The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1867-04-04
ANNUAL MEETING OF THE sTOcKHOI4D-
ERs OF THE NORTHEASTERN RAIL-
i ROAD COMPANY.

The annual meeting Of tho Stockholders Of the
Northeastern Railroad Company was hold at tho
Hall of tho Planters and Mechanics Bank, on
Wednesday, 3D. April, 1907: .,.
majority Of tho stock being represented, tho
meeting was organized by calling tho Hon. p. G.
GAILLARD to tho chair, and appointing o. Wilt.
MAN Secretary.
Tho reports Of tho President and Superintendent
wero thon read; and, on motion lnado, were ac-
ccpt,d as information.
On motion made, IL waH-
Rcso'ued That Committee be appointed to Worthy
proxies and conduct tho eleodon for officers for
tho ensuing year.
On motion mndo, II was
Resolced, That tho Reports Of tho officers be
printed and distributed among tho Stockholders.
The Committee appointed to verify proxies and
manage tho oloction, then reported the following
result:
PRECEDENT:
A. F. RAYENEL.
DmloroRs:
bsSiS5 Ms5TsSxsSh + iSzySsE& Ps$Ssss, sE sS s|.,u
On motion mado, it Was
Reso!ued, That the thanks Of the meeting be
tendorcd TO hiB Honor tho Mayor for tho courteous
manner IN which ho has presided over the meeting:
also, to tho Presidont Of tho Bank for the use OF
the Hall on this occasion.
There beiEg no further business, tho meeting
adjourned O. WILLIMAN,
Secretary
sG aae ssousaUre7s or ne Houredstern Railroad
GTaTIr,HN THE President and Directors re-
spectfully submit tho following report OF tho Com
The gross earnings have .ss17 176 SO
Baishee s soo. .s0e. II
viii be seem that thsro has boon oIPcndcd upon tho
reconstruction OF the Road, during tho year 1896
nS teoS Tho ;,, ~
Towards which thefo hns been
received Ms follows:
tation for Isds-lsos ............s sso7s
From net proceeds OF tranHpor. t
From sales Of iPOn. @stsriai, &c.. sI.Ss5e s
s214.l7s.os-sal4.l76.os .os
tho end OF tho yonr. Tho ourrent oIpansos, as
shown by tho statements Of the suporiptepdent,
accuracy, would properly have been charge
ayoidable expense attending the fransactIon
Of our business, under circumstances, through
much Of the year, Which w9ro adverse
fdent, howover, TINT they can bo materially re-
duced the coming year.
AT your last meeting, you were advised that the
Board of Directors were considering some process
for settling tho interest Of tho Company then duo
| and unpaid. It was finally determined to issue
that to acoEue, during tho year 1865, TO on o1ton.
not exceeding s2J0, 900. payable on 1st january
| 1875, bearing per cont. interest payable semi
| annually. No othor alternative remained to thom,
| and it is, substantially, tho samo as has been
| adopted by othor Roads, and Corporations undor
| similar circumstances. tf.
Whilo tho strongest moniod Institutions of the
country had been swept aHay by the war, these
had survived, though In wrecked and crippled
condition. and Hmo was absolutely essential to
| thoir reouperation from it's calamitous results
Tho equity and neceBsity OF tho above mode OF
settlement or compromise, hive been 30 generally
admitted that we trust 1t will eventually prove suf
acie for tue purpose in view: Tho whole
| IS. .1G3.27 wns retired In settlement OF kreights
$50. .sls: so closed by Cert feates Of Indebted.
uoss, leaving SITS 2G7.73 atill 10 DO funded
| In Tho REIMBURSEMENT OF the Company's 40
| counts on tho Let June, 1855, In order, to shoH
its actual condition, at tho close OF tue war, the
details OF which were given In our last report &C
much OF thus interest ns had thon accrued, el25.
| 118S WIS represented as among our liabilities
| and therefore, considered as forming part OF the
COST OF tho Road on thai date, a3,O4Q Doc. Thai
! which has since become due, sos, 1905, wa.
charged to tho Same account, making this oosi
81, ,14B, 1905. All interest maturing since 1867
| has boon paid as applied for. arEt5 1890 / :
| Tho indebtedness OF the Company is as follows
lIoo Firat Mortgage Bonds due September 1867 eaot
$3.50 Second Mortgage bond; du: September
l. 1893. each $500. 100000,
| - : ~.