The Evansville daily journal. [volume] (Evansville, Ia. [i.e. Ind.]) 1848-1862, 1855-05-17

ANNUAL REPORT
Of tie Directors of the Evansuille, Indiana-
poe6 f Cleveland Straight Line Railroad
Company.
INDIANAPOLIS, May 10, 1855.
We commenced our enterprise when times
were buoyant, money plenty, and stocks and
bonds in demand at full prices. We had
progressed too far to suspend, orfaetrace our
steps, had We been disposed toto 90, with.
out heavy sacrifices, when we were met by q
state Of things wholly unexpected. Many
projected roads had bee q abandoned in des-
pair, others had been Temporarily suspended
for the want of funds. Not few predicted
that times would grow worse. and money
still harder to be obtained. The important
question arose as to what was our duty "a
Directors of this Company to the Stockhold-
ers. 1t was question far from being free
from endorsements. To stop short was
death to the work, perhaps forever. To pro.
coed necessarily involved all the conse.
quence Of results. In view, however. Of our
position, the circumstances that surrounded
us, the great importance ofthe work in which
we are engaged, our unanimous opinion was
in favor OF . safe, steady, cautious. onward
course, managing our affairs with the utmost
economy, relying upon our own resources as
much az possible for the time being, and
trusting to better times, and discriminating
public, to accelerate our movement upon
this policy we have been acting since, with
out the intermission of q day, and we are
happy ia believing that the prospects before
Us fully justify our course.
That our present position and future pros.
poets may be open to the closest scrutiny,
we present this report under distinct heads
referring to the Appendix for statistical in
formation.
ORGANIZATION AND PROGRESS.
Our Company was organized BY Articles oil
Association under the general laws of the
State, on the 18th Of May, 1868, with q sub.
scription of only s55,l50. Much Of the
time since has been occupied by the Direc-
tors in the usual official duties, and in solicit.
ing subscriptions Of stock, while the Presi.
dent, and first Vice President, Mr.. Smith and
Mr.. Carpenter. have been indefaligable, on
the line and abroad, in delivering public ad.
dresses, and holding private interviews. for
the purpose Of bringing prominently before
the public the merits Of our new enterprise
Two corps Of Engineers were placed in the
field soon after Organization, and, notwith-
standing the favorable character Of the WI bite
River Valley, the road was found to be very
difficult of location, requiring much time, ow.
ing to the fact that the river and its trbu.
taries meander through the valley, making il
necessary to run test lines for comparison on
both sides of the main river. The south
part Of the road from Indianapolis to New.
berry, 1871 miles. and the east end of the
road from Indianapolis by Waverly to
Martinsville, on the east side OF the River
% 80 miles, have been permanently located
making 100 miles, and only 4. 10 miles longer
than an cir line. The middle division, from
Martinsville TO Newberry, has been run BY
| the Engineer on the east side of the river
but q proposition 10 now pending before the
Board to change the line between Martins.
vile and Spencer, 90 as to cross White river
below Martinsville, and run down on the
west side Of the river, to Spencer. II the
Board should favor this change, it will be-
come necessary to relocate that part Of the
line. The Engineer reports that the whole
line will not exceed 155. miles. We may re.
mark that the located line fully meets ouI
anticipations, and establishes the high pro.
fessional character Of Mr.. Moore, our Chief
Engineer, and Of Mr. Shank. his able assist
ant. The appended map is on too small q
scale to lay down the roads precisely rs To-
Gated, and is only intended to give a sketch
view.
PrLrcY OF The COMPANY.
The road is laid off by the Board for con-
struction, into three divisions: The first
from Evansville to the crossing of the Ohio
and Mississippi Railroad. By the construc.
ton of this division, we connect Evansville
with Cincinnati and st. Louis, over that
road from the Junction. The second ex.
tends the line to the New Albany and Salem
road, near Gosport. BY the construction o.
this division, we connect Evansville with
Michigan City, Chicago, Detroit, and Toledo
over that road from the intersection. The
third division completes the road to Indian
apolis, the Capitol of the State, where We
form our Eastern and Northern connections
The several divisions will be held, until com
pleted, as il they were separate roads, to b
j graded in their proper order, to be mortga.
ged for the iron separately, by a first mort
gage only, 90 as to avoid the mistaken policy
Of executing subsequent mortgages on the
same road. Each division Of our road, BY
its connection with through lines of Other
roads, must pay well, 30 soon as it is in ope
ration. By this policy we will have, in fac
but one-third of our road on our hands fol
construction at one time. The whole of ouI
available means will be confined to the frs
division. until it is made ready TOR the rolling
stock, and when in operation, we shall have
it's proceeds in aid Of our other means, in the
/ prose en- ton of our work As o,,r stock,