The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1869-11-30
II!E CHERhW AND DiRkyHGTON
RAILROAD cO.hPJEY.
Tar rrrr'or",'e nvror,.
nFtIcE of CHEiAw AND DA.I.iH. ruE
RAILROAD Co.rA':r,

10 TIC Stockholders ofMr Cacron o.,d Dsriiay-
Ton Hoiood Company:
The president and directors ol III cnI,puny
beg Leave 10 sunni. their seventeenth annual
report:
From the trr;,sIrcr's report, h"rcwili sub
niuch II appears Thai for The fiscal year end
In" 3lst August last, the .!ro+s "crnings have
been ..........:.... ........ :. Si2,J60 %
And The expenses have hccn . 2;.li2 40
Leaving as net earnings. ....... :lS.iI1 80
This is very gratifying exhibit when COM
pared with the results of the previous Years
operations, and gives ground Tor the hope ih,;
with The increasing prosperity Of The country
we may look for Il corresponding improve
mcnt in the condition Of This company. when
lOukcd at mere closely, il vii! bc found that
while Tie receipts rf The year have bccn bu.
little less than those of the previous yca, the
expenses have been reduced about thirty
three per cent, showing thai The utmost
economy has been ,is"h, willie at the sa!.c
time, ~ appears from The report of The super
intendcni, due regard has boon had To the
main considerations OF safety and promrtness
in The transportation OF passengers and ircluht,
as evidenced hy the absolute freedom from nc
cidcnis and failures To connect according to
schedule, and the :roOt condition OF the road
bed and rolling stock. For further infornl:,-
tion ami "details as To the general operations Of
The road, and condition of its property and
machinery. yon are respectfully referred 10
the accompanying report uf The supcrin-
icnicnt.
The mos, prominent object Di interest nj
This Time, is Inc dctt OF The company. ~ sum
mary Of which is ~ follows:
First mortgage bonds, nnat'rrng iifst
Second mortgage bonds, maluring
ilrstJuiy, lsss .............. 5000 90
Coupons overdue ana outstanding.
shy .........-......... l3,JO0 %
Ic'ii.catc sol Indebtedness: ;.ssGcd.. 3S,I5O G0
liMting uc"t, ay.......... 1000 90
o. ihs lie s'cUn,i inor; cage bonds have al
ready brcn adjusted b. ,nc Issue Of new bond $
hivii!s; twenty years TO ran. which have been
substituted to- the OLD bonds; and The ccriil!-
ca!cs OF indebtedness will no; fall due natii
rs; !alulry, 1875. 50 thai The Only debt Tor
Ach provision has soon 10 hc iun'c Is ihui
Resented 10y the iirH! mortgage bonds and
'nr l,lS! t!'ic coupons now outstanding. say u
lhc a@.:rc:;air, $l65, I3n; ;hc hOalin. drb; hr-
Ing comparatively $, small, ag 10 hr within
ihe sontr"i oi III; cHnrany hy .Ac use ui It's
ordinary ucans.
II 'a Yevy ol,vioHS iug! tliis doh; canhC; u.
rAiI -! maturity, and, therefore, sorc means
SHOULD he devised Tor It's arrangement. Tlis,
IL is confidently believed can ~ Lnao, he
Gals" the amount, when compared viii, the
assets o iic company. is i:iiail. anti the scc,,-
rity which cnn he offered is amp.e. @Rii is
considered That very soon after the tcfmtna-
!&n lie RI, q: iIe.Te6iplh 6i waEtpis. GTHinY H i, ir9EGh 9E
aud have ever since promptly inct the same.
increased IL il WAS by coupons OIL its Eonuls
falling die during the war, and held over for
payment, and afterwards since funded In GER
i;icales oil indebtedness, tile hope is conf
IDENTITY entertained that the whole deb, may
he arranged upon satisfactory terms. The
board would therefore recommend fha, some
steps bc taken towards the arrangement Of
this 'lcbt as soon as practicable.
The prospects oC an cxcnsison Of our rail
road connections into North Carolina, by the
Chcraw and Coaliiclds Railroad, which, since
onr last annual meeting, mus been changed
into The Chcraw and Salisbury Railroad Conn
pany, have been very much cloudcd by events
occurring during the past summer, to which
II Is proposed to invite your especial att tcnton.
II Is well known that tho Chcrnw and Coal
fields Railroad Company. which, by an amend
Legislature, was converted into the Chcraw
and Salisbury Railroad Company, own four
thousand and thirteen (dOl3) shares OF the
slock OF this company-more than majority
of the whole number In August last Major
B. d. Townsend, acting as president OF the
Cheraw and Salisbury Railroad Company, un-
dcrt0ok to sell this stock to Mcssls.
Walters d Newcomer, Of Baltimore, who are
understood TO be very largely Interested in
tine Wilmington and Weldon md tho Whining
ton and Manchester Railroads. Soon after
this agreement for sale was made, which, |
however, was without any notice to the public |
that this slocl; was in market for sale, Mr.. |
Townsend and Mr. Bridgcrs, (thc latter as |
agent Of Mcssrs. Walters tS Ncwcomer.) |
called upon the officers of this company and |
desired TO know whether the proper transfer |
of tilis stock would be made upon the books of |
this company. The president replied that he |
could not make such transfer, because lie had |
received from counsel representing minority |
of the stockholders Of the Cheraw and Sails
bury Railroad Company formal protest
against such transfer, together with II notice
that, ns soon as practicable, legal pro-
cccdInss would be instituted to sci
aside such agreement for the salc of tho
stock. Accordingly, soon thereafter un appi-
cation In the name Of IL large number of stock
holders of I'll Charaw and Salisbury Railroad
Company YVES made for leave to flo en- informa-
ton in the nature of n writ of qNo ,caryunto
against IL. ID. Townsend, claiming To be prcai-
dent, ana others, Claiming to be dircc.ors of
The Chcraw and Salisbury Railroad Company,
lhc object oil which was TO test tho validity
Of The tito by which !hoso persons claimed
10 hold their respective Offices, and thereby
to test the validity Of The agreement for The
sale oi the sail stock. Pending this case, m
application WAS made by Mr.. B. D. Townsend.
Iorn n'1mlayntss 10 compel the prcsilcn; and
treasurer OF this company to transfer The
stock TO MG5srs. Walters tt Newcomer
which, however, was amended during The
progress OF Tue case NO ils 70 make Massrs