The Evansville daily journal. [volume] (Evansville, Ia. [i.e. Ind.]) 1848-1862, 1858-04-02
p T.. e. C.. s. l.. II. II.

e, l., & c. s. L. II. Il.
We give below the address Of the
President of the Straight Line Railroad
to the Directors.
ADDRLSS TO THE BOARD.
GExrLxxxx OF THE BoAk0:-As you have |
mot to day at my call to hold session OF
the board, 1t Is proper that should state the
purposes that induced me to convene an OK
ira session. The most Of US have been con- |
nected with this enterprise from the first or
ganization Of the Company, and are familiar
with it's whole proceedings.
With myself, you are witnesses OF the good
faith, the high nd brilliant prospects with
which we all entered into the enterprise, and
with what confident hopes VIC became asso-
ciated. The City of Evansville subscribed
$500, 900, and the City Of Lamasco subscrib-
ed $50 900, willie individuals on the line sub
scribed liberally-none doubted at that time
of ultimate success. To insure that success
the Board, unanimously, with the approval
of the entire stockholders so far as reached
the directors. al Of whom were re elected by
the stockholders after the contract was made,
entered into u written contract that was
spread upon the record at the time with VIII
lard Carpenter 81 Co., responsible and ener
getic men, having large means OF their own,
the reciprocal terms aid conditions, OF
which speak for themselves. The contrac
tors have done large amount of work on
the road, but with all their energy and per-
severance haze not been able to contend with
the adverse change oil times and embarrass-
ments that have been thrown upon them,
and tho work remains in an unfinished state.
For the work already done, and THAT to be
done, on the first general section, refer you
to the report OF the late engineer. do not
propose to go into statement OF all the
embarrassments the Contractors, as well as
the Company, have had to contend with,
growing out of the change OF times, the
impossbitity Of negotiating railroad securi-
ties, and the neglect, delay, and refusal OF
the subscribers to pay, rendering IT impossi-
BILE to progress with the work-sutfice it to
say that the Contractors are unable to pro-
.rcss with the work to completion. The
stockholders have of coarse become imps-
tient many refuse to pay their subscriptions,
and have left the Company no alternative
but to Bring suit against all refusing delin-
ouents without respect to persons, including
the City of Evansville foy the 500 900 due
on her subscription. The effect Of the re-
fusal of our subscribers TO pay has been to
leave the treasury without means to pay our
taxes for 1857, or the interest coupons on our
| real estate bonds that fell dee on the fast
| day of Jantsary last. This is especially to
be regretted, as these bonds were paid over
| to the Contractors for work actually done on
the road urJlsr ts-ir contract, and not being
| negotiable at the time at fair rates, were
pledged, as I understand, as collateral secu-
rity for their individual notes, given by thGm
| to meet the estimate, and carry ON the work
| and which bonds, if negotiated at ressona-
bic rates, would be ample TO relieve the Con-
tractors as such from all individual liabili-
ties.
/ call your special attention to the con-
tract with Willard Carpenter d Co., and the
| condition of affairs in connection with it
and recommend that the contract be cancell-
ed, with the assent of the Contractors, who
have been notified of the meeting of the
Board, and who, understand, are ready t.
surrender it, and that a Just and equitabl,
settlement with the Contractors be made
| III, however, the Contractors shall not vol
unfairly deliver up and surrender the con
tract, you will examine the same, and thu
conditions of the work, with view of de
claring it forfeited, and of taking the futur
construction of the work into the hands o
the Company. trust, however, that there
may be no difficulty in that matter, as it i
evidently ut this time, under all the circum
stances, Che interest of both parties to cameo
the contract amicably, and to settle justly al
matters between them. After such surren
der and settlement, ard the payment Of tn,
floating debts of the Company, and ascer
tanning the net amount OF the assets, rea
and personal, including the Value of tn
work done and paid for, with the material
on hand and the outstanding liabilities o
the Company, its true condition can be as
certaned. The floating debts OF the Com
pany, including the taxes and the intercs
warrants on the real estate bonds that ar,
due, will not exceed $l2 900. To this Their
will be added the coupons of the same bonds
as they fall due semi annually, and ultima
tely, when the bonds mature, any difference
there may be between the bonds and the rea
estate conveyed to the trustees to secure thei
payment. There have been sold by Tho
Company to individuals, in virtue of tn
powers reserved in the trust deeds Of tn
100000 of lands, included in those deed
only $2S OLE 90, of which there have beer
paid into the treasury Sl6,02s Al, leavin;
the sum of S12, 9S2, SIS unpaid by the pur
chasers. for which sales the Company will b
liable to the trustees, If the balance of tn
lands conveyed in the trust deeds and re
me ming unsold, shall prove insufficient t
pay the bonds when due, the Company bein
liable to pay The interest semi-annually, am
the principal of the bonds at maturity, Will
the purchasers of the lands from the Com
pany will hold them free, and discharge,
from any lien Of the trust deeds, under tn
following express provisions contained in tn
trust.decds. PROVIDED, the said real estate
so subscribed to said Company. shall be sub
J jcct 10 entry and to be conveyed to the pur
chaser by said Company, discharged fror
tins mortgage ut the Office of the Company
under the now existing bylaws OF said Com
pany." The trustees and the bondholder
should be fully assured that the Temporal,
/ default of the Company to meet tire intereS
on the bonds was not Intentional, and tina
the coupons due will be paid 80 soon rs posi-
/ bic from the assets of the Company, rs
would be disastrous to the bondholders, til
Contractors and this Company to fOreclos
. the trust deeds, and sell the lands for til
best price they will bring until times revive
, and the demand for the lands shall Undue
purchases ut a fair value. To sell them no,
d Mt forced sale would result in large sacri
fees, which should be avoided If possible, a
those lands, properly cared fer, and sold /;
/, fair rates, i'll good times, viii be ample I
| redeem the bonds issued upon them.
81 w hen the state of the liabilities of I'll
Com pany shall be ascertained, after the SCI
tlen.e mt with the contractors, in view of til
times and monetary prospects before u
> it will be for the Board of Directors the
having charge of the affairs of the Compan,
to determine whether the interest of Il
stockholders will be promoted by looking |
p the completion of the work by the Compan,
, or by new contractors, in more auspicior
times; or whether it will be best for all cor
0 cerned to prepare to wind up the corporation
). and to distribute its net assets among ii