Circulars ... agent for bondholders, Samuel A. Swann.

Circulars ... agent for bondholders, Samuel A. Swann.

Published Date

  • published 1869

Transcript

Circular

Fernandina, Fla.,------, 1867

Dear Sir:

With the view of carrying out the spirit and intention of the following resolutions, as also the in-
structions to us attached thereto, we have deemed it expedient and proper, in this form, to lay the proceedings
of the Bondholders' meeting before those who were absent or unrepresented at the Land Sale, on the 12th
inst., as the best means of informing them of the action of said meeting, and of the invitation extended to ab-
sentees to co-operate with and enjoy the benefits resulting from a participation in an equitable division of
the lands purchased by us on the 12th inst., by order and for account of the Bondholders present, who rep-
resented over $600,000 of the Freeland Bonds and past-due Coupons of the Florida Railroad Company.

We also invite your attention to our published notice of said meeting; and we have now to recom-
mend that you lose no time in transmitting your Bonds and detached coupons either to our address or to some
party at this point, with instructions touching your wishes in the premises.

You will observe that, after this personal notice, you have but thirty days from date in which to
signify your intention of co-operating, as indicated, with Bondholders represented at the sale; and we have to
ask that you communicate to us your intentions with as little delay as possible.
Samuel A. Swann.
Henry E Dotterer
Agents

The Resolutions, &c., are as follows:

We, the undersigned, holders of the Freeland Bonds and Coupons of the Florida Railroad Com-
pany, convened at Fernandina, Fla., this the 12th day of June, 1867, with the view of considering the most
speedy, economical and equitable method of disposing of the lands set aside by the Trust Deed to Trustees of
said Company for the redemption of said Bonds and Coupons, respectfully recommend the following plan of
adjustment for the consideration of the Trustees, and hereby pledge ourselves to comply with and be governed
by them:

1st. Resolved, That it is advisable to purchase the lands advertised to be sold to-day, or as much
of them as may be practicable, for the benefit of the Bondholders, or of such of them as shall unite for this
purpose.

2d. Resolved, That the lands so purchased shall be divided in some equitable manner, to be here-
after decided upon, among the Bondholders who unite in this arrangement, and those of them who being ab-
sent, shall agree to unite within four weeks after personal notice, or within ninety days after advertised no-
tice.

3d. Resolved, That Messrs. S. A. Swann and H. E. Dotterer be appointed Agents to carry into
effect the purpose of the above resolutions.

[First Column]

D. L. McKay,
Alex McRae,
John McRae,
Geo. A. H. Blake,
H. M. Drane,
W. H. McDowell,
J. S. Hutton,
H. W. Carr,

[Second Column]

Donl. McRae,
C. D. Carr & Co.
Robt. Wilson,
James T. Soutter,
T. H. Wynne,
Taunton Loc. Wks,
S.F Butterwroth,
F. C. Barrett,

[Third Column]

George Dewson,
A. H. Cole,
E. Livingston,
James Beattie,
Tillman Ingram,
J. D. Kirkpatrick,
R. T. Wilson,
E. N. Dickerson

At a subsequent meeting of Bondholders, the following was agreed upon:

We, the undersigned holders of the Freeland Bonds of the Florida Railroad Company, represent
ing in Bonds and Coupons the sums annexed to our names, do hereby appoint and constitute S. A. Swann and
H. E. Dotterer our Agents, with full powers, for and in our behalf, to purchase the lands offered for sale on
the 12th day of June, 1867.

And we instruct said Agents, after the lands have been purchased and conveyed, to sell for cash as
much of said lands as may be necessary to defray the expenses attendant on the distribution and conveyance
of the several parcels to the holders of Freeland Bonds and past due Coupons, and all other expenses incident
thereto; and in the event of all the lands, including town lots at way-stations, now held by the Trustees of
said Company for the redemption of said Bonds,) being purchased by said Agents, that the proceeds of first
cash sales on account of expenses, or so much of them as may be necessary, after the payment of taxes, be ap-
plied to the payment of the just and legal claims of said Trustees and their Agent for commissions and expen-
ditures made for and on account of said trust.

We further instruct said Agents to classify into three classes all of the lands by sections, so that the total
values so fixed shall be equal to the amount of all participating Bonds and past due Coupons. The Agents
shall give notice to the holders of Bonds and past due Coupons, as early as practicable, to meet on some fixed
day at Fernandina, when the Agents shall proceed to award the choice of each section to whichever of the
Bond or past due Coupon holders will pay the most price for the privilege. The premium thus accumulated
to be afterwards divided among the Bond and past due Coupon holders in proportion to their several interests.
If at any time previous to the termination of their trust, the Agents can sell for cash any of the town
lots at a price not less than seventy-five per cent. (75 0-0) of their originally appraised value, or any of the
lands at a price not less than fifty per cent. (50 0-0) of the value fixed by said Agents, then the said Agents
are instructed to dispose of any said lots or parcels of land.

And in consideration of the faithful and proper performance of our business entrusted to said Agents,
we hereby agree that they shall receive each a compensation of Five Hundred Dollars, (8500)
With these special instructions and agreement, we commit the entire management of the purchase and
final sale or distribution of lands to said Agents, who are hereby authorized to exercise their own discretion in
all matters of detail, and upon all points that may arise and are not provided for within the limit of these in-
structions.

[signed as above]