The Evansville daily journal. [volume] (Evansville, Ia. [i.e. Ind.]) 1848-1862, 1855-05-18
RIVAL ROADS,

We have no desire to conceal the fact, IL
we had Il in our power to do SO, that there
is at this day strong disposition to discour-
age the building of new roads. that may be-
come rival or competing roads to those al.
ready constructed, nor il it our purpose to
controvert or gainsay this policy. but to state
our position to the public, and TO maintain
that the same policy that would give the cold
shoulder to new competing line, would afford
every aid to our road, which SO far from be-
ing rival line Is an extension from Indian
apols to Evansville, of all the roads built to
the Capitol, and must add largely to the bu.
siness OF them all. 1t is true that there is a
road running un the Wabash River from
Evansville, by Vincennes to Terre Haute,
interesting the Terre Haute and Richmond
road, to be extended to Charlottesville: but
that road and ours, running from Evansville
on direct line up White River, In the cen.
ter of the state, can never become competitors
to any injurious extent. The business of
the Wabash Valley cannot be thrown upon
the White river Cars, nor can the White
River business be carried to the Wabash
Valley trains, both roads will be exclusive
required by the districts of country which they
est capacity when in opera ton.
BONDS OFFERED FOR sale.
The only bonds that will be offered for
sale until the first division of the road shall
be ready for the iron, will be seven per cent.
twenty year coupon bonds of the cities Of
Evansville and Lamasco, interest pay able by
those cities emi.annually. in New York.
These bonds are endorsed by our Company.
And seven per cent. ten year coupon bonds
of our Company. interest payable in New
York semi-annuallys and convertible into
stock. These latter bonds, so far rs they
are ISSUED, are secured by lands at an aver
age value OF 1884 per acre, except few
tracts of special value, conveyed to trustee,
as stated under our land policy, and of these
bonds barely enough will be offered from
time TO time to enable the Contractors to
meet their current estimates for construc.
ton. All these bonds, both City and Com
pany, are based on actual subscriptions to
the Company, and are issued by proper au.
thority of law. As the divisions shall be
prepared, there will be first mortgage bonds
issued upon them for the purpose of procur-
ing the iron. not exceeding in amount ten
thousand dollars 10 the mile. These bonds
will be paid to the Contractors at par, and
will be amply secured by first line upon
the division of the road, upon which the iron
is laid.
| In this report we have preferred giving the
facts connected with our position, and the
sources of cur probable business, that others
may have the data before them upon which
to base their own calculations. to making any
specific statement Of probable earnings our.
selves, as such estimates can only be spec.
ulative at best, and may be subjected to un.
just criticism. by comparing them with the
proceeds Of roads possessing few Of the ele-
ments of success Of our road; besides, SO
much depends at last, upon the operation of
road, that no very satisfactory results can
be arrived at in advance.
| We cannot close this report without leav-
ing on record our confirmed convictions tina,
there will be no road, of the same length, lin
the United States, that will combine more of
the certain elements of success than our
road, with less danger from competition for
all time, and that. consequently, we have
every inducement TO prosecute the work with
all possible energy. until il shall be complet.
ed, and our highest antcipatiens realized.
| OLIVER H. SMITH,
| ALEXANDER LESLIE,
WILLIAM MASON,
CYRUS WHITFIELD,
| JEREMIAH SMITH,
PERRY M. BLANKENSHIP,
HENRY D. ALLlS,
| JOHN LAW,
JAMES w. COCKRUM,
JAMES COSBY,
| JOHN II. JOHNSON.
INDIANAPOLIS, May 10, 1856.
A