The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1871-04-06

treasurer -. 67,5o5 57-s2, 3l5,s s6 %
The entire issue of new frat mortgage bonds
bearing 8 per cent. interest, and payable lst
September, 1899, was l640, of $500 each, or
$50, 900, of which 1916; or SITS, 900, have. been
Issued In redemption Of the past due bonds'and
coupons, and INTEREST," thereon leaving on hand
81 bonds, or $47,9Q0. to take up those which
were then Outstanding In determining the
amount OF this Issue, no provision was made In
it for the interest which had accrued In our
outstanding coupons, las nosuch demand was
anticipated,) and hence the charge to profit
aud loss Of this liability, appointing to $751;
63T so. Onthe 18th February, 1871, there were
unexchanged So old bonds, but the number has
since been reduced to 40, or $40, 900, leaving on
hand at this date II bonds, or $S5.500, appffca-
BILE 10 the retirement of those still out, say
$40, 900, and our real estatelbonds, say $2e, 600.
In The liquidation Of this interest upon Interest,
We have been compelled 10 use a portion OF
the bonds intended to have been substituted
for the latter, which deficiency, when required,
must be supplied from other sources.
The entire issue Of new second mortgage
bonds, also bearing 8 per cent. Interest, and
payable lst SeptembeA 1899, was GA, of $500
each, or 1922, 600, OF which 1876, or 997.500,
have been Issued In redemption of the past
due bonds, coupons, and interest thereon; 90
OF them, or ~, 600, In exchange for preferred
stock; 222 of them, or SILL 900, have been de-
Will Luc IIuSlcCS W ~ AbLLCks 0uO WIG
balance, lse, or ses, 500, are on hand for the re-
demptlon OF that number which are still out
standing.
The amount Of second mortgage bonds origi-
nally Issued was $500, 900, OF which sl45, 600
were sold; the remaining $3.50 were sub
sequently pledged and deposited with the
trustees, as o security for q corresponding
stock Is thel, virtually, a substitute for that
amount of second mortgage bonds.
As the bonds Of which 1t Is the representa-
tive now bear the same rate o finterest, there
wos no valid objection to the ~reconversion Of
the stock and bonds, when so desired BY It's
holders; and, accordingly, we have always
complied with such requests. The preferred
of being registered and transferable on the
company books; but many prefertof orego this
for the convenience Of collecting their Interest
by coupons, and the greater facilities of sale,
transfer, &c.
or the general prospects of the company we
have only to remark that they are, In q great
degree, dependent upon the completion OF the
projected roads, and such other Improve
-ments in our connection as have been alluded
to in the foregoing report, and not until the
field OF our operations Gun be extended by
them may VIC expect the remunerative results
which should then be realized.
To the watchful care and attention bestowed
upon the roadway, machinery aud the move
ments of our trains; we must largely attribute
our remarkable exemption from any serious
accidents or Irregularities Of service during
cheerfully made to those who, though In sub
ordinate positions, have yet 30 faithfully 9is'
charged their respective duties as to justly
entitle them to yQar commentator. ~
All Of which Is respectfully submitted.
@f A. f. RAyENEL, President.
On motion, it was
Resoloed, That the reports of the president
and superintendent be received as informa-
tion, and that the requisite number of copies
OF the same be printed for distribution among
the stockholders.
On motion, 1t was
RESOLVED, That this meeting hereby ratlhe5
the subscription of thirty.si4 thousand dollars
towards the capital stock Of the South Carolina
Central Railroad Company, made by The board
OF directors in August last, the said subscrlp-
ton to be paid, In the proportion OF one thou
sand dollars per mile for every cpntnuous
mile Of road, constructed from Lanes turnout,
In the direction Of Sumter.
The managers of the election then reported
the following result:
For President-A. F. Ravenel.
For Directors-M. &. Jessup, L. D. Mowry,
J. NJ. Carson, 2. B. Cakes, J.. R. Dukes, s. s.
solomons, uice Daniel RaveneI, who declined
a reelection.
On motion,
Resolued, That the thanks of this meeting be
rendered to his Honor the Mayor for the cour-
teous discharge of his duties, and also to the
officers Of the Planters and Mechanics Bank for
the use of their hall on this occasion.
Adjourned. C. WILLIMAN, Secretary.