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

Z Oz THIS resolution there we're {, 2s9 shares.
And against iF....-.-...-. Il9 shares
The contract was made and ac-
cepted BY the Board of Directors in
pursuance of authority and by diree-
ton of the stockholders, and approved
and ratified by the Stockholders af-
forwards By remarkably large ma
jorIty, amounting to almost unanimity.
ID. u. Hanson associated Mr.. hut
ter, OF New York, in the contract with
him IN accordance with the provis
ions thereof. And afterwards, on the
9th OF January, 1870, Ia order to So
cure larger means to perform the con-
tract and insure the completion OF
the road. Hanson and Rutter assigned
the contract, with the consent and
approval of the Board of Directors,
to the American Contract Company,
of which they are members.
On the 9th of January, 1870. the /
following resolution, on the subject, |
was adopted unanimously by the |
Board of Directors:
"ResolUed, That this Board of Di-
rectors, so far as they haye the right
and authority, hereby consent to the as
Segment and transfer OF the contract
OF the 9th Of October, 1869, between
this company and Ii. b. Hanson, to the
American Contract Company, and the
Board Of Directors expect and look
to the President of this company and
j. Edgar Thomson to see that the
proceeds Of the bonds and stock are
applied to the payment of the floating
debt, building the road anC equipplpg
it, as provided for and in accordance
with the contract of the 9th October,
1869, provided that Hanson and Rnt
ter are not released, until and unless
the railroad is built and equipped, and
debts paid or adjusted and settled, IN
accordance with contract of 9th Octo-
Der, 1862"
This assignment of the contract to
| the American Contract Company
had the effect to secure additional,
| certain and reliable means TO insure
| the completion of the road, and the
performance of the contract, without
| impairing tho obligations of Hanson
and Rutter, or the rights Of the Gem
pany.
The American Contract Company,
through Messrs. Hanson and Rutter,
In execution and performance of the
contract, have proceeded with the
payment of the debts outstanding
against the f., FL. g. n. Railroad
Company, and the building and equip
ping OF the road, as provided IN the
contract with I'll. B. Hanson of the
9th October, 1869, in manner entire
~ satisfactory.
THE DEBT OF THE E., Il. & N. r. r.
COMPANY,
Assumed to be paid By the contract of
9th October, 1869, has been paid by
Hanson and Rutter for the American
Contract Company, to the amount OF
$4,000. Ths whole amount Of debt
assumed to be payed was about Sl36,
600. The only debt of any amount
not paid. off is the interest on the
bonds of the State of Tennessee, and
this has not been paid In consequence
of doubts as to its payment In bonds
aud coupons of the State. Mr.. j
Edgar Thomson is negotiating for its
settlement and payment, and is ready
with the funds to pay it.
The American Contract Company
has long since paid off the sum OF
one hundred thousand dollars of the
debt of the e., III. 81 N. r. r. Com
,pany, stipulated Ia the contract to be
paid. The excess over 100000 as
sumed to be paid. Is to be repaid by
the terms of the contract in preferred
seven per cent. stock, at the rate oil
fifty cents on the dollar. The Ameri-
can Contract Company have paid
1881 Oh for right of way and dam
ages, which is to be repaid them al
the same rate and in the same man
ner.
THE EQUIPMENT OF THE ROAD
Has been supplied by the American
Contract Company as required and
needed. The Company has placed up
on the road two irst-class ten-wheel
locomotives, from the Baldwin Loco.
motive Works, three passenger
coaches, one baggage aud mail car
twenty coal cars and ten box cars
costing 8
Tie whole equipment of the road
at this time consists of the following
3 first class locomotives.
4 passenger coaches.
2 baggage and mail cars.
20 coal cars.
Is box cars.
"a fat cars.
This rolling stock is sufficient for
the present. Messrs. Hanson and
Rutter will take the necessary steps
to place additional locomotives, as we'll
as passenger coaches, and other coal
and freight cars, on the road as soon
as needed. They declare the purpose
Of the American Contract Company
: to place an ample equipment of roll
ing stock on the road in January and
, February, to answer all the require
ments of a large local and through
business.
THE GRADING AND CLING, sc.
OF the road is nearly completed, as
will be seen by reference to the report
of Mr.. j. NJ. Byers, chief engineer,
herewith presented. OF the whole
estimated work, which was to have
been done. including grading, ma
sonny, bridging and ties. eighty nine
per cent. OF it has been done, leaving
. only eleven per cent. of the whole to
do. The grading is so far completed
that it can be finished. and kept out
} of the way of the track-layers.
IRON,
To the amount of 5000 tons, Las been
purchased by Mr.. Thomson. for the
Company. and 1900 tons of it deliv-
cred, and more than four miles
laid down, to the coal mines north oil
jacksonville, and 800 tons of it has
been delivered at Hopkinsville, and
the work Of track-laying has com.
! menced there. The remainder of The
! iron has been shipped, and will ar
! rive In time to continue the track,
laying to the coal mines north OF
Hopkinsville, so as to reach the Goa
! early in December, and complete the
entire work in that month. Me5srs
Hanson aud Rutter announce they
! will complete the road, and run cars
: through on the 1st of January, 1871.