Circular letter to Florida Railroad Company bondholders, 1868

Circular letter to Florida Railroad Company bondholders, 1868

Transcript

Fernandina, Fla., Aug. 29th 1868 Dear Sir: As represented at meeting of Bond-holders at this place, on the 12th inst, the assessment of one half of one per cent, called for in circular of April 3d, falls short of meeting the accrued expenses of the Trust and taxes on the lands divided among you, and it is now urgently necessary that an additional as- sessment of 1/4 per cent be paid on the amount of Bonds and past-due coupons, respectively represented by you, in order to meet the deficiency. I will here state, for the information of those not present at the meeting of Aug. 12th, that my estimate of 1/3 per cent was based upon the amount of Bonds and Coupons ($1,100,000) reported as held by parties represented at your first meeting in '67, but the amount deposited with me on the 12th inst., fell short, by $160,000, which reduced my estimate from this source, about $800.00; while I failed to realized - from the land notes turned over to me by the Trustees, the $1,000 anticipated from that quarter. Again, provision was only made to meet the modest claim of Mr. McRae one of the Trustees, (Mr. Soutter being absent in Europe) but they subsequently ren- dered in a claim of $1,800 for services of their Land Agent, Mr. Williams, which was considered most just and proper, and approved at your last meeting. These deficiencies, therefore, as well as this additional item of indebtedness, must be provided for before I can send on your tiles for signature by the Trustees. My liabilities, as your Agent, are State and County taxes on lands for 1866 and '67, 2,475.49 Bal due on claim of Jno. McRae, Trustee, 900.00 Claim of Jas. T. Soutter, Trustee, estimated at 1,000.00 " " M.A. Williams, Trustee's Ag't for 1,800.00 services from 1861, to '67 Bal due N.W. Upchurch - country Agent 250.00 My salary - 2 months, 400.00 6,825.49 and my available assets are --- Cash and State scrip on hand 271.43 1/2 of one per cent assessm't paid on $942,607. of Bonds and Coupons 4,713.03 4,984.46 Leaving an amount of 1,841.03 unprovided for and which must be promptly met, before I will be in position to pro- ceed further in securing your titles and bringing my agency to a satisfactory close. You will please, therefore, promptly remit, to my address, in exchange, or by Express (prepaid) the amount of assessment (1/4 of one per cent on am't your Bonds and past-due Coupons) due by you, and also advise me in whose favor you wish your deeds executed. Very Respectfully, Samuel A. Swann Ag't for Bond-holders