 
 
 346,888 
 
 53,183,071 
 
 1 86 607 
 
 Chicago to Quincy 
 
 268 
 
 98,910,762 
 
 369,070 
 
 53,230,429 
 
 194,889 
 
 St Louis to Vincennes 
 
 147 
 
 19,313,379 
 
 131,384 
 
 
 131,884 
 
 " to Terre Haute . . . 
 
 208 
 
 30,411,169 
 
 146,207 
 
 
 146,207 
 
 Illinois Central R. R 
 
 704 
 
 144,879,385 
 
 205,994 
 
 99,199,052 
 
 140 908 
 
 
 
 
 
 
 
 The following tabular statement of receipts, &c., of some of 
 the principal railroads in Illinois, is made from the official re- 
 turns of the roads. The comparisons would be more satisfactory 
 if some other lines of road could have been included ; but in the 
 absence of a general system of reports, it is difficult to obtain 
 reliable information. It is thought, however, that the general 
 comparison would not be materially changed, were every com- 
 pleted road in the State to be included in the statement. 
 
 It is regretted that the cost per mile of these roads, could 
 not have been shown in the statement ; which would go far to 
 explain why some roads with large receipts do not pay dividends 
 to stockholders. In other words, it is not for want of business 
 that many of the roads do not pay the stockholders, but rather 
 on account of their financial errors.
 
 35 
 
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 36 
 
 GENERAL SUMMARY. 
 
 Having given in the foregoing pages, detailed and general 
 features of the Illinois River Eailroad, it now remains to gather 
 from them calculations and facts, upon which an estimate of 
 probable revenue can be based. 
 
 In the estirnated cost of this road, no allowance is made for 
 losses necessarily to be incurred in disposing of securities below 
 their par value ; which, if taken into account, would of course 
 show the aggregate stock and bond cost to be above the cash esti- 
 mate. The construction account should show the aggregate 
 of all items of every kind ; and to fairly show the prospect of any 
 railroad paying dividends to the stockholders, estimates of net 
 revenue should be based upon these facts, to wit, that a certain 
 amount of interest must be paid annually on bonds, and that the 
 remainder only, after deducting operating and other expenses, 
 would be applicable to dividends on stock. 
 
 The estimated cash cost of the Illinois River Railroad, com- 
 plete, is $1,375,000; of this amount, $633,000 is estimated as the 
 cost of grading and cross-ties ready for the rails, and which is to 
 be provided for from subscriptions, the balance by mortgage 
 bonds. This would leave $742,000 to be provided by sale of 
 securities. To be sure and estimate high enough, we will assume 
 that there will be an issue of first mortgage bonds to the amount 
 of $1,200,000, which is probably more than will be required, and 
 that these bonds will bear ten per cent, interest annually. 
 
 This would give one item of $120,000 annually, to be paid 
 for interest on bonds. 
 
 Assuming the stock and county bond subscription to amount 
 to $675,000, and ari issue of first mortgage bonds to be made to 
 the amount mentioned, the total cost of the road in stock and 
 bonds, would be $1,875,000. 
 
 By reference to the tabular statements showing receipts, &c.,
 
 37 
 
 of various railroads in the State of Illinois, it will be seen that 
 the average receipts, per mile, on nearly two thousand miles of 
 road, were $5,260, which, if applied to the Illinois Eiver road,, 
 would give, as annual gross receipts, $394,000 ; and we believe- 
 that this would not be an over-estimate. Were we to assume 
 that the earnings of this road would compare with other lines of 
 road in this State, in proportion to the averages of population 
 and wealth, as shown by the tabular statements, they would far 
 exceed the amount derived by taking the average, per mile, of 
 the roads, which sustains us in the above conclusion. 
 
 By the table of valuation we find that the average valuation 
 per mile, of all the lines of road mentioned, is $195,492, while- 
 the average valuation of the Illinois River road, per mile, is 
 $270,682, and the average population, per mile, on all the lines 
 mentioned, is six hundred and twenty-five, while the average on 
 the Illinois River road, is one thousand. From this, it appears 
 that the Illinois River road exceeds the general average, in valu- 
 ation thirty-eight and a half per cent., and in population sixty 
 per cent., excluding in each case the valuation and population of 
 Chicago and Cook county. 
 
 To arrive at an estimate of business for this road, we will first 
 consider the passenger traffic. 
 
 From Chicago to St. Louis, there are two main lines of rail- 
 road, the Chicago, Alton, and St. Louis, and by way of the Illi- 
 .nois Central; also, a route by way of Peoria and the Illinois 
 river. From Peoria there are two railroad routes, by way of 
 Peoria and Oquawka Railroad, and connections with the Chi- 
 cago, Alton, and St. Louis, and Illinois Central roads. It is 
 claimed that the route by the Illinois River Railroad will take a 
 large share of all through travel between Chicago and the north, 
 and St. Louis and the south, and nearly if not all that would go 
 by way of Peoria, from the different lines of travel that center 
 there, and points on the line of the Rock Island road and its con- 
 nections. 
 
 The number of through passengers between Chicago and St.
 
 38 
 
 Louis, carried by the Chicago, Alton, and St. Louis Railroad in 
 1857, was over twenty-eight thousand. "We have not accurate 
 returns from the other routes, but estimate the number by all 
 routes to have been at least fifty thousand. From Peoria and 
 points on connecting lines of railroad with the northwest and the 
 Mississippi river, travel from which would naturally take the 
 route by way of the Illinois River road when completed, we 
 estimate that twenty thousand passengers pass over the different 
 routes to and from St. Louis and the South, annually. From 
 Jacksonville and points between that and St. Louis, and from the 
 river towns south of the Illinois River road, at least fifteen thou- 
 sand passengers annually pass over the various routes to Peoria, 
 Chicago, and points north and northwest of this road, a large 
 portion of whom would naturally take this route. 
 
 These items give an aggregate of eighty-five thousand passen- 
 gers, a large portion of whom would certainly take the route by 
 way of the Illinois River road. 
 
 It is believed to be a fair estimate to claim that this road when 
 completed, and with its connections perfected, will carry thirty 
 thousand through passengers annually. 
 
 To arrive at the way travel, we have comparison with several 
 other lines of road. By reference to the tabular statement, we 
 find that on the Galena and Chicago Railroad, the average num- 
 ber of way passengers per mile of road in 1857, was one thousand 
 four hundred and fifty. 
 
 On the Chicago, Burlington and Quincy Railroad, . . 2,040 
 
 " Chicago and Rock Island Railroad, . . .1,430 
 
 " Chicago, Alton, and St. Louis Railroad, . . 987 
 
 Which gives a general average of nearly one thousand five 
 hundred way passengers per mile of road. Applying this aver- 
 age to the Illinois River Railroad would give an aggregate number 
 of one hundred and twelve thousand five hundred way passengers 
 annually.
 
 39 
 
 When we consider that the way travel for this road is to be 
 derived, in addition to way passengers, from connecting lines and 
 other sources, from Peoria, Pekin, Havana, . Bath, Chandlerville, 
 Virginia, and Jacksonville, all places of importance, and with a 
 large aggregate business population, the above result is even 
 below what might fairly be claimed for this road. 
 
 It is considered, in view of the facts, that we can justly claim 
 the average, one hundred and twelve thousand five hundred as 
 the number of way passengers annually over the Illinois River 
 road, and we estimate that the average length of road passed 
 over by each will be twenty miles. 
 
 For express, mail, and incidental receipts, other than from 
 passenger and freight traffic, the average per mile of the roads 
 mentioned in the tabular statement, is over $2,200, which, if 
 applied to this road, would give $16,500 annually. 
 
 FREIGHT TRAFFIC. 
 
 By the tabular statement before referred to, we find that the 
 average receipts per mile from freights on the roads mentioned, is 
 $2,881 ; which, as a basis, would give this road, as receipts 
 annually from that source, $216,000, which is much less than we 
 can fairly claim. 
 
 From the statistics of the counties and towns on the line of 
 this road for 1857, we gather the following summaries. 
 
 No. of Bushels Wheat shipped, . . 1,950,000 
 
 " " Corn, "... 6,500,000 
 
 " " Other Grain, < ; . . 1,426,000 
 
 " li Coal, " . . 3,000,000 
 
 " Barrels of Flour, . . . 123,000 
 
 " Ft. B. M. Lumber (excluding Peoria), 17,500,000 
 
 " Barrels Whiskey, . '. : . . 138,000 
 
 " Hogs Packed, . ' . . 130,000 
 
 " Fat Cattle Sold, . . . ' 17,000 
 
 From the above statistics, and taking into consideration the 
 availability of the Illinois River Railroad as a channel through
 
 40 
 
 which will pass a large portion of the business to be done in and 
 for the counties and towns through which it passes, the following 
 estimate of its probable revenue has been made, and is presented 
 in full confidence, that although in detail it may show inaccura- 
 cies, yet, as a whole, it will prove to be rather an under than 
 over estimate of the revenue of the road, when completed and 
 in operation. 
 
 The opinions of, and information derived from, business men 
 and others conversant with the amount of business to be done in 
 the section of country through which this road passes, would 
 justify a larger estimate; but our desire is to be on the safe side, 
 and to make no assertions or present any statements as facts that 
 are not self-evident, 
 
 ESTIMATE OF K E V E N U E . 
 
 Passenger Traffic, 
 
 30,000 Through Passengers, $2.25, . . $67,500 
 
 112,500 Way Passengers, 80c. . . 90,000 
 
 $157,500 
 
 For Mails, Express, &c., say . . . 10,000 
 
 Freight Traffic. 
 
 750,000 Bushels Wheat, 5c. . . . $37,500 
 
 2,000,000 Bushels Corn, 4c. ... 80,000 
 
 500,000 Bushels other Grain, 5c. . . 25,000 
 
 30,000 Barrels Flour, 20c. . . . 6,000 
 
 25,000 Hogs, 50c. .... 12,500 
 
 5,000 Fat Cattle, $1.50, . " . . 7,500 
 
 1,000,000 Bushels Coal, 4c. . . . 40,000 
 
 6,000,000 Feet B. M. Lumber, $3, . . . 18,000 
 
 25,000 Tons Miscellaneous Freight, $3, . 75,000 
 
 $301,500 
 
 Aggregate estimated Revenue, . . . . $469,000 
 
 Less estimated operating expenses, 40 per cent., . 187,600 
 
 Leaving as Net Receipts, ..... $281,400 
 
 Applicable to payment of interest on bonds, sinking-fund for 
 redemption of bonds, depreciation account, <fec.
 
 In conclusion, let me congratulate the stockholders and friends 
 of the road, upon the progress that has already been made, and 
 urge upon them the importance of renewed and most strenuous 
 effort to make their investment available at the earliest possible 
 date. 
 
 Confident that this road will prove a dividend-paying stock, 
 independent of its incidental benefits to the stockholders and 
 the public, 
 
 I have the honor to be, 
 
 Your obedient servant, 
 
 J. B. CUMMDsTGS, 
 Chief Engineer- 
 
 OFFICE or THB ILLINOIS RIVER RAILROAD COMPANY, 
 VIRGINIA, CASS COUNTY, ILLINOIS, 
 October 18th, 1858. 
 
 The undersigned, the President and Directors of the Illinois 
 River Railroad Company, do hereby certify that the foregoing 
 Report of J. B. Ctimmings, the Chief Engineer of said Road, has 
 been fully approved and endorsed by us, as strictly reliable in all 
 its statements of facts, and calculations as to results. 
 
 R. S. THOMAS, President. 
 
 J. M. RUGGLES, } 
 
 J. WAGENBELLER, > Directors. 
 
 B. S. PKETTYMAN, ) 
 
 N. B. Judge Wm. Thomas, the only other director of said 
 Company, was not present at the reading and approval of said 
 report, and therefore his name does not appear in said certificate.
 
 0f 
 
 RATIFYING THE CONTRACT FOR THE SALE OF THE FIRST MORTGAGE BONDS, 
 
 Authorizing and Directing the Board to make, execute, issue and 
 deliver the Bonds and Deed of Trust. 
 
 AT a meeting of the Board of Directors of the Illinois River 
 Railroad Company, duly and regularly held and convened at 
 Pekin, in the county of Tazewell, and State of Illinois, on the 8th 
 day of October, A. D. 1858, 
 
 PKKSENT: FKANCIS Low, President, JOSHUA WAGENSELLEK, 
 B. S. PKETTYMAN, J. M. RUGGLES, and R. S. THOMAS, Directors of 
 said Company. 
 
 R. S. Thomas stated to the said Board, that under and by vir- 
 tue of the special power and authority conferred upon him by a 
 resolution unanimously adopted by this Board (every member 
 thereof being present), on the 15th day of September, 1858, he 
 had made and finally concluded, executed and delivered, for and 
 in the name and on the behalf of this Company, a contract and 
 agreement with Alexander Studwell, of the city of New York, 
 dated the 27th day of September, 1858. 
 
 Whereupon, on motion of B. S. Prettyman, said contract and 
 agreement was read, and after all the covenants and provisions 
 therein had been duly considered, discussed and examined, it was 
 on motion of James M. Ruggles, unanimously 
 
 fiesolved, That said contract and agreement, and all and sin-
 
 gular the covenants, conditions and provisions therein, be and the 
 same are hereby approved, adopted and ratified, and in all re- 
 spects confirmed by and on the part of this Company. And that 
 said contract and agreement is and shall be as binding, legal, 
 valid and effectual, to all intents and purposes, upon and against 
 this Company, as if it had been executed by the President of this 
 Company, and its corporate seal had been thereto duly affixed. 
 And it was further unanimously 
 
 Resolved, That said contract and agreement shall be duly 
 recorded and entered upon the minutes of this Board, by the Sec- 
 retary of this Company, and the same is so recorded and entered 
 upon the minutes of this meeting, as follows, viz. (Here comes 
 in contract.) 
 
 On motion of J. "Wagenseller, it was further unanimously 
 fiesolved, That the President and Secretary of this Company, 
 be and they are hereby expressly authorized and empowered, and 
 are directed in the name and on behalf of this Company, and 
 under its corporate seal, to make, sign, execute, acknowledge, 
 issue and deliver any and all deeds, bonds, mortgages, convey- 
 ances, agreements, contracts, covenants or assurances, which in 
 their judgment may be necessary, or which may or shall be 
 required, in order to execute, perform and carry into full effect, 
 all and every of the covenants, agreements and conditions in the 
 aforesaid contract and agreement, dated September 27th, 1858, 
 contained, and which are to be performed, observed, done or exe- 
 cuted by and on the part of this Company. 
 
 And on motion of B. S. Prettyman, it was further unanimously 
 Itesolved, That the President and Secretary of this Company, 
 be and they are hereby authorized and empowered and directed 
 to execute, acknowledge and duly deliver, in the name and on 
 behalf of this Company, to Alexander Studwell, Lucius Hopkins, 
 and George T. Cobb, the trustees named in the foregoing contract 
 and agreement, the deed of trust or mortgage therein contem- 
 plated and provided for, and which shall be approved or pre-
 
 44 
 
 pared by or under the direction of John Cleaveland, Esq., therein 
 named, to affix the corporate seal of this Company thereto, and 
 so to seal, acknowledge and deliver the same, as the act and deed 
 of this Company, and to cause the same to be duly recorded in 
 all the counties through which the road of this Company runs ; 
 and that for the purpose of expediting the recording such deed of 
 trust or mortgage, that said President and Secretary be and they 
 are authorized hereby, to execute and deliver four or more origi- 
 nals thereof, and to file one of said originals for record, in each of 
 the counties through which the road of this Company runs, imme- 
 diately upon the execution thereof; and also to issue, in the name 
 of this Company, and on its behalf, and under its corporate seal, 
 all and singular the bonds in said contract and agreement refer- 
 red to, called first mortgage bonds, and amounting in the aggre- 
 gate to not exceeding one million and twenty thousand 
 
 dollars, and in such form and with such provisions, conditions and 
 statements therein, as shall be approved by the said John Cleave- 
 land.
 
 REPORT 
 
 OF ' 
 
 J. COLLINS CHESBROUGH, ESQ., OF NEW YORK, 
 
 CIVIL ENGINEER, 
 
 AS TO THE CHARACTER OF THE WORK ON THE LINE OF THE 
 ROAD, AND OF THE VALUE OF THE E1STTERPRISE. 
 
 NEW YOKK, October 28th, 1858. 
 
 ALEXANDER STUDWELL, ESQ., New York, 
 
 DEAR SIR : It having been made a condition precedent by 
 you, previous to your purchasing the First Mortgage Bonds of 
 the Illinois Kiver Railroad Company, that the work done upon 
 the line, as well as the feasibility and productiveness of the road 
 when completed, should be inspected and reported upon by a 
 disinterested Civil Engineer of your own selection ; and having 
 been designated by you for such purpose, and having discharged 
 the trust thus confided to me, I beg leave to report, in general 
 . terms, as follows : 
 
 That I have made a personal examination of the line of the 
 road, and find it to correspond substantially with the statements 
 made in the report of J. B. Cummings, Chief Engineer of said 
 road, to the President and Directors of the Company, bearing 
 date September'lOth, 1858. 
 
 Some of the higher embankments have worn away slightly 
 at the grade, and will require re-dressing to be fifteen wide, as 
 provided by the contract. 
 
 The plans for pile and trestle work are good, and will insure
 
 46 
 
 strength. The plans for the large bridges "Howe's" for the 
 Illinois and Mackinaw rivers, and "McCallum's" for the San- 
 gamon river, have been tested upon important lines of road, 
 and are entitled to confidence. 
 
 There are but few lines of equal length offering such facilities 
 for cheapness of construction and future repairs ; and with the 
 exception of the trestle and pile bridging, and culverts, to be 
 replaced, this will form a FIKST CLASS KOAD when ballasted. 
 
 Under all the circumstances, I consider it judicious economy 
 to construct the bridges and culverts as at present designed. 
 
 With a cost not exceeding $25,000 per mile, and beyond which 
 it cannot go, with any prudent management, this line of road 
 must be a profitable investment. 
 
 There are sufficient undeveloped resources, not now taken into 
 account, to make good any possible over statement based on the 
 official statistics of the counties through which this road will pass. 
 
 Yours, respectfully, 
 
 J. C. CHESBKOUGH, 
 
 Civil Engineer-
 
 
 OPINION OF HON. S. T. LOGAN, 
 
 OF SPRINGFIFLD, ILL. 
 
 (WHO STANDS AT THE HEAD OF THE BAR IN THAT STATE), AS TO THE 
 EIGHT OP THE COMPANY TO BORROW MONET, BY ISSUING AND SEL- 
 LING ITS BONDS AT ANY PRICE IN THE DISCRETION OF THE BOARD 
 OF DIRECTORS. 
 
 1st. The Illinois River Railroad Company, a corporation 
 created by the State of Illinois, has power by its charter to bor- 
 row money, by issuing and selling its bonds, for the purpose of 
 paying for iron, rolling stock, &c. 
 
 2d. The said Company has power to sell such bonds at, 
 above, or below par. 
 
 3d. No plea of usury can be interposed by said Company in 
 the State of Illinois. 
 
 STEPHEN T. LOGAN. 
 
 SPRINGFIELD, ILL , Oct. 26, 1858.
 
 CHARTER 
 
 AN ACT to construct a Railroad from Jacksonville, in Morgan 
 County, to La Salle^ in La Salle County. 
 
 SEC. 1. Be it enacted by the People of the State of Illinois, 
 represented in the General Assembly, That George E. Walker, 
 William Paul, Samuel L. Fleming, Theodore Perry, William 
 Fisher, William S. Maus, Gideon W. Rupert, Philo H. Thompson, 
 George N. Walker, N. J. Rockwell, James M. Ruggles, F. S. D. 
 Marshall, Benjamin Bushby, James Dunlap, Joseph J. Cassell, 
 Alexander M'Donald, and their associates, successors, and assigns, 
 are hereby created a body corporate and politic, under the name 
 
 8t yie. an d style of the " ILLINOIS RIVER RAILKOAD COMPANY," with per- 
 petual succession, and by that name be and they are hereby 
 General ma< le capable, in law and in equity, to sue and be sued, plead 
 powers. an( j i^ i m pi e aded, defend and be defended, in any court of law 
 and equity in this State, or in any other place ; to make, have, 
 and use a common seal, and the same to renew and alter at pleas- 
 ure ; and shall be, and are hereby, vested with all the powers, 
 privileges, and immunities which are or may be necessary to 
 
 objects, carry into effect the purposes and objects of this act, as herein- 
 after set forth ; and the said Company are hereby authorized and
 
 49 
 
 empowered to locate and construct, and finally complete, a rail- 
 road from the town of Jacksonville, in Morgan County, via 
 Virginia, in Cass county, to the town of Bath, Mason county, J 
 and thence, by way of Pekin, in Tazewell county, Lacon, in 
 Marshall county, to La Salle, in La Salle County ; and for this 
 purpose said Company are authorized, upon the most eligible and 
 proper route, to lay out their said railroad wide enough for a 
 single or double track, through the entire length, and may enter 
 upon and take a strip of land not exceeding one hundred feet in 
 width, and for the purpose of cuttings, embankments, procuring 
 stone and gravel, may take as much land as may be necessary, 
 for the proper construction of and security of said road. 
 
 SEC. 2. The capital stock of said Company shall consist of one capital 
 million of dollars, and may be increased to two millions of dollars, 
 to be divided into shares of one hundred dollars each. The 
 immediate government and direction of said Company shall be Directors. 
 vested in five directors, who shall be chosen by the stockholders 
 of said Company in the manner hereinafter provided, who shall > 
 hold their office for one year after their election, and until others 
 shall be duly elected and qualified to take their places as direc- 
 tors, a majority of whom shall form a quorum for the transaction of 
 business, shall elect one of their number to be the president of the president. 
 company ; that said board of directors shall have power to appoint 
 all necessary clerks, secretaries, and other officers necessary in Appoint- 
 
 J ' ' . ment other 
 
 the transaction of the business of said corporation. officers. 
 
 SEC. 3. The said corporation is hereby authorized, by their ^ exam 
 agents, surveyors, and engineers, to cause such examinations and^ e a t n h d e sur ~ 
 surveys to be made of the ground and country between the route - 
 points herein named, as shall be necessary to determine the most 
 advantageous route for the proper line or course whereon to con- 
 struct their said railroad ; and it shall be lawful for said Company 
 to enter upon, and take possession of, and use all such lands andi a ^. y t! 
 real estate as may be necessary for the construction and mainten- 
 ance of their said railr >ad : Provided, that all lands and real 
 estate entered upon, and taken possession of, and used by said 
 corporation for the purposes and accommodation of said railioad, 
 or upon which the site of said railroad shall have been located or 
 determined by the said corporation, shall be paid for by the said for lands ta- 
 Company in damages, if any be sustained by the owner or owners 
 
 4
 
 50 
 
 thereof by the use of the same for the purposes of the said railroad ; 
 and all lands entered upon and taken for the use of the said cor- 
 poration, which are not donated to said Company, shall be obtained 
 and paid for in the manner provided for taking lands for the con- 
 struction of public roads, canals, and other public works, as 
 described in the act concerning right of way, approved March 
 3d, 1845. 
 Penalties SEC. 4. If any person shall wilfully, maliciously, or wantonly 
 
 ing oAnjur- and contrary to law, obstruct the passage of any car on said rail- 
 road, or any part thereof, or anything belonging thereto, or shall 
 damage, break, or destroy any part of the said railroad, or imple- 
 ments, or buildings, he, she, or they, or any person assisting, shall 
 forfeit and pay to said Company, for every such offense, treble 
 the amount of damages, that shall be proved before competent 
 courts has been sustained, and be sued for in the name and behalf 
 of the said Company ; and such offender or offenders shall be 
 deemed guilty of a misdemeanor, and shall be liable to indict- 
 ment in the same manner as other indictments are found in any 
 county or counties where such offense shall have been committed ; 
 and upon conviction, every such offender shall be liable to a fine 
 not exceeding five thousand dollars for the use of the county 
 where such indictment may be found. 
 Annual SEC. 5. The time of holding the annual meeting of said Com- 
 
 Sfd e eiecttons pany for the election of directors shall be fixed and determined 
 by the by-laws of said Company ; and at all meetings each stock- 
 holder shall be entitled to a vote, in person or by lawful proxy, 
 one vote for each share of stock he, she, or they, may hold bona 
 fide in said Company. 
 
 SEC. 6. The persons named in the first section of this act are 
 
 This sec- 
 
 ti( 5edVthe nere ky appointed commissioners, who, or a majority of whom, 
 the B amenda- are ner eby authorized to open subscription books for said stock, 
 ISM act f a ^ sucn places as they may deem proper. The said commissioners 
 shall require each subscriber to pay five dollars on each share 
 subscribed, at the time of subscribing ; and whenever one hun- 
 dred thousand dollars shall be subscribed, the said commissioners 
 shall call a meeting of the stockholders, by giving thirty days' 
 
 notice in some newspaper printed in the county of ; and at 
 
 such meeting it shall be lawful to elect the directors of said 
 Company ; and when the directors of said Company are chosen,
 
 51 
 
 the said commissioners shall deliver said subscription books, with 
 all sums of money received by them as commissioners to said 
 directors. No person shall be a director in said Company, unless 
 he shall own at least five shares of the capital stock. 
 
 SEC. 7. The right of way and the real estate purchased for the ,^3 section 
 right of way, by said Company, whether by mutual agreement ^ 
 or otherwise, or which shall become the property of the Company 
 by operation of law, as in this act provided, shall, upon the pay- 
 ment of the amount of money belonging to the owner or owners 
 of said lands, as a compensation for the same, become the property 
 of the said Company in fee simple. 
 
 SEC. 8. The said Company may take and transport upon said t 
 railroad any person or persons, merchandise, or other property, 
 by the force and power of steam or animals, or any combination 
 of them, and may fix, establish, take and receive such rates of 
 toll for all passengers and property, transported upon the same, 
 as the directors shall from time to time establish ; and the directors 
 are hereby authorized and empowered to make all necessary 
 rules, by-laws, regulations, and ordinances, that they may deem By Laws. 
 necessary and expedient to accomplish the designs and purposes, 
 and to carry into effect all the provisions of this act, and for the 
 transfer and assignment of its stock, which is hereby declared stock is 
 
 personal pro- 
 perSOnal property, and transferable in such manner as shall bep ert y * n a 
 
 provided for by the .by-laws and ordinances of said corporation, fcrabie. 
 
 SEC. 9. The directors of said Company, after the same is organ- 
 ized, shall have power to open books, in the manner prescribed 
 in the sixth section of this act, and to fill up the additional one Additional 
 million of dollars of stock, or any part thereof, at such times as cai>italstock> 
 they may deem it for the interest of said Company ; and all the 
 installments required to be paid on the stock originally to be hiw'llTbc 18 
 taken, and what may be taken to increase said capital stock, pai( 
 shall be paid at such times, and in such sums, as said directors 
 may prescribe. 
 
 SEC. 10. In case of the death, resignation, or removal of the vacancies. 
 president, vice-president, or any director, at any time between 
 the annual elections, such vacancy may be filled for the remainder 
 of the year, whenever they may happen, by the board of directors ; 
 and in case of the absence of the president and vice-president, 
 the board of directors shall have power to appoint a president
 
 52 
 
 pro tempore, who shall have and exercise such powers and functions 
 as the by-laws of the said corporation may provide. In case it 
 should, at any time, happen that an election shall not be held on 
 any day on which, in pursuance of this act, it ought to be held, 
 the said corporation shall not, for that cause, be deemed dissolved, 
 but such election shall be held at any other time directed by the 
 by-laws of said corporation. 
 Damages to g EC- n. That when the lands of any feme covert, person under 
 
 infants, feme 
 
 how^ter-' a & 6 ' or notl com P os i^entis^ or out of this State, shall be taken in 
 mined. fo e construction of said railroad, as is provided by this act, the 
 said corporation shall pay the amount that shall be awarded as 
 due to the said last mentioned owners respectively, whenever the 
 same shall be lawfully demanded. That to ascertain the amount 
 to be paid to the persons named in this section, for the lands 
 taken for the use of the said corporation, it shall be the duty of 
 the judge of the judicial circuit within which said land may be 
 situated, upon notice given to him by the said corporation, to 
 appoint three commissioners, to be persons not interested in the 
 matter, to determine the damages which the owner or owners of 
 the land, or real estate, so entered upon by the said corporation, 
 has or have sustained by the occupation of the same ; and it shall 
 be the duty of said commissioners, or a majority of them, to 
 deliver to said corporation a written statement of the awards they 
 shall make, with a description of the land or real estate appraised, 
 to be recorded by the said corporation in the clerk's office, in the 
 county in which the land, or real estate, so appraised, shall lie ; 
 and then the said corporation shall be deemed to be seized and 
 possessed in the fee simple of all such lands, or real estate, as 
 shall have been appraised by the said commissioners. 
 
 water SEC. 12. That whenever it shall be necessary for the con- 
 
 courses and . 
 
 highways, struction oi said railroad, to intersect or cross any water course, 
 
 or any road, or highway, lying between the points aforesaid, it 
 shall be lawful for the corporation to construct their railroad 
 across, or upon, the same : 
 
 Provided, That the corporation shall restore the watercourse, 
 
 or road, or highway, thus intersected, to its former state, or in a 
 
 sufficient manner not to have injured its usefulness. 
 
 increase of SEC. 13. The capital stock of said company may be increased 
 
 ' 'from one million of dollars, to two million five hundred thousand
 
 53 
 
 dollars, from time to time, by new subscriptions, if such increase 
 shall be found necessary to fulfil the intention of this act, upon 
 the directors, for the time being, giving the notice, as herein 
 required, previous to the opening of the subscription books for 
 the original stock therein ; and that all stock of said corporation 
 shall be deemed personal property, and transferable in such 
 manner as the said corporation shall, by its by-laws, prescribe, transferable! 
 
 SEC. 14. That it shall be lawful for the directors to require 
 payment of the sums subscribed to the capital stock, at such 
 times, and in such proportions, and on such conditions, as they 
 shall deem fit, under the penalty of the forfeiture of all previous 
 payments thereon, and shall give notice of the payments thus ^j^ 01106 of 
 required, and of the place, and time, when and where, the 
 same are to be paid, at least ninety days previous to the payment 
 of the same, in some public newspaper of this state, published 
 in some one of the places where the notices for the opening the 
 books for subscription to the capital stock may have been pub- 
 lished. 
 
 SEC. 15. Said company is hereby authorized, from time to Power to 
 
 . borrow mon- 
 
 time, to borrow such sum, or sums, of money as may be necessary ey on bonds 
 for completing, and finishing, or operating their said railroad, gage- 
 and to issue and dispose of their bonds, in denominations of not 
 less than five hundred dollars, bearing a rate of interest not 
 exceeding seven per centum per annum, for any amount so bor- 
 rowed, and to mortgage the corporate property and franchises, or 
 convey the same by deed of trust, to secure the payment of any 
 debt contracted by said company, for the purposes aforesaid. 
 And the directors of said company may confer on any bondholder 
 of any bond issued for money borrowed as aforesaid, the right 
 to convert the principal due, or owing thereon, into stocks of said 
 company, at any time not exceeding ten years from the date of 
 the bond, under such regulations as the directors of said company 
 may see fit to adopt ; and all sales of such bonds that may be 
 made at less than their par value, shall be good, and valid, and 
 binding, upon said corporation, as if said bonds had been sold for 
 the full amount thereof. 
 
 SEC. 16. The width of said railroad is to be determined by width oi 
 the said corporation, within the limits prescribed by the first 10 ' 
 section of this act.
 
 54 
 
 Time of SEC. 17. This act shall be in force from, and after, its passage, 
 
 anSconfplet-and said company shall commence said work within three years, 
 
 and complete the same within ten years, from the passage of 
 
 this act. 
 
 union with SEC. 18. Said company shall have power to unite its railroad 
 
 other roads. r * 
 
 with the railroad which may be constructed from Jacksonville, 
 in Morgan county, to Alton, in Madison county, by the Jackson- 
 ville and Carrolton railroad company, or any other company, and 
 for that purpose full power is hereby given to said company to 
 make and execute such contracts, with any company, as will 
 secure the objects of connecting with any railroad built, or to be 
 built, at Jacksonville. 
 
 Approved, February 11, 1853. 
 
 AMENDATORY ACTS. 
 
 AN ACT to Amend an Act entitled, " An Act to construct a 
 Railroad frotn Jacksonville, in Morgan County, to La Salle, 
 in La Salle County" 
 
 SEC. 1. Be it enacted by the people of the State of Illinois, 
 represented in the General Assembly, That James Dunlap, James 
 M. Ruggles, and Gideon "W. Rupert, are hereby appointed com- 
 missioners, who, or a majority of whom, after a meeting duly 
 called by twenty days' notice in newspapers published in Mor- 
 gan, Mason, and Tazewell counties, are hereby authorized to 
 6tockbooks! P en subscription books for subscribing to the capital stock of 
 said Company, at such places as they may deem proper, and 
 shall keep said books open until one hundred thousand dollars of 
 said capital stock shall be taken. Said commissioners shall 
 require each individual subscriber to pay ten dollars on each 
 share subscribed, at the time of subscribing, and shall require 
 counties, towns, or cities, subscribing, to issue bonds to the 
 amount of ten dollars per share at the time of subscribing. Said 
 commissioners shall immediately thereafter call a meeting of 
 6tSo\dtrf s ^ oc khlders, by giving thirty days' notice in some newspaper 
 ^directors! 11 printed in the counties of Morgan, Mason, or Tazewell, and at
 
 55 
 
 -such meeting it shall be lawful to elect Directors of said Com- 
 pany ; and when the Directors of said Company are chosen, the 
 said commissioners shall deliver said subscription books, with all 
 sums of money, and all bonds received by them as commissioners, 
 to said Directors. No person shall be a Director in said Company 
 unless he shall own at least five shares of the capital stock of 
 .said Company. 
 
 Sec. 2. Said Company shall have the power to unite or con soli- 
 date its Kailroad with any other Railroad now constructed, or other roads> 
 which may hereafter be constructed, within this State on the 
 route of said Eoad, or at the terminus of said Koad, upon such 
 terms as may be mutually agreed upon between the Companies so 
 connecting ; and for that purpose, full power is hereby given to 
 said Company to make and execute such contracts with any other 
 Company as will secure the objects of such connection ; and said 
 Company shall not be required to build that portion of said Road 
 north of such connection as may be agreed upon, unless a major- 
 ity of the Directors of said Company shall be in favor of extend- 
 ing and completing said Road north of said connection. 
 
 SEC. 3. The right of way and the real estate purchased by Right of 
 said Company, whether by mutual agreement or otherwise, or way ' 
 which shall become the property of the Company by operation 
 of law, shall, upon the payment of the amount due to the owner 
 or owners of said lands, become the property of the said Company 
 in fee simple. 
 
 SEC. 4. Sections six and seven of the act to which this is an sections 6 
 
 and 7 of orl- 
 
 amendment, are hereby repealed; and all parts ot said act con- g 
 flicting with the foregoing amendatory act. 
 
 SEC. 5. James M. Ruggles, Benjamin Beesley, Hugh Lamas- 
 ter, John S. "Winter, William McMurtry, and Lemuel Andrews, 
 are hereby authorized to construct and operate a branch of the T0& j[ 
 " Illinois River Railroad," to be called the "Mississippi and Dli-St 
 nois River-Railroad," from Bath, in Mason county, to Rock Island, 
 in Rock Island county, via Lewiston, in Fulton county, Knoxville 
 and Henderson, in Knox county ; and for the purpose of con- 
 structing said branch road, said commissioners named in this sec- 
 tion are hereby declared to possess all the powers, and be subject 
 to all the restrictions contained in this act, and the act to which 
 this is an amendment. The capital stock of said Company shall
 
 56 
 
 be one million and five hundred thousand dollars ; and said Com- 
 pany are hereby authorized to increase their capital stock to such 
 an amount as may be necessary to complete such branch road, 
 under the same provisions and regulations as are provided for in 
 this act, and the act to which this is an amendment. The above- 
 named commissioners are hereby authorized to open books for 
 subscription to the capital stock of said Company, at such places 
 on the line of said branch road as maybe agreed upon, by giving 
 notice as provided for in this act. 
 
 A ferry and SEC. 6. Said Company shall have the right to establish a 
 the Iranch ferry at the place of crossing the Illinois River, and also of con- 
 structing a bridge across the same ; Provided, said bridge shall 
 be so constructed as not materially to obstruct the navigation of 
 said river. Said Company shall also have the right to consolidate, 
 unite with, or cross any railroad constructed or to be constructed 
 on the route of said branch road, as provided for in this act. 
 
 b 8t cas^and ^ EC * ^' *^ 11 ' s ac ^ s ^ a ^ no * be so construed as to impair or in 
 Mason coun- any wise affect the vote already taken for subscribing stock in the 
 " Illinois River Railroad," by the counties of Cass and Mason, 
 and said election and all proceedings heretofore had by said Com- 
 pany, are hereby declared to be legal and binding in law and 
 equity. 
 
 Tnisapub- SEC. 8. This act is hereby declared to be a public act, and 
 shall be in force from and after its passage. 
 Approved, March 1, 1854. 
 
 AN ACT to amend the Charter of the Illinois River Rail Road 
 Company. 
 
 Additional SEC. 1. Be it enacted by the People of the State of Illinois, 
 
 powers. represented in the General Assembly. That the Illinois River 
 
 May receive Railroad Company, as the same is at present organized under the 
 
 estoteby r do- provisions of an act entitled, "An act to construct a railroad 
 
 purchased from Jacksonville, in Morgan county, to La Salle, in La Salle 
 
 convey as ne coun |.y j approved February llth, 1853, and an act entitled " An 
 
 act to amend an act entitled " An act to construct a railroad from 
 
 Jacksonville, in Morgan county, to La Salle, in La Salle county," 
 
 approved March 1st, 1854, shall have not only the rights, powers,
 
 57 
 
 and privileges conferred by said act, but in addition thereto shall 
 have power and authority to have, receive, hold, sell and dispose 
 of any donations of real or personal property, for the use of said 
 Company, and to acquire, by purchase and hold, for the use of 
 said Company, in the constructing or operating said railroad, or 
 to sell the same, if found not necessary or proper to be retained. 
 
 SEC. 2. The said Illinois Kiver Kailroad Company shall have 
 power to issue their bonds, in sums not less than five hundred^ under 
 dollars, bearing an interest not exceeding ten per cent, for such 
 amount as may be necessary to complete their road and put the 
 same in full operation, and to sell said bonds at par or on such other 
 terms as said Company may agree on. 
 
 SEC. 3. Said Company shall also have the right to enter upon May take 
 and appropriate to its exclusive use and control all and singular materials to 
 
 IT -i i / i i / i i construct 
 
 any lands, streams and materials, of every kind, for the location rood. 
 of depots and stopping stations, for constructing bridges, dams, 
 embankments, excavations, station grounds, spoil banks, turnouts, 
 engine houses, shops and other buildings, necessary for construct- 
 ing, completing, altering, maintaining, preserving and complete 
 operations of said road ; but when said lands, streams, or materials 
 belong to any person or persons, company or corporation, and 
 cannot be obtained by contract, grant or release, the same may be 
 taken and paid for, if any damages are assessed, as provided in 
 the acts to which this is an amendment, and when the damages 
 assessed, if any, are paid or tendered, the said lands, streams and 
 materials shall be vested in said Company ; provided, that if the 
 owners of any lands, .streams or materials taken for any of the 
 purposes provided in this section, or for the purposes mentioned 
 in the acts aforesaid, shall appeal from the assessment of dam- 
 ages for taking the same, the said Company may tender to the 
 owner or pay to the clerk of the Court to which the appeal is 
 taken, for the use of the owner or owners, the amount of dam- 
 ages assessed, and file with the Clerk of said Court a bond, with 
 security, to be approved by him, for the payment of such ad- 
 ditional damage and costs as may be awarded against said Com- 
 pany, on the trial of said appeal, then said Company may take 
 possession of and hold, for their exclusive use, such lands, streams, 
 or materials in the same manner as if said appeal had not been 
 taken. 
 
 Damages. 
 
 How paid.
 
 58 
 
 May give SEC. 4. Said Company shall have power by mortgage or deed 
 secu^ondsof trust on all or any part of the property, or franchises 
 owned by said Company, to secure the payment of such bonds 
 as said Company may issue, or such sums of money as said Com- 
 pany may agree to pay, for any purposes connected with the con- 
 struction or operation of the railroad aforesaid. 
 
 strMt y acro^ ^ EC - ^' Said Company shall have power to construct their 
 cour^ToT roa d on or across any stream of water, or water-course, road, high- 
 highway, way, railroad or canal which the route of said road shall intersect, 
 but the Company shall restore the stream or water-course, road or 
 highway, thus intersected, to its former state, or so near thereto 
 as not materially to impair its usefulness. Whenever the said 
 railroad shall intersect a road or highway, the said Company 
 shall have power to change the line of such road or highway, if 
 said change shall not materially impair the usefulness of such 
 road or highway; and the Company may take such additional 
 lands as may be necessary for the change of said road or highway, 
 making compensation therefor, to be ascertained as in other cases 
 provided by the acts aforesaid. 
 
 SEC. 6. The said Company shall have power to make and 
 ordain such rules and By-Laws as may be necessary for the gov- 
 ernment of the Company, its servants and agents ; and the 
 certificate of the Secretary or principal Clerk of said Company, 
 under the seal of said Company, shall be received in all courts 
 and places as evidence of said rules and By-Laws, the appoint- 
 ment of agents or officers, or of any order of said Company, and 
 also of the due organization thereof. 
 
 County sub- SEC. 7. In all cases where subscriptions of stock have been 
 court to levy or shall be made to said Company, \>y any county, in pursuance of 
 
 bonds 84 * a vote ^ *^e C0unt 7j it sna ^ be the duty of the County Court of 
 each county, respectively, to levy a sufficient tax to pay the 
 interest on the bonds to be issued for said stock ; which tax shall 
 remain in force until said bonds shall be paid off and discharged ; 
 and said tax may from time to time, be increased or diminished 
 so as to produce sufficient funds for the payment of interest. 
 
 When work SEC. 8. The said Company may commence building their road 
 
 to be corn- 
 corn Teted nd at an y t * me W1 ^ n fi ve vears fr m the passage of this act, and 
 shall own and operate such part as may be completed, notwith- 
 standing the whole road may not be finished.
 
 59 
 
 SEC. 9. The Directors of said Company shall have power. Directors, 
 while engaged in the construction of said road, or so much there- Siis ^ e 
 of as lies within the boundary of any one county, to make calls separately. 
 of the stock subscribed by said county or by citizens thereof, as 
 said Directors may esteem necessary, without making the same 
 calls on other counties or the stockholders residing therein ; and 
 until a corresponding call is made in the adjoining county, such 
 calls shall be expended within the boundary of the county on 
 which the excessive call is made. 
 
 SEC. 10. When said Company shall have decided to unite tecTu 
 their road with any other railroad authorized to be built but 
 completed, the said Company may make such contract in regard er 
 to the building of said road, at the joint expense of the two 
 Companies, as to them may seem just and equitable. 
 
 SEC. 11. Said Company is authorized to build railroad bridges, May build 
 for the use of said road, across the Illinois river and the Sanga- across rivers. 
 mon river, leaving across the Illinois river, a sufficient draw and 
 space for the safe passage of steamboats and other river crafts. 
 
 SEC. 12. The said Company shall have power to declare for- c ia^e y stock 
 feited the stock of any stockholder who shall fail to pay the in- su eitedl r 
 stallments called by the Board of Directors, or any one of said 
 calls, within sixty days after said calls become due, or may sue 
 for said calls, as in other cases ; and twenty days notice shall be ca n s tlce f 
 sufficient for the making of such calls, instead of the time re- 
 quired in the acts aforesaid ; which notice may be served person- 
 ally, or by advertisement in a newspaper published in the county 
 where the stockholder may reside. 
 
 SEC. 13. This act to take effect and be in force from and after 
 its passage. 
 
 SEC. 14. The said Company is hereby authorized to lay off 
 and construct their railroad, on the most eligible and direct route 
 between Jacksonville and Pekin ; but, in case the road shall not ro ' 
 run through either of the points, between said places, mentioned 
 in the original charter, the said Company shall, as soon as practi- 
 cable after the road is put in operation, build and operate a side 
 track to such point. 
 
 SEC. 15. This act, as also the original charter of said Com-, This and 
 
 former acts 
 
 pany and the act amendatory thereto, shall be deemed public Jj 
 acts, and shall be so received and taken notice of in all courts. acts -
 
 60 
 
 taken in the Counties of Morgan and 
 5 an( i the city of Pekin, for subscribing stock to said rail- 
 le " roa( i Company, are hereby declared to have been legally made 
 and taken, and stock shall be subscribed by the county courts of 
 said counties and the proper authority of the city, in pursuance 
 of the orders under which said votes were taken, and bonds shall 
 be issued for said subscriptions accordingly. 
 Approved, January 29, 1857. 
 
 AN ACT to amend an Act, entitled : " An Act to construct a rail- 
 road from Jacksonville, in Morgan County, to La Salle, in 
 La Salle County -," approved February 11, 1853; and, also to 
 amend an Act entitled, "An Act to amend an Act entitled, 
 ' An Act to construct a railroad from Jacksonville, in Morgan 
 County, to La Salle, in La Salle County?" Approved, March 
 1, 1854. 
 
 SEC. 1. Be it enacted by the people of the State of Illinois. 
 
 Eight of 
 
 way, how represented in the General Assembly, that in case " The Illinois 
 
 obtained. _* .* *i T . , . i 
 
 Kiver Kailroad Company cannot obtain the title to the lands 
 required or needed for the right of way, depot or station grounds, 
 turn-outs, switches, or other necessary uses or useful purposes, in 
 the locating, building, keeping in repair, and operating of said 
 railroad, by purchase, contract, or voluntary conveyance, then 
 said Company are hereby authorized to proceed, to ascertain and 
 determine the damages sustained by the owner or owners, occu- 
 pier or occupiers of .such lands, and obtain the right and title to 
 said lands in the manner and upon the principles provided and 
 contained in " An Act to amend the law condemning right of 
 way for purposes of internal improvement," approved, June 22, 
 1852 ; or, in the manner and upon the principles specified in the 
 above recited acts or any act amendatory thereof; or, in the 
 manner and upon the principles provided and contained in any 
 other act that may have been, or may hereafter be, passed by the 
 General Assembly of the State of Illinois, to enable railroad 
 Companies to appropriate lands for the purposes aforesaid.
 
 61 
 
 SEC. 2. The said Company is hereby authorized to receive 
 subscriptions to the capital stock of the Company, payable 
 any time or in any manner that may be specially agreed upon by * c ' 
 the Company and the subscribers thereof ; and said agreement 
 may bear such interest as may be contracted for ; and, for secur- 
 ing the payment of the same the said Company may take the 
 bond or bonds of said subscriber or subscribers and a mortgage 
 or mortgages, deed or deeds of trust upon real estate. On a fail- 
 ure to pay any sum or sums of money agreed to be paid as afore- 
 said, or the interest on the same, as the same may accrue, the 
 said Company may foreclose such mortgage or mortgages, or sell 
 and convey the said real estate, agreeably to the provisions of 
 said deed or deeds of trust. The bonds or mortgages or deeds of 
 trust, herein provided for, may be assigned or transferred by the 
 said Company, and such assignment shall vest in the assignee or 
 assignees the legal title thereto. 
 
 SEC. 3. All the acts and proceedings of the corporators, and O f r 
 also of the commissioners, and each of them, named in the acts lc 
 of which this is an amendment, or any of them, in opening sub- 
 scription books and obtaining, authorizing the obtaining, or in re- 
 ceiving subscriptions to the capital stock of " The Illinois River 
 Railroad Company," or otherwise, whether such acts and proceed- 
 ings were done, and had, by any one or more of said corporators 
 or commissioners, in proper person or by any other person or 
 persons acting by or under their authority, are hereby declared 
 to be legal, valid, and binding in law, whether all the require- 
 ments of the Acts, to which this is an amendment, have been 
 strictly complied with or not. 
 
 SEC. 4. The vote taken in the County of Cass, in the year t 
 A. D. eighteen hundred and fifty-three, which resulted in favor * 
 of said County's subscribing fifty thousand dollars to the capital 
 stock of " The Illinois River Railroad Company," and also the 
 subscription of fifty thousand dollars, under and by virtue of 
 said vote and to carry the same into eftect, by J. A. Areny, 
 County Judge of Cass^ County, as agents or agent and stock- 
 holder, or otherwise, for and in behalf of said County, are here- 
 by declared to have been legally taken and made, and to be now 
 valid and binding upon the County any technical or other 
 formal defects in said vote or subscription to the contrary, not-
 
 62 
 
 withstanding. And the County Court of Cass county are here- 
 by authorized and required to issue county bonds for said fifty 
 thousand dollars, and deliver the same to the said Company at 
 the time or times and in the manner and upon the principles of 
 the general laws of this State relating to subscriptions by coun- 
 ties to the capital stock of railroad Companies. 
 
 tel t<wm ra " SEC. 5. The provisions of an act entitled, " An Act supple- 
 whethe^ 6 mental to an Act, entitled, ' An Act to provide for a general sys- 
 subscrfbe tern of railroad incorporations,' " approved, November 6, 1849 ; 
 and also of " An Act to facilitate the construction of railroads," 
 approved, March 1st, 1854, are hereby declared and made applic- 
 able to each and every town now incorporated or that may here- 
 after be incorporated, situated at either end or on the line of the 
 Illinois Railroad, or within one mile thereof, as the same has been 
 heretofore surveyed (to wit : in the year A. D. 1856, by "W. G. 
 Wheaton, engineer,) or may hereafter be located ; and the corpo- 
 rate authorities of any such town may order an election or elec- 
 tions, to be held in such town by the legal voters thereof, upon the 
 question whether the town, in its corporate capacity, will or will 
 not subscribe to the capital stock of " The Illinois River Eailroad 
 Company" any sum not exceeding fifty thousand dollars. And 
 in case any such election shall be held, the same shall be con- 
 ducted as other town elections. And, if any such election shall 
 result in favor of making such subscription, all the provisions of 
 the two acts recited in this section, and also of all other general 
 laws relating to subscriptions by counties to the capital stock of 
 railroad companies, and also all the provisions of " An Act to 
 amend the charter of the Illinois River Railroad Company," 
 passed at the present Session of the General Assembly, so far as 
 said act relates to requiring counties and cities to provide, by 
 taxation or otherwise, for the payment of interest on county or 
 city bonds, shall apply to and govern the corporate authorities 
 of such town in making such subscription, and in all the subse- 
 quent proceedings relating thereto ; and the rights of such town 
 against said Company shall be the same, with the like remedies 
 to enforce such rights, as the rights and remedies of counties in 
 cases of county subscriptions. 
 
 SEC. 6. The said Company may, if they deem it advisable, 
 locate, construct, finally complete and operate said road, or any
 
 63 
 
 part or parts thereof, by or in divisions of such length and with of 
 such names or numbers as may, by order of the Board of Direct- di6cretio eir 
 ors, be determined upon ; and the Board shall have power, in their 
 discretion, to order that all the subscriptions of persons living tfskmsf 
 adjacent to any of such divisions, or made specially to aid in the 
 construction of any such divisions, shall be applied exclusively 
 to the construction of such division or divisions. And the Board 
 of Directors shall also have power to order that no other subscrip- 
 tions sball be expended on any of such divisions other than such 
 as may be specified in any order of the Board, made as above- 
 named, in which case such order shall be in full force until re- 
 pealed or modified ; and no other subscriptions or moneys of the 
 Company shall be expended or be liable to be expended, on the 
 division or divisions named in such order so long as such order 
 shall be unrepealed or unmodified. Provided, that in case there 
 should be a surplus of the subscriptions directed by any such or- 
 der to be expended on any such divisions left after completing 
 the grading, tieing and bridging of such division or divisions, 
 then such surplus may be expended on some other part of the 
 road. 
 
 SEC. 7. This Act shall have all the force and effect of a pub- 
 lic Act, and shall take effect and be in force from and after its 
 passage. 
 
 Approved, February 16, 1857. 
 
 STATE OF ILLINOIS, ) 
 
 United States of America, j ss * 
 
 I, O. M. Hatch, Secretary of State, within and for the afore- 
 said State of Illinois, certify that the aforegoing pages contain 
 full and accurate copies, from the originals in my office, of four 
 acts of the General Assembly of said State, and that said acts 
 were severally appoved, and became laws of said State, at the 
 times mentioned in said copies ; which four acts are respectively 
 entitled as follows : 1st, "An act to construct a railroad from 
 Jacksonville, in Morgan^County, to La Salle, in La Salle County:" 
 2d, "An act to amend an act entitled, an act to construct a rail-
 
 64 
 
 road from Jacksonville, in Morgan County, to La Salle, in La 
 Salle County:" 3d, ,"An act to amend the Charter of the Illinois 
 River Railroad Company :" "An act to amend an act entitled, 
 ' An act to construct a railroad from Jacksonville, in Morgan 
 County, to La Salle, in La Salle County, approved February llth 
 1853 ;' and also to amend an act entitled, ' AJI act to amend an 
 act entitled, An act to construct a railroad from Jacksonville, in 
 Morgan County, to La Salle, in La Salle County, approved 
 March 1st 1854.'" 
 
 In Witness whereof, I have hereunto set my 
 hand and caused the great seal of State to 
 [SEAL.] be affixed. Done at the City of Spring- 
 
 field, this 26th day of April, in the year 
 of our Lord, one thousand eight hundred 
 and fifty-eight. 
 
 0. M. HATCH, 
 
 Secretary of State.
 
 COPY OF ONE OF THE 1320 BONDS 
 
 SECURED BT 
 
 0f Crust. 
 
 No. . $1,000. 
 
 UNITED STATES OF AMERICA, 
 
 STATE OF ILLINOIS. 
 
 Incorporated February llth, A. D. 1853. 
 
 Secured ~by the entire Net Earnings of the Railroad, as a Sinking 
 
 Fund. 
 
 KNOW ALL MEN BY THESE PRESENTS, that the Illinois River Rail- 
 road Company, a body corporate, created by and domiciled in 
 the State of Illinois, hereby acknowledges itself indebted and 
 bound to George T. M. Davis, or bearer, in the sum of one 
 thousand dollars lawful money of the United States of America, 
 which sum the Illinois River Railroad Company hereby promises 
 to pay at the Importers and Traders' Bank, in the city of New 
 York, to the said George T. M. Davis, or bearer, on the first day 
 of January, A. D. 1880, with interest from and after June 30th, 
 1859, at tne rate of ten per centum per annum, payable semi- 
 annually at said Importers and Traders' Bank, in said city of 
 New York, on the first days of January and July in each year 
 after June 30th, 1859, on presentation and surrender of the 
 annexed dividend or interest warrants. 
 
 This bond is one of a series of seven hundred and twenty 
 bonds for one thousand dollars, each numbered from one to seven 
 5
 
 66 
 
 hundred and twenty, both inclusive, and of six hundred bonds 
 for five hundred dollars each, numbered from seven hundred and 
 twenty-one to thirteen hundred and twenty, both inclusive, and 
 amounting in the aggregate to ONE MILLION AND TWENTY THOUSAND 
 DOLLARS, and which have been made and executed by said Illinois 
 River Railroad Company, under express authority, granted by 
 several acts of the General Assembly of the State of Illinois, and 
 for the purposes authorized by and specified in said acts. And 
 as security for the payment to the holders of said issue of said 
 thirteen hundred and twenty bonds, with the interest to grow 
 due thereon, the said Illinois River Railroad Company has duly 
 executed, acknowledged, and delivered, under the authority of 
 said special acts, and of resolutions unanimously passed and 
 adopted by its Board of Directors, to Lucius Hopkins, George T. 
 Cobb, and Alexander Studwell, as Trustees, a mortgage, or deed 
 of trust, bearing even date herewith, and whereby all the real 
 and personal property, rolling stock, franchises and effects, now 
 owned or acquired, or hereafter to be owned or acquired by it, 
 are mortgaged and conveyed to said trustees, and the survivors 
 of them, as by reference to said mortgage or deed of trust, or the 
 record thereof, will more fully appear, and to which and to all 
 the terms and provisions thereof, reference is hereby specially 
 made. 
 
 And as a further security for the payment to the holders of 
 said issue of said thirteen hundred and twenty bonds, with the 
 interest thereon to grow due, the said Illinois River Railroad 
 Company has, in the manner and upon the terms and conditions 
 specified in said mortgage or deed of trust, irrevocably pledged 
 the entire net income of its railroad for the payment of the 
 interest due or to grow due upon said bonds, and for the creation 
 and maintenance of a SINKING FUND, to be applied to the payment 
 and redemption of all said bonds, both principal and interest, in 
 the mode and manner specified in said mortgage or deed of trust, 
 and to which reference is hereby specially made as a part hereof. 
 And it is expressly agreed by and between said Illinois River 
 Railroad Company and the several holders of said thirteen hun- 
 dred and twenty bonds, that the same are issued or negotiated, 
 and are held, and are to be held, subject to redemption, by lot or 
 otherwise, out of said SINKING FUND, at any time before January
 
 tt 
 
 1st, A- I)- 1880, in the manner specified in aid mortgage or deed 
 of trust, .and the same are made,' executed, or Issued, and held 
 expressly subject to their payment and redemption before the 
 maturity thereof, out of said SINKING FUND. , 
 
 And it is hereby further expressly' agreed by and between 
 said Illinois River Railroad Company .and the several holders of 
 said thirteen hundred and twenty bonds, that in case said Illinois 
 River Railroad Company shall for the space of thirty days make 
 default in the payment of the semi-annual interest due or to 
 become due on any or either of said bonds, or in case it shall 
 fail to pay over to said SINKING FUND, as provided in said mort- 
 gage or deed of trust, the entire net earnings of its railroad, then 
 and in either of said cases, after the lapse of said thiry days, the 
 whole principal sum mentioned in each and all of said bonds 
 shall immediately thereafter become due and payable, anything 
 herein contained to the contrary thereof notwithstanding, and in 
 case default shall be made either in the payment of said semi- 
 annual interest as aforesaid, or in payment of said net earnings to 
 said sinking fund as aforesaid, then, and in either of said cases, 
 said Trustees are bound and obligated by the very terms of said 
 mortgage or deed of trust, after the lapse of thirty days as afore- 
 said, at the request of two or more holders of said bonds, to fore- 
 close said mortgage or deed of trust, and out of the proceeds of 
 the sale of the mortgaged premises, to pay all said thirteen hun- 
 dred and twenty bonds, both principal and interest. 
 
 ^ 
 
 IN WITNESS WH>RKOF, the said Illinois River Railroad Com- 
 pany has caused this bond to be signed by its President, 
 and attested by its Secretary, and its corporate seal to 
 be hereunto affixed, at its office in the city of Pekin, 
 in the county of Tazewell, and State of Illinois, under 
 the express authority of resolutions of its Board of 
 Directors, this first day of November, in the year of 
 our Lord one thousand eight hundred and fifry-eight. 
 
 Secretary. 
 President. 
 
 THIS is to certify that the above bond is one of thirteen hundred and 
 twenty bonds which are embraced in a mortgage, or deed of trust, bearing 
 even date herewith, made and executed by the Illinois River Railroad
 
 68 
 
 Company, whereby all ifs real and personal property, rolling stock, equip- 
 ment, franchises and effects, acquired and to be acquired, are mortgaged 
 and conveyed to us, as Trustees, as security for the payment of all said 
 bonds. And which mortgage, or deed of trust, has been recorded in the 
 several counties of Illinois through which the railroad of said Company 
 runs ; and constitutes, and is, the first lien or incumbrance upon the 
 property therein described. 
 
 Trustees. 
 
 COPY OF MORTGAGE, OR DEED OF TRUST. 
 
 (1)13 Inbcntttrt, made this first day of November, in the 
 year of our Lord One thousand eight hundred and fifty eight, 
 BETWEEN the ILLINOIS E-IVEK RAILROAD COMPANY a body cor- 
 porate, created by and under certain special acts of the General 
 Assembly of the State of Illinois, party of the first part, and 
 ALEXANDER STUDWELL, Lucius HOPKINS and GEORGE T. COBB, all 
 residing or doing business in the City and State of New York, 
 parties of the second part, WITOESSETH: 
 
 Whereas, the said party of the first part is expressly author- 
 ized and empowered, in and by its charter, and other special acts 
 of said General Assembly, amendatory thereof, or supplementary 
 thereto, to borrow money for the objects and purposes therein 
 specified ; and for such authorized objects and purposes, said 
 party of the first part is desirous of borrowing a sum not exceed- 
 ing ONE MILLION and TWENTY THOUSAND DOLLARS, and of secur- 
 ing the payment of its corporate bonds or obligations issued or 
 negotiated therefor, by a mortgage or deed of trust to said parties 
 of the second part as trustees as hereinafter set forth and provided. 
 And whereas, under and pursuant to lawful authority confer- 
 red by said charter and special acts aforesaid, the Board of 
 Directors of said party of the first part, have unanimously Re- 
 solved, in substance and legal effect, every member of said Board 
 being present, that said ILLINOIS RIVER RAILROAD COMPANY 
 make, execute, issue, negotiate and deliver under its corporate
 
 seal, its corporate bonds bearing even date herewith, severally 
 payable to George T. M. Davis, or bearer, at the IMPORTERS AND 
 TRADERS' BANK, in the City of New York, on the first day of Jan- 
 uary, A. D. 1880, with interest, from and after June 30th, 1859, 
 at the rate of TEN PER CENTDM per annum, payable at the same 
 BANK, semi-annually, as follows, that is to say, tha.t 720 of said 
 bonds be made or issued for the sum of $1,000, each, and that 
 600 of said bonds be made or issued for $500 each, in all 1320 
 bonds, in the aggregate amounting to $1,020,000 and no more 
 and that for the purpose of a more specific identification thereof, 
 that said 1320 bonds be numbered in a consecutive series, from 
 number one to number thirteen hundred and twenty, both inclu- 
 sive, and that upon the face of each bond shall be printed or en- 
 graved a certificate, signed by two or all of the parties of the 
 second part hereto, to the effect that such bond is one of the 1320 
 bonds intended to be secured by these presents. 
 
 And whereas, said Board of Directors have further unani- 
 mously Resolved, under and pursuant to lawful authority con- 
 ferred upon said party of the first part by its charter and special 
 acts aforesaid, in substance and legal effect, that the President 
 and Secretary of said party of the first part, execute and acknow- 
 ledge in its name, and on its behalf, and under its corporate seal, 
 deliver to said parties of the second part hereto, a mortgage or 
 deed of trust, conveying, assigning and transferring to them in. 
 trust all its corporate, real and personal property, franchises, and 
 effects, as security for the payment of said 1320 bonds and the 
 interest due and to grow due thereon; and that such mortgage or 
 deed of trust should contain all and singular the covenants, pro- 
 visos, and conditions hereinafter set forth, and that such mortgage 
 or deed of trust, and the 1320 bonds thereby secured, be severally 
 dated November 1st, A. D. 1858. 
 
 And whereas, said 1320 bonds contain express agreements, 
 stipulations or provisions, in substance and legal effect a^ follows 
 in case said party of the first pat-thereto shall, for the space of 
 thirty days make default in the payment of the semi-annual in- 
 terest due or to become due upon any or either of said 1320 
 bonds ; or in case said party of the first part shall fail, as herein- 
 after provided and covenanted, to create and maintain a SINKING 
 FUND to be applied in payment of said 1320 bonds and the inter-
 
 70 
 
 est due or to grow due thereon as hereinafter mentioned, that 
 then, and in either of said cases, after the lapse of thirty days, the 
 whole principal sum of each and all said 1320 bonds shall imme- 
 diately become due and payable, anything in said bonds to the 
 contrary thereof notwithstanding. t 
 
 NOW, THEREFOEE, THIS INDENTURE WITNESS-, 
 ETH, That the said ILLINOIS RIVER RAILROAD COMPANY, the party 
 of the first part hereto, under, pursuant to, and by virtue of the 
 express powers and authority conferred upon and vested in it by 
 its charter and said special acts aforesaid, and under and pur- 
 suant to Resolutions duly passed and adopted by its Board of 
 Directors, and which are duly entered upon the official minutes 
 of the said Board, and for and in consideration of the foregoing 
 premises, and especially for the purpose and with the intent of 
 the better and more effectually securing the payment of said 1320 
 bonds with the interest due and to grow due thereon, and for 
 and in consideration of one dollar- and other* moneys, -lawful 
 money of the United States of America, by said parties of the 
 second part hereto, in hand fully and truly paid to the said party 
 of the first part hereto, before the ensealing and delivery of -these 
 presents, the receipt whereof is hereby acknowledged, HATH 
 granted, bargained, sold, assigned, transferred and set over, en-~ 
 feoffed, conveyed and confirmed, and by these presents DOTH 
 grant, bargain, sell, assign, transfer and set over, enfeoff, convey 
 and confirm to the said ALEXANDER STUDWELL, Lucius HOPKINS, 
 and GEOKGE T. COBB, the said parties of the second part, as trus- 
 tees and IN TRUST, and to the survivors and survivor of them and 
 to their and his successors or successor, ALL and singular the 
 railroad of the eaid party of the first part hereto, constructed, or 
 hereafter to be constructed from the town of Jacksonville in 
 Morgan County, Illinois, to the junction with the Peoria and 
 Hannibal Railroad, in Peoria County, Illinois, and all future 
 extensions of said railroad as now authorized by the charter and 
 special acts aforesaid, together with all its lands, tenements and 
 hereditaments acquired and appropriated, or which shall here- 
 after be acquired and appropriated for the purpose of a right of 
 way, for a single or a double track railroad, and all the appur- 
 tenances thereunto belonging ; and also, all its lands acquired 
 and appropriated, or which shall hereafter be acquired aud ap-
 
 71 
 
 propriated for depots, engine houses, car houses, station houses, 
 warehouses, machine shops, work shops, superstructures, erec- 
 tions, and fixtures; and also, 'all and singular the franchises, 
 rights and privileges now owned, possessed or acquired, or which 
 shall hereafter be owned, possessed or acquired by said party of 
 the first part ; and also, all the rails, bridges, ways, piers, depots, 
 engine houses, car houses, station houses, warehouses, machine 
 shops, work shops, erections, superstructure', fixtures, privileges, 
 franchises and rights of said party of the first part, and all the 
 lands, tenements, hereditaments, and real estate acquired and ap- 
 propriated wheresoever and whatsoever, or now owned by said 
 party of the first part, or which shall hereafter be owned by it ; 
 and also, all and singular the locomotives, tenders, passenger 
 cars, freight cars, and all other cars, carriages, tools, machinery 
 and equipment for said railroad, and now owned, or which shall 
 hereafter be owned or acquired by said party of the first part ; 
 and also, all goods and chattels, now owned or which shall here- 
 after be owned by said party of the first part, and in any way re- 
 lating or appertaining or belonging to or connected with said 
 railroad or the running or operating the same, together with all 
 rents, issues, income, profits, moneys, rights, benefits and advan- 
 tages derived or to be derived, had, or received therefrom by said 
 party of the first part in any way whatsoever. 
 
 TO HAYE AND TO HOLD all and singular the premises, 
 rights, franchises, property, real and personal, hereinbefore and 
 hereby assigned, mortgaged, pledged and conveyed, or intended 
 so to be, and every part and parcel thereof, with all tbe appurte- 
 nances unto the same belonging or in anywise appertaining, unto 
 them the said ALEXANDER STUDWELL, Lucius HOPKINS and GEORGE 
 T. COBB, the said parties of the second part hereto, and to the sur- 
 vivors and survivor of them, and to their and his successors and 
 successor, and their and his assigns, IN TRUST for the person or 
 persons, firm or firms, bodies politic or corporate who have here- 
 tofore, or who shall hereafter, ati'any time, become the purchasers, 
 or holders, or owners of any or either of said 1320 bonds amount- 
 ing in the aggregate to $1,020,000 and no more, subject to the 
 terms, provisos, and stipulations in said 1320 bonds contained, 
 and subject also to the provisions of the several acts of the said 
 General Assembly of the State of Illinois affecting or relating to
 
 72 
 
 or binding upon the said party of the first part, and also subject 
 to the possession and management of said railroad and property 
 by said party of the first part and its successors or assigns, so 
 long as no default shall be made in the payment of either the in- 
 terest or principal of said 1320 bonds, or any or either of them, 
 and so long as the said party of the first part shall well and truly 
 observe, keep and perform all and singular the covenants, agree- 
 ments, conditions and stipulations in said 1320 bonds, and in this 
 indenture contained and set forth, and which are to be observed, 
 kept and performed by and on the part of said party of the first 
 part. 
 
 And the said ILLINOIS RIVER RAILROAD COMPANY, the party 
 of the first part, HATH covenanted and agreed, and by these 
 presents DOTH, for itself, its successors and assigns, covenant 
 and agree to and with the said parties of the second part hereto, 
 and the survivors and survivor of them and their and his success- 
 ore or successor, in manner and form following, that is to say : 
 
 FIRST That said ILLINOIS RIVER RAILROAD COMPANY, the party 
 of the first part, and its successors, shall and will pay or cause to 
 be paid all taxes, charges, rates, levies, and assessments imposed, 
 assessed or levied, or which may hereafter be imposed, assessed or 
 levied upon the premises, franchises and property hereby mort- 
 gaged, conveyed and assigned or intended so to be ; and shall and 
 will, at its own proper cost, expense and charges, do or cause to 
 be done all acts and things necessary or proper to be done or 
 performed, in order to preserve and keep valid and intact the line 
 or encumbrance upon all and singular the aforesaid premises, pro- 
 perty and franchises, hereby created or intended so to be ; and 
 further, that the lien or encumbrance, created by the execution 
 and delivery of this indenture, constitutes, arid is, in fact, the first 
 valid lien and encumbrance upon the premises, property and 
 franchises there indescribed ; and further, that said ILLINOIS RIVER 
 RAILROAD COMPANY and its successors, shall not and will not, at 
 any time hereafter, take, or in any way or manner use, interpose, 
 or avail itself of any extensio'n laws, stop laws, valuation laws, 
 appraisement laws, or any other laws of said State of Illinois, 
 now in force, or hereafter to be enacted and in force in said State, 
 and which alter, affect or impair, or which are designed, intend- 
 ed or construed to alter, affect or change the rights and interests
 
 73 
 
 of said parties of the second part, as herein declared, or which 
 shall in any way impede or obstruct the mode or manner of rea- 
 lizing, perfecting or enforcing the rights and interests of any of 
 the holders or owners of said 1320 bonds, as herein provided, 
 or which shall affect, change or alter the time, place, mode, means 
 or manner of perfecting, enjoying or enforcing any of such rights 
 or interests as the same are herein declared. 
 
 SECONDLY. That said ILLINOIS RIVER RAILROAD COMPANY, the 
 party of the first part, and its successors, shall and will, at any 
 time, or times, hereafter, and from time to time, execute, acknow- 
 ledge and deliver, under its corporate seal, to the said parties of 
 the second part and the survivors and survivor of them, and their 
 and his successors or successor, all such further and other assur- 
 ances, deeds, mortgages, obligations, transfers, indentures and 
 instruments in writing, and shall and will do and perform all 
 such further or other acts or things, as shall or may be proper or 
 necessary, or as their or his counsel, learned in the law, shall 
 eem necessary, pro pe r or expedient for the better or more effect- 
 ually securing the payment of said 1320 bonds and the interest 
 due or to grow due thereon, or for carrying into effect the true 
 intent, design, objects and purposes of these presents, or mak- 
 ing, preserving, continuing and keeping valid and effectual the 
 lien and encumbrance created or intended to be created by the 
 execution, delivery and recording of this indenture, upon all the 
 property, real and personal, rolling stock, equipment, franchises 
 and effects, now owned, possessed or acquired, or which shall 
 hereafter be owned, possessed or acquired by said party of the 
 first part. 
 
 THIRDLY. And for the purpose of further and more effectually 
 securing the payment of said 1320 bonds, together with the in- 
 terest due or to grow due thereon, that said ILLINOIS RIVER RAIL- 
 ROAD COMPANY, the party of the first part hereto, and its success- 
 ors, shall and will pay or cause to be paid, as hereinafter men- 
 tioned, to the said Importers and Trader^ Bank^ in said city of 
 New York, to the credit of its " Permanent Treasurer" in said
 
 74: 
 
 city, the entire net earnings and receipts of its said Railroad, at 
 the time, in the manner, for the purposes, and as provided in and 
 by a certain agreement or running arrangement, made by said 
 party of the first part hereto with the Chicago and Rock Island 
 Railroad Company, bearing date on or about the 27th day of 
 September, A. D. 1858 ; and that said agreement or running ar- 
 rangement, so made, as last aforesaid, while, and so long as any 
 of said 1320 bonds are outstanding, or unredeemed, or unpaid, 
 shall not be annulled or abrogated, nor altered, changed, or in 
 any manner modified, so as to diminish or otherwise to divert or 
 afiect the payment of said net earnings and receipts to said Im- 
 porters and Traders' Bank, to the credit of said " Permanent 
 Treasurer," as now provided therein, unless the consent in writ- 
 ing thereto of said parties of the second part hereto, or of the 
 survivors or survivor of them or their or his successors or suc- 
 cessor, shall be first had and obtained ; and further, that said ILLI- 
 NOIS RIVER RAILROAD COMPANY, the party of the first part hereto, 
 and its successors, shall and will create and maintain, with and 
 out of the jiet earnings and receipts of its railroad, so to be paid 
 over to the said Importers and Traders'' Bank, to the credit of its 
 " Permanent Treasurer," in the City of New York, two funds ; 
 one to be denominated a " DEPRECIATION FUND," and the other a 
 SINKING FUND ; that ten per cent, of said annual net earnings and 
 receipts shall be annually set apart and held by said " Permanent 
 Treasurer" as and for said Depreciation Fund, to be used and ap- 
 plied by him in keeping the rails and ties of said railroad in con- 
 stant and safe working order, and also in meeting any extraordi- 
 nary outlay in repairs of the track, bridges and trestle work con- 
 nected with or belonging to said railroad, and which may have 
 been occasioned by unforeseen accidents or casualties and that 
 the first payment or appropriation towards the creation of said 
 Depreciation Fund shall be made on the first day of January, A. 
 D. 1860 ; and that the entire residue of said earnings and receipts, 
 so to be paid over to said Importers and Traders' Bank, shall be 
 set apart and held by said " Permanent Treasurer " for the spe- 
 cial purposes following, namely : First That said " Permanent 
 Treasurer" shall semi-annually apply so much and such part 
 thereof as shall be necessary to meet and pay the semi-annual in- 
 terest due, or which hereafter shall become due on each and all
 
 75 
 
 of said 1320 FirBt Mortgage bonds; and which shall or may be 
 necessary to meet and pay the semi-annual interest which shall 
 hereafter accrue on an issue of Second Mortgage bonds by the 
 said party of the first part ; PROVIDED, however, that only so much 
 of said net earnings and receipts shall be used and applied in 
 payment of interest on mortgage bonds as last aforesaid, as shall 
 be necessary to pay the interest which shall accrue upon said 
 First and Second mortgage bonds, amounting together and in the 
 aggregate, at no one time, to more than $1,300,000. SECONDLY 
 That the entire residue and remainder of said earnings and re- 
 ceipts so to be paid over to said Importers and Traders' Bank, 
 to the credit of said " Permanent Treasurer," shall be by him set 
 apart as and for said Sinking Fund, and shall be held bj him 
 subject to the order of, and to be used and applied (together with 
 all other moneys which hereafter shall be had or appropriated 
 from any source by said party of the first part to the sameFund), 
 by the said parties of the second part hereto, or the survivors or 
 survivor of them, or his or their successors or successor, in the 
 payment or redemption at par, or under par, of so many of said 
 1320 bonds as such Sinking Fund shall, from time time, be suffi- 
 cient or adequate to pay and redeem. It being understood and 
 agreed between the parties hereto, that in case the holders of said 
 1320 bonds shall refuse to, surrender for cancellation such an 
 amount thereof as shall be sufficient to exhaust, and to keep ex- 
 hausted, from time to time, said Sinking Fund, then, and .in such 
 case, it shall" be the imperative duty of said parties of the second 
 part, and the survivor and survivors of them, their and his suc- 
 cessors and successor, annually, from and after the first day of 
 January, A. D. 1861, at said Importers and Trader^ Banlc, in 
 the City of New York, to determine by lot, in a fair and impartial 
 manner, which of said bonds shall be subject to payment and 
 redemption-, at par, out of said Sinking Fund, in manner follow- 
 ing, that is to say the numbers upon all the then outstanding 
 and unpaid First mortgage bonds shall be placed in a box, each 
 number on a single slip of paper, and so many and only so many 
 of said slips of paper shall then be drawn by one of the parties 
 of the second part hereto from said box, as shall be sufficient, in 
 the amount of. the bonds, represented by the numbers on such 
 slips, to exhaust the said Sinking Fund j and the holders of the
 
 76 
 
 bonds, corresponding in the numbers thereon with the numbers 
 on the slips so drawn, shall be compelled to receive payment of 
 the principal thereof and any interest which may be then due 
 thereon, out of said Sinking fund, and to surrender them, with 
 the coupons thereon thereafter to become due, to said parties of 
 the second part for cancellation ; and the same shall be imme- 
 diately so cancelled and mutilated as to render it impossible for 
 any of such redeemed bonds or the coupons or interest warrants 
 thereon, to be used or in any manner pnt in circulation for any 
 purpose whatever; and it is hereby declared that all bonds so 
 drawn and thus made subject to redemption and payment out 
 of said Sinking Fund, shall thereafter cease to draw interest, and 
 that the lien hereby created for their security shall thereafter 
 cease and determine and that public notice shall annually be 
 given by advertisement, signed by one or more of the parties of 
 the second part hereto, of the numbers of the bonds so drawn and 
 made subject to redemption and payment out of said Sinking 
 Fund. It being understood and agreed between the parties here- 
 to that the first payment, or appropriation towards the creation 
 of said Sinking Fund shall be made on the first day of July, A. 
 D. 1860. 
 
 FOURTHLY. That said ILLINOIS RIVER RAILROAD COMPANY, the 
 party of the first part hereto, HATH pledged and HEREBY DOTH 
 irrevocably pledge, for the purposes and objects hereinbefore 
 specified and in the manner aforesaid, to and with said parties of 
 the second part and the survivors and survivor of them, their 
 and his successors and successor, the ENTIRE NET earnings and 
 receipts of its railroad so long and while any of said 1320 bonds 
 shall be outstanding, unredeemed and unpaid. 
 
 FIFTHLY. That said ILLINOIS RIVER RAILROAD COMPANY, the 
 party of the first part hereto, shall and will well and truly pay 
 the said sums of money in said 1320 bonds mentioned, together 
 with the semi-annual interest due or to become due thereon, at 
 the rate of ten per centum per annum, at the times, in the man- 
 ner, and at the place specified therein and further, said ILLINOIS 
 RIVER RAILROAD COMPANY hereby covenants and agrees, that in 
 case it shall for the space of thirty days make default in the pay-
 
 77 
 
 merit of the semi-annual interest due or to become due upon 
 any or either of said 1320 bonds or in case it shall fail to create 
 and maintain with and out of the net earnings and receipts of its 
 railroad, as hereinbefore provided, a Sinking Fund for and to be 
 applied in payment or redemption of said 1320 bonds in the 
 manner hereinbefore specified, then, and in either of said cases, 
 after the lapse of said thirty days, the whole principal sum, 
 mentioned in each and all of said 1320 bonds, shall forthwith be 
 and become due and payable, and the lien or incumbrance here- 
 by created for the security and payment thereof, may be at once 
 enforced, any thing in said bonds or in this indenture to the con- 
 trary thereof, notwithstanding ; and that it shall and may be 
 lawful, and the said parties of the second part, and the survivors 
 and survivor of them, and their and his successors or successor, 
 are hereby expressly authorized and empowered upon the request, 
 in writing, of ,ny two or more holders of any of said 1320 bonds, 
 to enter into and upon and to take actual possession of all and 
 singular the railroad, premises, franchises, rights, property, real 
 and personal, and effects hereby granted, conveyed, assigned, 
 mortgaged, pledged, transferred and set over, or intended so to 
 be, as a security for the payment of said 1320 bonds, and by 
 themselves, or their agents, to take, collect and receive the tolls, 
 earnings, income and profits thereof, and of every part thereof, or 
 to be derived therefrom ; and that they, said parties of the sec- 
 ond part, and the survivors and the survivor of them and their 
 and his successors and successor, shall and may proceed, and are 
 hereby expressly authorized and empowered thereupon, but 
 within such reasonable time as they may deem proper, not less 
 than sixty days, and upon and after public notice by advertise- 
 ment of at least ei^ht weeks in one or more newspapers pub- 
 lished in the cities of Pekin,. Peoria, Alton, Springfield and 
 Chicago in said State of Illinois, to proceed to sell at public 
 auction, in said city of Pekin, to the highest bidder, as well all 
 and singular, the said railroad, rights and franchises, as all other 
 the property, real and personal, and premises hereby granted, 
 conveyed, assigned, mortgaged, pledged, transferred and set over 
 or intended so to be, and all benefit and equity of redemption, 
 whatsoever, of the said ILLINOIS RIVER RAILROAD COMPANY the 
 said party of the first part hereto, of, in, and to the same and
 
 78 
 
 every part and parcel thereof together with the benefit of the 
 franchise belonging thereto or connected therewith ; and as the 
 attorney or attorneys of the said ILLINOIS RIVER RAILROAD COM- 
 PANY, the party of the first part hereto, for that purpose by these 
 presents duly appointed and constituted, the said parties of the 
 second part and the survivors and survivor of them, and their and 
 his successors and successor shall have full power and authority 
 to make, execute and deliver to the purchaser or purchasers 
 thereof, good, valid and sufficient deed or deeds, conveyance or 
 conveyances, assignments or transfers, in fee simple, or otherwise,' 
 of said railroad, lands, tenements and real estate, and of all and 
 singular the said personal or other property, rights and premises 
 herelty granted, assigned, transferred or conveyed as aforesaid 
 which sale so to be made as aforesaid, and which, deeds, convey- 
 ances, assignments and transfers so to be made and delivered as 
 aforesaid, shall operate to convey, assign, transfer and vest in 
 said purchaser or purchasers all the right, title, interest and 
 estate whatsoever, reversionary or otherwise, of the said ILLINOIS 
 RIVER RAILROAD COMPANY the party of the first part, of, in, and 
 to the premises so sold, conveyed, assigned, or transferred and 
 which said sale so to be made shall be a complete and a perpetual 
 bar, both at law and in equity, against said ILLINOIS RIVER RAIL- 
 ROAD COMPANY, the party of the first part, its successors and assigns, 
 and all persons or parties claiming by, from, or under it or them 
 in any wise or manner whatsoever ; and that out of the moneys 
 or proceeds arising either from said tolls, earnings or receipts of 
 said railroad and premises, or out or from said sale so to be made 
 as aforesaid, after first deducting the expenses, disbursements, 
 costs, charges and counsel fees incurred in and about the con- 
 ducting of said sale, or the running and operating said railroad, 
 that they the said parties of the second part and the survivors 
 and survivor of them, their and his successors or successor, shall 
 pay said 1320 bonds or so many as shall be then outstanding and 
 unpaid, together with all arrears of interest then due or owing 
 upon the same, rendering or paying over the surplus of all such 
 moneys, if any there shall be, to the said party of the first part 
 hereto, its successors or assigns. 
 
 THIS INDENTURE FURTHER WITNESSETH, and these presents are
 
 79 
 
 upon the express condition, that upon the payment in full of said 
 1320 bonds and the interest due thereon, then these presents and 
 the estate hereby granted, shall cease and be void, and the said 
 ILLINOIS RIVER RAILROAD COMPANY, the party of the first part, 
 shall be immediately and fully reinvested with the said premises, 
 hereby granted, in law and in fact, without any entry or other 
 act whatever and that until default shall be made by said 
 party of the first part hereto, either in the payment of said 1320 
 bonds, or in the payment of the interest due or to grow due 
 thereon, as aforesaid, or in keeping and observing any of its cov- 
 enants and agreements hereinbefore contained, the said ILLINOIS 
 RIVER RAILROAD COMPANY, the party of the first part, and its 
 successors and assigns, shall remain in the quiet and peaceable 
 possession and enjoyment of the said, premises and property 
 hereby granted or conveyed, or intended so to be as aforesaid. 
 
 THIS INDENTURE FURTHER WTTNESSETH, and it is hereby ex- 
 pressly agreed, that in case of the death, resignation, incapacity, 
 or inability of any or either of the parties of the second part to 
 act in the execution of any of the trusts aforesaid, then it shall 
 and may be lawful, and the remaining, acting, surviving, or com- 
 petent trustee or trustees, and the president, for the time being, 
 of said party of the first part, are hereby empowered to select 
 and appoint, by an instrument in writing, under their hands and 
 seals, (which shall be recorded in the- same offices where this 
 Indenture shall be recorded,) one or more competent persons to 
 fill the vacancy or vacanies so created in manner aforesaid and 
 that such person or persons so appointed trustee or trustees, shall 
 have and possess, and be vested with, the same rights and 
 powers as a trustee or trustees as he or they would have had and 
 possessed, or been vested with, had he or they been originally 
 made a party or parties of the second part to this Indenture, and 
 shall perform the same duties in all respects, and until such 
 appointment shall be so made in manner aforesaid, and notwith- 
 standing any vacancy or vacancies as aforesaid, said remaining, 
 surviving, acting, or competent trustee or trustees, shall have full 
 power and authority to execute each and all the trusts hereby 
 created, and their and his acts in the premises shall be as legal, 
 valid and effectual in all respects, and to all intents and purposes,
 
 80 
 
 as if the same acts had been done and performed by oil the 
 parties hereto of the second part, and in case said appointment 
 shall be made in manner aforesaid, the said party of the first 
 part hereby covenants to make, execute, and deliver, all such 
 other or further instruments, deeds, indentures, or assurances, as 
 may be necessary to enable the person or persons so appointed to 
 execute the trusts hereby created and declared, as fully and per- 
 fectly in all respects as he or they could have executed the same 
 if originally made a party or parties of the second part to this 
 Indenture. 
 
 IN WITNESS "WHEREOF, the said Illinois River Railroad 
 Company, the party of the first part hereto, hath caused 
 these presents to be subscribed by its President and 
 attested by its. Secretary, and hath, under the express 
 authority of a resolution of its Board of Directors, 
 [SEAL] caused its corporate seal to be hereunto affixed and 
 the said parties hereto of the second part, for the pur- 
 pose of signifying their acceptance of the trusts herein 
 and hereby created, have hereunto subscribed their 
 names and affixed their respective seals all done the 
 day and year first above written. 
 
 KICHAED S. THOMAS, 
 
 r President of the Illinois River Railroad Company. 
 
 M. H. L. SCHOOLEY, 
 
 i " Secretary of the Illinois River Railroad Company. 
 
 A. STUDWELL. [SEAL]. 
 
 LUCIUS HOPKINS. [SEAL]. 
 
 G. T. COBB. [SEAL]. 
 
 SEALED AND DELIVERED ) 
 IN PRESENCE OF J 
 
 J. A. ARENZ as to 
 
 R. S. THOMAS AND M. H. L. SCHOOLEY. 
 
 J. C. LAWRENCE as to 
 
 A. STUDWELL, Lucius HOPKINS, and G. T. COBB.
 
 81 
 
 STATE OF ILLINOIS, ) 
 Cass County, ] 
 
 BE IT REMEMBEKED, that on this twenty-second day of Novem- 
 ber, 1858, before me, the undersigned, a Notary Public within 
 and for the county of Cass, and State of Illinois aforesaid, duly 
 commissioned and sworn, personally appeared Richard S. 
 Thomas, President of the Illinois River Railroad Company, 
 and Mahlon IT. L. Schooley, the Secretary of ihe said Com- 
 pany, and to me severally and personally known as the 
 President and tlie Secretary of said Company, and as the real 
 persons by whom and in whose, names, as such President 
 and Secretary, the foregoing instrument was subscribed and 
 executed and they severally acknowledged before me that 
 they severally subscribed and executed the foregoing instrument 
 for and in behalf of and as the act and deed of said Company, 
 for the uses and purposes therein expressed, under express author- 
 ity of resolutions of its Board of Directors duty passed and adopted 
 and the said Richard S. Thomas, President as aforesaid, and 
 said Mahlon H. Z. Schooley, Secretary as aforesaid, being by me 
 duly and severally sworn, severally deposed as follows, that he 
 knows the corporate seal of said Company, and that the seal 
 affixed to the foregoing instrument is the corporate seal of said 
 Company, and was so affixed by the express order and direction 
 of its Board of Directors and under the authority of Resolutions 
 duly passed and adopted by said Board and entered upon the 
 minutes of its proceedings. 
 
 IN TESTIMONY WHEREOF I have hereunto subscribed my 
 name and affixed my seal notarial this twenty-second 
 [L. s.] day of November, A. D. 1858. 
 
 JOHN A. ARENZ, 
 
 Notary Public in and for Cass County, 
 
 and State of Illinois.
 
 82 
 
 STATE OF NEW YORK, 
 
 Jss. 
 
 CITY AND COUNTY OF NEW YORK 
 
 Be it remembered that on this thirteen tli day of Novem- 
 ber, A. D., 1858, before me, the undersigned, a Commissioner 
 in and for the city and county of New York, appointed 
 by the Governor of the State of Illinois under the laws of said 
 State, with full power and authority to administer oaths and 
 affirmations, and to take testimony and depositions and ac- 
 knowledgments and proof of deeds and instruments in writing, 
 under seal, to be used and recorded in the said State of Illinois, 
 duly c6mmissioned and qualified, personally appeared ALEXANDER 
 STUDWELL, Lucius HOPKINS and GEORGE T. COBB, tome personally 
 known as the persons described in and who executed the fore- 
 going instrument, and they severally acknowledged that they 
 had executed the same for the uses and purposes therein speci- 
 fied. 
 
 IN TESTIMONY WHEREOF I have hereunto subscribed 
 my name and affixed my official seal, the day 
 [L. s.] and year above written. 
 
 JOSEPH C. LAWKENCE, 
 
 Commissioner for the State of Illinois, 
 
 in and for the County of New York.
 
 CERTIFICATES 
 
 OF THE 
 
 bhtg of % Jfamjomg UJorfpflt 0r gwb nf 
 
 ENDORSED ON TUE SAME. 
 
 RECORDER'S OFFICE. 
 STATE OF ILLINOIS, ) 
 Peoria County, \ 
 
 I, ENOCH F. SLOAN, Clerk of the Circuit Court in and for the 
 county of Peoria, in the State of Illinois, and ex-offitio Recorder 
 of Deeds in said county, do hereby certify, that the annexed mort- 
 gage or trust deed was filed for record in my office on the 26th 
 day of November, A. D. 1858, at half past 9 o'clock A. M., and 
 has been duly recorded forthwith, with the accompanying Certifi- 
 cates, on pages 324 and following, in Book Z A, in said Recorder's 
 office. 
 
 IN WITNESS whereof, I hereto set my hand and affix the 
 seal of the said Circuit Court, at my office in 
 [L. s.] Peoria, this 27th day of November, A. D. 1858. 
 
 ENOCft P. SLOAN, 
 
 Clerk and Recorder. 
 
 STATE OF ILLINOIS, 
 Taz&wdl County, \ ss ' 
 I, MERRILL C. YOUNG, Clerk of the Circuit Court and ex-officio 
 Recorder of Deeds within and for said county and State aforesaid, 
 do hereby certify that the foregoing and within mortgage or 
 trust deed was entered for record and duly recorded in my said 
 office of Recorder for said Tazewell County, in Book marked 
 " H." " Mortgages," commencing on page 492 thereof, and con- 
 tinued on the succeeding pages until the record of the same is 
 fully completed, on this 2(ith day of November, A. D. 1858. 
 
 WITNESS my hand and official seal, at the city of Pekin, 
 [L. s.] the day and year last aforesaid, 
 
 MERRILL C. YOUNG, 
 
 Clerk and Ex-officio Recorder of Deeds, within and for said County and State.
 
 84 
 STATE OF ILLINOIS, ) 
 
 > fiGt 
 
 County of Mason, j 
 
 I, RICHARD RITTER, Clerk of the Circuit Court, and ex-qfficio 
 Recorder of Deeds, &c., within and for the aforesaid county and 
 State, do hereby certify that the annexed and foregoing deed of 
 trust or mortgage (executed by the Illinois River Railroad Com- 
 pany), to Alexander Studwell, Lucius Hopkins, and George T. 
 Cobb, trustees, &c., dated November 1st, 1858), was duly filed in 
 my said office of Recorder, and duly recorded in Book K of 
 mortgages, on page 201 and the next following pages, on the 
 29th day of November, A. D., 1858. 
 
 IN TESTIMONY whereof, I have hereunto subscribed my 
 
 name and affixed the seal of said Court (which is 
 
 [L. s.] my official seal), at my office in Havana, in said 
 
 county and State,, this 30th day^ of November, 
 
 A. D. 1858. 
 
 R. RITTER, 
 
 Clerk of the Circuit Court, and-Ex-officio Recorder of Deeds, &c., 
 within and for the County and State aforesaid. 
 
 STATE OF ILLINOIS, ) 
 County of Cass, } 
 
 I, JAMES TAYLOE, Clerk of the Circuit Court, and ex-officio Re- 
 corder of Deeds, &c., within and for the aforesaid county and State, 
 do hereby certify that the annexed and foregoing mortgage or 
 deed of trust (executed by the Illinois River Railroad Company 
 to Alexander Studwell, Lucius Hopkins, and George T. Cobb, 
 trustees, &c., bearing date November 1st, A. D. 1858), was duly 
 filed and recorded in my said office of Recorder, on he 23d day 
 of November, A. D. 1858, in Book D of Mortgages, on page 503 
 and the next following pages. 
 
 IN TESTIMONY whereof, I have hereunto subscribed my name 
 
 and affixed the seal of said court (which is, my 
 
 [L. s.] - official seal), at my office in Beardstown, in said 
 
 county and State, this 23d day of November, 
 
 A. D. 1858. 
 
 JAMES TAYLOR, 
 
 Clerk of the Circuit Court, and Ex-officio Recorder of Deeds, &c.. 
 within and for the County and State aforesaid.
 
 85 
 
 STATE OF ILLINOIS. ) 
 County of Morgan, f 88 ' 
 
 I, CHARLES HARDIN, Clerk of the Circuit Court, and ex-ojficio 
 Recorder of Deeds, &c., within and for the aforesaid county and 
 State, do hereby certify that the annexed and foregoing mortgage 
 or deed of trust (executed by the Illinois River Railroad Com- 
 pany to Alexander Studwell, Lucius Hopkins, and George T. 
 Cobb, trustees, &c., bearing date November 1st, A. D. 1858), 
 was duly filed and recorded in my said office of Recorder on the 
 24th day of November, A. D. 1858, in Book N of Mortgages, 
 on pages 65, 66, 67, 68, 69, 70, 71, 72, 73, and 74. 
 
 IN TESTIMONY whereof, I have hereunto subscribed my 
 
 name and affixed the seal of said court (which is 
 
 [L. s.] my official seal), this 6th day of December, A. D. 
 
 1858, at my office in Jacksonville, in said county. 
 
 CHARLES HARDIN, Clerk. 
 
 CERTIFICATES OF THE CLERKS 
 
 AS TO OTHER MORTGAGES, CONVEYANCES, <fec. 
 
 STATE OF ILLINOIS, ) 
 
 County of Pewia, \ 
 
 I, ENOCH P. SLOAN, Clerk of the Circuit Court and ex-officio 
 Recorder of Deeds, &c. within and for the aforesaid county and 
 State, do hereby certify that I have searched in my office for all 
 judgments and decrees docketed in said office against the Illinois 
 River Railroad Company, and for all deeds, leases, mortgages, 
 conveyances, and incumbrances, executed by or on behalf of 
 said company upon its railroad and other property, real, personal 
 or chattel, and there is not any judgment or decree docketed in 
 said office against said Railroad Company, and that there is not 
 any deed, lease, mortgage, conveyance or other incrimbrance, 
 executed by or on behalf of said Illinois River Railroad Com- 
 pany on file or of record in said office upon or against any of 
 the property, real, personal or chattel, of said Railroad Com- 
 pany, except a mortgage or deed of trust executed by the said 
 Railroad Company to Alexander Studwell, Lucius Hopkins, and 
 George T. Cobb, Trustees, &c., bearing date the first day of
 
 86 
 
 November, A. D. 1858, and recorded on the 2 >th day of Novem- 
 ber, A. D. 1858, in book " Z A" in my office on page 304, and 
 the next following pages. 
 
 IN TESTIMONY WHEREOF, I have hereunto subscribed my 
 name and affixed the seal of said court (which is my 
 [SEAL] official seal) at my office, in the city of Peoria, in said 
 county, on this 1st day of December, A. D. 185S. 
 
 ENOCH P. SLOAN, 
 
 Clerk of the Circuit Court and ex-officio Recorder of Deeds in and for said County. 
 
 STATE OF ILLINOIS, ) 
 
 V gg 
 
 County of Tazewell, } 
 
 I, MERRILL C. YOUNG, Clerk of the Circuit Court, and ex-qfficio 
 Recorder of Deeds, &c., within and for the aforesaid County and 
 State, do hereby cert'fy th:it I have searched in my office for all 
 judgments and decrees docketed in said office against the Illnaois 
 River Railroad Company, and for all deeds, leases, mortgages, 
 conveyances, and other incumbrances executed by or on behalf 
 of said Companv, .upon its railroad and other property, real, 
 personal, or chattel ; and that there is not any judgment or decree 
 docketed in said office against said Railroad Company, and that 
 there, is not any deed, lease, mortgage, conveyance, or other t 
 incumbrance, executed by or on behalf of said Illinois River 
 Railroad Company, on file or of record in said office, upon or 
 against any of the property, real, personal, or chattel, of said 
 Railroad Company, except a mortgage, or deed of trust, executed 
 by said Railroad Company to Alexander Studwell, Lucius Hop- 
 kins, and George T. Cobb, . trustees, &c., bearing date the fiYst 
 day of November, A. D. 1858, and recorded on the 26th day of 
 November, A. D. 1858, in Book " H " of Mortgages, beginning 
 on page 492, and continued on the next following pages. 
 
 IN TESTIMONY whereof, I have hereunto subscribed 
 
 my name, and affixed the seal of said Court 
 
 [SEAL.] (which is my official seal), at my office in Pekin, 
 
 in said county, this 29th day of November, A. D. 
 
 1858. 
 
 MERRILL C. YOUNG, 
 
 Clerk, d'c., and ex officio Recorder of Deeds, &c., within 
 and for the aforesaid County and State.
 
 87 
 STATE OF ILLINOIS, 
 
 S8 
 
 County of Mason, 
 
 I, R. RITTER, Clerk of the Circuit Court, and ex-officio Recorder 
 of Deeds, &c., within and for the aforesaid County and State, do 
 hereby certify that I have searched in my office for all judgments 
 and decrees docketed in said office against the Illinois River 
 RaLroad Company, and for all deeds, leases, mortgages, convey- 
 ances, and other incumbrances, executed by or on behalf of said 
 Company, upon its railroad and other property, real, personal, or 
 chattel ; and that there is not any judgment or decree docketed 
 in eaid office against said Railroad Company, and that there is 
 not any deed, lea^e, mortgage, conveyance, or other incum- 
 brance, executed by or on behalf of said Illinois River Railroad 
 Company, on file or of record in said office, upon or against any 
 of the property, real, personal, or chattel, of said Railroad Com- 
 pany, except a mortgage, or deed of trust, executed by the said 
 Railroad Company, to Alexander Studwell, Lucius Hopkins, and 
 George T. Cobb, trustees, &c., bearing date the first day of 
 November, A. D. 1858, and recorded on the 29th day of Novem- 
 ber, A. D. 1858, in Book K of Mortgages, on pages 201 and suc- 
 ceeding pages. 
 
 IN TESTIMONY whereof, I have hereunto subscribed 
 my name, and affixed the seal of said Court, 
 [SEAL.] (which is my official seal), at my office in Havana, 
 
 in the County and State aforesaid. 
 
 R. RITTER, 
 
 Clerk of the Circuit Court, and ex-officio Recorder of Deeds, 
 <tc., within and for the County and State aforesaid. 
 
 STATE or ILLINOIS, j 
 County of Cass, f 
 
 I, JAMES TAYLOK, Clerk of the Circuit Court, and ex-officio 
 Recorder of Deeds, &c., within and for the aforesaid County and 
 State, do hereby certify that I have searched in my office for all 
 judgments and decrees docketed in said office against the Illinois 
 River Railroad Company, and for all deeds, leases, mortgages, 
 conveyances, and incumbrances, executed by or on behalf of said 
 Company upon its railroad and otlier property, real, personal or
 
 88 
 
 chattel ; and that there is not any judgment or decree docketed 
 in said office against said Railroad Company ; and that there is 
 not any deed, lease, mortgage, conveyance, or other incumbrance, 
 executed by or on behalf ot' said Illinois River Railroad Company 
 on file or of record in said office upon or against any of the prop- 
 erty, real, personal, or chattel, of said Railroad Company, except 
 a mortgage, or deed of trust, executed by the said Illinois River 
 Railroad Company, to Alexander Studwell, Lucius Hopkins, and 
 George T. Cobb, trustees, &c., bearing date the first day of 
 November, A. D. 1858, and recorded on the 23d day of Novem- 
 ber, A. D. 1858. in Book D of mortgages, on pages 503, 501, 505, 
 506, 507, 508, 509, and 510. 
 
 IN TESTIMONY whereof, I have hereunto subscribed 
 my name, and affixed the seal of said Court 
 [SEAL.] (which is my official seal), at my office in Beards- 
 
 town, in said county, this 23d day of November, 
 A. D. 1858. 
 
 JAMES TAYLOR, 
 
 Clerk of the Circuit Court, and ex-officio Recorder of D eeds, 
 &c., within and for the County and State aforesaid. 
 
 STATE OF ILLINOIS, r 
 
 County of Morgan, 
 
 I, CHAKLES HARDEN, Clerk of the Circuit Court, and ex-officio 
 Recorder of Deeds, &c., within and for the aforesaid County and 
 State, do hereby certify that I have searched in my office for all 
 judgments and decrees docketed in said office against the Illinois 
 River Railroad Company, and for all deeds, leases, mortgages, 
 conveyances, and incumbrances, executed by or on behalf of said 
 Company upon its railroad and other property, real, personal, or 
 chattel ; and that there is not any judgment or decree docketed 
 in said office against said Railroad Company, and that there is 
 not any deed, lease, mortgage, conveyance, or other incumbrance 
 executed by or on behalf of said Illinois River Railroad Company, 
 on file or of record in said office, upon or against any of the prop- 
 erty, real, personal, or chattel, of said Railroad Company, except 
 a mortgage, or deed of trust, executed by the said Railroad Com-
 
 89 
 
 pany to Alexander Stud well, Lucius Hopkins, and George T. 
 Cobb, trustees, &c., bearing date the first day of November, A. D. 
 185S, and recorded on the 24th day of November, A. D. 1858, 
 in Book N of mortgages, on pages 65, 66, 67, 68, 69, 70, 71, 72, 
 73, and 74. 
 
 IN TESTIMONY whereof, I have hereunto subscribed 
 my name and affixed the seal of said Court 
 [SEAL.] (which is my official seal), at my office in Jack- 
 
 sonville, in said County and State, this 6th day 
 of December, A. D. 1858. 
 
 CHARLES HARDIN, 
 
 Clerk of the Circuit Court, and ex-officio Recorder of Deeds, 
 &e., within and for the County and State aforesaid.
 
 BETWEEN THE 
 
 ILLINOIS EIVER RAILROAD COMPANY 
 
 AND THE 
 
 CHICAGO & ROCK ISLAND RAILROAD COMPANY, 
 
 Dated September 27th, 1858. 
 
 MEMORANDUM OF AN AGREEMENT BETWEEN THE ILLINOIS RIVER 
 RAILROAD COMPANY, party of the first part, and THE CHICAGO 
 AND ROCK ISLAND RAILROAD COMPANY, party of the second 
 part, both bodies corporate,. located in, and organized under, 
 the laws of the State of Illinois. 
 
 WHEREAS the Illinois River Railroad Company aforesaid, 
 party of the first part hereto, is desirous of raising money by the 
 sale of its bonds, to purchase iron and complete its road, and has 
 entered into and completed negotiations for the same, provided 
 certain running arrangements are made with the Chicago and 
 Rock Island Railroad Company, the party of the second part 
 hereto, by which the Chicago and Rock Island Railroad Com- 
 pany are to agree to furnish the cars and locomotives necessary 
 for the running of the Illinois River Railroad. 
 
 Now, THEREFORE, THIS AGREEMENT, made this twenty-seventh 
 day of September, in the year one thousand eight hundred and 
 fifty-eight, between the said parties hereto, WITNESSETH, that the 
 said party of the first part, for and in consideration of the 
 premises, and of One Dollar to it in hand paid, and of the cove- 
 nants and agreements of the party of the second part hereinafter 
 contained, hereby covenants and agrees to and with the said 
 party of the second part, as follows :
 
 91 
 
 FIRST. That the said party of the first part will finish its en- 
 tire line of road from its junction with the Peoria and Hannibal 
 Railroad, in Peoria County, Illinois, to the town of Jacksonville, 
 in Morgan County, in the State of Illinois, by the first day of 
 September, in the year one thousand eight hundred and fifty-nine, 
 or at farthest by the first day of January, in tlie year one thou- 
 sand eight hundred and sixty, and put the same, with appurten- 
 ances and fixtures, in complete running order for economical 
 operation (with the exception of cars, locomotives, and machine 
 shops) to the satisfaction of Henry Farnam and John F. Tracy, 
 or the survivor of them in cas^ of the death of either, as to the 
 completion of said road, and to make such arrangements with the 
 Peoria and Hannibal Railroad Company as will enable the 
 parties of the first part to connect their track with the track of 
 the Peoria and Bureau Yalley Railroad Company, in the city of 
 Peoria. 
 
 SECOND. That said party of the first part will pay to the party 
 of the second part ten per cent, interest per annum, on the 
 amount of rolling stock that shall be furnished by the said party 
 of the second part, for the said party of the first part, as herein- 
 after provided for said payment to be made serni-annuaily, out 
 of the gross earnings of the ri>ad as hereinafter specified. 
 
 THIRD. That said party of the first part will appoint the Gen- 
 eral Superintendent of the Chicago and Rock Island Railroad 
 Company, for the time being, to be Superintendent of the Illinois 
 JKiver Railroad Company, for and during the continuance in force 
 of this contract and running arrangement, who shall have full 
 power to operate the latter road at the expense and cost of the 
 party of the first part, as herein provided for. 
 
 And the said party of the second part, for and in consider- 
 ation of the premises, and of the sum of One Dollar, to it in hand 
 paid, and of the covenants and agreements of the said party of 
 the first part herein contained, covenants and agrees to and with 
 the said party of the first part, that if the said-party of the first 
 part shall, on its part, fulfill its agreements herein contained, the 
 &aid party of the second part doth covenant and agree as follows :
 
 92 
 
 FIRST. That said party of the second part will at all times 
 during the term of tliis agreement, furnish and employ so many 
 passenger, freight, and other cars, and so many locomotives, as 
 shall be sufficient safely and fully to perform, with economy, all 
 the transpoitation business, passenger, freight, and other business, 
 which shall be offered along the line of the whole road ; a proper 
 proportion of said rolling stock to be furnished as soon as ten 
 consecutive miles of said road, and of the Peoria and Hannibal 
 Railroad together, to wit, from Peoria city to the city of Pekin, 
 are completed, ready for being operated ; and for each ten miles 
 completed in continuation, another proper proportion of said rolling 
 stock to 'be furnished, and so on until the entire line of said road 
 shall be completed and stocked ; the amount, kind, and value of 
 rolling stock so to be furnished by the Chicago and Rock Island 
 Railroad Company, shall be determined and agreed upon by the 
 Presidents of the two Railroad Companies aforesaid, or in such 
 other mode as said Presidents may determine upon, before the 
 same are placed upon the Illinois River Railroad, for being used 
 and operated thereupon; and said Presidents shall make and 
 sign duplicate copies of the agreement, thus fixing the amount, 
 kind, and value of the rolling stock so to be furnished for the use 
 of the Illinois River Railroad as aforesaid, one of which dupli- 
 cates shall be retained by each Company, and from its execution, 
 shall be a part of this contract ; and said rolling stock shall 
 remain the property of the party of the second part, until paid 
 for as herein provided for, but shall be maintained, renewed, and 
 kept in full and complete repair, at the expense and cost of the 
 party of the first part in manner herein specified. 
 
 SECOND. That the said party of the second part shall and will, 
 and are hereby declared to be bound to sell to the said party of 
 the first part, at the fair appraised value thereof at the time said 
 equipments shall be put on the road, at any time .within five 
 years after the same shall be put on the road, any parwWr parcel 
 thereof, furnished hereafter by the party of the second, part, to 
 the party of the first part hereto, and at such periods and in such 
 quantities as said Illinois River Railroad Company may find it 
 convenient and have funds to pay for; or szidjllmois River Rail- 
 road- Company may, within three years from the first day of Jan- 
 uary, in the year one thousand eight hundred and sixty, and in
 
 93 
 
 like quantities, replace said rolling stock by other rolling stock to 
 be purchased of other parties, and as fast as any portion of said 
 rolling stock is so purchased or replaced, just in that proportion 
 shall the original estimates for equipments on which the ten per 
 cent, per annum is to be paid, be reduced and the interest cease. 
 
 THIRD. That the said party of the second part shall and will 
 as the agent of the party of the first part, and. through the Super- 
 intendent aforesaid, operate the said Illinois River Railroad with 
 the same reasonable care and diligence as it uses in operating its 
 own road, and run daily when practicable (Sundays excepted) so 
 many passenger and freight trains over said Illinois River Rail- 
 road, and every part of it, as may be necessary for a proper and 
 economical operation thereof, having a just regard to the true in- 
 terests of its owners, and shall and will use the same strict econ- 
 omy in the operation of said road, and in everything appertain- 
 ing to said road, as is now exercised, or may hereafter be exercised 
 in operating the Chicago and Rock Island Railroad, or the Peoria 
 and Bureau Yalley Railroad ; and that the said party of the 
 second part will, during the term of this running arrangement, 
 use the same care and diligence to keep said Illinois River Rail- 
 road, with its bridges, culverts, trestle work, fixtures, and appur- 
 tenanct'S, and all equipments to be furnished as aforesaid, in good 
 and proper repair, as is used on its own road, to make it sa'e and 
 convenient for the running of passenger and freight trains over 
 it. The expense of making all such repairs and renewals when 
 necessary, is to be paid out of the gross earnings of said road, and 
 charged as a part of its running and operating expenses, provided 
 the " Depreciation Fund " set apart by said Illinois River Rail- 
 road Company in the hands of its Permanent Treasurer in the city 
 of New York, is not sufficient for paying for such repairs, said 
 "Depreciation Fund " to be paid out by said Permanent Treas- 
 urer, to the Chicago and Rock Island Railroad Company, upon the 
 order of such Company, as needed or as otherwise agreed upon, in 
 writing, between said Permanent Treasurer and the Chicago and 
 Rock Island Railroad Company ; a copy of such agreement to be 
 given to said Illinois River Railroad Company. 
 
 FOURTH. That said party of the second part shall and will 
 run and operate the road of the said party of the first part, as its 
 agent during the whole time this contract shall continue in force
 
 as herein provided, at not less rates or charges for fare of passen- 
 gers, or for freights, than shall be charged from time to time for 
 the same service on the line of its own roads from Chicago to 
 Peoria, without the consent of the Illinois River Railroad Com- 
 pany, and shall and will fully perform all mail contracts which 
 shall be made by and between said Illinois River Railroad Com- 
 pany and the Government of the United States. 
 
 FIFTH. That the gross earnings of the Illinois River Railroad 
 shall embrace all receipts from passengers and freights over the 
 line of said road, and all moneys received for carrying the mails 
 and for transporting express matter, or other things, and also in 
 addition, five per cent, upon all moneys received or realized by 
 the Chicago and Rock Island Railroad Company, for transporting 
 over its own road (including the Peoria and Bureau Yalley Rail- 
 road) any freight, passengers, or express matter, or other things 
 coming to its said line of road from Peoria to Chicago, froin or 
 over any part of the road of the party of the first part hereto, 
 that shall go through to Chicago. 
 
 That the net earnings and receipts of the Illinois River 
 Railroad, shall be what remains after deducting from its gross 
 earnings as aforesaid. First. The actual monthly running and 
 operating expenses. Second. The amount expended by it for 
 necessary repairs as aforesaid, and interest on equipments as 
 herein provided for. Third. The taxes upon the real and per- 
 sonal property of the Illinois River Railroad Company. Fourth. 
 The annual compensation of the agent to be selected or nominated 
 by Messrs. Hopkins, Cobb, and Siudwell, or any two of them, as 
 hereinafter mentioned, and approved by the Illinois River Rail- 
 road Company. Fifth. The cost and expenses which may be 
 incurred in keeping up the organization, and thus preserving the 
 franchises of said Illinois River Railroad Company during the 
 term this running arrangement is in force. Sixth. All legal ex- 
 penses necessarily incurred in enforcing or defending the rights or 
 property of the Illinois River Railroad Company, and that the 
 entire residue which shall remain of said gross earnings as afore- 
 said, after the deductions aforesaid, shall be paid or deposited as 
 often as once during every month, or at the end of each month 
 by said Chicago and Rock Island Railroad Company, to or with 
 the Impotters and Traders' Bank in the city of New York, to the
 
 95 
 
 credit of Alexander Stud well, Permanent Treasurer of the Uli- 
 nois River Railroad Company / the cost of converting said funds 
 into exchange on New York to. be charged to operating expense 
 account at current rates between Chicago or St. Louis, and New 
 York, Provided that when funds current at Chicago, or St. Louis 
 are forwarded to said Permanent Treasurer, that only the actual 
 cost of sending the same by express shall be- charged as aforesaid. 
 
 SEVENTH. That the said party of the second part shall and 
 will, as such agent as aforesaid, collect and receive all moneys 
 earned by the Illinois IJiver Railroad, and shall pay out of the 
 same : First. The operating: expenses and necessary repairs and 
 renewals upon said road and upon the equipments thereof, that 
 may be due and unpaid, Provided the "Depreciation Fund" set 
 apart by said Illinois River Railroad Company in the hands of 
 its Permanent Treasurer, in the city of New York, is not suffi- 
 cient for the purpose of paying for such repairs. Second. Any 
 interest upon the amount of the value of the rolling stock fur- 
 nished for the party of the first part as aforesaid, and not paid for. 
 Third. The taxes upon the real and personal property of the 
 Illinois River Railroad Company. Fourth and Fifth. The annual 
 compensation of the agent to be selected or nominated by Messrs. 
 Hopkins, Cobb, and Studwell, Trustees, or any two of them, and 
 approved by the Illinois River Railroad Company, said agent 
 being the same whose appointment is provided for in the con- 
 tract of the party of the first part with Alexander Studwell, bear- 
 ing date the twenty-seventh day of September, in the year one 
 thousand eight hundred and fifty-eight. Sixth. The cost and 
 expenses which may be incurred in keeping up the organization, 
 and thus preserving the franchises of the Illinois River Railroad 
 Company during the term said agreement is in force. Seventh. 
 All legal expenses necessarily incurred in enforcing or defending 
 the rights or property of the Illinois River Railroad Company. 
 Eighth. The entire residue which shall remain of said gro-s earn- 
 ings, as aforesaid, after the deductions or payments aforesaid, 
 shall be paid or deposited as often as once every month by said 
 Chicago and Rock Island Railroad Company to or with the 
 Importers and Traders' Sank, in the city of New York, to the 
 credit of Alexander Studwell, Permanent Treasurer of the Illi- 
 nois River Railroad Company" PROVIDED, however, that these 
 provisions shall not be construed so as to bind the said party of
 
 96 
 
 the second part to pay over funds faster than collected, or to ad- 
 vance money for fuel, material, or for expenses, or for repairs, or 
 charges on merchandise, to an amount larger in the aggregate 
 than ten thousand dollars at any one time. 
 
 EIGHTH. That said party of the second part shall and will 
 keep separate books of all the operations of the Illinois River 
 Railroad Campany ; which books shall be opened and kept in 
 the same manner, and with the same minuteness and particular- 
 ity, as though said road was operated by said Company for itself; 
 which books shall be at all reasonable times subject to the in- 
 spection and examination of the said Alexander Studwell or the 
 selected agent of the Illinois River Railroad Company as 
 herein provided, during the entire time that this agreement is in 
 force. Provided^ however, that when said First Mortgage Bonds 
 are entirely redeemed and paid off, the right of the said Studwell 
 to examine said books shall cease. 
 
 That in interchanging cars and locomotives the party 
 of the second part hereto shall keep a mileage account ; and the 
 customary rates charged for use of equipments and the usages 
 commonly recognized and practiced upon between connecting 
 railroads in like cases as the one here provided for, shall apply to 
 and govern such account ; and, for this purpose, in making up 
 the account, the equipments on which the Illinois River Rail- 
 road Company is paying the party of the second part interest as 
 aforesaid shall be treated as belonging to said Illinois River Rail- 
 road Company. 
 
 TENTH. That the said party of the second part shall and will, 
 in making up the operating expense account, apportion the 
 expenses of the general agencies between the two roads as the 
 length of the Chicago and Rock Island Road and the Peoria and 
 Bureau Valley Road, from Chicago to Peoria, is to the length 
 run for the Illinois River Railroad Company, to wit, from Peo- 
 ria to Jacksonville : Provided, nothing herein contained shall be 
 understood to make the Illinois River Railroad Company liable 
 to pay or be charged for any part of the general agency expenses 
 for any of that part of the Chicago and Rock Island Railroad 
 west of its junction with the Peoria and Bureau Yalley Railroad, 
 or for any general agency expenses, other than its fair pro-rata
 
 97 
 
 proportion as aforesud of such expenses on account of the line 
 of said road between Chicago and Peoria. 
 
 ELEVENTH. That said party of the second part shall and will 
 keep, make up, and deliver or send to the President of the Illi- 
 nois River Railroad Company, regular monthly reports, comain- 
 ing full and accurate statements and account of the earnings, 
 receipts, and expenditures, for each current month, from, by, 
 or on account of the said Illinois River Railroad. 
 
 TWELFTH. The said party of the second part will pay during 
 the time that this running arrangement shall continue in force, to 
 the party of the first part, five per cent, upon all the moneys 
 received or realized by it (the Chicago and Rock Island Railroad 
 Company) for transporting over its own road or the Peoria and 
 Bureau Valley Railroad, any freight, passengers, express matter, 
 or other things, mails excepted, coming to said roads from or 
 over any part of the road of the Illinois Rioer Railroad 'Com- 
 pany, that shall go through to Chicago ; said five per cent, to 
 constitute a part of, and to go in with, and to be disposed of as, 
 "gross earnings" of the Illinois River Railroad Company. 
 
 THIS ARRANGEMENT is to continue in force for twenty years 
 from the first day of September, one thousand eight hundred 
 and fifty-nine, unless the First Mortgage Bonds of the party of 
 the fir&t part upon its road shall be sooner paid off by the Sink.- 1 
 ing Fund provided for or to be provided for inTHeDeed of Ti ust 
 of the Illinois River Railroad, in which case the Illinois River 
 Railroad may put an end to it any time after said Bonds shall 
 have been so fully paid off, and the accounts settled, or when the 
 Illinois River Railroad Company is ready to make such sett e- 
 ment, or it (the Illinois River Railroad Company) may continue 
 it, tor the twenty years, at its option. 
 
 If any differences should arise between the parties hereto in 
 reference to the performance or breach of auy thing herein 
 agreed upon, the same shall be submitted to a final award and 
 arbitration of three disinterested person?, all of whom shall be 
 agreed upon by both of said parties. 
 7
 
 98 
 
 And for tbe purpose of showing the true intent and meaning 
 of this contract, it is hereby declared that its true intent and 
 meaning is, First, On the one part, to enable the Illinois River 
 Railroad Company to complete and secure the proper, economi- 
 cal and^ advantageous operation of its road^ through the aid of 
 this running arrangement, and Secondly, On the other part, to 
 secure to the Chicago and Rock Island "Railroad Company the 
 benefits of an exclusive business connection between said Illinois 
 River Railroad and the Peoria and Bureau Valley Railroad so as 
 to obtain all the business coming to it from the Illinois River 
 Railroad that can be obtained in that way. 
 
 IN WITNESS WHEREOF, the parties to these presents have here- 
 unto set their respective seals, and have caused these presents to 
 be subscribed, on the part of said Chicago and Rock Island Rail- 
 road Company by Thomas C. Durant, Chairman of the Executive 
 Committee thereof, and also as a Special Committee appointed 
 for this purpose by said Executive Committee, and by Henry 
 Farnam, President thereof, and on the part of said Illinois River 
 Railroad Company by Richard S. Thomas, President, Agent and 
 Attorney-in-fact thereof, the day and year first above written. 
 
 THE CHICAGO AND ROCK ISLAND RAILROAD Co., 
 
 By THOS. C. DURANT, 
 
 CttnEx. Com., and Special Committee for this purpose, 
 And by HENRY EARN AM, 
 
 President. 
 
 THE ILLINOIS RIVER RAILROAD COMPANY, 
 
 By RICHARD S. THOMAS, 
 As Agent and Attorney-in-fact, and also as Presi- 
 . dent of said Company. 
 
 WITNESS : 
 
 WM. WALCOTT, 
 
 WM. H. HENDRICK. 
 ATTEST : 
 
 F. H. TOWS, Secretary. 
 
 M. H. L. SCHOOLEY, 
 
 Sec. III. Riv. R. R. Co.
 
 99 
 
 f 
 
 STATE, CITY, AND COUNTY or NEW YOKE, ss. : 
 
 On this sixteenth day of November, eighteen hundred and 
 fifty-eight, before me, Alexander Ostrander, a Notary Public 
 residing in said city, and duly authorized by the laws of the 
 State of Illinois to take the acknowledgment and proof of the 
 execution of deeds and other instruments in writing to be used 
 or recorded therein, personally came Thomas C. Durant, Henry 
 Farnam, Francis H. Tows, and Richard S. Thomas, to me known 
 to be the same persons described in and who executed the fore- 
 going instrument, and severally acknowledged that they executed 
 the same on behalf of the parties principals signified in their re- 
 spective signatures ; and the said Francis H. Tows being by me 
 duly sworn, did on his oath say that said Farnam is President 
 and said Durant is Chairman of the Executive Committee and is 
 a Special Committee for the purpose of the business in which the 
 foregoing instrument is made, and this deponent is Secretary of 
 the Chicago and Rock Island Railroad Company, and that the 
 above is the seal of said Company ; and the said Richard S. 
 Thomas, being by me duly sworn, on his oath said that he signed 
 said instrument on behalf of the Illinois River Railroad Com- 
 pany, and is its agent and attorney in fact, and President, and 
 authorized so to sign the same. 
 
 IN TESTIMONY WHEKEOF I have hereunto set my hand and 
 affixed my official seal, in the city of New York 
 [L. 8.] aforesaid, the day and year above written. 
 
 ALEX. OSTRANDER, 
 
 Notary Public. 
 
 STATE OF ILLINOIS, COUNTY OF CASS, ss, 
 
 On this 22d day of November 1858, before me, John A. Arenz, 
 a notary public, within and for the County of Cass and State of 
 Illinois aforesaid, duly commissioned and sworn, personally ap- 
 peared Richard S. Thomas, to me personally known to be the 
 same person described in, and who executed, the foregoing agree- 
 ment between the Illinois River Railroad Company, and the 
 Chicago and Rock Island Railroad Company, and acknowledged 
 that he had executed the same on behalf of the Illinois River Rail-
 
 100 
 
 road Company, as therein specified ; and Malilon H. L. Schooley, 
 who is known to me to be the same person whose name is sub- 
 scribed to the said agreement as Secretary of the said Illinois 
 Riaer Railroad Company, also on this day, personally appeared 
 before me and acknowledged that be signed the same as such 
 Secretary, and after being duly sworn, he did on his oath say that 
 the said Richard S. Thomas is the President, and he (the said 
 Schooley) is the Secretary of said Illinois River Railroad Com- 
 pany, and that the seal attached to said agreement, purporting to 
 be the seal of the said Illinois River Railroad Company, is the 
 genuine seal of said last-named Company. 
 
 In testimony whereof, I have hereunto sub- 
 [L. s.] scribed my name and affixed my seal notarial, 
 
 this 22d day of November, A. D. 1858. 
 
 JOHN A. ARENZ, 
 
 Notary Public, in and for Cass County, 
 and State of Illinois.
 
 101 
 
 CERTIFICATES. 
 
 I have carefully examined the foregoing contract, or running 
 arrangement, made and executed by and between the Illinois 
 River Railroad Company and the Chicago and Rock Island Rail- 
 road Company, dated September 27th, 1858, and hereby approve 
 of the same, and am of opinion that it furnishes and provides a 
 most reliable and substantial additional security for the payment 
 of both the principal and interest due, or to become due, upon 
 the first Mortgage Bonds of the Illinois River Railroad Com- 
 pany. 
 
 NEW YOKE, November 16th, 1858. 
 
 JOHN CLEAVELAND 5 
 No. 38 Wall Street. 
 
 I concur in the foregoing opinion of JOHN CLEAVELAND, ESQ., 
 and hereby approve of the foregoing contract and running ar- 
 rangement. This approval is given by me in pursuance of and 
 according to the requirements of the agreement made between 
 the Illinois River Railroad Company and Alexander Studwell, 
 dated September 27th, 1858. 
 
 NEW YOKE, November 16th, 1858. 
 
 GEO. T. M. DAVIS, 
 No. 47 Exchange Place. 
 
 I approve of the foregoing contract or running arrangement, 
 as being in accordance with the terms and provisions of my agree- 
 ment with the Illinois River Railroad Company, dated September 
 27th, 1858. 
 
 NEW YORK, Novemler 16th, 18*8. 
 
 A. STUDWELL.
 
 oi ibt ftoajfl of ffwwtow, 
 
 NOVEMBER 20 T H, 1858. 
 
 AT A MEETING OF THE BoARD OF DIRECTORS OF THE ILLINOIS 
 
 RIVER RAILROAD COMPANY, held at Virginia, in the County of 
 Cass, State of Illinois, this 20th day of November, 1858, 
 
 Present, R. S. THOMAS, President. 
 
 JOSHUA WAGENSELLEK, 
 
 WM. THOMAS, -^ . 
 
 T, r, T- \Directors. 
 
 B. O. .TRETTYMAN, 
 J. M. RlTGGLES, 
 
 The minutes and proceedings of the last meeting of this 
 Board were read and approved. 
 
 The President then produced and read the forms of two 
 bonds, one for $1,000, and the other for $500, which had been 
 prepared by and under the direction of JOHN CLEAVELAND, Esq., 
 of New York, as the forms of seven hundred and twenty $1,000 
 bonds, and of six hundred $500 bonds, in all thirteen hundred 
 and twenty bonds, amounting in the aggregate to $1,020,000, to 
 be issued by this Company, and secured by a First Mortgage 
 upon all its corporate property ; and said forms of said bonds 
 having been read and duly considered, it was unanimously 
 Resolved, That the forms of said bonds so prepared be, and the 
 same are in all respects hereby, approved and adopted by this 
 Board, and that said bonds be dated November 1st, 1858, and 
 that the President and Secretary of this Company be and they 
 are hereby authorized and directed to sign the same as such 
 President and Secretary, for and in behalf of this Company, and 
 to affix to each of them the corporate seal of this Company, and
 
 103 
 
 to issue, negotiate, and deliver the same for and in behalf of this 
 Company ; and that a copy of one of each of said two forms of 
 said bonds be, and the same is, hereby recorded upon the minutes 
 of this meeting of said Board as follows, that is to say (Here is 
 recorded a copy of a $1,000 bond and a $500 bond}. The 
 President then produced and read to this Board a printed mort- 
 gage, or deed of trust, drawn and prepared by the said JOHN 
 CLEAVELAND, Esq., whereby this Company conveys all its cor- 
 porate property, acquired and to be acquired, to Alexander Stud- 
 well^ Lucius Hopkins, and George T. Cobb, as Trustees, which 
 mortgage or deed of trust having been read, paragraph by para- 
 graph, and all and singular the covenants, provisos, and con- 
 ditions therein having been duly considered, discussed, and 
 examined, on motion of William Thomas, IT WAS UNANIMOUSLY 
 RESOLVED, That said mortgage or deed of trust, with all and 
 singular the grants, covenants, conditions, and provisos therein, 
 be, and the same were and are, hereby approved, ratified, 
 adopted, and confirmed by this Board in all respects ; and that 
 the President and Secretary of this Company be, and they are, 
 hereby authorized and directed, as such President and Secretary, 
 to execute, acknowledge, and deliver five originals of said mort- 
 gage or deed of trust, for and in behalf of and as the act and 
 deed of this Company, and to affix to each of said originals the 
 corporate seal of this Company, and to make each of said originals 
 bear date November 1st, A. D. 1858, and to cause said mortgage 
 or deed of trust to be duly" recorded in each of the counties of 
 Peoria, Tazewell, Mason, Cass, and Morgan, being the counties 
 through which the railroad of this Company runs, and to cause 
 the certificate of such recording to be made or endorsed by the 
 several clerks of said counties upon one of said originals, and to 
 deliver such original, witli the several certificates of recording or 
 filing endorsed thereon, to said Studwell, Hopkins, and Cobb. It 
 was further unanimously Resolved, That said mortgage, or deed 
 of trust, so produced to and adopted and approved by this Board 
 be, and the same is, recorded arid entered upon the minutes of 
 this meeting of said Board of Directors as follows, that is to say, 
 (He>e is recorded the whole mortgage, or deed of trust.) 
 
 And the said R. S. Thomas further stated to said Board, that 
 under the special power conferred upon him as agent and attorney 

 
 104 
 
 in fact of this Company, under a resolution of this Board adopted 
 on the 15th day of September, A. D. 1858, he. had made and 
 finally concluded, executed, and delivered, a contract or running 
 agreement, for and in behalf of this Company, with the Chicago 
 and Rock Island Railroad Company, and dated September 27th, 
 1858. Whereupon said contract, or running arrangement, with 
 said Chicago and Rock Island Railroad Company was read, and 
 after all the covenants, provisions, and stipulations therein bad 
 been duly considered, discussed, and examined, it was, on motion 
 of Joshua Wagenseller, unanimously Resolved, That said contract 
 with said Chicago and Rock Island Railroad Company, and all 
 and singular the conditions, provisions, covenants, and stipula- 
 tions therein, be, and the same are, hereby approved, adopted, 
 and ratified, and in all respects confirmed, by and on the part of 
 this Company. 
 
 Jtesolved, That said last-mentioned contract be recorded at 
 length upon the minutes of this Board, and the same is so recorded 
 and entered upon the minutes of this meeting, viz : 
 
 (Here is recorded the entire contract.') 
 
 It was further unanimously Resolved, That the Superintend- 
 ent of the Chicago and Rock Island Railroad Company, for the 
 time being be and he is hereby appointed the Superintendent of 
 the Railroad of this Company, to hold such office and to perform 
 its duties from the time said railroad shall be opened for the trans- 
 portation of passengers and freight, until the first mortgage bonds 
 of this Company are fully paid off and redeemed. And that 
 Alexander Studwell, of the city and State of New York, be and 
 he is hereby appointed Permanent Treasurer and Financial 
 Afjent of this Company in the city of New York, for the purposes 
 specified in the agreement set forth in the minutes of the pro- 
 ceedings of this Board at its meeting held October 8th, 1858, and 
 to hold such offices and perform the special duties incident thereto 
 as described in said last-mentioned agreement, from the time the 
 railroad of this Company is opened for the transportation of pas- 
 sengers and freight, and until its first mor!~ga.:e bonds are fully 
 paid off; PKOVIDED, that he disburses and applies the moneys 
 which shall come to his hands or under his control as such 
 officer, only for the purposes and in the manner specified in the 
 said last-mentioned agreement.
 
 105 
 
 Resolved further. That the Secretary of this Company trans- 
 mit to the trustees named in said mortgage or deed of trust, copies 
 of the entire proceedings of this Board, at the meeting held Octo- 
 ber 8th, 1858, and copies of the entire proceedings at this meet- 
 ing of this Board, certified under the corporate seal of this Com- 
 pany by said Secretary, except that said Secretary need not set 
 forth the copies of the contracts with Alexander Studwell and the 
 Chicago and Hock Island Railroad Company, or of the bonds or 
 mortgage or deed of trust, but to state where in such original 
 minutes such papers are respectively entered. 
 
 STATE OF ILLINOIS, COUNTY OF CASS, ss. : 
 
 I, Mahlon H. L. Schooley, Secretary of the Illinois River 
 Railroad Company, CKKTIFY, that the foregoing contains a full 
 and accurate copy of all the proceedings of the Board of Direct- 
 ors of said Company, at their meeting begun and held at Yir- 
 ginia, in Cass County, in said State, on Saturday, the 20th day 
 of November, A. D. 1858, as the same appear of record in my 
 office. 
 
 IN TESTIMONY WHEREOF, I have hereunto subscribed my 
 name and affixed the seal of said Company, at 
 [SEAL OF THE my office in Virginia, in the County of Cass, 
 COMPANY.] and State of Illinois, this 23d day of Novem- 
 
 ber, A. D. 1858. 
 
 M. H. L. SCHOOLEY, 
 
 Sec. L It. R. E. Co.
 
 f waffling* 
 
 NOVEMBER 26TH, 1858. 
 
 AT A MEETING of the Board of Directors of the ILLINOIS 
 RIVER EAILKOAD COMPANY, held at Pekin, in Tazewell Co., Illi- 
 nois, on the 26th day of November, A. D., 1858, 
 
 PRESENT : E. S. THOMAS, PRESIDENT, 
 
 B. S. PRETTYMAN, ) 
 
 T ,, T-. > DIRECTORS. 
 
 J. M. KUGGLES, ) 
 
 THE BOARD having received a communication from William 
 Thomas, the only Director not present, recommending the ap- 
 pointment of Henry Farnam, of Chicago, as a director to fill the 
 vacancy occasioned by the resignation of Joshua Wagenseller, 
 on motion of B. S. Prettyman, it is RESOLVED, unanimously, that 
 the said Henry Farnam, of Chicago, be and he is hereby 
 appointed a Director of this Company, as the successor of the 
 said Joshua Wagenseller. 
 
 STATE OF ILLINOIS, COUNTY or CASS, ss. : 
 
 I, MAHLON H. L. SCHOOLEY, SECRETARY of the Illinois 
 River Railroad Company, CERTIFY that the foregoing is a 
 true copy of a preamble and resolution adopted by the Board 
 of Directors of said Company, at their meeting begun and 
 held at Pekin, in Tazewell County, Illinois, on the 26th day 
 of November, A. D. 1858 ; and that all the members of the 
 Board (except William Thomas) were present at said meeting, 
 and voted for said preamble and resolution. 
 
 IN TESTIMONY WHEREOF I have hereunto subscribed my 
 name and affixed the Seal of said Company, 
 [SEAL OF THE at my office in Virginia, this 27th day of NO- 
 COMPANY.] vember, A. D. 1853. 
 
 M. II. L. SCHOOLEY, 
 
 Sec. III. Rim. R. R. Co.
 
 LETfERS FROM GEO. T. M, DAYIS, ESQ. 
 
 NEW YORK, Dec. 9th, 1858. 
 A. STUDWELL, ESQ., 
 
 Financial Agent and Permanent Treasurer of 
 
 Illinois River Railroad Company. 
 
 DEAR SIR : From a residence of eighteen years in Illinois, 
 which commenced in 1832 and terminated in 1850, 1 am enabled 
 to speak with great confidence of the advantages and benefits to 
 arise from the construction of the Illinois River Railroad. 
 
 It traverses five of the best counties in that State, four of 
 which stand pre-eminent as stock and grain producing counties. 
 The completion of this road opens to the Chicago market this rich 
 and productive section of the State, and from which important 
 market, the large quantity of cattle, hogs, and cereals annually 
 grown in those counties, has heretofore been in great part 
 excluded. 
 
 A careful examination of the Report of the Chief Engineer, 
 satisfies me that his estimates in all these respects are under, 
 rather than over what actual results will show. 
 
 The completion of the Jacksonville and Alton road, thirty 
 miles of which is now ready for the rails, and which is virtually 
 an extension of the Illinois River road, will also open to the 
 Chicago market the entire southern portion of Morgan county, 
 and the whole of the counties of Jersey and Green, that are now 
 without any railroad facilities, and which take rank as stock and 
 grain producing counties, with those traversed by the Illinois 
 River Railroad ; thus securing to this road, in addition to the 
 through travel, a monopoly of a large and lucrative local traffic, 
 that cannot be excelled by any other road in Illinois, either com- 
 pleted, in course of construction, or contemplated.
 
 108 
 
 An unusually economical and advantageous operation of the 
 Illinois River Railroad has been secured for the period of twenty 
 years, by the terms of the running contract it has made with the 
 Chicago and Rock Island Road, and under which your road is to 
 be operated by the experienced and popular executive officers of 
 the Rock Island Road ; while that road at the same time will be 
 largely benefitted by the connection. 
 
 I have purchased all the rails, chairs, and spikes, for cash, 
 and upon most advantageous terms as to price, the saving on the 
 rails alone being equal to five dollars a ton, even at the present 
 market rates. The quality of all the material is guaranteed to be 
 the best. 
 
 The first-mortgage ten per cent, bonds have been made a first 
 class security, so far as human sagacity and experience could 
 accomplish that result. 
 
 By the unanimous vote of the Board of Directors, and with 
 the concurrence of a decided majority of the stockholders, the 
 entire net revenues of the road are irrevocably pledged as a Sink- 
 ing Fund for the redemption of the First-Mortgage Bonds. 
 
 A DEPRECIATION FUND of ten per cent, of the revenues of the 
 Road is irrevocably set apart to meet the repairs and re-tracklay- 
 ing upon the Road, thereby guarding against the contingency of 
 any floating debt. Both this and the foregoing provision as to 
 the entire net revenues of the road, constituting a sinking fund, 
 are new and most important features in the railway system of the 
 United States. 
 
 It is made compulsory on the part of the trustees to exhaust 
 the Sinking Fund each year, in redeeming the bonds ; and equally 
 compulsory on the bondholders to surrender such of their bonds 
 annually as shall be designated by lot for payment. 
 
 It is made the express duty of the trustees, so to cancel and 
 mutilate each bond and the coupons thereto attached, as they are 
 redeemed, as to prevent the possibility of their being again 
 disposed of, or put in circulation, or used in any other way, after 
 they have passed from the hands of the trustees. 
 
 The bonds, by express covenants in the Deed of Trust, as well 
 as the property mortgaged to secure their payment, are placed 
 beyond the operation of all stay laws, stop laws, valuation or
 
 109 
 
 redemption laws, that may now exist, or may hereafter be enacted 
 by the State of Illinois. 
 
 In addition to the entire net revenues of the road, the right is 
 secured to the Company, by the Deed of Trust, to issue to a lim- 
 ited extent a second-mortgage bond, and to apply the proceeds 
 in augmenting the Sinking Fund for the purpose, among other 
 things, of redeeming the First-Mortgage Bonds. 
 
 The road will be entirely completed, including ballasting and 
 fencing, without being in debt a dollar for any purpose, except 
 its bonded debt of One Million and Twenty Thousand Dollars. 
 
 It will have been built for less than twenty -two thousand dol- 
 lars a mile, including every thing [even including the actual dis- 
 count in the sale of the Bonds], owing to most of the work being 
 accomplished and the material for the superstructure purchased 
 at the late panic prices. 
 
 No ACT has been done or performed by the Board of Direct- 
 ors, that has not been done or performed under the clearest ex- 
 pressed powers delegated to them by their charter. 
 
 And, finally, under the most unfavorable view that can be 
 taken, it will require but ten years' time to redeem and cancel 
 the entire issue of the First-Mortgage Bonds, without exercising 
 the right to issue a limited amount of Second-Mortgage Bonds, 
 and to apply the proceeds of their sale to the Sinking Fund. 
 
 The above, among others that might be assigned, are the 
 reasons that govern me in the expression of the opinion that 
 the First-Mortgage ten-per-cent. bonds of the Illinois River Rail- 
 road Company are as safe and thoroughly a protected railroad 
 security as has ever been issued in the United States. 
 
 Yours, respectfully, 
 
 GEO. T. M. DAVIS, 
 
 47 EXCHANGE PLACE. 
 
 *<> 
 
 t 7"
 
 110 
 
 NEW YORK, December 13A, 1858. 
 R. S. THOMAS, ESQ., 
 
 President of Illinois Btver Kailroad Company. 
 
 DEAR SIB : In answer to your inquiry as to what assurances 
 I can give you of the quality of the rails I have purchased for 
 your road, I beg leave to reply that they are manufactured by 
 the Derwent and Consett Iron Company, and H. Crawshay & 
 Co., of the Newcastle district, on the North-eastern coast of 
 England. 
 
 The rails from this district rank next to the Staffordshire 
 rails, which are the best that are manufactured ; and both com- 
 mand for the Continental markets a much higher price than the 
 best quality of Welsh rails. 
 
 The high price of these English rails over the "Welsh, has 
 excluded almost entirely the use of the former from the United 
 States. The only roads in this country, that I know of, which 
 have used the rails of the brand that yours is, are the Illinois 
 Central, the New York and Erie, and the Grand Trunk of 
 Canada. All these great thoroughfares have the highest opinion 
 of the English rails from the Newcastle district. 
 
 On the continent, as I have already observed, the preference, 
 even at a much higher price to be paid, has been given to the 
 English rails of the same brand as yours, over the Welsh rails. 
 
 The Crimean Railway, at Balaklava, constructed by Messrs. 
 Peto, Brasey & Betts, during the Russian war, was laid with 
 rails of the same make as yours, the preference being given to 
 them, on account of their superior tenacity and great durability. 
 The Russian Government, after the restoration of peace, pur- 
 chased these rails, and have since contracted for THIRTY THOUSAND 
 TONS more, for the Riga and Dunimaburgh Railway, now in 
 course of construction. The same manufacture of rails has also 
 been freely used with entire satisfaction upon the Grand Russian 
 Railway, the Prague Railway, the Dieppe and Paris Railway, 
 the Naples and Castlemare Railway, and the Rome and Frascatti 
 Railway. 
 
 In England, they have also been largely used and highly
 
 Ill 
 
 approved, by the North Eastern Railway, upon which is the 
 heaviest coal and iron traffic in England, amounting to between 
 two and three million tons per annum ; the North British Rail- 
 way, the Blythe and Tyne Railway, the Newcastle and Carlisle 
 Railway, the London and North Western Railway, the London 
 and Dover Railway, and the London, Brighton aud South Coast 
 Railway, between London and Brighton, and upon which the 
 quickest time is made in England, their express train making 
 from 50 to 53 miles per hour. 
 
 The same rails of the kind have also been purchased and laid 
 upon four of the principal railways in Spain. 
 
 Satisfactory evidence was furnished me by the highly respect- 
 able firm, in Newcastle-on-Tyne, from whom I purchased your 
 rails, of their use by all the above named railways as herein 
 represented, previous to my closing the contract with them on 
 your account. And the very fact that the most important rail- 
 ways of England, Russia, France, and Spain have given the 
 preference to this English rail over the Welsh rail, fully justified 
 the assurances given me by the sellers, that they were furnishing 
 the Illinois River Railroad with a better quality of rail than was 
 usually imported into the United States, or that is in the most 
 general use upon our railroads. 
 
 Yours truly, 
 
 GEORGE T. M. DAYIS 
 
 47 EXCHANGE PLACE.
 
 112 
 
 ILLINOIS CORPORATIONS 
 
 PROHIBITED FROM INTERPOSING THE DEFENSE OF USURY. 
 
 SECTION 1. That no corporation shall hereafter interpose the 
 defense of usury in any action. 
 
 SEC. 2. The term corporation, as used in this act, shall be con- 
 strued to include all associations and joint stock companies, having 
 any of the powers and privileges of corporations not possessed by 
 individuals or partnei ships. Session Laws of Illinois, Ftb. llth, 
 1853, p. 34. 
 
 ILLINOIS LAW GOVERNS CONTRACTS, BONDS, &c., 
 
 MADE IN THAT STATE ALTHOUGH MADE PAYABLE IN FOREIGN STATES 
 
 OK COUNTRIES. 
 
 SECTION 1. That it shall be lawful for any person pr corpora- 
 tion borrowing money in this State, to make notes, bonds, bills, 
 drafts, acceptances, mortgages or other securities, for the pay- 
 ment of principal or interest, at the rates authorized by the laws 
 of this State, payable at any place where the parties may agree ; 
 although the legal rate of interest in such place may be less than 
 in this State ; and such notes, bonds, bills, drafts, acceptances, 
 mortgages or other securities, shall not be regarded or held to be 
 usurious ; nor shall any securities taken fur the same, or upon 
 such loans, be invalidated in consequence of the rate of interest 
 of the state, kingdom or country where the paper is made pay- 
 able, being less than in this State, nor of any usury or penal law 
 therein. 
 
 SEC. 2. No plea of usury nor defense founded upon an allega- 
 tion of usury, shall be sustained in any court in this State, nor 
 shall any security be held invalid on an allegation of usury where 
 the rate of interest reserved, discounted or taken, does not
 
 113 
 
 exceed that allowed by the laws of this State, in consequence of 
 such security being payable in a state, kingdom or country, 
 where such rate of interest is not allowed. 
 
 SEC. 3. It shall be lawful for all parties loaning money in this 
 State, to take, reserve or discount interest upon any note, bond, 
 bill, draft, acceptance, or other commercial paper, mortgage or 
 other security, at any rate authorized by the laws of this State, 
 whether such paper or securities for principal or interest be 
 payable in this State or in any other state, kingdom or country, 
 without regard to the laws of any other state, kingdom or country ;. 
 and all such notes, bonds, bills, drafts, acceptances, or other com- 
 mercial paper, mortgages or other security, shall be held valid in 
 this State, whether the parties to the same reside in this State or 
 elsewhere. 
 
 SEC. 4. All laws or parts of laws inconsistent with this act, 
 are hereby repealed. /Session Laws of Illinois, Feb. 16, 1857, 
 p. 33. 
 
 8
 
 OPINION OF JOHN CLEAVELAND, ESQUIRE, 
 
 I HAVE examined the Charter of the Illinois River Railroad 
 Company , and the several acts of the General Assembly of the 
 State of Illinois, amendatory thereof, or in addition thereto ; and 
 I fully concur with the HON. S. T. LOGAN in the opinion that said 
 corporation has the power to borrow money ; and for that pur- 
 pose is authorized to issue and sell its bonds. 
 
 By the fifteenth section of its charter (the act of February 
 llth, 1853), said corporation is expressly authorized to borrow 
 such sum or sums of money as may be necessary for completing, 
 finishing, or operating its railroad ; and also, to issue and dispose 
 of its bonds, bearing an interest not exceeding seven per cent., 
 for any amount so borrowed, and to mortgage its corporate 
 property and franchises for the payment of any debt so con- 
 tracted for the purposes aforesaid. By the same section, all 
 sales of said bonds, made at a less rate than their par value, are 
 declared to be as good, valid, and binding upon said corporation 
 as if they had been sold for the full amount thereof. 
 
 In 1857, the General Assembly of Illinois enlarged the powers 
 of the above-named corporation. By the second section of the 
 act of January 29th of that year, it was expressly empowered to 
 issue its bonds, bearing an interest not exceeding ten per cent. 
 for such an amount as may be necessary to complete its railroad, 
 and to put the same in full operation ; and to sell said bonds at 
 par, or on such other terms as said corporation 'may agree on. 
 By the fourth section of the last-mentioned act, express authority 
 is conferred upon said corporation, by mortgage or deed of trust, 
 to convey or pledge all or any part of its corporate property and 
 franchises, to secure the payment of such bonds as it may issue.
 
 115 
 
 or such sums of money as it may agree to pay for any purposes 
 connected with the construction or operation of its railroad. 
 
 I have examined the proceedings and resolutions of the 
 Board of Directors of said corporation, authorizing the issue of 
 1320 bonds, and the execution of a mortgage or deed of trust to 
 secure their payment ; and I am of opinion that the issue of said 
 bonds, and the making of the said mortgage or deed of trust, 
 were duly authorized, ratified, and confirmed by the proceedings 
 and resolutions of said Board at legally convened meetings, held 
 on the 8th of October and the 20th of November, 1858 ; and 
 that such bonds are legal and binding obligations upon and 
 against said corporation, and that their payment is secured by a 
 valid first mortgage upon all the corporate property and franchises 
 of said corporation. 
 
 Additional security for the payment and ultimate redemption 
 of all said 1320 bonds is provided by means of a running arrange- 
 ment, already made by said corporation, with the Chicago and 
 Rock Island Railroad Company. 
 
 It is covenanted by and on the part of the Illinois River 
 Railroad Company, in said mortgage or deed of trust, that said 
 running arrangement, so long as any of said 1320 bonds are 
 outstanding and unpaid, shall not be abrogated, or altered, or 
 changed, so as to divert the payment of the net earnings of said 
 railroad, as therein provided, unless the consent of the trustees, 
 named in said mortgage, shall be first obtained therefor. 
 
 By the agreement with the Chicago and Rock Island Rail- 
 road Company, and by the said mortgage or deed of trust, the 
 entire net earnings of the Illinois River Railroad are irrevocably 
 pledged and appropriated to the purpose of creating and main- 
 taining two funds. One to be denominated a " Depreciation 
 Fund," and the other a " Sinking Fund." 
 
 The estimates of the Chief Engineer as to the net revenues 
 of said railroad, confirmed as they are by the independent and 
 wholly unbiassed judgment of J. Collins Chesbrough, Civil 
 Engineer, seem to leave no reasonable doubt that the Sinking 
 Fund, provided for as aforesaid, must be adequate to the pay- 
 ment and redemption of all said 1320 bonds within a period of 
 ten years. The contract with the Chicago and Rock Island Rail- 
 road Company furnishes the security or guaranty of that well-
 
 116 
 
 known and wealthy Railroad Corporation, that the Illinois River 
 Railroad, upon its completion, will not only be put in immediate 
 and full operation, but that its entire net earnings will be 
 promptly deposited with the Importers and Traders' Bank in 
 the city of New York to be applied to the sole purpose of creat- 
 ing and maintaining the two funds already mentioned. 
 
 It is difficult to conceive how a railroad bond can be more 
 effectually guarded and secured than are the 1320 first-mortgage 
 bonds of the Illinois River Railroad Company. While security 
 to the holders of these bonds is primarily provided for by the 
 mortgage, contracts, and arrangements aforesaid, the ultimate 
 rights and interests of the shareholders are, thereby, at the same 
 time, fully protected. 
 
 NEW YOKE:, DEO. 14ra, 1858. 
 
 JOHN CLEAVELAND, 
 
 No. 38 Wall Street.