The Evansville journal. [volume] (Evansville, Ind.) 1866-1870, 1869-10-08
New Directors EIectesig

The meeting of the stockholders of
the E., Fl. & N. Railroad, yesterday,
at Henderson, was not very largely
attended. Considerable feeling was
manifested, owing to the report which
had been circulated that an effort
would be made to oust General Boyle
and the old Board of Directors, and
not little canvassing was done prior
to the hour fixed for the meeting.
When it was ascertained, however,
that the lease of the road, which had
been effected by Gen. Boyle, had been
ratified by the Directors. this hostility
soon ceased to be formidable.
At two O'Clock the Stockholders
assembled in the Court House and
Organized by selecting Col William
Bradley, Of Hopkins County, for
President, and Geo. NJ. Priest, of
Henderson, for Secretary. A call Of
the roll OF Stockholders showed that
14,328 shares of stock, out IA .536,
were represented in person or by
proxy.
Gen. Boyle, on being called upon to
re port, said he could only make
verbal report After the August
meeting Of the Stockholders, the
Board of Directors held meeting
and authorized him to see at once if
parties could be found who would
contract to lease and finish
the road on the terms agreed
upon, substantially. at that meeting.
1t soon became evident that no party
on the line of the road would be
willing to enter into such an arrange
ment. 3e had remained in Hender-
son five or SIX days, and used all the
influence he possessed TO persuade
parties who were able, to undertake
the completion of the road. but with
out success. Failing In this vicinity,
at tne instigation of parties in Hen
dersOn and Evansville, he went East
to ascertain what could be done there.
It was owing to this long absence that
he was forced to make verbal rather
than written report. He would say
that the financial condition of the
company was much the same as at his
last report There was, perhaps,
slight Increase of the Indebtedness.
The whole floating debt of the com
pany, exclusive Of interest on bonds,
was from one hundred to one hundred
and twenty thousand dollars. Most
of this Indebtedness had been due for
some time. Suits had been brought
for some of it, and settlement could
no longer be postponed.
As requested, he went East, and Wis
tied various parties whom he hoped to
interest in the road. bat without sue
cess. Some would not even give the
undertaking q favorable hearing.
Knowing that Mr.. Hanson was recog
nized as an intelligent and influential
railroad man, and that he was familiar
with the condition of the road and its
resources and prospects, he approach
ed him. Mr.. Hanson thought favor
able of the enterprise if he could per-
suade friend possessing large means to
ioin him. This friend would not thin
of undertaking the work unless he
could ascertain exactly where he cou
place the securities of the road. Mr.
Hanson and himself next visited j
Edgar Thompson, President of the
Pennsylvania Central Railroad. After
number of interviews, and
a careful examination of the
papers, Mr.. Thompson thought be
could name a party who would be
willing to join Mr.. Hanson in the un-
dertakiug. Mr.. Thompson also prom
ised his. assistance In placing the Sc.
eurities of the road to the best advan.
tage. Mr.. Hanson then signifed his
willingness to take the contract for the
cUupletion Of the road In conjune.
ton with Mr.. Rutter, the gentleman
naGed by Mr.. Thompson. Accord
ingly TIE contract was closed witt
these parties. 1t was presented tC
the Board of Directors and after care
full examination had been ratified BY
them. Gen. Boyle then proceeded tC
read the lease in full. Only the more
prominent features will be interest.
ing to our readers.
The Agreement provides that Henry
B. Hanson, Of the State of New York
and his associates shall finish the road
between Madisonville and Hopkins
vile, after the manner In which thu
road has thus far been constructed
and according to the plans furnished
by the Engineer and under his direc
tion-includiDg side tracks at th
various points and localities on tn
road as they may be needed; and t.
furnish and place upon the road, a
the same may be required, two hun
dred thousand dollars worth 0
as arted rolling stock, and maehiner!
for the necessary repair of same. l
more rolling stock should be re
l:ired the lessees are to furnls
the game, and at the exp
ration of their lease be pal
for the sane by the company a
its then valuation by disintereste
parties. The lessees, in addition, ar
to pay the salaries Of the officers {
the road at such compensation as ma
be agreed upon, and the salaries of a
employees engaged in operating tn
road. The lessees are also to pay a
taxes assessed against the compan
by law, both to the State and Fed
eral Governments, during the lease
The Iessees are to pay to th
State of Tennessee the interest o.
the bonds of that State, amounting {
So 600 per annum, and the lessee
are also to pay the interest semi -annU
ally on the 100000 first mortgag
bonds of the company and to pa
seven per cent. dividend on the prt
ferred guaranteed Z per cent. stoc
from and after the first day Of JAM
arv- 1871, during the term of the leas
The lessees arc to assume or pay &
the present floating debt of the con
panV. to the amount of one hundrt
thousand dollars, within 80 days.
this debt exceeds 500, 900, the lesse