Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1859-12-02

ferred stock It conicted with the charter and
to the Legislatures Of North and South Carolina for such
amendment would authorize the issue. These appica
Te amendment was granted in North Carolina but failed
in South Carolina in of the BILL together with
Others not being reached the calendar before
the d9urnment after having been iavorably reported
by the committee to whom it was referred Should
the stockholders therefore, think it desirable to prose-
cute the NATTER new application will have to be made
the approaching Legislature Of South Carolina The
be sold the power to do should be granted We enter
tain the same unabated confidence in the SO far as
the sale be elected that did two ago when it
say much confidence in the probability
OF sale now did then. For though at the large
money the of interest money loaned short
time rules lower than it did several years ago. is not the
ally through the country has the desire for
in rail road stocks generally been enhanced
confidence them strengthened in that time Bank invest
mens and State Bonds carrying seven and eight cent
interest are preferred to rail road stocks securities
any kind aud the facility with which they be purchased
from the quantity CT late market has gradually awak
the seekers for investment to endeavor to those
1ates up, securities which by chance
of casualty which considered belong to rail road stocks
When the plan was first proposed then aid that we
garded doubtful whether the sale could be effected and
only repeat what then sad, expressing slight
y increased doubt produced by changes wrought Since that
time IT, however, it could be made the receipts of your
Road would then enable the Board to declare
dividends as it would remove large portion debt
which first falls due, that the applied to extn
gushing could then be distributed Its principal benefit
would be the acceeratOn of larger dividend than
otherwise be made In compliance with the resolution pass
ed at the last annual meeting the application for amend
the charter made and the amendment obtained
is hereto appended for the information of the stockholders
If be the purpose of stockholders to act under it, when
Ike amendment shall be obtained from South Carolina
then would become necessary to be determined whether
should only small portion OF the STOCK find 1t
would be advisable to make such sale. should the sale
be restricted to large proportion OF the whole ISSUE say
one-third OF more.
During present year. for the first time portion of
your has 1t consisted of bonds to the
amount of seYenyve thousand dollars payable the first
day of May last. these sixty thousand dollars met
payable the first of May The ratio of debt extin
gushed this year has been little five per cent and
leaving the Treasurer with amount of assets in hand much
larger than usual at the close of the fiscal year. making it
equivalent virtual reduction of the debt fer the year of
is per Had portion of these assets been of
that direct application of them to the debt could
have made might have been diminished TWEEN
ty thousand dollars than it has BEEN This portion
of Government certificates which available
only indirect They could not be negotiated
directly here at ALL and elsewhere only by submitting to
heavier discount than deemed prudent OF proper They
therefore, had be used with the Company
corporate notes. by giving these for the face of the
certificates and pedging the latter deposit as
security This operation of has enlarged the Bills
Payable Account whilst has on the other hand swollen the
assets in hand.
The finances of your Company in good condition.
and you will be able to regularly meeting debts
they without difficulty and at the same time to
progress with the work the Road necessary for giving
it permanent character, and providing the improve
tor conducting its business with security facility
expedition The Board believe that they say, with
intending to furnish grounds for unreasonable
pectatons that Road, without adverse revusion
which cannot now be foreseen will at early day be
BILE Of aordng its stockholders remuneration for
the which they have made though such
appliance Tor the reduction debt the sale OF preferred
stock be adopted however desirable it may be. By the
completion the Workshops which will enable to
in this department Of the service, and to have all The
machinery and rolling stock kept in efficient order,
and from the prospects of progressive business do
that shall be able by that time aside
for the exiting of the debt and have surplus for
distribution
IL the month of December of the system
Of through tickets between North and South Effected
The of fare which it based higher than it
had been under the former system for great portion of the
line between New York and New Orleans which brought
the high figure almost to neutralZe the ben
efs deriyabe them. Whether point of fact have
been benefited pecuniary by them have had to take
them, and how much it is difficult say One thing
tain, that they have become from udspensa BILE
convenience to the travelling public and which road
that proper regard for character public high
afford epudate unless the obstacles in the way
of attaining them would amount to sacrifice of its inter
ess. In view OF tie matter If not with the expectation
that increased receipts would flow from Them it mpOr
tant desirable have them. Without them, felt
that must ose whether, with them, should or should
not be the gamer
twice daily service advance of fifty dollars mile
upon the former contract for SERVICE that
nc receive three hundred dollars instead OF two hundred
and fifty mile The contract began the ls OF July
and expires at the end of fou years 1t has been executed
and returned to the DEPARTMENT. and by copy forward
ed to the Company S Office.
Company convened here the 10th ns and at the meet
ing resolution passed thOrZng their Board of D=
reCOrs make corporate subscription to the stock of
Ocean Steam Line which it is contemplation establish
pany would make reasonable subscription to the
The policy of making such subscriptions and if made the
amount questions which the Board refer to the stock
holders for their SlderatlOn and action.
Respectfully submitted,
THOS. D. WALKER President