The Camden journal. [volume] (Camden, S.C.) 1836-1851, 1850-04-26
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:
"Resolrcd, That the exigencies of the Conf
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 All 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 ne
cessities, 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 OH 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 go into any details. 1t was
there shown that the aggregate debts of the
Company amounted on the 3lst of December,
lsf9t S35l5 5O7
We held certain securities &c. ofihe amount Of 233O3O
ness to s3,aS3,l77
The Improvements actually in progress and in
contemplation, ysl require further outlay
of las per Mr.. Rayenels Repor) 636,o0o
Io"'s prossas. % Si ''S"'' s3,0lo,77l
OF This sum there will be paid out of the pro-
mny ''O'' 0O0 y 216.OOO
of '''5 ''''''' 0'''' s3,7O3,477
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 thoug predetermined
against calling in the nstalments, after a care
full consideration of that report, and patient in
vestigation and discussion of the subject i'll all
its bearings, their Judgment became entirely
convinced that it was measure imperatvely
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 you that raggrgae debt is S37V2,F7
Your present ca pal consists Of 81 $40 Shares,
at SIS 2?io,'oo
Si6li.2a7
Of the above debt We find about 2,733,227
To he of n permanent character or such us
H. ItI,tt pInl.l
nlcnt to the Company The remainder, VIZ: J1O,2J0
3703,i77
We propose to pay by calling in the remaining
SD mr share nn the 81. 10 shares ~ above.
Your capilal will then CONSIST of IS 80 shares
nj slO0 S3.SSl,N 600
And your permanent debt will be about 2779.0OO
In round numbers, SGGOO,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 gros0 income at $looo,Vo
The current expenses at 4: percent SilO,OOO
The reserved fund for ear and tear of
iron and machinery al IL per cent. loo,ooo 0""W
Leaving for the nett annual earnings SlOO,OO
TO pay 6 per cent. dividend and interest on 3d.
6O0,OW will require '9oVVo
By this measure, then, wo 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, bya new is
sue of stock; complete all the improvements i'll