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

nor any part Of it, under contract again till
you have secured enough solvent stock to
bald and equip il, for be it remembered that
after railroad in the West is put under con-
tract, the subscription of stock ceases, for the
main inducement is to have the road built,
and when the road is put under contract it
is generally supposed that object is secured.
But it is currently reported, and, as learn
by members of the present Board of Direc
tors, that after all cur past experience Of
wholesale contracting, this railroad is likely
again to be let to other and new contractors,
who do business on large scale, who are
willing to make fair promises to the amount
Of any number OF millions, and, therefore,
ought Of course to be entrusted with the re-
naming half million or such n matter of SOL
vent assets Of this road, whether they ever
finish yard Of it or not.
Gentlemen, il you have read the history
| Of railroad building in this country, for the
past five years, you will know a. well rs
do, that any large contract, no matter with
whom made under the present condition Of
affairs, tor the completion Of your road, or
any division Of il. would not merely be i'm
practicable and absurd, but absolutely prof
| ligate. No men with adequate means would
undertake IL, and should men without ad-
equate means do so, tho only effect would
De, that the company would lose NIL its ro
naming assets, and get no part Of railroad
| finished.
By the last report of the Company, May
| lst, 1856. the total stock Of all kinds was
about $97s 900; this included the Lamasco
subscription, $5o, 900, and real estate not con-
veyed, sl53,OOG which would greatly reduee
the available subscription.
| According to the report made by Messrs.
Jones and Saunders last June, to the City
| Council of the work done, and expenditures
needed to complete the First division Of the
road, he work then done amounted to, say
$3.50 900; dcducting twenty-five per cent,
| paid in contractors stock, the expenditure by
the company to be taken out of the stock sub
scription. amounted to not quite Sl73,0o0.
Whilst their estimate of the amount still
needed to complete and stock the First Divis-
ion, vas $SS6,1sl Sc, thereby showing the
insufiieiency by hundreds of thousands OF
dollars Surprising it to be all cash instead
Of what it is, to finish and stock the First
Division of the road. For it must be kept in
mind that the bonds of the road are not and
cannot be for years of any value whatever fo
the purchase of iron or anything else, an'
that the company can rely on nothing where
with TO move on one but the stock subscrip
tons.
Should the company now think it advisa
bic to go Into liquidation, judging from tn
afhOuHt oI SUBSCRIPTIONS repOrtcu, anu tn'
amount of money expended on the work .ther
ought 10 be at least hall a million Of dollar
refunded to the stockholders, which woul
be very acceptable to all concerned, and
great matter to many poor men who hav
!. been greatly distressed by the loss Of tn
|. property subscribed, amounting as it would
:, TO some fifty per cert, on the dollar to q
subscribers. Very respectfully,
JOHN INGLE JR.
v Evapsviila Nav 81 1919