The Darlington flag (Lydia, SC) 1851-1852, February 19, 1852, Image 1
DEVOTED TO SOUTHERN RIGHTS, MORALITY. AGRICULTURE, LITERATURE. AND MISCELLANEOUS NEWS.
JHK* n. 11IWMD. EDITOR.]
To fhinroi ti.irlf hr iruc ; An.I it timtljbllor ns llir night /hr day; Thou const no' then hr false to any man.—Hamlet.
(l
VOL. 1.
DARLINGTON C. H., S. C., THURSDAY MORNING FEBRUARY 19, 1859.
[NORWOOD & DE LARUE. PlRLISliErS
NO. 51.
THE DARLINGTON FLAG,
is pmuftiiKD
EVERY TIH'RSDiY 10RNINC,
AT l>\KLIMiTON, C. II., S. I 1 ., HY
NORWOOD & I>’’ I.ORT1I'.
TERMS OF SCISSCRIPTIOJI:
Jii sdvtnci*, (per aniMim,) - - - $2 00
At the expiration of six months - 2 60
At the end of the year - - - - - 3 00
ADVERTISING :
Advertisements, inserted at 75 cents a
square (fourteen lines or less,) for the first,
and 37} cts. for each subsequent insertion.
Business Cards, not exceeding ten lines,
n«erted at ni.'). a vear.
PRESIDENT’S P.I'.IMIKT.
OFFir r. Wil. A: Max. R. R . t
Motion C. II.. S. Jan. 2«. 1S52. \
To the S'orlchol lrrs 6f the Wilin'111:1011
and Afinrhr.slrr Rail Road Com
pany :
(inntlemkn :—The President and
rirectors leqr leave to suliinit tlieir
fnn-th annn il report npoti the eotrli-
sued their honds |»nrsu:int to tlieir suh-
seiijition tumle under the authiuity of
the Lrgi'lnture of Noith Carolina, ‘o
one liundreil tuonsantl doll irs, hearing
f» per cent, interest, payalile anntiallv,
and redeemalde in t: 11 and twenty years
which were accepted by the company
according to the terms of the ajrree.
inent made with certain citi ’.ensof Wil
mington, in laniiarv. 18. r >0, and con
firmed l»y the Stockholders at thei
meeting at Sumtervilh', in the same
mniitli. Of these honds. i! a|'|a*ars, l>y
tie* Treasurer’s Repoit, $75,500 were
sold on the 1st inst. hv Messrs. DeRos.
set A: Rrown, who were appointed hv
the Hoard of Pirectors, agents to make
the sales. These sah'S were all at par
value, and it is believed that i arrange,
tion of your Company, the progress of monts are not al-eadv consummated.
Iietter price even after the T’.xhihit of mington and Raleigh Rail Road Coin- piime cost of the i on, however, $\i00,-
its affairs hv the present adiiiinistration pnnv. 'I’he Pre.-ident attended the 000 (amoimt of the honds to lo he de-
is I id Indore the puhlic. I meeting of the Stockholders of that livered) the company have to pi oxide
As was anticipated in our last re- ! Company, in person, in November last, ' the cash, which U to Iw deducted fioin
port, the (’orpowife authorities of the when the dividends on the stock own- the pi ice In he paid, Sill 50 per ton.
Town of Wilmington, in April last, is- j ed by ns were received and deposited
in hank to the cnnipnnv’s credit. The
ed for t ig! t
paid for in
the wo' k. and the prospect* before von.
For the financial condition of the
Conmanv’s affairs, von are referred to
the Report (V the Treasurer, herewith
suh nitted, which shew* the expendi
tures on account of the wo k. to the
fi'-st instHut. to amount to $‘V.)7,N(‘»0 I’i.
Tins sum includes all oaymciits undo
for excavation and embankments, b: i Ig-
es and trestle work, as well ns pay-
monts for i on. mnebinerv, superstruc
ture. and all other expenses.
'Hie amount collneted as reported
iiihih the Canital stock o r the Compa-
panv, including contracts not vet com-
nl s il and not credited to ennt-actors.
h $724,350 7ti
Of this «um the col
lections have been Oil
the subscriptions o r the
State o*' South f'arolina
in South Carolina R. R.
stock at par value.
$150,000
!n sub*c*i*4iono**State
o‘‘ North Carolina, in
WB»ni?»cton Ral i'»h
R. R. stock at par vn|.
ne. 203 000
.Subsc i ti >n of the
toxx 11 of Wilmington, in
T’omls of the Corpora-
tion, 100,000—5151.000 00
they soon will Ik 1 , to dispose of the re
tiiaining $24,500 on the same terms.
’I’he proceeds of these honds were
specially appropriated by the meeting
of Stockholders in fannary last,'or the y tcest at 7 percent navahl
pivchasc of iron to he di livered in
Wilmington. \ contract for 3000
tons o'" i-on rail* xvas made
in
1 p- il
last with tlie rilUnxMlIe Comikany. to
be delivered in Wilmington during the
month of November last, and the pre
sent inn’ th. The contract i* herewith
submitted for your examination.
The iron has not vef arrived: but
Mr. I l aning. the resident Fngineer,
has received adx ices that 723 tons are
on the way and a po-tinn will reach
Wilmington hv the first proximo, as
von will see by his report, herewith
submitted.
This 3000 tons of i on, as well as
that contracted for with Messrs. H.aile,
Hrothe’S & Co., (7000 tons and all
that is required for ourenti‘-e Road) to
lie notic' d presently, the Hoard have
determined to Pond in the Cu-tom
Houses at Cha lc ton and " ilniington.
and pav the duties xvhen requi ed 'or
the work, p o.ided t!»ey shoul.l not
succeed in an application to Congress.
Report of the President and Pi t-ctors.
shewing the business, condition and
prospects o'' that company, and the pro.
reeding* o'" that meeting, are herewith
•aihniiitod for vour consideration.
’Phis subseti' tion added to that here
tofore repot Pal. w ill increase the sub
scription 0'' the capital stock to within
a fractihn of $1.200 005. In fact it i*
not certain when all the cont acts to
he paid foi and credited, not formally
subscribed on the hook* of the com-
nanv. that tlr*siib«cri"t|ouof diestock
i* not fiillv SI.2Tl0.00O.
In pursuance of authority given hv
the adion’med meetini*' o r Stoi-khol ler«,
held in Wilminoton in Aptil last, and
under the directions of the hoard of di.
rectors, the President nmeeeded to the
ritv of New A o> k during the month ''or company pm <
the purpose of issuing and negotiating
the mortgage bonds o'" the eonipmiv
to th.» extent of $S()0.000 bearing in-
e wmi-nmiii'
ally, and redeemable in ten to tweirtv
vea-s, as might lie deemed 1110 t advi
sable.
Two members of the hoard o r di-ee-
to’-s. Messrs. Nutt and Cr-gg. at hi
request, met him there f or the purpose
of deciding neon the beet means n*'
presenting the bonds of the companv
to the public, and to amxoint agents 'Vi”
the purpo'-e o
Upon a full di
tiuil of the subieet with Messrs. M in*,
low. 1,'inier A: Co., Hanke-s of that
cifv. whom they appointed agents for
the sale, Ac., if was deemed the innsf
advisable policy to issue mortgage
■f-'
at
the pi ice
f negotiating their sale,
ciis-ion and cnn-Morn.
In ' ugu t last, as xou will sec by
the re|M):t of Mr. I Iciniug.h • contract-
locomotive engines, to In*
these bond
therein stated.
'I he sales made o 1 ’ these honds. and
the conP.act- in which they are to he
received in payment, have di-posed of
$ 159,000 out of the $000,000 issued,
leaving yet lo he sold $141.0(10 o!
them. After semiring the whole of
our iron and the quantity of locomo
tives xxa> had done, it was not deemed
adxi -ahh' to put the remainder of these
bonds on the maiket 'or the present, as
it was believed that as the con" h iioii
o'" the road was approached, with the
expenditures for work and mateiials
adding to the seen itv of the hoi has.
a confidence w ould he givm th< m.
ai ing their maiket valise, and tin
by
| forest as wi II as
1 them as long as w e prnpc Iv could.—
'’iider anv ei enm r .t"iiees xxe inight b<
; r'ble to hold on to them n gre 1 1 p.a t
of (he vear. hv the end of xx hicli it is
believed from 100 to 125 miles of our
j n.ud will be fini-bed and in oneratioe.
' when they wonl.l eonimand a more 'a
' vo'sl'i" con'-ideratio" 'Voni th" "id |i •
With the means alio' e indicated in
the hands of the company, it may ten.
•oaahlv he exjM'cted that some oxl ildt
o'" the eo t o‘‘ t 1 '" xeo'k and P'C ntet.
to meet it. xx ill he "iven to the sti ck-
hid lers. and the public, m o-der that
thi i • Judgments mav he sati-fied as to
our abilitv to carry out the undertaking
and successfully cnni| letc it.
The follow iag table shews the esti
mated co<4 of the wo'k. the amount
mig 1 1 avoj I the in.
sacrifice hv hoi hug
bonds'i»r $900,000. redeemable on t !, e expended, and the available means in
tlie power nf the qninpanv at t' e pm
1 t day nf him* l^OO. bea'ing 7 (>er
c ait interest, payable in June and He
re ml ter o'" each vear, at the Merchant*’
Hank of New Yo k, and conveitible
info the stock o'" the company at the
option n f the holders, at anv time pre
vious to the first of hme, 17C5. ’I lie
smaller sum was decided upon in eon-
now |ien ling, to grant an extension of templalion of the probable aeeeptnnee -urei's Repoit,
value of the seen iti's 'b* - Stock,
nnr mortgage Honds nnsohl:
F.-tininti d cost* o'" the
road hv (lie Fngineer,
in hi* last report $1,550,000 00
From which deduct
expenditures, per Trea-
T,i*axi'ig amount cob
Iccted on p-irate and
other snb»c-i"lions of
capital stock, of $27l.‘15t* 7t'
()f the stock* and bonds ahiwc men-
tinned all are now in th" pos*es*ion o'
the rompanv. exceot 8"*0.ftt)f) o* tin*
South (’arnlinu Rail Road Stock,
which was sol I du ing the list ’"bring
to aid In meeting the payment* of 3* , n0
tons o 1 ' i aut rail* rerxo-ted in our | i*t
.Ti'inal renorf. a« liaving been eont-'et.
«.d for with Messrs. C’ruttxviH, Vllie«
A Co.
AH of thjs i-on has h"en r*>c<nxed,
except f-ortbone to two lmndr»*d tons
time to them upon the duties, and re-
C' ive the payment thereof in mail ser-
vices, fan arrangement made with the
Wilmington and Raleigh Rail Road
Company, a few years since.) It is
ho|M'd. however, this latter arrange
ment may he effected in < (ingress, and
if so, our Company w ill be relieved o!
a ca-h expenditure for duties alone
nuinmitiiig to near $100,000, which
they can appropriate to the more spec-
d completion of the Road.
At an abjoti ued meeting of the Com
pany, held heie in March last, discre
tion was given to the Hoard of I i ee-
tors to accept or reject the sulisc ip-
lion o'" $200,000 on the jiart of tlie
tate of North Carolina, tenderiMt by
the Leg! lature in fanuarv last. ’I’l.i
of the siib*c iptinn of tin* State o
N’o-th <’
under the
road wa*
issuing a
r-olina. <>'' 8200.000; and
h' lie'" that as no part of the
then laid or in operation, by
larger amount 011 the nm t-
gage of the road, their value would lie
diminished, and the company wonl.l In*
forced to submit to a greater saeiifiee
than to issue $200,000 on a second
mortgage of the road, i 1, necesrary,
when it was more nearly completed
and large expenditures made, w! icli
would give additional seen-ity and eon-
fid nee to tlie i iv chaser. The addi
tion;'I item of interest, nl o. was not
overlooked in coming to tins coucle-
*ion. They wtc eneonraged in thi*
conclusion, also, innsmuch as the ex-
pe'icnce of other impo-taiit enterpri* 's
From which nl*n de
duct pii’ehnse «»f 70tl0
tons of icon rail* at
p: ime cost, and cig't lo
comotives. to be paid for
in mortgage bonds,
3T7.800 42
$1,152,139 f>
A»ld bills payable at
hank State of .S. Carolina
259,000 00
8890,239 5s
30, ‘0n 0'
and njviee* have been rt»ceived that the 1
n-m-inder i« on its wuv to Charleston, vi 'ed lo he paid in the Stock o! tlie
Hy the aid o f n loan from the Hank o'' Wilmington ami Ral igh Rail Road
the State of South Ca-oliun. made iravt
the pledge of our South Carolina Rail
iiihscii| lion jon ax'^ aware was pio- had demonstrated that their second
8 29. J 39 5t*.
To this sum, t' e company have the
follow ing asset , estiinatimatcd at pai
value:
Honds nf the town of
M ilmington, N.
Notes o'' stockholders
mortgage honds, issued after a larger i in Wilmington,
part o'' the toad had been laiilt and in 800sbarcs S. C. R. R.
operation, bad genemllc, i r not uuiver- \ stock at par value,
2100 do M il. & Ral.
Company, ow ned by the f*tate, at its
par value. The Hoard deferred a de- ««tly, eommamb*d a mneli bigle r p-iee
ei.-ion on this subject till Octolwr hot, than tlie bonds sold for, seemed by tin*
when, uimui asceitaining from the in- tint mn-lgage. 1 omls were eon-e
creased receipts of the Company and a qiienllv issued for the sum o’ $(.00,-
steadily increasing business, with a 000 with interest at 7 per cent., puya-
la'ge reduction in its ex|>enses, ennse- hie ns hefo'e stated, and redeemabh
quent upon laving tlie new and heavy and convertilJe in the manner set forth,
rails in place of the flat bars removed, to secure the payment of which a
tliat the eompany would not only coni- mo tgate of tlie whole road, togotln r
Road *t'»ck. together with the pro.
eeeds o r the s->l -s o r the Comnauv’*
Mwrt'rage Honds, navnients have been
regnl n lv met as thi* i-on lias a-rived.
The Comoanf' now own $100,000
o f this Stock at its par value, and have
ref ived niton that sum fhe last two
semi-nnnird dividends declared hv the ... .- , . . .
South Carolina Rail Road Comrtanv. nience paying dividends, but bad every with it* ptojieily and efTeets, was exe-
Hv the sales o r the $50,000 above pros) eet of continuing to pay largei cutial to Hon. Edwunl s’mitord. 1 ms-
mentioned, xv’d'di wa* made at $108. ones iii future, and tlms enhance the
and/fhe dividends on the rest, the Com-j value of th.-ir >tock to near if not
pane’s note in Hank ha* been n dneed (juite to . par value in no great time,
to $70,000, and w ill be met wlien re
qul*wL
U. R. t o. dit, do..
Ill moiti.'age bonds,
$1,0(i0 or do. do..
dwtiied it to the interest of this Com
pany to accept that subsc iptiou a*
You will perceive hv th** Treasurer’* they had done that on the |w:t of the .. .
reivorf a iJs on the sah* o*’ the ^outh Stale of South Carolina, in the South with submitted tor your con ideration.
Ca-olina Rail Road Stock of $9,5.17 Carolina Rail Road Stock. The di and the honds aeco.i.pamed hy a lull
57 This has l«*eu much uuvre than I’enuice io the respective market value exhibit of the condition and prospect*
the dividend* received on the of tiie two Stocks was very small at o the com-miiy were left in their hands
held bv the Companv. the peiiod of their acceptance by our •" Ik* negotiated.
P ,, n « ( „,ner ( ompanv—tlvat of the Souta ( a-oliua M ith the sales made of these Imnds
Hal nice due on ‘-oli-
sciiptions to capital
stiM-k, to lie called in fu-
lure instalment*,
Cash and in bands of
(■gents, subject to din t,
I ividcud on N. C. R.
tec, which lias Im-cii dulv recorded in H.stock, (receivedsince
the res|K*cliVe comities and dirtied* in Jan. I)
the two States traversed by our line o'' Rec< ived from sales of
i road. * I Stills iie., sold since
A contract was made with Messrs. January 1
U in low, Lanier Ai Co., which i* here- 1
$21,500
39,530 5»
100,700
210,000
141,000
437,394
07.075 42
3,400
1.000
able to complete the road wilh tin ir
present means, without hicnrimg any
|H*iHwm'iitly new liabilities, or such at
least a* tlie present means of the com
pany, wlien available, may not dis
charge.
Fxl.il.it — appended to this report,
shews an estimate of the cash pay
ments requi'ed thi* year for the x a: ions
poitiou* of the vvoik. and the it. in- to
which it can be convi ni iiily ap| ro.xi-
mated, and al>o tlie means in the e«ui-
trol of the Hoard to meet tin 111. It is
thought tliat this can he done with the
means in hand even i. il should he lu
ces ary to sell some of our seen ilixs
at their present maiket velue. w I ich
they suppose may lie avoided by pledg
ing them, if nceeSsatv, in getting ae
eommodatious for present reqiiirement-
'or money, and thus I ohl them m.til
tluw can ho redeemed hy other liiiub
of the company fiom suhsciiptious am'
otherwise.
Huocuk- s of tmk Woiik.—You xx ill
"erceivo l>\ (be repoit of Mr. I h iiiiut*.
that 15} mill's of our load, fiom its
•nnetion »x'iil’ tbe (5>md"ii b'-nch to
>'umtcrvill(‘, is completed and in opera
tion, and though an accuiate nccontii
>f tin* eost cannot now be a*ceif - iied
f om t' (• misi *tl'd - t 'te o' some o' the.
accounts, yet they appear suflieieutly
to shew that it Ins not exceeded the es
timates, tliouoli dial poitiou of the road
has. from its location ' and diliicult I
gmdes in the M ater Swamp, and tlie 1
scarcity of timber, been estimated as
the mo f expensive.
’I lie busioe** oil *'"t "o't'o-x o 1 ' (' .
road, you xx ill (wreeive, is such as to
warrant the conclusion that it lias not
’ e-etoforc been over estimated.
The causes mentioned in the I’ngi-
oeer’s repoit for the delay in comple
ting thi* pn-t nf tin' mad, could not
have easily been obviated or foreseen
.•it your la-t meeting, and even if they
•onl I (snch a* the aliandonmcnt o'"
'•ontract 0 , and the scarcity and high
'nice of labor) we bad not then the
•out nl of siiflicieiit ireans to have 'id-
Ix obviated them. M hen it was ne
eeseary to hire a force and commence
on tin* company’s account the unfin
ished grading contracts and others, i
xva« at a season of the year and in a
location which rendered the olitaining
•1 siiflicieiit force uttoly impractical h*.
"xcept at exho-hitant pi ices, which it
\'ns not lx licved prui'ence and propii-
■ ty xvould justify. Tin* wo'k. I owev-
er, has been steadily pushed by Mr.
h'tning xx ith all the force at hi* een-
t ol or in hi* reach. Fndcr the per-
■onal siiperinfendenee of Mr. Solo
mons, with a real and fidelity, it is fell
, Imt 1111 act of simple duty to mention
1 in terms of commendation.
At tlie commencement of this year
it was thought advisable to secure a
permanent force for the year, a large
po tion of which xva* needed to keep
tlie road in good condition, the water
j stations and freight cars propcily at-
1 tended, and which in emergencies
enn he concentrated at points where it
mav he necessary to prevent del-y in
hiving the trek; and such a force is
l engaged as it is h< li'-x’ed will Ik* sufli-
i ei"i t to push the wivk x< it’i all the rn-
' i'itv practicable. From >’iimterxille
to the tlrent Hex* Fee. the preparation
0''the load is Mich that it i« not regard-
: ed as pronu-iug Iimi t ouglv to *s"
that we shall reach a point sufliri nil
' near the Pee He'- to take ofl’ the crop'
! of that region the present year, if of
fered.
I or a full and succinct account o'
the progress of the whole work, tlie
condition o 1 ' the contract*, and the pro.
liable length of road which will tic put
in operation du ing the year, you are
respectfully rcferrtd to fhe repoit o'
j Mr. I leming. I!i« cKpericnee in the
wo. k for fhe l**t few years, snd hi'
m ide n|t
Imhinee now
and the r**s*nn
it -has not heen sooner 1 x ompany
disposed o' i*. that it was regarded th"
better noli-v to hol t that Nfoek yi M-
in»r a dividend »*qii.tl to Ah* inter<**t on
$100,090 of our Pond*, and use the
proceed* o'* the «a|<» of the Bonds in
lieu o' selling nYst'd* stock at a sacri
fice. xvhen fbp funds in our hands from
the sab* o r bonds were not otherwise
I mieratix-clv noeiled.
\or i* it n«\w deem**d Hie policy o r
the cohvimhv. t<» throw this st'u-k upon
-tail Road Company, at the time it ] and the piIcee which they brought, you
was autlio i i-d to lm wtbseiihetl, lx ing are fmo'iliar, as they were repo, ted in
at 02 for $100 paid in, and that of the tlie pn-ss of the couutiy. They weir
d ilmington and Raleigh Rail Road jsueh as few of us at our list meeting
Ahmipaiiv being about 00 nt the time 1 Wild anticipated, and it is Iwlii-ved will
of iu acce|*t.ince. To tliiasum il bad ' l»ear a favoralde rompurisuM. with tlie
To which may fai ly
lie added Ui'Hh-uda 011
1200 sliarea of ». t . R.
R. otoek, assuming tiiey
pay the same nitons hut
year.
Li>idend on M il. 6i
Ral. K. K. stock, esti
mated same late as last
yeai,
$1,055,105 92 know ledge of the condition of the con- 1 Aiieat Her Leo
.jauunrv, 1K19. In lh50 a smvey xxas
directed to dcteimine if tins were the
best route, and in the spiing of that
year, a thmongli imtinmeiitid suivey
was had, and the caiocway reeommei •
ih d hv the F.ngincers. It w as dccuicd
bv the boaid to locate the road tlietc,
and xxoik was eonmienccd west of l!l(•
I’lnnswivk liver, o| po-itc to it. 1 ut
iq on aseeitniiiiiig that as a public.
I ighwnv thcie might a use tome xlitli-
cnlty in its use, hy the company, tip-
I licatioii was made to tlie ( ounly
Coiiit of Hrunswick, the fo'innl cor-
sent of which it was la lieved wculd
remove all objections to its use. ’I lie
Hrescdent attended the Court in lb -
ei inh('r la-1, in person, hut could not
succeed in effecting an arrangement
without inclining expciidituies which
it was deemed dispropoitionatc to tin;
advantages of that route, and under
the arrangement assented to by the
Comt it was not eet tain tliat all legal
oh-tacles were removed. I he hoard
then di tem iued to locate another loiifo,
which would i(lieV(* them fiomstiie
and litigation of both a public ami pli
cate ohaiaclcr. The location has been
made and repotted by Mr.* 1 leming,
and fiom its fax (cable character, it is
Ih lieved cannot fail to meet general
app-chatinii.
’I he only loss which the company
will sustain of-any moment, it is la*-
lievcd. will he the grading which xxiil
he h‘ t hx the n* \v line, as it is yet be
lieved to have been a most fortunate
and tinulv purchase to have seemed
the Ferry and Causeway and ( linrter,
which was perpetual. Hy it (the t bar
ter) all persons wore prohibited tiom
transpoiling passengers across -the
.-land, except over the causeway, for
pay. under a penalty of $5 each, xx hich
would have forced the company to
have stopned tlieir road at the Hinns-
xxiek livi'r, or to hare purchased the
light to do to fiom the oxxners of the
Ferry, and there is noxx little doubt if
we had not hongl t the I erties at the
time we did, that the cost of the light
to cross t’e M uid xxiih passcugi r
trains would have been quite as gre; t
as the whole purchase nl the company.
After cxhaiirting every means iu our
power to get a eoutraetor for the
Hiidge over the (• real Hoe Pee liver,
hv which it was thought the company,
fiom the seal city of the necessary mu-
teiials for eoiotrnctioii, would liaxe
been grcntlv nHexed, it was found im
practicable* to do so except at a piieo
which it xxas thought by ourChiet Fu-
ginoer, Major (ixxymi, could not le
-iihiiiitted to xxithniit great saeiifiee.—
He xxas consequently instructed to be
gin the xxoik on company’s account,
and the cntitmet for casting and sink
ing tlie piles on tlie phiti mentioned in
the repoit of Mr. I leming xvas entered
into, and is herexxith snhn.itte'd.
Major (txxynu lias entire success in
tlie plan, and xxiil comnieneT* the xverk
aa* soon as tlie mateiials can be col
lected and preparations made at ti e
point requited, and xxiil continue till
ennqhled, without intcrniisfioii. In
the' sax ing of time and expense, as will
as the safety and seemity of the ►tinc
ture on thi* plan, it is thoeght to Im
preferable to any other xxhicli could
lie adopted for this biidge.
M itli the prospect be'ore us we think
there is every reason for encourage-
incut ami cause for congratulation.—
I he recent issue of our bonds has | la
ced in ourcontiol the xx hole of the iron
needed for the road, and a suflieiei.t
number of loeotnolixes to put it in op-
•■rati >n.
5\'ith the condition of the xxoik, i a
■tate of prepaiation, and the incieasrd
-Mice now engaged and to Ik* added,
wilh hasten the laying ol tlie trark as
tapidly as it is practicable, from both
the teimini until thi ir junction nt the
8,400
6,300
M i H.V
sales nf tlie first mortgage honds of
from a very low figu e in
the course of a few years, and tin- any rail.ond in the count.y, with no
thiartl now see no reason wl^y it should pait of its track I lid and no more fn-
unt iise in proportion to the stock of j vnrahle condition than we occui iext.
the South (’atoliiia Railroad i'onipntij, | s *mce then our agents iu N. w Yoik
; as UK"restive debt. Ofthe twoFom- : •'»'> tuade a OOlttsaet lor the puishasc
cm* scare it. a* tVior-eved reecints |»anies, uv|*ropo ti.Mi to flic cost n! the of J (K)0 ‘""® "« n H*' » “D M. ssis.
o'the‘WhCa-dinn Rail Road <’nm Roads, are imt snch as to c.eafc-much Rady. Brother. X In., ol London.
m,nx and flu* n-i'orm didth-nd. paid , diffen nee in the mine of tlu ir -Stock whtch ,s suhnutted or your cxanmia-
he if.' a-esueh. with it* prospeef* o'’! t’ertifientea fi»r two Aousand .hare.of
fra Her inerease
v"T ••* to eom<*. . . . .-
d that fh<* stock L'anilinn in exchange
Front which dedent
est. ainouHt required.
$1,070,195 l»i.
920.130 5r>
And it leave. $143,900 3r
'I o coyer losses from stock’s bond.,
suhsciiplioti its-ts. Ate., xxl.icli is now
inipracticahle to i sti.nate, f.om the na
ture id the secu ith-s xxe hold.
It is behoved, how ever, without sorm
change uufaxmable to the pecutiiaix
1 n'Wvmess ft!-maur the .lock of this companv were route, and Um.leston, in March and June of conuitwm o: the eou.pnuy, or ►.n, milii
to in.fi V the la'lief quently issued to the Slate of No tl. present vear. at $11 50 |*er ton. freight cm,...,gem i.*s mcemuig the xuat ol ISu Irst
• . ■ .1 , *l ...l 1 7'■nililin in excbiintre for txvo thou- doty and UMtranue mcludexl, payaUe xxo.k by hie high p-we of I.iIhm-mix. rxqm —
oiut iucivaw^w value aud wiU Wd »• saud aiwu. tt wu«d b> them m flru M g- i iu these bond, at 00. For aU hat tho uiat*. wls, Out the coui^at^ taag U; > «f htstahhakWa afc M rUaii^Wa, m.
tracts, and what will he required and j
1 done, entitle his conclusion* and opim
i ions on these subjects, in tbe opinion
o' the board, to strong confidence, and
■ they haxe Item riven frankly xxJv*rt»*v-
! er it is piacticable to form and exprj-ss
; them.
On tlie !’astern end of the road as
large a force ha* not yet been collect
ed a. xvas desired and still intended
though every exeitinn has lieen made
to do so. No exe 1 lions will he spared
to increase the present 'oree there am 1
to hasten the hiying the track from
M ilmington westward.
The < ‘snseway from Rro.swick Fer
ry to that opposite the town of M il
ndngton, yon are aware, xvas intended
•is fhe location of onr track aeto««
Ft.gle’s Islatid. Its purchase xxas ad
*j«ed hv Vajor C«wvnn, who xx-a* fa.
miliar xx ith the Island, as affording th*-
track (or the n*ad, and xva* made
ref tor led to and confirmed by the nwet-
There is no reason to be dissatisfied
with or to apprehend that the estima
ted btishicss of tbe road alter it com-
I letion xxiil not be retdi/ed. That por
tion of the wo; k abeado in operation
is one which reflects the highest credit
on the Engineer depHitmeiit, and lias
met with the universal commendation
I of those who have travelled over it.
1 he time since which Heights have
lieen taken, is too shmt to make any
jiiactkal te*t as to that bmincss. It
xvould doubtless tie increased aud made
mo « uivo able to the public if satis-
actory arrangements could hax-e Imm'H
made with tlie South t'.iolina Rail
Road company for authoiity on our
oart to have dx livered at rexaived
Heights at the junction of tlie Camden
ind ( olninhi* Hrancbes; hut although
no exeitinn has lieen spnrcxl hy tb«)f®
charged witli this duty, we havei.xt
hieu succx’ssful in coming to terms
which it i* deemed advisable or piopif
-or liiio cou^atvj; Mt b it. »Mc