Letter from Jocelyn Clifford Redpath to Peter Redpath, 22 April 1901



April 22, 1901.

My dear Peter:-

I received from you a short while ago the cheques in registered letter. Up to date, I have bought the following: 10 Pennsylvania; 6 Sante Fe; 5 R. & O.; 3 Bell Tel.; 3 Montreal Cot. (not Dominion Cotton). I have also got a bond of the City of St. Hyacinthe. Dunlop is obliged to sell this out on account of Mrs. Whitney’s share in the Mills estate to pay for the assessment for widening St. James street. This disposes of some $3400.00. I will be glad to know if this meets with your approval, and to have any further suggestions.

Re. Labrador.

At a recent general meeting, the directors were authorized to increase the capital stock to $300,000.00. The issue of this new stock is nothing more than a means of wiping out the present bond issue, which is secured upon the property of the Company by first mortgage. The personal guarantee of the present debt to the Bank was not signed by all the shareholders. In order to secure the Bank, or to put those shareholders who may be so unfortunate as to be called upon to pay on their guarantee in a position superior to the other shareholders, it will be necessary to have some first mortgage bonds. The plan is to have each bondholder subscribe to new sock to the value of his bond holding. The cheque thus received by the Company will be returned to the bondholder in full payment of his bond. The Company will then have a free hand to secure the present debt by first mortgage. It seems to be the impression that all the bondholders can be induced to do this. This is I think the simplest plan since all the bondholders do not hold equally, and a simple renunciation of bonds all around would not be profitable possible.

It is proposed to form a new company to run a steamer down the North Coast. I believe the steamer has already been purchased, and a mail subsidy secured. Most of the shareholders of the Labrador Company are subscribing for stock in the new concern; even the superintendent is investing most of his life-savings. Mr. Drummond is getting outsiders interested in the scheme. This morning he has asked me if I had any intention of joining this Company. Of course I said I did not intend to do so, and he then wanted so know if we would be willing to sell our interest in the Labrador Company. I believe Mr. Redford is one of the outsiders subscribing to the new Company and he is desirous of getting some interest in the Labrador Company at the same time. Mr. Drummond thinks that he would offer a fair price for a part or the whole of our stock. I presume that you would be willing to sell at a very moderate price. I certainly would. Please let me hear your views about this.

I enclose you herewith powers of attorney to enable me to vote in your behalf, or to sell out any stock if the occasion arises.

Please write immediately.

I am,

Your affectionate Brother,

J.C. Redpath

P.S. No formality is necessary for the purpose of this Power of attorney except to date & sign & simply have one witness sign.


Source: McGill University, Rare Books and Special Collections Division, MS 818 c.2 Redpath Family, File 2.23 Redpath Family Correspondence, Jocelyn Clifford Redpath, Jocelyn Clifford Redpath, Letter from Jocelyn Clifford Redpath to Peter Whiteford Redpath, 22 April 1901, April 22, 1901

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