The Evansville daily journal. [volume] (Evansville, Ia. [i.e. Ind.]) 1848-1862, 1858-05-19

me N""" ro.S f !" The ssSsocEhoi1s;s.
2 When this Board was elected, on the soth
Of July, 1887, the pressure. OF tho times, and
tho failure Of the Stockholders 70 meet, their
liabilities promptly had greatly en- bsrrassed
tho Company. The contractors, Willard
Carpenter e. Co., were equally embarrassed-
They had failed to make Negotiations for the
iron, at times when it could have been done,
and after that time they have been enable to
make negotiations for it. In September last,
they were driven TO n suspension OF the work
upon,tlie road, andhave not been in stu
atiol, siilcc that time TO resume IT.; and there |
il mo- probability that they will, in q reason |
able time, if ever, be able to resume the work |
and construct the road.- IA. t&M
OLD CONTRACTORS. g.
At the time the contract for the construc
ton of the road vas let to Willard Carpenter
q Co., the firm consisted Of Messrs. Willard
Carpenter, of Evansville, John Love, of In
dianapolis, and Peter Lattimer, Of Norwalk,
Ohio. Messrs. Carpenter and Love after
wards disposed of part of their interest in the
contract. to Messrs. n. r. & L. S. Afford, of
Hartford, CT, and took them into the Arm
of Willard Carpenter 81 Co. When a call
was issued for special meeting Of the board
to be held Gil the 23d of March, 1858, notice
was given to each OF the said persons then
composing the firm of Willard Carpenter q
Co., of the contemplated meeting OF the
board, and that the board would then accept
| a surrender of the contract, and agree to the
cancellation of the same, and proceed to make
| a settlement with the. contractors for the
| work done upon just and equitable terms, as
| stipulated in the contract. 1t was uIi,r-
stood at the time Of making said call and
giving said notices, that the contractors were
| willing to surrender their contract, and set
I tie and adjust oil matters between them and
| the company. -'7
| AT the meeting OF the board on the esd of
March, Messrs. Carpenter q Love filed with
| the company their surrender, in writing, of
| the contract, so far as they could surrender
| it; the Messrs. Afford refused to surrender,
| and Mr.. Latimcr was not heard from. At
| the time the contract was let, Willard Car
penter held fye-tenths of the interest in tho
| contract, John Love four-tenths, and Peter
Latimer one tenth, and they were the persons
with whom the company contracted. On the
| Esd OF March, 1853, Carpenter & Love each
| held three tenths, Latimer e-tenth, and
the two Affords jointly three tenths. The
]. board are Of the opinion that under the cir
eumstances, the surrender of Messrs. Carpen-
ter and Love was, and is, q good surrender of
the entire contract. But to obviate all cavil,
it was thought prudent to serve notice upon
the Messrs. Afford that the board would, at
its present annual meeting, declare the con-
i tract forfeited. As the facts exist, and have
tor some time. existed, authorizing the COM
pany to exercise that power reserved in the
contract, the new board may take that course
if they deem-it necessary.
SUITS AGAINST DELINQUENT STOCKHOLDERS.
| Various suits have been brought against
individual subscribers for dues to the com
pany upon their subscriptions, on some Of
which judgments have been obtained, and
others are still pending; and though various
and vigorous defences have been made, yet
the company have succeeded in almost all
the cases, and have q fair prospect Of sue
eeeding in the remainder. -t
The board very much regret that snbscri-
bers to the stock Of the company have refused
to pay their subscriptions, and thus have
compelled the board to resort TO coercive
measures. But being we'll satisfied that il
was the plain and Imperative duty OF the
board, under the cirsumstan ccs, TO use cocr-
Give measures, they have taken that course
. CLAIMS OF TnE BoNnHoLpERs.
+ The failure Of the stockholders to pay the
amounts due from them, left the company
without means TO pay ia taxss for last year
January last, on the real estate bonds issued
, by the company Ithat are outstanding agains
IL. Tho Trustee, Mr.. Fellowes, has beer
urging and insisting that these taxes and in
: screst be paid. Tie board made an order OF
the 23d Of March, that the Treasurer pay then
out OF tno ufSI IuouoyS THAI Suoutu come ittt
his hands not otherwise appropriated. Blu
rs yet, he has not obtained the means to pa,
them. Another installmcnt Of interest vii
fall due on tho first day q July next. Tn
trustee informs the board that tha bond
holders are pressing him to proceed, unde
, the powers given him in the decd oftrust, I
q sell the lands and close up thetrust. 1t vii
be for the now board to be elected by you to
: day, to determine what is the best course {
e be pursued by the company, in the premises
n under all the circumstances.
4 LIoUIDATIos.
The board, at the March meeting. passes
q n resolution requesting tho stockholders, o
q this annual meeting, to express their wishes
1t by their vote, as to winding up and dissolv
IS ing the company, or continuing the organi
% zation with view Of proceeding with I'll
y work fast as times and circumstances wi
70 permit. Should majority Of you vote Il
ir winding up and dissolving the company,
q, will be the daty of the new hoard to procce
D to collect all the outstanding dues to I'll
err company, and pay all the indebtedness
the company as fast as it can he done, an
nc then to distribute the nett surplus, if an,
pro rata, among the stockholders. If, {
nc the other hand, you, by your votes, detcl
:" mine against winding up and dissolviag Il
ks company, it will be the duty Of the ne
lie board to settle the present affairs Of tue con
pany as fast as it can be dpno, and prosecu
the work by giving now contract Tor Il
no construction of the entire road, If contra.
mt tors can no had who have the means an
ability to haild it; or ii such contractors cal
not be had, to collect in and apply the PIE
ent means of the company and such eth
means as it may be able to procure, TO Il
a finishing Of the first general division. of u
;, road, from Evansville to the Ohio and Mi
- sissippi road, and putting it in operatio
Is and then proceedin in the same way
mn construct the next general division, as ia
. rs means can be procured; and so proceedir
ne until the entire line shall be Finished.
Should this course be taken, and prudent
carried ont, when reaction in monetary q
his fairs occurs, as it must before many veal
IN. the road can be made through its whe
ng length.
Is. BY order Of the Board,
he JER. SMITH, President.
~ NoTE.-As the Report OF the Secreta
.rs and Treasurer varies but slightly in Z
ed aims total from that published at the Ia
in annual meeting, nine months ago; til
n meeting having been deferred from the reg
n. lar time it is not deemed necessary to pu
ith lish il. -. 4
ted PROPOSITIONS FOR A NEW CONTRACT.