The Camden journal. [volume] (Camden, S.C.) 1836-1851, 1850-04-23
TO THE STOCKHOLDERS OF THE SOUTH
CAROLINA RAILROAD COMPANY,


At the last meeting of the Board of Directors,
held on the Goth instant, the following resolu-
tons were adopted:
Resolued, That the exigencies of the Com.
pany require that the remaining instalments up
oil the existing shares shall be called in.
Resolved, That the same Committee be au.
thorized to arrange the details, and advertise the
calls, accompanied with an address to the Stock.
holders explanatory Of the advantages of the
measure"
In obedience to these resolutions, we beg
leave to submit to you short statement of the
condition of your affairs; and we hope it will
have the effect of convincing you that the call
ing in of the remaining instalments is measure
which, though demanded, it is true, by our me-
cessities, is supported equally by the souudest
considerations of policy; and we are the more
anxious to convince you of this, because we
earnestly desire united and spirited co.opera-
ton on your part in the measure, as essential to
impart efficiency to the administration of our
affairs, and sustain, by the confidence it will
imply in the enterprise, the market value of
your shares.
The able report of your own Committee sub.
mitted through their Chairman, Mr.. Ravenel, at
the last Annual Convention, renders it unne.
cessary for us to 60 into any details. 1t was
there shown that the aggregate debts of the
Company amounted on the 3lst of December,
1850 S35l5,5O7
We held certain securities, &c. ofthe amount of $500
Which reduces.hc actual balance of indebted.
., nessto ss,ass,477
The Improvements actually in progress and in
contemplation, will require further outlay
of las per Mr. Ravenes Reporp $4,000
Forming an aggregate Indebtedness, nctualand
prosimare, Of ss,9l9,774
OF this stun there will be paid out of the pro-
cceds of the iron sold to the Greenville Com
pany 2I6,Ooo
of s3,7O3,4T7
This is the difficulty with .nich we have to
contend. The Board caused an elaborate re-
port to be prepared and submitted to them by
this Committee; and though predetermined
against calling in the instalments, after care.
full consideration of that report, and patient in
vcstigation and discussion of the subject in all
its bearings, their judgment became entirely
convinced that it was measure imperatively
demanded by the emergency, and strongly sus.
'ai"So " "i9ooih dIlu pIuueuCc, we Will tn
deavor to show you what the operation will be
upon your present condition and future pros.
poets.
Wehave shown you that your aggregate debt IL AT
Your present capital consists Of IS, $40 Shares,
MSH 29lO,75O
S66h227
Of the above debt we find about 2733,2E
10 be of Il permanent character, such MS
mi IN kapti i'm pNiSt,p ptlfhI pDnl,n
ment to the Company. The remainder, viz: 97O,25O
37O3,i77
Wo propose to pny by calling in the remaining
S25 per share on the 3SSl0 shares above
Your capital will then consist Of ", $40 shares
500 s3ssl 900
And your permanent debt will be about 2,77y.O0O
In round numbers, $6,6OO,OOO
With these certain data before us, and with
the experience of the past to sustain us, fortified
by the views of your own Committee, we have
made the following calculations respecting tho
future dividends,
We estimate the average gross income at Sl,000,OO
The current expenses nj 4a per cent $50 900
The reserved fund for and tear of
iron and machinery at IS per cent. 10000 100000
Leaving for the nett annual earnings s4Oo,OoO
TO pay per cent dividend and interest on &c.
6OOOOO will require $4,000
BY this measure, then, we shall be enabled
to pay all pressing demands against the Com
pany fix definitely the extent of the debt to be
funded, and eventually discharged, by a new is
sue of stock; complete all the improvements in