Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1851-02-14

sracted Tor and necessary to put the road IN onera
'lon iorty miles, when the last nstament of s56OOo
VIII De pald so that other reliable resources mnst h.
looked for to meet all the expenditures 70 70
put the section of forty miles in operation :"
The application of the town of Wilminpton 70 ~.
North Carolina Legislature for authority to subscrbs
SlOoooV to the Stock and to issue per cent bonds
at fifteen or twenty years. has been granted and tb
subscription on the part of the town under the a..
engagements with the Company authorized nv von-
last meeting will soon be made '0uA
1t has not been practicable to put the bridoe at
the Pee Dee river under contract except for cash or
very large proportion of it, and it was not deemed
advisable to do so till the Company were in funds
to meet the expenditures for it. which was not the
case, without diverting them from the more impor-
tant object of constructing the road from the june
| ton east.
| One thing can be done by the Stockholders now.
and that is to limit the time when subscriptions for
stock shall be considered authorised to be paid in
work Notice was given to the South Carolina
Stockholders last summer who were in default in
payment of their subscriptions that unless contracts
were taken IN given time, (Which has passed) the
subscriber would be decided to have elected to pay
In money, and treated accordingly. Many additional
contracts were then TAKEN but is certain there are
yet many who regard themselves entitled to work
out their stock and it is thought but proper to refer
the whole matter to the stockholders who fix
some limit to the time when the stock be paid
up. This would enable the Board to make the esti-
mates to be received in money, and they could act
accordingly
During the past year inquiries were instituted and
negotiations commenced in relation to the purchase
of iron the Bonds of the Company, or for part
cash and part bonds, but the difference in the credit
and cash price, was great as to induce the board
to decline any contract the subject as they were
satisfied they could sell the bonds of the Company,
and purchase for cash on terms which wvuld cave
them from 80 to so per cent in the transaction.
The question presents itself now, What is best to
be done in order complete our road and put spec
Oily into successful operation
The Board feel no difficulty in answering prompt
y and frankly the question: and that is to express
their entire in the suggestion of the En-
gineer, to issuing mortgage bonds for the amount
required
Iron is now lower than reasonably expect
it to be in many years. The present prosperity Of
the country will result in bringing forward new
terprses which will so increase the demand as to
give it higher value. Money is abundant through
out the country, and seeking investments, and Rail
Road securities are in greater favor now in the city
of New York than they have ever heretofore been.
An exhibit of recent sales of mortgage bonds of Com
panies with no better securities than could pre-
sent, give every that we could enter the
market favorably and get such a price would en-
able us to go on with saving to the Company, (for
it must not be forgotten that interest is payable
the work already done and payment made, and that
in progress till the completion of the road) To get
into successful operation year sooner even would
enable the Company to make from its earnings
much it could lose in discount upon their bonds
as must be apparent to any who will carefully con-
slider the report of the Engineer to its business
and operations. Our capital now on the books is
within fraction of 81 100000 and quite that with
increased stock in contracts not yet credited. BY
the end OF the present year the road will have been
fully graded and prepared for the reception of the
remainder of the Iron, in substantial manner
and on favorable terms any other. With
portion of it in operation, and with the amount
pended and the balance available, could realise
a fair price for our Bonds, purchase our Iron, and
1v To III pofin If
work. which when completed no one, whose opin-
ions entitled to weight doubts but that the stock
would soon be at par By sale of this if it should
be desirable our bonds might be redeemed, Gan OPP
Grafton very common with some of the most profta
BILE works of the Southern country and the early
consummation of our wishes secured
By the fourteenth section of the incorporating
our Company, the Directors are not authorised to
issue certificates of loan convertible into stock to
mortgage the road security for such certificates
of loan without the assent of twothrds of the Stock
holders entitled to vote at general meeting of the
Company. 1t is therefore submitted to you whether
you will by such vote direct the issue and sale
of mortgage bonds. and what amount you will
thOriZe to be issued.
The Board have felt reluctant to recommend such
course, they share in the general desire of the
Stockholders to build the road without mourning
large liabilities and it might perhaps be done after
long time, but the anxiety manifested by the travel
ling public for its completion and the certainty felt
by them that Indebtedness will hasten its opera
ton and business. and enable us to realise Its bene
fits before conflicting enterprises get the start of
in the travel and mail transportatons, induces them
to do More especially where there is now every
prospect of raising the value of stock to point
which will enable to substitute it for the Bonds
of the Company before great while after it
mences operations. One fact is deemed not unwor-
thy of being mentioned in support of the opinion of
the Engineer the business in transportation of
the road connected with the production of cotton in
the country tributary to it. By the books of the
consignees in Charleston it is ascertained that dur
ing the season of 1849-'50 SO, 563 bales of cotton
were carried to Charleston by the boats plying on
, the Great Pee Dee River From the reports in
Georgetown it appears that during the season,
1890 were shipped from that port, and from the
of Sumpter District recently returned it ap
pears that 900 400lbs bales of cotton made
in that District in the year 1849. This makes, in
the aggregate, "A 863 bales cotton for the year
1849 produced in a region tributary to our work,
and for a part of the year mainly dependent on it
for market. The of the past year will, it is
believed exhibit fully great increase in other
products over the last.
think of withdrawing in any manner from the vigcr-
GUS prosecution of the work. How it is to be car
ried on is to be submitted to you however, and the
Board feel every willingness toconform to your wishes
w. w. HARLLEE, President.
From the Boston Post.
A certain gentleman of certain village lost his
wife by death he mourned much at her demise, as
all good husbands are in duty bound to. Not having
any relative near, one of the neighbours jolly good
fellow walked with the widower to the grave. Af-
procession returning homeward, the kind neigh
bOr svmnathiZed with the bereayed husband and