The Abbeville banner. [volume] (Abbeville, S.C.) 1847-1869, 1856-05-08
MEETING OF STOCKHOLDERS.

were not in time to witness tho proceedings
of the first day; but We condense the fol-
lowing from the Columbia papers:
The meeting organized-the President in
the Chair. The meeting opened 10y prayer
from Rev. Mr.. GAMEwELL.
1t was ascertained that the stock repre-
scntcd was sufficient to proceed with busi-
ness. The President submitted his report
with that Of the Superintendent. Tie re-
ports were referred to n committee of nine.
DIR. O. B. IRVINE offered resolution that
the stockholders be allowed to travel on the
Road free of charge for the next year, to
the extent of per cent. on their stock,
which was referred to the committee to
whom the reports were referred.
Col. MARSHALL called for the report of
the committee appointed at the last meet
ing, on tile subject OF the proposed ANAL
gaination Of the Laurcns with the Green
vile Road.
The President, who was Chairman, re-
ported against the amalgamation. The
report was agreed to as a final settlement
of the question.
On motion of Mr.. j. S. SMITH, the fol-
lowing committee was appointed to nomi-
nate officers:
Dr. A. EvISs, JOHN SMITH, II. T. PEAKE,
j. +. MARSHALL, DIR. II. w. GIDDEs, j. NJ.
HEARST aud L. j. JONES.
The Convention then adjourned to meet
at a. IN. next day.
The second day We were present. The
Convention met pursuant to appointment.
The proceedings Of the first day were read
by the Secretary.
Stockholders not present on the first day,
were requested to enrol their names.
The committees appointed the preceding
day, were called Oh to report. Maj. B. L.
PExRr, Chairman Of the committee to whom
hal been referred the annual reports Of the
President and Directors, Superintendent and
Treasurer, reported i'll substance as follows:
Your committee congmtulatcs the stock
holders OH the present condition aud future
prospects Of the Company. The income
increases, while the expenses have been di-
miui>llcd. The stockholders have gen IL
ouSly sacrificed their interest to the conve-
nience of the public. They now have a
Road yielding IN income Of S.:79,OOO, will,
the prospect Of increasing every ycar-thc
cost Of which las been about S2,5OO,OOO.
whilst they have only paid out Of their own
pockets 81 ,341, 900. The debt Of the Com
pany is estimated at less than sl,ooO,oO0.
When this debt is paid, every share, costing
$40, will be worth SIS or $50. The stock
must advance more than 100 per cent
The Company should use every effort to
cxtinguisl this LcLt; it should not be in
creased; no new projects Of extending the
Road should be undertaken at this time.
The completion Of the Blue Eidsc Road
will render the Road from Ninety Six to
Aiken necessary; this necessity does not
now exist.
The committee reported against the res
o'ution TO allow stockholders free tickets to
the extent Of s per cent. of their stock
but recommended that the Bonds of the
Company be issued to the Stockholders in
payment Of the 20 per cent. assessed upon
their stock.
The report was Immediately considered.
Hon. J. B. O'NEAL moved to strike ont that
part OF the report which recommended tile
bonding of the assessment, which; after dis
cussion, WAS by riva roce vote stricken
out. lie also moved to strike out another
section, restricting tile sale Of Bonds at
discount, except in cases of absolute neces-
sity. Maj. PERRY resisted the motion,
which, after All animated discussion, was
carried by stock vote.
Pending the vote, question was raised
as to whether the resolution of tile Legisla-
ture, appointing Maj. PERRY and Col. MAR
SHALL Proxies for the State, conferred the
power jointly or scvcrally, aud whether in
the absence of Col. MARSHALL, the vote Of
the State stock could Le. cast? The Chair
decided that if it was a joint power, it could
not bc exercised severally.
Mr.. STRAUSS offered resolution that the
Board of Directors make arrangements to
pay the interest on the assessment up to 1st
January, 1856; that the interest OH the as
sessment should thereafter be paid annually,
and so much of the principal as the tinan-
c'a' condition of the Company would per-
init, which was not agreed to.
The President presented the report of G.
+. WALKER, engineer appointed to survey
the route from GreenviIe to the North Car
olina line, and from New Market to Aiken.
On motion Of Mr. Cox, they were ordered
to bc published as part of the proceedings
of the Convention.
DIR. EvISs, Chairman of committee on
NlnrkAR