The prairie news. [volume] (Okolona, Miss.) 1851-1875, 1859-03-03
ELEVENTH ANNUAL MEETING.
OF THE STOCKHOLDERS oE THE
Mobile and Ohio Railroad Compnnx.
HELD IN MOBILE, FEBRUARY 2l, 1880

: HELD IN MOBILE, FEBRUARY 81, 1859.
TO The Stockholders Of Mobile an,
Ono Railroad Company.
In obedience to the reouiremontc n
$ the Charter aud Bylaws of the Compan,
= the President and Directors present tn,
following Report of their proceedings fo
The year ending 3lst December, 1858.
REPORT.
The first and most important resnonsi
blllty imposed on the present Board NJ
Directors was to relieve the comn,n1
from Its present embarrassments GROWING
out OF extensive hypothecatioas of the
Company's Bounds as collateral securtv
Tor floating liabilities. The debts were
not large, compared with the COMPANY :
resources ana means of ultimate pay
ment' but they were .foating with Bonds
Pledged as col(aterais subject to sale
Without limit which, in time of ereot
commercial embarrassment and prostra-
lioh OF confidence, especially in railroad
enterprises, exposed US to the dancer of
fulnous sacrifices. Fortunately, howey.
en- the storm passed by, and We are not
hurt NV
Among the liabilities demanding i'm
mediate adjustment was one to the STATE
OF Alabama of three hundred thonSona
DOLLARS This was secured in part by
Pefsona< responsibilities, and in part by
Bonds pledged as collaterats. Uunder
law OF Alabama authorizing it, this debt
was extended and made payable-Rfv
thousand January, 1S60-ftiy Mons1oG
January, lS6l-oae hundred Mousa1d
January, 1862, and one hundred Mous0Dd
December, 1862, bearing eight per cent
interest, payable annually. BY this set.
tlement made with the Governor. under
authority conferred by the Legislature
me personal liabilities We're released and
tNree hundred thousand dollars of the
c0'faterals returned, substituting lien
on real estate belonging to the COMPANY
IN lien OF the securities delivered up.
Another matter pressing for immediate
sltlement was liability to Mr.. Soutter
OF New York, for the rails and fasteninos
purchased for the road through Ken
lucky. This was amicably adjusted nv
dlVldlug the debt into several payments
and giving the Companys notes accord.
mgly, bearing eight per cent, Interest,"
hese notes, In the aggregate. amonnt
TO one hundred and thirty-seven Thousand
five hundred and one dollars and thirty.
nine cents, (Sl3750l ,39). By this ar. I
rangenent we took up four hundred and
Hlty thousand dollars (S45o.ooo) of onr
Sterling Mortgage Bonds, substituting in
lieu OF them, two hundred and seventy
seven thousand dollars (S277 00o In. q
come Bonds. We have since paid sixtv. S
I'VE thousand and one dollars and elnvcr t
cents OF this debt and taken one hundred Il
sna 'hlrty two thousand dollars 132 .o0O) o
# Income BONDS gataassge named. ThG II
LIBERAL feeling manifested by Nj. Soqtter ,
Viii make the payment of the residue q
asy.
The heaviest debts of the Companv n
we're In England, contracted in the mr. P
hase OF rails and fastenings for the road
We had paid the interest punctuallv. bnt
ur creditors there were impatient under
he long delay In the discharge of the
These debts were due to va.
lous parties in London, and in the Az.
fegate amounted to eight hundred and n,
'fty-nlne thousand four hundred and II
,rty-three dollars and sixtv-two CENTS T..
So49, 443,62) They were secured by n'
ePoslts OF Sterling Mortgage Bonds as y, y,
'1afera|ss, with the power of sale with ~
at any limitation. These debts have VI VI
Il been settled and funded by our cred t 1'
ors taking bonds in payment. After ~ ~
e adjustment, by the sale of bonds Of 81 81
| our London debts above referred w. W,
) we received back from our London ~
editors three hundred and nnety-eipht ="
ousand dollars of our Sterling Mort IL,
lge Bonds. --'i : III
The settlement of the several liablli- ." ~
y ABOVE referred to, and others not f.;
aIeflai to be stated in detail, by which ar
hypothecated securities were relieved NJ
IN all possible danger of sacrifice. pnt ggoI
Combany in condition to enter tbe t Io
'rket for the purchase of rails and fas- ,a'
llngs with reasonable certainty of suc. e"'
IS. an
On the goth of July. 1858, two con. Of
cts were entered into with Mr. Craw- na,
", of London. The one for rails nee. H.
airy TO finish the entire trunk line of oro
road, the other for rails enough TO esaJ I
nplete the Columbus, Mississippi !
nch, amounting in all to seventeen IF :
usand two hundred tons. At the VOC
le time another contract was entered of !,
with the Ebbwvale Co., OF London, nav
the necessary amount of fsAiag bars. ihn,
$ and nuts. These purchases were in~
lie payable, one half in our Sterling lug as
'tgage Bonds, and the other half in o oro
I, or at our option, in London accen- ,1hn
'es at six months time from each and
ment' bearing five per cent. inter com
road
ne confidence inspaired by the find. T
q our debts on favorable terms. and to n,
@rf4er safe Of Tie Compaays Bonds of it