The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1871-02-09

Iall Of this, except $4,000 we are paying
interest at rate not less than twelve PEI
whole will equal that rate. This must not be
allowed to continue. SO much as Is chargeable to
reconstruction and equipment which Is nearly
/ the whole, should be funded. The mistake made
in the first instance was in limiting the Issue oi
the seveniper cent. drst.mortgagf bonds to $780,.
0OG instead Of S750,0oo, sand that mistake; must
| now be remedied
atey applied to this debt Is s5o,000 OF the first
mortgage bonds still held by the company. They
may be Sold it's believed to realize $40 900, and
recommend their sale and applicationto THIS pur,
pose, further recommend the issue OF $780, ,00o
Of bonds payable ip five years, with semiannua
coupons for Interest at the rate OF eight per cent
4 per annum, and that these bonds be distributed
| ing to the number Of shares OF eaeh.
II this Is done, see no difficulty IN rapidly pay
Ing on the remainder Of the debt, and thereafter
whatever surplus income there may oe, Will right
fully belong to the stockholders.
The value Of incorporated company STOCKS
always depends upon the value of the
| corporate property after payment OF the cor
porate debts. We see that IN one instance
ton more than ffty per cent Of It's par value.
BY special provision OF our charter, the direc,
tIon is authorized TO hypothecate, or assign and
transfer, by way Of mortgage, the stock anu the
| certificates thereof to secure the repaymenI OF
| the cost OF reconstruction, &'.
| Having this In view, the direction have hereto
fore issued certificates Of subscription, and nave
stated on the face Of said certificates that the
certificates Of shares are retained by the dlrec-
| tion under this power to hypothecate the capital
HtoCk.n
for the protection Of those who nave so ioeralty
aided thecompany during the past year.
I recommend tliat certificates OF the capital
stock benOw Issued, discharged rom this power
or the direction, upon the stocKholder receiving
at par and paying for his rateabe proportion, a..
cordin0 to the number OF Ills shares, OF two hun
dred thousand dollars OF eight per cent. bonds.
The effect Of this will be t0Rtve the stocKhoder
clear, unrestricted scrip for his stock, aud eight
per cent. bonds for the full amount he Is required
to pay, which security aud stock he may then
dispose 5of as he shall see proper or mud foryhis
owl interest, The adopttonsof ans suggestion
putsthe fnansgement6f each-one's ahslrs under
his ewn control, and leaves the company Tree
from embarrassment to pursue career OF future
prosperity, which Will advance the STOCK 10 par
before the maturity OF any OF its funded debt
II the company shall adopt my recommends.
tions, the esMmal and future policy VIII be,
that the annual earnings without other than the
present copnections-though the road Is .incom-
Rlete, wanting bridge at Charleston, ana three
miles Of r0al to reach Savannah-~ll tay tne
operating expenses. aud not less than $500 per
mile There is reasonable hope OF this result and
1t will, II realized. leave surplus after paying
interest on the whole debt, OF not less than $780,
600 per annuM. Witb,a SUFFICIENT portion OF this
TO accomplish the purpose,I propose TO create
sinking fund for the redemption or the per cent.
bonds. TO be Invested annually In those bonds.
The application Of $4,000 inrthls way, II
the bonds can be purchased az so per cent, Will
accomplish the result. The remainder Of the In
come may be distributed in annual dividends to
the stockholders. Whatever additional income
there shal. be from the connection between
which, by the term, o! its charter, must be COM
pleted by the nrstday OF August next, propose
to Apply TO the building OF The bridge over the
Ash ey, and to apply the additional income from
hot g. AnOnSEl
to the completion OF the con necton with the Gull
road. But I do NOS propose ever to CONTRACT any
debt for these purposes.
After the redemption OF the eight per cent.
bonds, and the completion OF the connections at
Charleston aud Savannah, the stockholders may
hope for as large division Of profits as Is likely
to be yielded by any other Southern road.
take gent pleasure 10 bearlng sestOny Sun % 10 .Ie M
charge OF the several departments, and those EN-,
ployed under their direction, have discharged
their duties during the past year.
Respectfully submitted,
ALEXANDER IsAAos, President.
The following resolutions were then unanimous
ly adopted:
Resolped. That the direction is hereby author
izeI and directed to issue three hundred thou
sand dollars 1880, ,0OO) OF this compspy's bonds,
payable swensy yeas after their dste with semi.
annual tnferest coupons at the rate OF eight per
cent per annum attached, to he distributed TO
The stockholders, rateably, according to the num-
ber OF Shares OF each, upon payment OF seventy
per cent. OF the par value thereof; and thereupon
each stoo&hoder shall be- entitled TO nave certln.
Gates Of his her or their Stock free from the power
OF the direction, to hypothecate the same.
Resolved, That the stockholders shall have the
privilege of receiving and paying for said bonds
In four (4) equal monthly lnstalments from tnis
date, and shall have certificates Of stock accord.
ingly corresponding TO the receipts and payments
for bonds.
Resolved. That in case any stocIholder shall
neglector refuse to receive and pay ior ms por,
lion OF said bonds according to the foregoing
resolutions, the direction Shall thereupon raise,
by borrowing on account OF each such STOCK
holder In default. the amount In default and, lor
security to the lender, shall hypothecate by Way
OF mortgage not only his her or their ock, with
the certificates thereof, but also Herewith the
bond or bonds he, she or they may be entitled to,
aud has or have neglected or refused TO receive
and pay for.
ReSoiued, That the secretary and treasurer 90
furnish each stockholder with copy ofthe presl-
dents report, and Of these resolutions, ct the
earliest possible date.
On motion, 1t was
Resolved That the thanks OF the stockholders
Planters, and Mechanics Bank, for the use OF
their han and other convenlences, during the
meeting.
On motion,
Resolved That the thanks OF the stockholders
be teu'.ered to Andrew SimondS, Esq, lor ms
courtesy and digntty in presiding over the delib-
erations OF this meeting.
An election was then held for president and
board Of directors, to serve for the ensuing year,
which resulted In the election Of the following
gentlemen: Alexander Isaacs, president; Direc-
tors-Hon. James B. Campbell, James H. Taylor,
J. r. Boz stou, W.. S. Hastle, David Jennings, d.
f. Young. For the State-Andrew Simonds and
q. Cunningham.
On motion, the meeting then adjourned.
REV. GEORGE C. NEEDHAM.-We observe
that this earnest evangelist has returned with his
family to our city, and are informed that be soon