The Camden journal. [volume] (Camden, S.C.) 1836-1851, 1850-03-29
TO THE STOCKHOLDERS OF THE SOUTH
CAROLINA RAILROAD COMPANY,


tons were adopted:
Resolred, That the exgencies OF the Com
pany require that the remaining instruments up.
on the existing shares shall be called i'll.
Resoired 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 Il 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-
ccssities, is supported equally by the soundest
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
inpart efficiency to the administration OF our
affairs, and sustain, by the confidence it will
imply in the enterprise; tine market value ol
Your shares.
The able report of your own Committee, SUBJ
mitted through their Chairman, Mr.. Ravenel, at
the last Annual Convention, renders it unne-
cessary for us to 90 into any details. 1T was
:!sere shown that the aggregate debs OF the
Company amounted OH the 3lst OF Decen,ber,
1870 Saolo'ni
We held certain securities &c. ofihr amount Of 2O3O
"n,sa nsss to l'"'''e' ''' "''DA' VI s3ss3,i7
The Improvements actually in progress and in
cuntenplat"n vii! require further outlay -. nm
Of (as per Mr. Rav"nct's Reporr o'"'""
fU'u,ig nroI;g',c a" :; s39l9,I71
OF this sum there will be paid of the pro.
nanw u '''' >'''s'''''' al6,OoO
LeavingGnay debt. permanent and floating q, ,oa -
1hi, is the difficulty with which We have to
contend. The Board caused IN elaborate re-
port to be prcpared and submitted to them by
this Committee; and though predetermined
against calling in the instalments, after care
full consideration Of that report, and patient III.
vestigatioa and discussion of the subject in all
its bearings, their judgment became entirely
convinced that it was a measure ilnperatvely
demanded by the emergency, and strongly sus'
tanned by wisdom and prudence We will en-
dcavor to show you what the operation will be
upon your present condition and future pros
poets.
We have shown ynn tha; your aggregate debt So 7O2+ +71
~" n, s15 Ms'''' '"i'"'' '''''''' - 2,9lo,75o
s66I4.227
OF the above debt we find about 2,133,2H
To be of n permanent character, or such as
NAV be kept in existence without embarnss-
ment to the Company. The remainder viz: T0,25o
3,7O3,477
We propose to pay by calling in the remaining
phora thr "a 1ahn us ubpye
Your capital will then consist of 81 $40 shares
at 500 S3SSl COO
And yonr permanent debt will be about 2779,OOO
Tn round numbers, s6.GO0OOO
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 tht
future dividends.
We estimate the average gross inromeat S,OW,OGO
The current expenses &. Is Per cent Si50oc0
The reserved fund for and tear of
iron and machinery u, ID per cent loONOO 6O0.OO
Leaving for the nett annual earnings slOO,OOO
I q paw percent dividend and interest m &c.,
GOD.Ej vii! s"trlrc 33b,UO
Bv this mllas,,.'e 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 new is.
sue of stock complete all the improvements III
progress, and bring the capabilities of the Road
into full and efficient action; enter upon the
payment of regular and certain dividends, and
give the shares an appreciablc and permanent
value. Rel ting gP3n the soandness OF these
conclusions, the board have instructed us, in an
nouncing the call Of the instalHlcnts, to apprise
vou also oithe confident expectation they ell
tcrtuin that in July next they will commence,
and coa;;ue regularly, as they believe, the pay
ment If semiannna di"iIends out Of The car.
n,n.;s Oft the o'npany; and we arc directed to
express the hope that this statement your af.
fairs W i'll inspire yon, as it has them, with re-
newed confidence in the enterprise, and prevent
any s, ,rincc o: tie shares The moderation of
,,:.i~ Jews does not permit them to cnrourasr
the expectation OF larger divi i@nds than & per
cent but even the most prudent will readily adj
nit that it is very far from unreasonable to ex-
pcct that the income will be greater and the
expense. less, than the sums stated in the fore
going estimate rcs;'ts that would, OF course,
mai rally enlarge the dividends, particul ',ly as
the interest OH the permanent debt would be
stationary.
1t Aill also be borne in mild, mat very great
extensions of on: communication will soon take
place by the Greerville :nd Anderson, Char
iotte and Manchester Roads, and by the Roads
in Upper Georgia, !!t,ama aud Tennessee,