The Newberry herald. [volume] (Newberry, S.C.) 1865-1884, 1869-05-05

1644 miles Of road, with ...
IL branches, outfit, real '..
estate, shops and out .'
fit S3,O81, ,213
Stock of other companies : 80,475
Cost : ------ $3,161, ,7O8
Capital stock paid in 1910, ,374
Bxcoss of cost over capt.
.'... tai paid in -'-.- S1,651, ,433
"i. The original bonded debt was
rs follows:
First mortgage bonds 49, ..... ~.
-, 62-64 --,-- 100000
Debenturcs (not mort
gage) 1866 and 18- ..,'.
SO 100000
$1,400,000
In January, 1861, the State
agreed to guarantee tho bonds of
the company to tho amount Of
5000, 600 to retire tho first mort.
gage debt then maturing, and to
fund the floating debt. At tho
end Of the war, the debt Of the
company was only partly road
justed, the unsecured debt was
falling due, II large interest nc.
count had accumulated, the road
dcpots and bridges were seriously
injured or destroyed, and the
country which should support the
Dad was FRUSTRATED. In 1866.
therefore, the Legislature author.
!zed an additional guarantee OF
Sc 10000, of which $350,O00 was
20 be applied to fund tho interest
on tho mortgage and guaranteed
'lcbt, at par, and $250,000 to ad-
just the bonded debt-outside the
mortgage Of 100000 with inter.
est. The acts of the Legislature
contemplated, therefore, a guar
antco Of s1,5OO,O00, which was
then sufficient to arrange the
whole bonded debt, and would
leave but one mortgage, that Of
the State, upon tho property Of
tho company. The company again
proceeded to rcadjust their debt,
when their operations were stop
ped by the ordinance of the Re-
construction Convention in 1868.
snspending all acts Of the Legis-
iature passed since December, 49,
10, lending the name and credit Of
the State to any corporation. On
February 6, 1869, an act was rati.
fled making valid and confirming
the previous acts for tho relief Of
the company, which "is now in
condition to proceed in the read
justment Of The debt, with II pros
pcct, it. is believed, Of not boing
again intertorrcd with ora annoyed"
The President says: "In the
meantime, during all their diff
culties, tho company has gone
steadily forward in tho rebuild
ing and improving of their road
and property, whilst thoir income
has been as steadily on tho in.
crease. 1t has certainly ceased to
be q question now as to whether
they will be able to pay their in.
tercst and operate their road sue
ccssfully anu the holders Of their
bonds past due, aro respectfully
invited to como forward and ro-
now them, and take others en-
dorsed by tho State. They arc
now paying their six months in
terest upon their mortgage and
guaranteed debt falling due on the
1st day of January, 1869, and
funding all interest maturing pre-
vious and up to July /, 1868, in
their bonds guaranteed by tho
State"
The following is q statement Of
the bonded debt Of tho company
on the 1st day of January last:
First mortgage bonds,
outstanding --$ 320.50O
Interest and coupons 147,715
Guaranteed bonds, 1861 629, 500
Interest and coupons 96 800
Guaranteed bonds, 1866 246,618
Interest and coupons : 1857
Bonds not secured by ...,
mortgage 4S5, 800
Interest and coupons 223, ,279
Second mortgage bonds 50,G83
Interest and coupons 3,672
Total, January /, 1869, 1921 ,69e
Reduction by funding
no0-mortgage bonds
and rOun0na at AL