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

$2,19s,OO7 50
To meet this Indebtedness we have the
road tlO2 miles long,, with its side
ings. equipments. &C., at q cost Of 50, 14S 1870 66
Ana assets... ..................... 49,876 81
Iotal. So, 198 007 81
The amount of second mortgage bonds ori-
ginally issued was $500. .000-of which $145 900
were sold-the remaining $155, 900 were subse-
quently pledged and deposited with trustees.
as security for corresponding amount OF
preferred stock, say $155, 600. This preferred
stock is then, virtually, a substitute for that
amount OF second mortgage bonds.
AS stated above, the companys first mort
gage bonds, amounting to 1000, mature on
the 1st of September, 1869, while the second
mortgage bonds for 100000 are past due,
having matured on the LIST September, 1868.
Of the coupons repres enting the interest on
the first, and unpaid up to March 1st. 1867,
there are still outstanding about $92, 900, and
OF those representing the interest on the Sec
ond, and in the same position, there remain
about $22,O 600. 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 general
plan OF the company for the readjustment of
their entire debt, to take effect iti September
next. We are also indebted in q balance of
$28, 600 on certain bonds for ell estate in the
city, purchased in 1858, and duly secured by
mortgage thereon: The liquidation Of
od was cendenp expeaea hn peri
financial condition Of the company ct that
time did not permit it, and hence the mort.
gage upon this small moiety Of their property
executed in 1855 and 1857 for the security re-
spectively Of their First and Second Mortgage
Bonds. In the readjustment Of our debt it
would therefore be inexpedient and proper to
consider these real estate bonds as among our
nrst mortgage bonds, and to be absorbed by
them, that the special mortgage thereon NAV
be duly cancelled; Wewould, then, propose to
indebtedness by the issue Of 1910 bonds, OF $500
each, amounting to $500 900, to be dated 1st
September, 1859, and payable 1st SeotemEer,
1889, bearing per cent. interest, payable semi
First Preferred Bonds," and by another issue
OF GA bonds, Of the same date. tenor and
amount each, as the first, for 1922 900, to be
styled Second Preferred Bonds b0M to be
secured by one General Mortgage upon the en-
tire property, rights, franchises, &C., of the
company, auly, expressing the order, and de-
timing the conditions of these preferences. and
their Eelations to each other. The First Pre-
ferred Bonds should then be offered in renewal
OF, or exchange for, our old.
First mortgage bonds for. or..... S7OO. Coo
Outstanding interest and interest thereon. $4,000
Real estatc bonds. ..............,........ $4,000
@ $3.50, 900
applied to our old second mortgage
Outstanding coupons and interest thereon. ~ GOO
sa22 ,oeO
The plan We have here indicated is, substan-
TALLY, the one which has been adopted by other
companies under similar circumstances, and to
winch, as we conceive, when the extinguish-
.sasnt OF the debt is an admitted impossiDility,
no just exception can be taken. recourse to
lega! measures OF coeroive character would
result in no actua, benefit, especially while tha
administration m Of the road IS, practically for
tae aaes neneht OF the oondholder. n it be con.
rived from the property which it is capa.
BILE of producing, and that no part thereof
Is belng appropriated by the stockholder.
, out on the contrary, is being faithfully
then reasonable regard on the part of the
latter for the interests OF the former, should
suggest prompt acquiescence in the plan we
nave here indicated. Its details have had our
eareIm e attention, and as these have also been
submitted 3 for your confederation in the BELIEF
that 1t will fully meet all the objects in view.
ana prove acceptable to our creditors.
~ anords us pleasure TO state to you the gem
lures. During the past year considerable at-
tention has been given to the widening OF outs
and embankments, Ind the improved drainage
os the roadbed. The iron Is in very fair con-
il any bars in the track sufficiently worn or
lamlnated to require removal. The motive
power, consisting of twelve locomotives. is ali
with the exception of one) in running order.
We have 81 box and 43 platform cars, IL first
and second-ciass passenger cars. baggage
and mail and express cars. Though much
OF this rolling stock is Of an advanced age,
such attention has been given to it that we
think 1t will answer our purposes another year.
without further expenditure than are ordinari-
!y classed under current repairs." For fur
ther information and details as to the general
operations Of ther ad and IFS machinery, You
are respectfully referred 10 the ACCOMMODATING
report Of the sup. .rlntendent. They certainly
exhibit regularity OF service and an exemp-
tion from accident which indicate commend-
able attention aud watchfulness on the part OF
our subordinate officers and employees.
In conclusion, it becomes our melancholy
duty to report TO yen two vacancies in the
Board OF Direct0rs. Occasioned by the death OF
Colonel d. L. Mckay, on the 18th january
Last, and that of Colonel Allan Mac4arlan, on
earlier history OF the company, each OF these
gentlemen had been Its presiding officer, and
although relinqulshlng this position for other
pursuits more congenial to their tastes, still
their interest id the final success OF the COM
pany was unabated, and in their removal we
are conscious Of the loss Of friends and assoc
clates. than whom none could have been more (
sincere and earnest in their efforts to promote
the general weitare of the company.
All OF which lie respectfully submitted.
r'3 Hoc A. F. RAvRNEL, President
On motion made. it was .a ,1 ,-
Rcsolced, That the reports Of the Prestaeut
and superintendent be received az inform alton.
and that tho requisite nunber or COPIES Of the
same be printed for distfibution among the
On motion made, Il was .,tss
Reso'oed, That so much 81 the PresIasnss