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

each division to be subject to our use 20 soon
~ thsiron shall be laid. The whole road to
be completed BY the month of December,
1857. This contract, at the time il was
made, was favorable to our Company, ow-
ing 10 the high price of iron, labor and nate
rails, and the hesvv discounts of stocks and
bonds, at ,hat time, but the favorable change
in times since, with brighter prospects ahead,
we are inclined to think, will give to the
contractors fair margin Of profits, stimula-
ting them to high exertions to complete the
work in proper time. While the cost of our
road per mile 10, apparently, rather higher in
the first instance, than many of the other
roads in the State, owing to its direct align
ment, easy grades, open curves, perfect
structure, ample building, p ornament bridges.
and we paying in stocks and bonds at par,
without any allowance for discounts or com.
missions, still the immense business it must
do, will place it among the first class paying
roads in the United Ststes, upon its cost. It
10 due to the Contractors to say in this con-
nection, that they have thus far met our high
est expectations. by progressing steadily
with the work, and paying their estimates,
amounting to 100000. promptly, through
the most stringent times known for years.
Its comparative cost, however, with other
leading roads of the United States, is greatly
in its favor, independent of it's advantages in
length Of straight line. easy grades, and open
curves. Appendix F is referred to under
this head. (
ASSETS OF THE COMPANY.
The Report of the Secretary and Treasurer
10 referred TO, showing the state of our
finances, BY which it will be seen that we
now have on subscription in cash and equi-
valents S49l ,96l 90. In real estate at cash
valuation, which has been conveyed to the
Company, 1857, S47.00. In real estate sub
scribed. but not yet been conveyed to the
Company, $50, 10000. In subscription of
Contractors, payable in construction, $780,
600. To which will be added bonds Of iron,
amounting to SIC, 900 to the mile, to be first
mortgage bonds on the road, and payable to
the Contractors at par, $3.50 900, making in
all up to this time. applicable TO the con.
struction Of the road. 80 ,299, $4,000. This
is exclusive of near 100000 Of subscriptions
conditioned upon the location of the road
upon lines not adopted by the Board, which
have been stricken from our books.
While il will be observed that we shall
OF stock, to enable US to complete and equip
the whole road, il will be seen that upon the
policy we have adopted Of appropriating our
means to one division at time until il shall
be put in operation, no road that ever was
built in the State had anything like the ad.
vance strength Of our road, and it may be as.
sumed with entire confidence that we cannot
fail Of complete success. in building the
whole road, il we adhere strictly to our pres.
ent policy, and the friends of the road on the
line will give Us their aid, 40 the work pro.
crosses, which they are so able to do, and
upon which we confidently rely. The road
is, in fact, their road. They will be bene-
fitted by its construction largely 10 the in.
creased value of their real estate. and other
wise, within the range of Its influence, and
they are expected to aid US in building
it. In the course Of the summer we propose
to call upon every citizen of the Valley for
subscriptions to the work, with full conf.
dence that they will act in the right spirit.
LAND SUBSCRIPTIONS.
It is proper that our land system should
be understood by the public. We receive
subscriptions in lands lying within ten miles
of the road; the subscriber is required TO
convey the lands in fee at their appraised
value on oath, by dsinterested person, and
receive certificate of stock, bearing six per
cent. interest per snnum, payable in stock
until the road shall be completed, having the
exc elusive right of purchase for six months,
at cost, interest and taxes, payable one.
fourth in hand, and the balance in six equal
expiration of the six months the lands are
h. III
by any other person. These lands are to be
conveyed to q trustee, to secure the payment
of the bonds that are issued upon them, 70.
serving the right Of the Company to sell the
lands, the proceeds Of which to be invested,
with the assent Of the trustee, in fund to
pay the bonds at maturity, so that the lands
can be used only in the construction Of the
road through the sale of the bonds. II is
proper to remark that our lands have been
taken with great care, rejecting large guam
tity offered, including all swamp lands, or
other lands above their cash value. Our
lands are now subject to entry at our Office,
at cost, interest. and taxes, from So 90 to
Sl2 90, averaging about 80 81 per acre, and
afford a fine opportunity to persons wishing
to settle in one of the best portions of India.
ma, to obtain great bargains at long time of
payment
RIGHT OF WAY.
With few exceptions, the right of way on
the FIRST general division has been honorably
released ithout cost to the Company, and
it is expected that the holders of the real es.
tate on the line, where the obvious benefit of
the road wilt render their property more val
liable, will cheerfully release the right Of
wav, when applied TO for that purpose.
If there should be isolated cases, where
the proprietors may be more injured by the To-
BY its construction, it is not only the policy
but the duty of the Company to act fairly
and honorabIy with the citizens, which we
have no doubt, will be met in the same spirit.