The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1869-11-30
THE CHERAH AND DARLINGTON
RAILROAD COMPANY.
The Preside ent's Rep ort.

CHERAW. 3. u, NOVeinuer I'D, loo'.
To the Stockholders of the Cheraw and Darling
ton Railroad Company:
The president and directors of this company
beg leave to submit their seventeenth annual
report:
From the treasurers report, herewith sub
mitted, it appears that for the fiscal year end
ing 3lst August last, the gross earnings have
been ..:............. $42,56o Z3
And the expenses have been. ....... A,ll2 43
Leaving as net earnings. .$lS.447 gu
This is a very gratifying exhibit when COM
pared with the results of the previous years
operations, and gives ground for the hope that,
with the increasing prosperity OF the country,
We may look for corresponding improve
mcnt in the condition of this company. When
looked at more closely, it will be found that
while the receipts of the year have been but
little less than those of the previous year, the
expenses have been reduced about thirty
three per cent, showing that the utmost
economy has been used, while at the same
time, as appears from the report of the super
intendent, due regard has been had to the
main considerations of safety and promptness
in the transportation of passengers and freight.
as evidenced by the absolute freedom from ac-
cidents and failures to connect according to
schedule, and the good condition Of the road
bed and rolling stock. For further informa-
ton and details as to the general operations Oh
the road, and condition Of its property and
machinery, you are respectfully referred 10
the accompanying report OF the superin-
tcnden:
The most prominent object OF interest, at
this time, is the debt Of the company, sum-
mary of which is as follows:
First mortgage bonds, maturing first
April, 1871. eiou,VVV VV
Second mortgage bonds, maturing
first July, 1888. 76,OOO 10
Coupons overdue and outstanding,
certiScates of Indebtedness issued. $3.50 90
Floating debt. say.......... 1000 90
OF this the second mortgage bonds have al
ready been adjusted by the issue Of new bonds
having twenty years to run, which have been
substituted for the old bonds; and the certii-
Gates Of Indebtedness will not fail due until
first January, 1876, so that the only debt ior
which provision has soon to be made is that
represented by the first mortgage bonds ana
the past due coupons now outstanding, say IN
the aggregate, $500; the floating debt be-
ng comparatively so small, as to be within
the control of the company by the use oi us
ordinary means.
It is very obvious that this debt cannot be
paid at maturity, and, therefore, some means
should be devised for its arrangement. THIS,
IL is confidently believed, can be done, DC
cause the amount, when compared with the
assets OF the company, is small, and the secu-
rity which can be offered is ample. When it is
considered that very soon after the termlna-
tion of the recent war this company resumed
the payment Of the interest on its funded debt,
and have ever since promptly met the same,
increased as it was by coupons on Its bonds
falling due during the war, and held over for
payment, and Afterwards since funded in GER
tificates OF indebt' lncss, the hope Is conf
IDENTITY entertained that the whole debt may
be arranged upon satisfactory terms. The
board would therefore recommend that some
steps be taken towards the arrangement OF
this debt as soon as practicable.
The prospects Of an excnsson OF our rail-
roa. c,nr :.tions into North Carolina, by the
Cheraw and Coalfelds Railroad, which, since
our last annual meeting, has been changed
into the Cheraw and Salisbury Railroad Com
uany. have been very much clouded by events
occurring during the past summer, to which
it is proposed to invite your especial attention.
Il is well known that the Cheraw and Coal
fields Railroad Company, which, by an amend
ment of their charter at the last session of the
Legislature, was converted into the Cheraw
and Salisbury Railroad Company, own four
thousand and thirteen (4Ol3) shares of the
stock 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-
dertook to sell this stock to Messrs.
Walters & Newcomer, of Baltimore, who are
understood to be very largely Interested In
the Wilmington and Weldon and the Whining
ton and Manchester Railroads. Soon alter
this agreement for sale was made. which,
however, was without any notice to the pubic
that this stock was in market for sale, Mr..
Townsend and Mr.. Bridgers, (the latter as
agent OF Messrs. Walters & Newcomer,)
called upon the officers Of this company, and
desired to know whether the proper transfer
of this stock would be made upon the books OF
this company. The president replied that ne
could not make such transfer, because he had
received from counsel representing majority
of the stockholders of the Cheraw and Sails
bury Railroad Company G formal protest
against such transfer, together with notice
that, as soon as practicable, legal pro-
ceedings would be instituted to set
aside such agreement for the sale of tho
stock. Accordingly, soon thereafter an appli-
cation In the name of large number of stock
holders Of the Cheraw and Salisbury Railroad
Company was made for leave to file an lnforTna-
ton in the nature of writ of quo aoGyranto
against B. D. Townsend, claiming to be prcsl-
dent, and others, claiming to bc directors of
the Cheraw and Salisbury Railroad Company,
the object of which WAS 10 test the validity
of the title BY which these persons claimed
to hold their respective Offices, and thereby
to test the validity of tho agreement for the
sale of the said stock. Pending this case, an
application was made by Mr.. B. D. Townsend,
for a n1ndlraIs to compel the president and
treasurer of this company TO transfer the
stock to .Messrs. Walters &c Newcomer