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Abraham Lincoln and The Illinois Central Railroad by E Sunderland Hard Cover
Abraham Lincoln And The Illinois Central Railroad By Edwin Sunderland
Hard Cover
Copyright 1955
117 Pages
Its organization, financing, and subsequent simplification of debt and capital structure thru May 1955
Table of contents:
Preface IX
I. Abraham Lincoln and the Illinois Central Railroad 1
Early Illinois Programs for Transportation Development 5
Efforts to Secure Federal Aid ( Land Grants ) 6
Charter of Illinois Central Railroad Company ( February 10, 1851) 10
Organization and Early Financing of the Railroad 13
Lincoln's Activities for the Railroad during Its Construction (1852-1860) 16
Lincoln and Politics ( 1852-1860 ) 21
Growth of Illinois Due to the Railroad (1852-1860) 29
II. The Expansion of the Railroad into the Illinois Central System 43
III. The Simplification of the Debt and Capital Structure of the Illinois Central Railroad, 1938 through May 1955 51
The Depression of the 1930's and Its Effect on the Railroad 51
The Railroad's Recovery from the Depression—Increased Dividends on Its Common Stock 61
The Determined Debt Reduction Policy of the Directors of the Illinois Central Railroad through 1949 76
Debt Simplification and Reduction-1950 to 1952 84
Sale of Series D Consolidated (First) Mortgage Bonds 85
Sale of Series E Consolidated (First) Mortgage Bonds 87
Refunding of Debt at Favorable Interest Rates from 1952 through May 1955 89
Sale of Series F Consolidated (First) Mortgage Bonds and the Redemption of the $34,743,000 Forty-Year 43% Debentures 89
Sale of Series G First Mortgage Bonds to Refund Consolidated Mortgage Series D Bonds 90
The Edgewood Cut-Off 91
Issue and Sale of $25,000,000 Series G First Mortgage Bonds 92
Sale of Series H First Mortgage Bonds to Refund Consolidated Mortgage Series E Bonds 92
Issue and Sale of Twenty-five Year 3%% Sinking Fund Debentures and the Redemption of the 6% Preferred Stock, Series A 93
The Consolidated ( First) Mortgage 96
Improvement in Lien, 1949-1955 97
Important Provisions of Consolidated ( First) Mortgage 100
Conclusion 102
Appendix A. Excerpts from Testimony of the Principal Officers and Certain Directors in the Case of Alexander Guttmann and Others against the Illinois Central Railroad Company 111
Appendix B. Simplification of Corporate Structure 113
Appendix C. Credit Given to Carlton J. Corliss, Author Main Line of Mid-America, Published by the Creative Age Press at the Time of the Railroad's Centennial, February 10, 1951, and to the Members of the "Centennial Committee" 115
Bibliography 116
On December 31, 1952, there was privately printed by the present author a brochure dealing with the simplification of the Illinois Central Railroad's debt structure during the period 1938 through 1952. This brochure, largely pursuant to request, was distributed not only to persons connected with the Railroad, hut to public libraries, the libraries of chambers of commerce, and those of the colleges and universities in the fourteen states in the Valley of the Mississippi River from the Great Lakes to the Gulf of Mexico. Additional requests were satisfied by a second printing, but copies are no longer available. More importantly, since the date of publication of the brochure, December 31, 1952, many changes have occurred in the debt and capital structure of the Railroad by reason of the issue of roughly $100,000,000 of Bonds, principally for refunding purposes, on terms which have reduced greatly the annual fixed charges on the Railroad's mortgage debt, which is approximately $128,000,000. Approximately $35,000,000 of Debentures have been retired; and approximately $5,000,000 in Sinking Fund Debentures have been issued in order to provide funds at the time expected to be necessary for the redemption of the 6% Preferred Stock, Series A. The small amount of the Debentures recently issued is accounted for by the fact that substantially all of the convertible Preferred stockholders-particularly the Union Pacific Railroad under the leadership of E. Roland Harriman, Chairman of the Board of Directors, and Robert A. Lovett, Chairman of the Executive Committee of the Board-have converted their Preferred shares into Common shares.
In the last two years, a substantial amount of Equipment Trust Certificates have been issued in order materially to advance the Dieselization Program of the Railroad.
Furthermore, examination of the works and documents enumerated in the Bibliography at the end of this book has impressed the author with the fact that a greater emphasis than has heretofore been given is warranted for the activities of Abraham Lincoln as attorney for the Illinois Central Railroad and as a legislator in connection with the organization and financing of the Railroad and the growth of the territory that it serves.
Consequently, before dealing with the expansion of the Illinois Central Railroad into the Illinois Central System, and before dealing with the action looking to the simplification of the debt and capital structure of the Railroad beginning in the middle or late 1930's and carried on especially from 1943 through May 1955, there is briefly recorded the participation of Abraham Lincoln as an attorney and legislator in the organization and development of the Illinois Central Railroad. This includes the agricultural and industrial development as a result of Federal and state land grants first of the State of Illinois and ultimately of the entire territory served by the Illinois Central Railroad in the Mississippi Valley.
It has also been deemed important to show statistically in this book the financial results obtained during the last two years, in order that the entire record may be before those who have been concerned with the earlier publication.
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