The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1867-07-31

thu mattsr. with full conviction that an exami-
milton of tho work DONE together with tho cost OF
material used and labor employed, will show that
the city has received tho benefit OF the money
thus spent.
Received as information.
The Bill in relation to the Blue Ridge Railroad
came mp Tor its second reading, and, after some
opposition, an amendment was offered by Alder
man MARSHALL, and the Bill passed to its third
reading, and its title was changed to an Ordinance
BILL IN RELATION TO THE BLUE RIDGE RAIL-
ROAD.
Whereas the General Assembly OF the state
did, on the eighteenth day OF september IN thI
year eighteen hundred and siXty-slx, pass Jolnl
Resolution of the following tenor and enect, tc
wit:
s'Resoloed, That the President and Directors Of
the Blue Ridge Railroad Company, IN oou1n Cat9.
hna be. and are hereby authorized to deal With
the shares held by tho State in said Company, II
the same manner as with the shares OF oil other
stockholders in any Arrangement that may DC
made with any other Companies or lndlvicuals 1ol
the completion Of the said road by the issuing o.
nreferred shares or reducing the number OF shares
held by the State IN the same ratio IN which tho
CITY of Charleston and other stockholders ma!
consent that their shares shall be reduced, or IL
any other manner in which it may be found ntces'
sary to surrender portion OF the capital already
invested to accomplish the construction of the saio
may be made, the State shall not be held liable FOL
any additional assessment on the shares held"
And Whereas, the City Council are deslrous o.
aiding in the completion of the Blue Ridge kall
road by any reasonable arrangement that Will Con-
duce to that end:
No,o be IL Ordained, That the City Council Of
Charleston do hereby consent to defer their claim
for dividends on all stock now held by the CorPo'
ration in the Blue Ridge Railroad Company Ill Ia
yor of any new stock that may be dulJ taken IN
fnr
holders shall receive dividends at ratio not e; eA
ceedlng seven per cent. per cnnum upon INC
amounts of their stock respectively: fToCaded,
ho,cecer, That if the earnings Of the Company
which are divided as profits shall be IN excess O.
the amount necessary to pay said preferred dlvi'
dends on the new stock, such excess snail DC aP-
piled in equal ratio to the old and the new STOCK
PROVIDED, also, That tho stock held by the CITY
Council shall not be subject to any additional as
sessment: And prouided further, That il the dlvl-
dends for any one year shall be short of seven pei
cent, the deficiency thereof shall not be mado uE
out OF the earnings of any future year.
A Bill presented by Alderman WILLIS, regulating
the dredging and cleaning of docks, was postponed
for further action to the next meeting
On motion of Alderman MARSHALL, Messrs
HENRY CoD1A and W. J. MAoIATH were appointed
proxies to represent the city stock at the election
of the Memphis and Charleston Railroad.
On motion of Alderman WH1LDEN, any Aldermen
who felt an interest in the subject were invited tc
attend.
Alderman STENnEYER offered o resolution thai
licenses for the sale of lager beer and ale be grant
ed on the same conditions as tavern license, q,
the rate Of 500 per annum, payable half yearly
Adopted.
Alderman WHnDEN offered resolution that the
CITY Treasurer be authorized to receive city bill:
for the payment of licenses. This met with con
siderable opposition, and after the ayes and noes
we're called, it was lost by vote OF 10 to g.
Council then adjourned.