The Camden journal. [volume] (Camden, S.C.) 1836-1851, 1850-02-19
MEETING OF STOCKHOLDERS OF S. C.
RAIL ROAD

MEETING OF STOCKHOLDERS OF S. C.
RAIL ROAD.
The Annual Meeting was held at the Bank Hall
in Charleston, commencing on Tuesday 18th inst,
at Il o'clock. Col. J. B. ron was called to the
Chair, w. II. Bartless, Secretary. The Report of
the Committee on the "Snkng Fund was present.
ed through Daniel Ravend, Esq, Chairman.
The Report shows that the Indebtedness of the
Company has been increased during the year, and
that large expenditure is in prospect, not the re-
suit, as is stated, from the appropriation of funds
to new purposes, but from the expedicncy of i'll
creasing the expense of contemplated improve
ments earlier than was anticipated. These ar
rangements seem to be warranted by wise coll
sderaton of the true interests of the Company
The additional expenditure required for the works
referred to are estimated at $G36,o0O.
The whole of this expenditure may not be re-
quired during the present year; but, certainly
will be in the course of 1850 and 81 and with
the ordinary means of the Company, the great.
er part must take the form of indebtedness.
Our indebtedness On the 3ls Dec. last, was, per
Auditors statement. No. ], SS.ol5.oU
Against which assets of the Company
arc credited amounting 10 S56S4U
But deduct from this the Companys
interest in stock Of the Camden
Branch, not available al present. 9O,OOO-- 26S ,i06
Makin The actual balance of Indebtedness Of S3a47o2l
To this balance add the eXtru0rona.
ry expenditure in progress and -, ~,
contemplation, SooSoVV
Less the value of the iron
sold to Grcenville K. X.
Co. rs per report of the
President. estimated ut 10000
And the probable value of
the iron. not taken by
that Company $1,000 2l6,OOc- $4,000
Probable indeb, complconof improvcm,s s3667,Ooo
An increase Uf Sf1O.UDO.
Of the debt of the Company, about S250,0O0
will be payable in 1858; about S2500O0 in
1868; the S2,OOO,OOO, 5per cent debt, in 1866,
and the balance of the Bond Debt, at various
periods, between one and nine years.
1t appears then, that although the principal
part Of our debt is payable at long periods,
portion of it, and also the expenditure now in
progress must be met by new credits, or in mon
ey, at an early peliod.
The Report referred to us, submits two plans
for meeting the debts-the one proposed by
Committee of the Board of Directors the other
ern Rail Road Bank.
The plan of the Committee is, to pledge the
additional $25, due on each share, to be called
in by instalments of IS, corresponding with the
maturity of the Company bonds, the first in Oc-
tober, lS57-with other securities named; and
to convert the Company's property in real es-
tate, and Camden Branch, into stock Of the
Company, to form Il sinking fund-which COM
pounded at & per cent interest, would pay the
interest and extinguish the then existing debt in
about Is years.
Mr.. Holmes plan is to distribute the expendi-
ture upon real estate, and the Camden Branch,
las it was realized from the earnings Of the Com
pany) by credit of $40 on each share, against
the $25 due, and to appropriate to the debts
semi-annually, the sum of SllS,S73 50-lOO
from the income of the Road, which Il calcula.
ton shows would pay the interest and cxtin-
guish the then existing debt in 20 years.
The Committee recommended the payment of
the balance due upon the shares of the Capital
Stock. Without it the probable increase ofindebt-
edness will be S42O,OOO-with it the aspect of af
fairs would be materially improved.
The S25 per Share, or $3.50 Shares held by the
Stockholders, would produce $970,250
If out of this fund the contemplated cxpcnd-
lures be paid, say 636,0O0
There will be left about S23i,O
TO be applied TO the debs-besides which, in
this event. the proceeds Of the sales of the
Iron, removed from. Hamburg Road, would
reduce the debt 2l6oOO
Making the probable reduction ofdebr. s55OOOJ
Other considerations commend the measure.
The right to call for instalments has depressed
our Stock Investments will not, i'm general, be
desired, when they involve a liability to farther
payment, and at uncertain timcs which it may
not be convenient to meet. This apprehension