The Evansville journal. [volume] (Evansville, Ind.) 1866-1870, 1869-06-25

You will perceive that if you take the
lowest estimate of the business and earn
ings of the road, II you make the contract
as proposed by me, that the Company can
pay the interest on the mortgage bonds,
the dividend on the preferred stock, and
six per cent dividend on the whole
common stock, which on the stock
held by the counties and cities, will
pay the interest on the bonds and stop the
accumulation of stock BY tax receipts.
The only parties entitled to stock for tax
receipts are the Taxpayers Of the city of
Henderson, Hopkins County and Chris
ttan County. The dividend Of per cent.
VIII nav tie Interest on their bonds and
stop al taxation of the people. 1t must be
remembered that the stock he by these
per cent. more than the amount of their
bonds.
/ believe the very best plan to have COM
pleted the road was by the counties taking
the stock as proposed to them. This they
have rejected; and now / believe the next
best plan is TO build the road in the man
ner Indicated by the proposition herein
submitted 10 yOu. II pOstpOnes the period
when dividends would be paid 10 the
stakeholder, and subjects the people to
pay the present tax Tor little longer Pc
Rod, but it seems he people of the counties
prefer this to being subjected to further
and increased taxation. Ii the contract,
suggested herein, can be made with parties
able 10 carry the work through, IL viii be
but short time until the earnings OF the
road will pay all interest on their bonds,
and relieve the people Of taxation. Under
this plansit will not De necessary to resort
TO further taxation of the people. Tine
great benefits of the road, the comforts
and cOnveniencies it viii afford, the in-
crease or wealth and population of the
counties, cities and towns il will create,
the great saving to the people on what
they buy, and on all the products
they raise, Will com pensate for the taxes
to be paid for three TO five year,, and after
that the earnings of the road the divi-
dends they will receive. viii pay their in-
terests and stop all taxes
BUSINESS or THE ROAD.
Tho a-gra0afa br1sfuass 0f fha road for
sixteen months IS S64,3i2 81, aud the aggre-
gate OF the running expenses is s47 ,3j2 IS,
leaving net earnings of sl6,990 IS on the
dIsjOinted parts of your road. ea-s
This statement includes the earnings of
the road as run first to Trenton, then to
pembroke then TO BradslOw Road, and
then to Hopkinsytlle, aud the Southern
Division, and the earnings OF the road
from Henderson t. RObard's station, and
as IL progressed to jacksonville. The
whole net earnings have been applied TO
construction Reference is made TO the
statements ca and OBJ furnished by Philip
Sasseen, ESD, Seer tary and Treasurer,
which exhibit full statement of the
earnings and expenses Of the road.
Since the com pietiOn OF the road into
HOpkinsVllle and into MadisOnvfile the
receipts o the road have increased largely
and the average of its business shows that
the road Is yielding at the rate of about
81 800 per mi per annum, which is -at-
lSiactOry result for two parts OF road dis
connected by gap Of thtIty-five miles.
For the condition of the Northern Di-
vision of the road and its earnings since
the nrst Of February. yoa are re.ered TO
the full statement OF ~. A. Bacon, assist
ant superintendent, which IS herewith
submitted.
No report is made by The Superintsnd-
ent, as 10 was not contemplated TO present
such statements until IL was too late to
have report from him. But the books of
the Company show the business of the
road from the opening OF the fir
ght miles of the road to the
IsJ ot May, and the reports 4 and b
OF the Secretary and Treasurer exhibit the
entire Dusiue of the road on the South
eru Division To the lst OF May, 1852 and Of
1869.
The books Of your Company exhibit a
full account of every dollar received, and
OF every dollar expended. It is desired
that you appOtDt a committee Of cOmpe
tent acc luntants to examine the books
and accounts OF your Company and report
as TO thtir condition aud oorreeines
The proposition suggested herein as a
mode Tor comp ieting your road, IS made
merely rs a suggestion Tor your consldera-
ton. The matter OF deviSinz tue means
70 pay the interest on the bonds Of the
Company and its existing indebtedness,
ana 10 complete the remaining thirty i've
and liberalf Y OF the Stockholders
Respectfully submitted ON bahaif Of the
Board OF Directors J.T. BOXbE,
Pres't F., III. d n. K. K. Co.
SECRETARY AND TREAsURER's REPORT.
General j. 7. BOYLE, President or ne Exams.
vile, Henderson, and Nashville Railroad
Company:
DEAR SIR: I beg to submit herewith a
statement OF the expenditures of this road,
showing the cost of cOnstructionand equip-
ment. together with a stateme at showing
the sources from whence the funds were
d rived, as appears frOm the books Of tie
Com any, to June ], 1868
RECEIPTS FROM ALI SOURCES.
Christian Co. bonds S200.00O %
Hopkins 90. bonds $4,000 ~
Stale Tenn. bonds. 20J0OO 90
City Henderson bd's SO COO 90
City Evansville bd's 100000 %
cry Of HOpkinSviue
Tod Co sn6Scripfn 500 900 % %
irst NJ OTtgage bd's... lS0 900 90
Capital Stock. ........-... 81 600 90
Bills Payabie....-........ S01SD %
Division ...;...-......;. lI.Ol8. @ =
Division ...,..-r.y-.. 5.s7l IS sl,75s.77o 70
Construotion......:,.....-......... 81, ,s8 81
New SHOPS, freight
and pass. hOuSeS - "A 39f .
New section houses,
Woodsheds--.. 80 s7l2 70
Rea! Estale.,...,,..... 7.O3I rs
Bridg's, cuIyerts and
LreStleS 4D,4Z5 81
Ion chairs, spikes
Ope' ating Nor bern 20
Division to Feb. l,
1889, and laying
track $3.50. .......... 58,O76 il
Track, tim0ers, and
cross ties. .......-........ -, 259 50 s-s.-f
Grading s masonry. 1861 90
Engineering ........--... 1850 IS
Station fixtures tools
and incidentals...... 1892 3
| Telegraph line.......-.. 432 IS
Salary of A. o. Dur
land sec. & Treas. 1871 G6
Salary Of J. 7. Boy le,
President............ 22.5OO 90
| Expenses ...-.--............ 13,l3S 80
| Ola road bed...-.-........- :}}2 coo 90
Equipment Ga, 1852 IS
| Locomotives, engines
and machinery -. g.. 7O4 g5
| Cars .....- ..-....-....-......... 26,6 36 Is
1ncidentals ..-.......-.... Gil c.
Discount. inter st,
and commissions.-...... 429 SIG 30
/ S1&tsll Go1 -
| In hands OF agents. l64 SO
| In hands of p. Sass
seen, Treasurer. so 81
sI.758,779 70
Rsspe otfully submitted,
p. SASSEEN. See'y and Treas.
E., Fl & n. R.R. Co.
| HENDERsoN, KY, June 23d, 1869.
Major Campbell moved that that
portion of the report recommending
the leasing of the road be rejected.
| judge Petree moved an amend