The Sumter banner. [volume] (Sumterville, S.C.) 1846-1855, 1851-06-18
Wilmington & Manchester
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RAIL ROAD.
ssoo,0oo SEVEN PER CENT. MORTGAGE
AZ t; BONDS.
;, w sealed proposals will be received by
the subsc riters,s until THURSDAY, tho 10Th
daX OF July next, for three hundred thousand
do.ass Of the fret and only Mortgage Bonds of
pany, bearing interest ut tho rate of seven per
cens per annum, principal and interest redeem.
Ible in the city ofNcw York-the principal on
tho LIST june, 1866.
coupons payable ut the Merchants Bank, New
York, nSthe 1st December and lst June in
each year, convertible into the capital stock of
the Company, ut the option of the holders.
Of North Sand South Carolina, secured by
Mortgage, or Deed Of Trust, to Edward Sand.
ford, Esq, Of New York, in trust for the hold
ers Of the Bonds.
tho Road completed and to he completed from
Wilmington, In N. 'C.,'to Manchester, in S. C.,
n distance of l62 miles, costing, when compile
led with heavy Il rail and equipped, 81, ,GOo,-
900. The extraordinary adapedness Of the
country 10 tho construction of n railway nc
counts for this low cost.
The Trustee Is empowered, in case of 60
days default in payment Of principal or inter
est, to take possession of entire line Of Road.
with la equipments, stations, income, franchise,
&c., the same to sell At his discretion to the
highest bidder for cash, to pay arrears Of prin-
oipat or interest.
The whole amount of bonds authorized to be
issued by vote Of the stockholders ut meeting
called for TINT purpose in April last, and nn or
dor Of the Rail Road, is 5000 900 to raise means
to pay the residue OF the iron mills and equip.
menss, only s3oo,0oO OF which NJ, now offered
for sale. Et.l ,.a
The Company will owe no other deb, when
tho road Is completed.
This road will prove nn important link in the
great chain Of railroad from Boston, New York
and Philadelphia TO New Orleans, connecting
ton Railway, now in successful operation, ut
Manchester witt; tho great South Carolina
Railroad, lending from Charleston in the direc-
.5ion Of Montgomery, Alabama, now in the re-
ceipt of near million of dollars annually from
ats business; will avoid the present disagrecnble
:eS: voyage from Wilmington to Charleston,
shorten the travel to New Orleans one days
dmo, facilitate the mails, and will bring the
South in more Immediate and direct commIni-
cation with the North.
The position of this Road, its connections
North and South, its easy grades, (none
thirty feet 10 the milc,) freedom from curves,
and cheap construction, is such US to put it be-
yond the competition Of any other line Of road,
for the immense inland travel between the
North and New Orleans.
The grenter part Of this Road traverses the
most populous and fertile portions of South Car
oiina, producing cotton, corn, &C., in great
port It handsomely.
The census Of 1850 shows that the Distric, of
country which will be tributary TO this Road
md dependent on it for transportation 10 the
market, produced in lS49 seventy thousand
bales of cotton, Of an average weight each Of
$50 lbs. KS. r;+s..s.f,.
The Ctsnpany has one million of available
stock suhscribed, most of which has been paid
added at any time, ut the option Of the Conpa-
NY, S2OO,OOO, subscribed by the State of North
Carolina, on certain conditions.
II Ii estimated that the net annual profits will
reach IL per cent per nnnum.
About one half Of the entire line has been
gruded and bridged, the cross-ties being in the
course of delivery, and will be ready for the
/. iron rails Immediately.
Tho sn,i.c line. IL under contract for grading
and bridging and in forward state towards
completion.
!. Sir thousand two hundred tons iron rails, r.
pattern, have been purchnaed and in course
- abons % s7oo, 600 has already been expended in
I cons!ruo,ion, including paymcn, mt ior the rails
It IL expected that nbou. so miles from Man
chester East will be completed and in operation
IN iIie FAIL Of this year, and the entire line 10
Wilmington early next year.
.. The management of this Road is in highly
respectable and competent hands. No work
IN ihe South undertaken or projected meets
with moro public favor than this.
For further and more particular information
we refer TO printed "Exhibt, /" giving full
Ge!aiIs Of .he Road and its affairs, which
contains q Map Of the line with its many con.
nesions, copies Of the Bond and aIor;uap..
opinion OF counsel, &c, prepared by ,,en. W.
w, Harlee, President of the Company, which
may be obtained on application nj the ofl;c. of
the Company ut Wilmington, N. c., or of
the undersigned, by mail or otherwise, with
any other Information desired
We deem the security desirable onc The
States Of North and South Carolinn, and the
various corporations chartered within their lin.
its, which have been borrowers Of money have
uniformly and under the most adverse circum.
stances promptly met their pecuniary engage
n,ents-t'ublic sentiment in those States has
. always taken high ground in regard TO punc,unl
fuihinent OF public and private pccunnry obi
cations. @
Tho $500, 900 will be disposed of absolutely
and without reserve to the highest bdders
Sealed proposals, for any amount not less
than $1,000, will be received ut the offic. of the.
undersigned until o'clock on 10Th of July
proIimo.
Proposals to be addressed to WINSLOW,
endorsed "PRoPosALs FOR w. tE MAScnEs
TER 'RAILRoAp BONDS"
fariies whose bids are accepted will be re-
qulred 10 pay twenty per cent, upon the amount
awarded TO them upon being notified of the nc.
captnnce of their bids, and the remainder in
equal amounts on the first days OF September.
October. November and December next, bu,
any party will To ut liberty to pay in full nj
once Tdeaired. Interest will commence from
WI wdNsLoW 81, ,s.I LANlER & S, CO., SO Wall st.