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

ner cent stock. at the rate of fifty
| cents to the dollar; and it any sum
has to be paid for right of way or
damages. the lessees are to pay the
same and be reimbursed by the co m
pany with preferred stock at the same
rate of fifty cents to the dollar
In consideration of the faithful tul
fllment Of the above conditions on the
part of Henry B. Hanson and asso
ciates as lessees, the company Obligates
itself to do the following:
To pay to said Iessees eight hundred
thousand dollars of the first mortgage
bonds of the road; one hundred thou
sand dollars In bonds of the city of
Evansville, and one million dollars of
preferred guaranteed z per cent. stock
of the Company. The Company fur
ther agrees to lease to said Hanson
and associates the entire road and all
its appurtenRnces, its franchises and
rights, from the date of the contract,
aud for term of seven years from
January 1, 1870. The bonds and stock
are to be delivered to the les3ees, as
they fulfill their part of the contract
and In proportion as they comply with
the conditions set forth therein. The
bonds and stock may be placed In the
hands of j. Edgar Thompson, to be
disposed of by him for the use of the
lessees, IN purchasing iron, paying Tor
grading, &c, aud apply so much
thereof as will secure the completion
of the road from Madisonville to
Hopkinsville, and furnish 5000 600
rolling stock for the same. The lessees
are guaranteed the full and complete
management of the road in every
particular during the term Of the
lease; and that they may do so, they
are empowered to designate five out
of the nine Directors authorized by
the charter, who shall be chosen
from year to year as they shall be
named by said lessees, and they shall
at all times, during the lease, so
designate majority of the Beard of
Directors.
1t was further agreed by the parties
to ratify the contract between the
Company and Durland & Perkins, for
transferring freight between Evans
vile and Henderson.
Such is substantially the terms of
TIE agreement as read by Gen. Boyle,
who said, in addition, that it was the
provide to relieve the road from the
difficulties under which it was strug-
Cling, and to insure its completion.
The most Objectionable features of
the contract were fully considered at
the meeting Of the Stockholders in
August, and then approved. His i'm
preston was, after several interviews
with Mr.. Thompson. that that gentle
man was willing to aid In placing the
securities of the road, and by so
doing its completion mightkle secured
within ten months.
Msj. Campbell, of Christian Coun-
ty, in behalf Of the tax payers of that
county whom he was sent to repre-
sent. protested against the lease. He
said he did so to reserve the right to
test the validity of the action of the
Directors in leasing the road to an in
dividual. He did this in no spirit of
captious fault finding. He knew that
the people he represented were op-
posed to leasing the road to parties
not interested in the country which
it traversed. He contended, un-
der the terms of the lease, that
a minority of the stock would
control the majority for all time to
come. The power to designate the
new Directors takes effect at once,
and they in turn sit in Judgment upon
the efficiency of the work performed
by the parties selecting them. The
Directors were giving away property
worth one million and half Of dol
lars to secure work costing less than
one million dollars. He solemnly
protested against such proceedings,
and would withdraw from the meeting
and take no further part in its po
ceedings.
Gen. Boyle made few remarks in
reply, setting forth the necessity
which compelled assent to the condi
tions of the lease.
Mr.. Townsend, of Madisonville,
| thought the terms of the lease were
not sufficiently guarded
| Mr.. Vance, of Henderson, present.
ed the following resolutions:
ResOlged, That this meeting Of
Stockholders approve the contract
made by the Board of Directors and
reported to this meeting for the com
| pletion of the Evansville, Henderson
4 Nashville Railroad.
Major Lockhart, in behalf of the
city of Nashville, then entered the
following protest:
I hereby enter the protest of the
State of Tennessee against the
lease of the b.. II. 4 N. r. r.
under the contract made and en-
tered into between Rutter & Han
son, in order that the Governor may,
if deemed in his judgment necessary,
avail himself of any legal remedy to
I h.o faA. ~ 90
loss by reason of a failure of the con-
tracting parties to fulfill the obliga-
tiops of the bond executed by the
President and Directors of the E..
II. & n. r. r. to the State of Ten
nessee. j ID. LoCKHART,
Atty State Tennessee.
Mr.. Joel Lambert said he thought
this was a meeting of Stockholders
and lot a meeting to ra.ify contracts
He couldn't understand how business
was being done.
The question then recurring OF
Mr.. Vance's resolution, it was adopt.
ed by vote Of 9,299 shares to ll9
Not voting 5,118 shares.
The Stockholders then proceeded
to the election of new Directors with
the following result:
J. 7. Boyle, Louisvilie........ ....... I3, IS
, j. II. BaTret, Henderson l3 Is:
William Bradley Hopkius.........-.. I3 Is:
. ]. A. ReitZ, Evansville .......... .... 10 is.
E. G.. Sebree, Tedd.-............ Is,
Thos. Green, Christian u 9S.
Peter SemOnin, Evansville e .......... .... p 9S
w J. Marshall, Henderson ....... Ii C2!
p. b. Matthews, Henderson.................7 Z 81
After the announcement of tht
, Directors the meeting adjourned.
f A meeting of Directors was held
subsequently, and re elected Gen. j
T. Boyle President Of the Board, ant
Ii - Con.o-o L. Snnr.aforr n m.