The Evansville daily journal. [volume] (Evansville, Ia. [i.e. Ind.]) 1848-1862, 1854-11-16
tent Of the straight
\ he Board, NOvem-

~~~~' SsS - tnS ~ tcnS oH tme
Line Ratlroad, Ie Boa I'd, NOvem-
Der Session, 1854.
GENTLEMEN OF THE I,ARp:-It is not my
purpose, at this time, to make my annual re.
port. That duty will he performed at the
annual May session, as feauired by our By
laws. A few remarks, however, may now
De proper. The change OF times, nth the
summer drought, and consequent partial loss
OF the crops, induced Us to forbear asking
pay ment from our local subscribers, faster
than was necessary to meet the immediate
demands on the treasury; al; Of which were
promptly met. But during the coming win
ter, we hope to receive all the aid that our
subscribers can give Us, to enable US 10 pay
increasing demands against the treasury.
The alignment Of our road, will not only
meet our highest expectations, but in point
OF low grades, easy curves, and proportion
of straight lines. it will have few, il any SUI
periors in the United States, and as it is
now understood that we shall be permitted
to occupy the direct route from the Capitol
OF the State through The White River val
ley to Evansville, without any competitor
from rival works, our position is all that we
could desire.
Our road stands high at home and abroad,
for which, in part. at least, we are under
great obligations to the press, which has
kindly laid before the public, the merits Of
our great enterprise. Still, like other COM
panies engaged in the construction uf new
roads, however important, We must expect
TO meet the times, which may require great
energy aud economy, as well as due caution
on the part Of the Company, and contrac.
tors. I have full confidence. however, in
any event, in the final result; il our pres
ent policy shall be steadily maintained by
the Board.
That policy is, to adhere to the Bylaws,
that make our stocks bear interest payable
/ in stock, until the whole road shnil be com.
pleted, leaving the proceeds OF Divisions in
operation, to be applied TO tie interest on
our bonds, and to construction; and to con-
fine our means 10 the building # the road
in continuous Divisions, to be put TO use and
profit, SO soon as completed. I his policy
will insure th" completion Of the whole road
and should be cherished by the Board
| There is oEe fact that would Ike our poi.
cy cohclusi, ely proper, il there was no 9th.
er, and that is, that each Di ision Ut our
road will become, when constructed, BY its
connection with other roads IN operation, q
part of through line. The first Division
will connect Evansville with the Onio and
Mississippi Railroad; the second, with the
New A .bany and Salem Railroad; the third,
with Indianapolis and the railroads center
ling there; each OF which Divisions will do
u heavy business.
The energetic aud able contractors.
Messrs. Willard, Carpenter L. Co., have
been progressing with the graduation OF the
rosd from Evansville to the crossing Of the
Mississippi road, through the summer, and
ab ut $4,000 worth Of work has ben done.
They have met t.eir estimates promptly and
the work is going on with a. ample iurce
We have negotiated sumo Of our Evans.
vile City bonds; at rates quite as high ~
could be expected in these stringent times
and We have still Tor sale. at fair rates, bonds
on the cities OF Evansville and Lamasc,, aud
bonds secured by mortgsged rcrl estate
These bonds are entirely sale for invest.
ment Of capital, paying interest semi-aunu
Lally. at 7 per cent, in the city of New York
II is true that the times are hard, but while
the stfingency ot the money market oper.
ates upon our securities, it has u like eflec
upon the price OF iron, in some degree equal
: izing the actual cost OF the work, to the con
tractors, but we have every reason To hope
TOT an Improvement vi nOuty Matters In tut
course OF the winter aud Spring.
The Railroads centering at Indianapolis
the railroads from the south to connect witt
us at Evansville, the cities OF ln.ilnapoli,
D and Evansville, and the counties of Marion
Johnson, Morgan. Monroe. Owen, Greene
Daviess, Pike, Gibson. Martin, Warrick
Dubois, vanderbur, b and Posey, contain
ing a population Of l9l,649, and taxable,
S37 .6Si,5I3 are all deeply interested in IN,
construction of our road. Our Stocks mus
maintain as high rates as any road in til,
| United States when completed.
/. We are engaged in a heavy enterprise
We have been met by a state OF times tina
was not anticipated when our Company wa
organized. But our course is onward, an,
our success certain. Let US increase our Ell
forts to bring the people on the line. VIII
are so deeply Interested in The completion o
the road. p TO our aid, b. paying up old, an.
making new subscriptions. They have ev
erything to gain BY our success, aud fee
conf ent that they will yet come up to tn,
work in the right spirit if we do our duty.
| o II. SMITH.