The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1869-04-08


ginally issued was $500, ,00O-of which sl45, 600
we're sold-the remaining s155, 900 were subse-
auently pledged and deposited with trustees,
as security for corresponding amount of
preferred stock, say $155, 900. This preferred
stock is then, virtually, substitute for that
amount Of second mortgage bonds.
AS stated above, the company's first mort
gage bonds, amounting to 200, mature on
the LIST of September. 1869. while the second
mortgage bonds for 100000 are past due,
having matured on the LIST September, 1868.
OF the coupons representing the interest on
the FIRST, and unpaid up to March 1st 1867,
there are still outstanding about S92, 900, aud
of those representing the interest on the sec
ond, and in the same position, there remain
about S22, 900. These, with our past due bonds,
are now held by comparatively few parties, who
have submitted to delay in their settlement,
until they could be embraced in the genera.
plan of the company for the readjustment OF
their entire debt, to take effect in September
next. We arc also indebted in balance of
s28, 900 on certain bonds for real estate In the
city, purchased in 1853, and duly securad by a
mortgage thereon. The liquidation of
this balance, within reasonable peri
cd, was confidently expected, but the
financial condition OF the company at that
time did not permit it, and hence the mort
gage upon this sr.all molety OF their properly
remains, and IS. cf course. antecedcnt to those
executed in 1855 and 1857 fol- the security re-
spectively Of their First and Second Mortgage
Bonds. In the read5ustment Of our debt it
would therefore be inexpedient and proper TO
consider these real estate bonds as among our
first mortgage bonds, and to be absorbed by
them, that the special mortgage thereon may
be duly cancelled. Wewould, then, propose to
you 10 COZ solldate and renew this whole
indebtedness by tho issue of 1G40 bonds, OF $500
each, amounting to $500 100, to be dated 1st
1859, and payable 1st September,
1893, bearing per cent. interest, payable semi
by coupons attached, to be styled
''Frst Preferred Bonds" and by another issue
of GA bonds, OF the sa me date. tenor and
amount each, as the first, for 1922 600, TO be
styled Second Preferred Bonds" both to be
secured by one General Mortgage upon the en-
tire property, rights, franchises &c, OF the
duly expressing the order, and de-
fining the conditions Of these preferences, and
their relations to each other. The First Pre-.
ferred Bonds should then be offered In renewal
Of, or exchange for, our old.
Outstanding interest and interest thereon. $4,000
Real estate bonds. 28,0OO
$500, 900
And the second preferred bonds should be
applied to our old second mortgage
bonds for. S3UO, O0e
)utstasding coupons and interest thereon 22,OOO
ss22. 600
taking our bonded debt. ,142. 900
The plan we have here indicated is, substan-
ially, tho one which has been adopted by other
under similar circumstances, and to
which, as We conceive, when the extinguish-
nent Of the debt is ON admitted impcssIbility, |
10 just exception can be taken. A recourse to |
egal measures OF coercive character would |
esult in no actual benefit, especially while the |
administration of the road Is, practically, for |
he benefit Of the bondholder. II it DO con-
eded that all the income is being de-
ived from the property which it is capa-
lie of producing, and that no part thereof
; being appropriated by the stockholder.
mt ON the contrary. is being faithfully
pplied to his obligations to the bondholder,
hon reasonable regard on the part of The
after for the interests OF the former, should
suggest prompt acquieseence IN the plan We
nave here indicated. Its details have had our
careful attention, and as these have also been |
approved by eminent legal counsel, it is now
for your consideration in the be'i-f
hat it will fully meet oil the objects in view,
ind prove acceptable to our creditors.
It affords us pleasure to state 10 you the gen. |
orally good condition of the road aud its struc-
;ures. During the past year considerable at !
ention has been given to the widening Of cuts |
If the roadbed. The iron is in very fair con- |
lition, indeed, we may say that there are few |
f any bars in the track sufficiently worn or |
animated to require removal. The motive |
power, consisting of twelve locomotives, is all
with the exception of one) IN running order.
We have 81 box and 43 platform cars, IL first !
Ind second-class passenger cars 8 bagg,Ge |
Ind mail and express cars. Though much |
If this rolling stock is Of an advanced age, |
,uch attention has been given to- it that we
hink it will answer our purposes another year,
Without further expenditure than are ordinari-
v classed under ''current repairs" For fur
her information and details as to the general
operations of the rad anil its machinery, you
re respectfully referred to the accompanying
eport OF the superintendent. they certainly
exhibit regularity OF service and on eX;mp-
ION from accident winch indicate a commend
lblo attention aud watchfulness OIL the part of |
,ur subordinate officers and employees.
In conclusion, it becomes our melancholy |
luty TO report to ycu two vacancios in the |
Board of Directors. occasioned by tho death OF
Colonel D. l.. Mckay, on tho 18Th January !
asst, and that OF Colonel Allan Alacfarlan, on
he 2lst ultmo. At dffcrent periods IN the |
EARLIER history Of the company, each of these
gentlemen had been its presiding officer. and |
although relinquishlng this position for other !
pursuits more congonal to their tastes, still |
her interest in the final success Of the COM |
lany was unabated, and i'll their removal We |
lrc conscious OF the loss of friends and asso-
,iates, than whom none could have been more
sincere and earnest in their Efforts to promote |
he general welfare of the company.
All of which is respectfully submitted.
A. +. RAvENEL, President,
On motion made, it was
Resolred, That the reports of the President
nd Superintendent be received as Information,
nd that the requisite number o; copies OF the
anne be printed for distribution among the
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