Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1849-07-19
indianapolis ana BeIIefoniaime Rail-
rs0r1

Anderson, on tile 9TH instant, and resulted ~ the choice
OF Jeremiah Smith, William III. Way, Peter ). Miller,
and David Hrasion, from the county of Randolph Jas.
Tuit, Samuel p. Anthony, James l. Russey, and Da-
vd kilgure, from the county Of Delaware Allen Make
peace, William Sparks, Robert N. Williams, and James
Gray, from the county of Madison TbOs. II Noel from
the counties of Hamilton and Hancock Robert r.. I'm
derhil, and o.. II. Smith, from the county Of Marion.
Oliver III. Smith was unanimously reelected presi-
dent, James G.. Jordan was unanimously elected secTeta-
Ty, Austin ". Morris was unanimously reelected treasu-
rer, and Thomas A.. Morris was unanimously reelected
engineer
The executive committee elected for the year consists
OF Jeremiah Smith. r. n. Williams, Thos. II. Noel, r.
X. UndeThiIl, aud James l.. Russry.
The president, previous TO taking the oath OF office,
addressed the directors rs follows
GsHtemen-In entering upon the discharge of our du-
ties as the directors Of the affairs of the company for a
second term, il is Justly expected Of us that we should
manage them with integrity, prudence, and proper econ
omy, and that we should cause the work to progress 10
completion under the charter, 50 ms to make il profitable
TO the stockholders, and beneficial TO the country, at the
earliest practicable day, consistent with our available
means, and a strict regard to the faith of our contracts
and pecuniaIy liabilities.
1t is now Just one year since our company was organ
lied, and although we have had TO encounter the usual
difficulties incident to new and important enterprises,
still, | am happy to be able to say, that much more bar
mony, and prosperity, have attended our action the hrst
year than we bad any reason 10 expect, and | may safely
add, that no road in the United Stntes, of The same
length, untes more harmony of action and concentration
Of purpose in lis construction, than does our road Of The
present time. Individual well-wishers have assumed
the more useful position of subscribers to the company,
progressed, into public confidence at home and abroad,
IN the construction of the work.
Having in March last published my first annual report,
deem il unnecessary on this occasion TO 60 into a de-
tailed statement of our affairs and prospects. II may
however be proper TO say generally, that since the date
of Inv report, about four months, they have added TO our
subscribers $50. making our present number 1880. Our
cash subscriptions of general aud special stock have IN
creased $4,000, and our land subscriptions Sl3 800,
making the addition to our subscriptions, since my last
report, ST. 500, while our energetic stock solicitors are
actively and successfully engaged in taking and closing
stock.
The interest on the few bonds we have issued, has
been punctuallY paid, and all our pecnniary arrange
ments have been faithfully discharged. Since my re-
port, we have let the graduation of the first general sec
ton oftwenty-seven miles, from Indianapolis to Pandleton
and the contractors are rapidly progressing rapidly with
the work. It is proper that | should say here, that l
have deemed it proper 10 the success and harmony ofihe
work, TO discourage the use of spiTituous liquors on the
line, in the most decided terms-a policy which ] desire
10 see rigidly enforced by the contractors. The contract
prices of preparing this section for the superstTuctnre Is
under $500 10 the mile, including grubblng, grading,
and all other work. This section will be ready for the
superstructure this seaSon, and we anticipate the final
location of the whole line, and the letting of the clear
ing off the timber, and the gmbbing Of the other genetai
sections, from Pendleton to the Ohio line, in the course
of the summers and coming fall, payable out of the spe-
cial stock, so that IT is manifest that our present condi-
ton and prospects fully justify the universal confidence
now felt, in the success of our great enterprise.
Still let me not be understood as saying that enough
has been done, and that the directors, stockholders, and
other friends Of the work, may now fold their arms and
cease these exertions. Far from it, we are fust getting
fDhTt - n DlNIt tllNt ibAbD " IL wv iibb WI
everv friend Of the work, and especially Of the stock
holders, who may be in arrears, TO come up TO our aid,
with a determination TO continue their efforts, until the
whole road shall be completed, aud the cars shall be
running from the capital of the Stale, 10 the Ohio line.
1t may not be improper to say a word upon the cbarac-
Ger Of our road, as compared with other roads OF n like
character in other States. In a table in the American
Railroad Journal, I find the average OF the highest grade
of 81, American Roads, TO be 424 feet to the mile. Our
governing grade is only 30 feet TO the mile. aud our av
eruge grade is only 13t feet to the mile. The average
cost of construction and equipments OF 90 given AmerI-
can Railroads is $3I ,75l per mile our road with the
heavy II rail, right of way, depots, and ample equip
menis, will not exceed $4,000 per mile, and stillithe
annual dividends of those roads, so far as they are gwen,
averages 7 1-3 per cent. on their immense cost. ! see it
published, that the avearge cost of construction and
equipments Of the English Railways, all with double
tracks, is $4,000 per mile and yet these roads make
Al per cent. annual dividends if this be so, what must
our work., unlimited IN dividends, divide, when II shall
be made, and our connections with the Eastern, West
ern, Southern, and other roads now in progress shall be
completed.
II affords me much pleasure TO say, that our most san
guine hopes are likely to be fully realized in the imme-
date and ultimate connections Of our road with the East
ern, Western. Southern, and other Railways. Even
heretofore, selfish and misguided Illinois, operated upon
by the late convention in that State, will yield to better
councils, and grant the right of way through that State,
and our great direct central route will be extended from
indianapolis to st. Louis, and from thence to the Pacific
ocean
Since, then, it is no longer a question that our road Of
So miles, is to be an important link in the most direct
lines Of Railways from the Atlantic cities of Boston,
New York, Philadelphia, and Baltimore, through the
centre of this great valley, there remains no doubt what
ever Of the importance of the work, the ultimate value
Of the stocks, and Of the propriety of constructing the
road upon the most permanent gravel basis, and with the
most substantial oak superstructure, and the heavy L
rail, so as to insure the utmost durability and capacity,
and the highest rate of speed.
Pursuing our safe and cautious course Of policy, let
nothing be wanting on our part to insure the completion
of our link 10 this great central work, so essential 10 our
prosperity, at the earliest practicable day. In our inter-
course, 1 trust that the same good feeling may at all times
be present with us that SO happily characterized the ac-
ton Of the late board.
Accept, gentlemen, my thanks, for this unanimous un-
solicited expression of your continued confidence and
regard.
Ordered, That the address of the President be entered
upon The record, and that the same, with the foregoing
proceedings Of the election, be published in all papers
friendly to the work, who may be pleased to do so.
Death Of DIR. SeOVil--- Hanover College.
The Louisville Courier announces the death, by in
fammation Of the kideys, on the 4th inst, Of Rev.
DIR. Scovil, President Of Hanover College, Indiana.
Our sister State had but few men, engaged in any
sphere Of usefulness, whom she could not have better
spared than this exemplary divine and most excellent
educator. When, less than two years ago, DR.. S.
took upon himself the responsibilities Of the Presi-
dency of a young and well situated, but declined col
lege, he determined to show what systematic effort,
singleness Of purpose, high moral aims. and untiring
devotion to the interest of Education and Christianity,
could do to check a downward course, aud give to
apparent failure the seal of uBdoubted success. He
has since labOred well, earnestly, faithfully. and. with
the aid Of Ills excellent and able associates in the
faculty, had Just succeeded in b~anishiBg all doubts as
10 the successful termination Of the experiment, when
he was called 10 another world, and bid 10 "cease from
his lab0rs" In this. He was in the full vigOr Of life,
and The prime of intellect, and his loss will be great
10 the cause of Education in the West, and especially
so to the now-hourishing Institution over which lac
presided. He was our friend, and we deeply lament