The Evansville journal. [volume] (Evansville, Ind.) 1866-1870, 1869-06-26
The Evansville, Henderson and
Nashville Railroad.
MEE3IXG OF sTaCKHCLDERS AT
HENDERSON,
Second Days Proceedings Definite
Plans Proposed for COmplet-
ing the Road.

Nashville Railroad Company, which
adjourned on Thursday evening, to
meet at s O'Clock yesterday morning.
did not convene until 10 o'clock. the
delay being occasioned by the failure
of the Committee on "Plans and
Propositions to make up their re-
port by the hour appointed for the
reassembliDg of the meeting. During
the interval between breakfast and
the ringing OF the bell announcing the
readiness Of the committee. the por
tico Of the Court House was filled
with delegates and citizens who were
earnestly discussing the many propo-
sitions offered for raising the wind, +"
and the sun being yet behind the
Court House building, the grass plat
in front afforded a cool, pleasant re-
treat for those who preferred sitting
or lying at full length to standing on a
brick Aoor. While all the stockho lders
present take a deep interest in the
road, and are in terrible earnest in
regard to the propositions offere2, the
delegation from Christian County are
by far the most active AMI 4ccided in
the expression of their views.
The committee, through their Chair
man, Mr.. Vance, made the following
report:
The undersigned, to whom have been
referred that portion of the report OF the
| President, the various resOi utiOns and
/ directions, and Offered to your body, pro
posing schemes for raising the means TO
I complete the Evansville, Henderson u
1 nashville Railroad, would respectfully
That they have cons dered all these
I proposition S, earnestly ana eandldlys ana
/ with a view solely 10 their ieaslolllty ana
| fairness. They ind the Company con
fronted by the facts, That they are indebted
| IN he sum OF eighty thousand dollars, and
/ mat H. Will require at least one million Of
| doilars U3 complete ana equip the road.
~ hi a they nave no meabs TO di -ch arge
/ me III. tlt or com pIete the road, other than
! its first InOtgage bonds, am mounting to eight
| hundred aud ele en- thousand dollars, End
1 a balance OF one hundred thousand dol
Sirs on the subscription of the city of
/ Evans vile, pay able only Tor me purchase
\ OF lion Estimating the first motgage
/ bonds at 20 cents TO the dollar, IL Is maAI-
I fest that there is a lack OF I'VE or SIX nun
drsd Thousand dollars, to complete aud
! equip the road SO as to make 1tpay the
\ Interest upon the cost of ITS constructors.
| TO remedy this deficiency, the rel port 10
4 The stockholders suxsest5 That the as cts OF
| ne road not more than one millio1
| dollars Of preferred per cent. stock, and
| the use or the road. Tor not exceeding five
years, be- given TO parties who Will COM
! pIete The road, and at the end of the term
/ turn 1t over to the company; Dur, such
| parties, by virtue of their preferred stock,
/ 20 nave the majority OF directors, and the
| controlling power ia the company.
/ This plan, your cOminlttec mink, TOO
! nearly involves The sacrifice OF u
| stOek of the company, ana that IL Is the
/ I'll between
| nor stock, and road without stock; but
! We do not hesitate TO pronounce ia favor
| Of tue latter in preference to the former,
/ by as much as a railroad Is preferable TO
| the mpassabie mud ana 1uSurmOuntaDle
| hitIs from the state line to the Ohio River;
| Il when the choice IS 10 De MADE, we
| deem that it should be promph and un-
| gest that lease OF the road upon
Tue plan above mentioned. would be
| much preferable TO suffering 1t to be
sunk beneath an accumulated DEBT ana
ultimately sold; for, as long as pa Ties
| have the right and power to contract they
/ cam n5tter guard tnelr Interests han when
/ they are placed ia the hands OF the sheriff
/ aud AZ the mercy of the highest bidder.
! Favor be contracts. however, are not the
| usual fortupe OF me needy, alia they are
| surest of favorable results VINO nave me
| VIII 10 rely upon themselves. But IL is IN
| evitable that the road must come TO TINS
| DE- .lVerauc3. unless iurtneF means are
ra Sed by thu present stockholders, and to
the amount abO g stated
IT. was suggested by oue OF the plans pro-
posed that Lne first mortgage bonds OF the
| C8mpAU4 J8 deposited with the cities and
| c6uuiies subscribing stock, as co lateral
security Tor equal amount OF their
| ~. fel..a fl,at fhev desired and demanded
/ security for the repayment OF the money
| hereafter subscribed 10y them. Assum ing
the most favorable view, tdat the county
aud city lndS so issued could be sold
at eighty cents per dollar, there would be
deficiency OF over four hundred thousand
dollars, which would leave the road IN
| complete, aud probably unable TO pay the
| In terest on lis obligations. Then the cities
and counties must still advance this sum
Years, or have a road interrupted by the
| hits and hOilOws OF Hopkins county, ana
! forego tn untold advantage of one OF the
| great highways o. commerce anu tfaNel
| through their borders.
The basis of this idea is the apprehension
l.enLertaiued by some, that the 70 ID, when
completed, may not yield revenue sur
| defent to pay its first mortgage bonds, or
that the road may be managed ia the IN
terest Of the bondholders, 50 as to effect a
| sacridce and sale of The road Tor their
emolument. The first idea, That the road
| viii not pay the interest, is preposterous-
| l. in the lace OF all facts-and stultifies any
! man who thinks the road ought to be
| built. We state IL as a truth, so manifest
| and palDable as TO admit no qUes-
lion, that no railroad should be built
| through 81 country which II not
| 10 nav the interest on Oue-tbiTd Its
| cost As TO the otht idea II the country
has not honest men, competent TO manage
tire road, or tee people OF these cities anu
| counties nave not the sense to choose
| them, then we can imagine no way 10
| guard ths interests OF SO unfortunate q
| people. But we scout this cone, uslou, a nd
| hold 10 as the cbimera Of over SeuSat1V
| men vino are ever in dread of ghosts, and
| conture them from ben cath every bush IN
.The com, ,liytee know thatth road VIII
more than pay the interest on the first
mortgages bonds. and are confident that Il
. built with prudence and economy, will
pay the interest ON all the stock in tue
read; and they are also OF the opinion
that the stockholders can, ana viii elect
men, VINO viii manage the business OF the
/ road with Judgment anU honesty. With
| tins view, and that the appre tensions OF
the cautious may De quieled 50 far as Is
| compatible with the poSsibi1l y OF CON-
pietjng the road, your committee propose
- S3eSaisesi That the President and Direct.
| ors OF tue Evansville, Henderson Il y ash
| willie Railroad Com pany be, and they are
! authorized and requested TO solicit nom
/ the. counties towns, and cities, through OF
near which the said railroad may run, and
| from the city OF Evansville, addItioaal
subscriptions 10 the capital stock OF the
| said Company 10 b. paid tor IN T. e bonds
| If The Sa. Il counties, cities. and towns, al
| par, ana payable as they may determine,
| Ia the following amounts, VIZ: VI the city
| of Evansville one hundred thousand do
| lars. OF the County Of henderson TWO nun
| dred thousand dollars, OF the County Of
| HoDkInS one hundred thousand dollars.
| and of the County of Christian two hun
| bred thOusa nd dollars and upon the toll
| lowing conditions, viz:
/. That the said counties, towns. and cit
| les shall pay the interest Oa their said
bonds for three years, and that for the in
terest so paid by them, seven per cent.
| preferred etOck of an equal amount shall
De deitved to them by the said company.
! 2. That after the expiration of the said
three years. the said Railroad Company
shall pay the interest on the said bonds S
| il falls due and the principle of the said
| bonds when they mature; and shall exc
tente It's obi gation to that { feet before lhe
delivery of the said bonds
3. To secure the performance, by the
| said Railroad Company, OF It's said uude :
| GaIxfng fne Company Shall transfer sS,d
. | deliver TO the said counties, towns and
cities Of the first mortgage Ooads of Tie
/ company. an amount equal to the
amounts Ofthe bonds issued by them le-
spectIvely . ne hello as collaterais; the
bonds so delivered for the benefit OF me
city of Evansville shall be deposited with
. Ii.