LVA, RF&P 7/27/1864

{From the minutes of the Directors' Meeting of the Richmond, Fredericksburg & Potomac RR, July 27, 1864}

 
   The President reported to the Board that in letters recently received from Messrs Jno. K. Gilleat & Co of London, dated May 27th & June 6th 1864 they declined redeeming the Coupons due on the 1st of this month on the Company's Sterling Bonds held in England or to redeem any more than those they had now redeemed (amounting to L1548) until this Company had by shipping cotton or otherwise provided some further security for their reimbursement. Heb also reported to the Board the result of several interviews which he had had with the President Secretaries of War and of the Treasury & other public functionaries & others, and of correspondence which he had with parties in Mobile & elsewhere concerning the Cotton due to this Company on C. S. Cotton Coupon bonds & now payable in Mobile & as to the practicability & expediency of exporting it to England as early as practicable all tending to show that such exportation would if feasible be most expedient & allowing amply for all risks extremely profitable to this Company; but that at this time no practicable means for making such exportation seemed available altho opportunities for it might before very long at any time occur. He recommended that to provide further for the reimbursement to Messrs Jno. K. Gilleat & Co of London of the amt heretofore advanced by them in payment of interest on this Company's Sterling Bonds and for the payment of interest accruing on those Bonds and on those given to Messrs Chas. Joyce & Co of London for Railroad materials an amount not exceeding $50,000 be applied to the purchase of Coupons past due of the same C. S. Cotton Coupon bonds at such prices as the Board should deem proper & that for that purpose so much of those Cotton Coupon Bonds now held by the Company be sold as may be necessary to purchase these coupons; whereupon on mot5ion Resolved that the President & Treasurer be authorized & instructed to make the sale & purchase as above recited at such prices as they may deem necessary & expedient.

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