The Camden journal. [volume] (Camden, S.C.) 1836-1851, 1850-04-19
TO THE STOCKHOLDERS OF THE SOUTH
CAROLINA RAILROAD COMPANY,

CAROLINA RAILROAD COMPANY,
At the last meeting of the Board of Directors,
held on the Goth instant, the following resolu-
tions were adopted:
Resolred, That the exigences of the Com
pany require that the remaining instalments up
on the existing shares shall be called in.
Resolred, 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 a 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 a 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
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-
ccssary for us to go into any details. 1t was
there shown that the aggregate debts of the
Company amounted on the 3lst of December,
1919. to S35l5. .N7
We held certain securities, &C. ofle amount of $4,000
ness to ~ ~ ss,sss,l77
| The Improvements actually in progress and in
contemplation. will require n further outlay
| Of ms per Mr. Rarenes RepOrD 636,OOO
proximatc. Of s3,9l9,7n
fths sum there will he paid out of the pro-
pany - ''' ''O'' '' '''' 2l6,OoO
of s3,7O3,47
This is the difficulty with which 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 a care.
full consideration of that report and patient in
vestigation and discussion of the subject in all
its bearings, their judgment became entirely
convinced that it was measure imperativcly
demanded BY the emergency, and strongly sus-
tanned by wisdom and prudence. We will en-
deavor to show you what the operation will be
upon your present condition and future pros
poets.
We have shown yo that ouraggrrga,c debt is So ZOE All
at SIS 29lo,7oO
| S66H227
| OF the above debt we find about 2,733,227
| To be of Il permanent character, or such NJ
may be kept in existence without cmharrass
mcnt to the Company. The rcnlanicr viz: 970,2 $50
3,7O3,l7
We propose to pay by calling in the remaining
| S.5 per share on the 49, 10 shares as above.
| Your capital will then consist Of ~ $40 shares
| at 800 S3SSl ,Ot0
And your permanent debt will be about 2,779yOOO
In round numbers, S6,6Oo,OOC
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 nvcrdCc gross income at ON
,I rhe current expenses at i5 per cent sl5O,0oo
| The reserved fund for wear and tear of
iron and machinery at Is per cent. 10000 GOOON
Leaving for the nett annual earnings slOO,ON
| To pay per cent dividend and interest on &c.
6N,OOO will require 3.6,O0
by this measure, then, we shall be enabled
to pay all pressing demands against the Com
pany fix definitely the extent of the deb, to b,
funded. and eventually discharged, by a new is
sue Of stock; complete all the improvements il