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