The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1870-04-07

prefer to forego this for the convenience Of COL
iectinc their interest By coupons, and the greater
facilities OF sale transfer, &c. Your board would
ybsn snggeS b. its hoder the
equivalent OF bond.
With referen ce TO our certificates OF Indebtedness
word OF explanation nj may yn mere DC pr proper - AT
PROSTATE condition, we were pressed to adopt
some mode OF settling our interest coupons,
which had matured during that period and
never been presented. Their payment being an
impossibi!lty, we could only propose to fund them
in certificates OF Indebtedness, as had been done
by other companies and corporations through.
out the South. under similar circumstances.
These were accepted by large number, while a
few tmainly capltalists) determined to hold them
until the period should arrive for the adjustment
OF the companJ's debt, with the intention OF then
demanding their settlement In bonds AS their
legal rights In the premises were beyond dispute
o compliance with their demands became subse-
quently unavoidable. IT is to be regretted that
our certificates OF Indebtedness could not
have been so arranged as. to have en-.
titled them rateaby to the protection OF
the mortgages for the particular bonds OF which
these coupons were part; bat although the
cul,ies in the way which could not be overcome.
To have givon them this protection after their
issue was also impracticable. They arc now
simply the notes of the company, resting solely
upon Its credit and good faith, aud hence 1t Il
specially incumbent upon the future management
or the company to make In advance and as their
strengthened condition will permit, the necessary
provision for meeting them at maturity. 1t is
debt due by our stOckh olders, which should be
regarded as In one sense, not less binding upon
them than that to their bondhoIters. and though
not due until 1875 timely provision for its liquda-
tion Should not be overlooked.
The road and its structures are generally In
good condition. Our motive power consists OF
twelve locomotives, two OF which arc under re-
pair. We have seventy box aud forty-two plat.
form cars, thirteen FIRST and second class passen
Onr 0f W
ing, &c and Eve baggage and mail cars.
In accordance with q resolution passed at yonr
last meeting, authorizing your board to enc0ur'
age the construction OF the South Carolina Cen
tral Railroad, by such subscription towards us
capital stock as they might deem proper-to be
subject to your ratllcation-they beg 10 INFORM
| you that they have subscribed towards the same
| The sum Of fifteen thousand dollars and would
now respectfully ask you to raiify their action.
In view or the Importance OF this road; rs placing
| US In direct communication with SuLtcr, one ol
| the most thriving OF our interior towns ana also
| with the proposed branch OF the Wilmington and
Manchester Road, thence 10 columbia, WHICH. we
| are assured, will be shortly commenced, lneJ
were disposed to have Increased the ABOVE suo.
scriptiou, but afterwards concluded It might ne
| proper to await the organization OF the compa-
| n.y. and tile commencement or Its operations, De-
fore further committing ourselves to Its progress.
| We cannot too strongly urge the claims OF Lhlt
| company upon this, TO whom II naturally looks
for all the assistance we may be able to extend II,
| but also upon the mercantile community, lrou
whom In view OF the collateral benefits TO be de-
rived from its construction, we trust VIII receive
the encouragement and suppOrt1t really deserves.
In conclusion, wewould REFER you 70 tne accom-, !,
panying report OF the superintendent, which WIN
furnish more detailed Information upon the points
alluded to In the above.
All Of which Is respectfully submitted.
A. +. RAyESEL, President.
On motion, IL was
IeSOl,Yd, That the reports OF the president and
| superintendent hc received as information, and
| the necessary number OF copies OF the same be
printed for distribution among the STOCKHOLDERS.
On motion. 1t was
Resolrcd That the subscription OF fifteen thou-
sand dollars. made by the board OF directors 10.
wards the capital stock OF the Soulh Carolina
Central Railroad, be and Is hereby duly raItled.
Resolved That. recognizing the Importance nf
this road In developing the sections or the State
through which 1t will pass thus increasing tile bu-
siness OF this company, The board OF directors are
authorized to extend 10 II such further assistance
as they may deem properiLnpon the condition
hat their action shall he subject to tile approval
and ratification OF the stockholders at their next
meeting.
Resolved That the suggestions OF the president
with reference to the rec0nverSon OF the pre-
ierred stock into the second mortgage oontlS.
now held by trustees for its security, be referred
back to the board for such action aS thcy may
deem proper,
The managers OF the election then reported the
following result For presidcat-.A F. Ravenel;
for lrectors-Danlcl Raveie, L. d. Mowry, J. M.
Carson, z. B. Cakes, J. r Dukes, M. X. Jesup.
Resolred That the thanks of this meeting he
rendered to Daniel Ravenel, Esq, for the courte-
ous discharge oI tne duties OF cmar,non, anu po w
the officers OF the Planters and Mechanics Bank,
for the use Of their hall on this occasion.
Adjourned. c. w1LLIMAS,
Secretary,