The Sumter banner. [volume] (Sumterville, S.C.) 1846-1855, 1851-02-19

S95, 900 would be received in money.
and they were thought reasonable, but
it has turned out that only Sl5,O37 as
was in fac. received.
A very large proportion Of the stock
in South Carolina is already contracted
10 be paid for in work, and it is unsafe
10 make contracts for money dependent
upon any considerable amount deriva.
bic from them. The subscription of
the State Of South Carolina will be in
part required for Iron already contract.
ed for, and necessary TO put the road in
operation forty miles when the last
ins,almen. of $4,000 will be paid, so
That other reliable resources must be
looked for TO meet all the expenditures
necessary to put the section Of forty
miles in operation.
The application Of the town of Will
minglon to the North Carolina Legisla.
ture for authority 10 subscribe 800, 900
10 the Stock, nnd to issue 6 per cent.
Bonds at fifteen or twenty years, has
been granted, and the subscription on
the part oflhe town under The arrange.
ments with the Company authorised by
your Inst meeting will soon be made.
II has not been practicable TO put The
Bridge at the Pee Dee river under
contract excep, for cash or very large
proportion Of it, and it was not deemed
advisable 10 do SO, till the Company
were in funds 10 meet the expenditures
for it, which was not tho case, without,
diverting them from the more important
object Of constructing the road from the
junction east.
One thing can be done by the Stockhol-
ders now, and that is 10 limit the time when
subscriptions for stock shall be considered
as authorised TO be paid in work. Notice
was given to the South Carolina S,ockhol.
ders last summer who were in default in
payment of their subscriptions that unless
contracts were taken in given time,
(Which has passedD the subscriber would
be Decided to have elected to pay in money
and treated accordingly. Many additional
contracts were then taken, but it is certain
there are yet many who regard themselves
eptitl,al out II 81 and sis:
thought but proper TO refer tho whole mat
ter TO the Stockholders new, who may fix
some limit to the time when the stock can
be SO paid up. This would enable the
Board TO make the estimates to be received
in money, ard they could act accordingly.
During the past year inquiries were in
stituted and negotiations commenced in
relation TO the purchase Of iron on the Bonds
Of the Company, or for part cash and part
bonds, but the difference in the credit and
cash price, was go great as to induce the
board TO decline any contract on the sub
ject, as they were satisfied that thew could
sell the bonds Of the Company, aud pur-
chase for cash on terms which would save
them from 80 10 50 per cent, in the trans
action.
The question presents itself now, Whnt
is best to be done in order 10 complete our
road and put it speedily into successful opc-
ratiOni
The Board feel no difficulty in answer
ing promptly and frankly the question, and
that is to express their entire concurrence
in the suggestion Of the Engineer, AZ to is-
suing mortgage bonds for the amount re-
CURED.
Iron is now lower than we can reasona-
bly, expect it to be in many years. The
suit in bringing forward new enterprises
give it higher value. Money is abundant
throughout the country and seeking invest
mcnts, 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 Companies with no better securities than
ours could present, give every assurance
that we could enter tho market favorably
and get such price as would enable us to
go on with saving to the Company, (for
it must not be forgotten that interest is pay
able on the work already done and payment
made, and that in progress ill the compile
ton Of the road) Togct into successful
operation one year sooner even, would ena-
bic the Company to make from its earnings,
as much as it could loose in discount upon
their honda, as must be apparent TO any
who will carefully consider the report OF
the Engineer rs TO it's business and opera
tons. 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 re.
malndcr Of the Iron, in as substantial a
manner and on as favorable terms as any
other. With portion of it in operation,
and with the amount expended and the
balance available, we could realise a fair
price for onr Bonds, purchase our Iron, and
20 on speedily to a successful termination
of our work, which when completed, no
one, whose opinions arc entitled to weight,
doubts hut that the stock would soon be at
par BY a sale Of this. if it should he de-
srable our bonds might be redeemed, Can
operation very common with some of the
most profitable works of the Southern coun-
'ry) and the early consummaton of our
wishes secured.
By the fourteenth section of the act in
cooperating oui Company, the Directors
are not authorised TO issue certificates OF
loan convertible into stock, or to mortgage
the road as security for such certificates
OF loan without the assent of two-thirds OF
the Stockholders entitled to vote at a gen.
eral meeting Of the Company. 1t is there
fore submitted TO you whether you will by
such vote so direct the issue and sale of
mortgage bonds, and what amount you will
auihorse so 10 DO Issued
The Board have folt reluctant to recon.
mef d such course, as they share in the