The Evansville journal. [volume] (Evansville, Ind.) 1866-1870, 1867-04-03

into the enterprise; they look to the
cities, towns, counties and districts
along the route and adjacent to it by
the subscription of stock to furnish
the means necessary to complete it.
They, aside from their interests as
citizens, are engaged in it as matter
of speculation in regard to which the
people of Henderson do not object, so
far as it is reasonable, and not oner-
Gus and unjust to those taking new
stock. And just here question arose
as to the adjustment of these inter
ests. In this connection he read
Gen. BoYLE's letter to the Mayor,
from which we extract the following:
You will perceive that Major Foster esti-
mates the value Of work done, road bed,
ta afi at 100000. s2cooa0 Of this C., oital
stock win be used IN the purchase of the
oldroad, and settling outstanding claims
ana ssng tw s,aeE per On the
be-divided among the new stockholders.
Inithis way you will see that, for the SUBJ
stock to that amount, with twenty per
cent added, which Will givethe city $780,
OOQ OF STOCK in the Evansville, Henderson,
The total stock @of the-Company is
to be s$2,OOO.OOO, There are OUT
standing $3.50, 900 Of bonds of the old
III. & N Co.. The $4,000 thus
divided among the new stockholders
would be an acknowledgements any
Judgment that might be rendered
by the Courts in favor of the old
bondholders
Upon the terms stated in General
BoYLE's letter to the Mayor of Nash.
Vile, Henderson IS willing to make
a subscription of stock to the
amount of say 100000 But
just here a misunderstanding arose
between Henderson and the Directors
of the E. III. & N. Company
Under date of March 10th, General
BOYLE, as President of the Board of
Directors, submitted proposition for
a cash subscription on the part of the
City of Henderson, the first clause of
which we copy: = ~ &c
First, the road bed and the work done
on the Henderson q Nashville Railroad,
and other property of the Henderson q
by thesEbm missioner under Judgment of
the Christian Circuit Court, shall, in the
Of the Eyansvi n,, aender
estimated at six hundred and thirty-two
(632) thousand dollars, to be divided and
disposed of as follows: The said Evans
vile, Henderson & Nashville Railroad
Company have agreed to pay the pIr-
chasers of the old Henderson q Nashville
Railroad Company under the decree of the
Christian Circuit Court of the bonds of
said Company, one Hundred and thirty
two Q32) thousand dollars, and two hun
dred COO thousand dollars of the stock of
the Evansville, Henderson q Nashville
bahqsd Mnic6 dollars of th tse
old Henderson & Nashville Railroad.
capitalized as aforesaid, and shall be di-
among e cities tie towns connties. and indi.
viduals, who may subscribe to the capital
stock of the Evansville, Henderson &
ton of the said three hundred 600 thou
sand dollars is not used in payment of the
tweEsy Ia Per cent mt, on stock subscribed as
tit of the whole Company, nine hundred
and ninety shares, ninety mine thousand
dollars sss oo0l Of the stock held and own Ys
propose and intend to use to promote the
benefit of the interests of the Company;
but having a right thereto by terms of
their contract with the Evansville. Hen
derson q Nashville Railroad Company,
they claim the right to use or not to use
the same, at their discretion.
In this proposition, Mr.. YEAMAN
and General BOYLE introduced a new
condition, and changed the terms of
his proposition, as made to the city of
Nashville. Instead Of satisfying the
claims of the conditions of the old III.
& N. Co. ($130,00O), by issuing to
them $500, 600 of the capitalized stock
of $500, 900, he makes the capitalized
stock 1852, 900, as the estimated value
of the road bed, work done, and other
property; and he proposes to pay the
creditors, in addition to the $500. 900 |
stock, bonds to the amount of $132,-
600. 4rs.r rf,.,--4,, -irsra
The first proposition made by Gen. |
BOYLE, as stated in his Nashville let
ter, we consider just and equitable;
and have embodied it in the or
dinance, which it is proposed to SUBJ
nit to the votes of Henderson for
their ratification. The latter propc-.
sition, as contained in the paper sent |
by Gen. BOYLE to Henderson, we
think not just to the cities and towns |
which are expected to furnish the
means to- build the road. It is giving
the creditors an excessive proportion |
of the capitalized stock.
If Evansville can agree with Hen i
derson in this view Of the question,
and will agree to subscribe say $780,
upon the terms proposed by Hen
Delegation ..and~~the''s.Wi of
the citizens of Henderson, that the
two cities act in concert, and stand
together upon the subscription of
stock OOnr mission, simply, is to