The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1868-02-12

ported to have been executed during the yesr.
The most, if not the whole Of such work, in
dispensably necessary, may now be regarded
completed; and the board can now turn their
attention to the floating debt and the arrange
ment of the company y's finances. ., =" :. ag9
With an income as large only as that Of the =
year just past. they can see no difficulty in i.
greatly reducing, if not entirely e1tingpiishing,
the floating debt. That accomplished, and
such an arrangement of the past-due tondsN
realized as will enable the board to act With
out embarrassment or apprehension no raa1 =,
sonable difficulty would be in the way OF COM
mencing the payment OF dividends. .,,.-...,5,,,
To this end the earnest labors Of the board
will be directed. Two vacancies, uccasioned BY
the designations ofiGenetat John s. Preston
and w. b. Shannon, Esq, are reported:sil"J
In the r. proper places the bosrd have ac-i.
lnowedged their obligations to the heads Of
oP1 % e eDoa a5sy yeoada aa S saa saE
W. J. MAGRArH, President.
Major D: Gavin said that ne desned to Call
the attention the meeting to resolution
which he had offered last year, that the ,Rresi-
dent and Directors Of the company: SHOULD g be
required to report to the stockholders the Z
names of all officers and. employees OF the Eaii-
road together with their salaries and dntsHs.;a
No reference having been made to th;s resolu.
ton in the report OF The present, Major Gaxip;
desired to know the reson of that omission ilo
The Chair explained that the resolution! re.o
ferred to by Major Gavin was referred, together
with others. to the Board Of Directors. With al
request that they would inyeatigate the various.
subjects to which the resolutions related ai, All
W. J. Magrath, Esq. President Of the RAIL- p id
road, said that il. the, particular resolution re-
ferred to had not been noticed in the repprt,,
it was certainly not for the purpose Of witt.
holding from the stockholders any information eN h
they might desire, SO far as that omission
was concerned it could readily be supplied. +
was only necessary, in calling for information,
to allow the necessary time, and the required
information would be Furnished. ,,.o,aa 7o All
Major Gavin then introduced 2 series of resi- rsesssr
olutiops, which we're seconded by Ar Alst9po AZ qo.s
On. .motion. of Hon. g, A. Trenholmp, holp, they yerss
considered serzaln. The fzst rMeaoluton 81 iasaa hy
foloWF;.o..a.o79I 9..I jibo ON G9!uuW on -
Resolosf, That the election Of the directors,
of this company be postponed until and
that the stockholders will not adjourn sine die,
until thew; have. examined the condition and
- . Z, ii -
Mr.. Trenholm said that the stockholders. older
could scarcely vote intelisently rGpon that fsa
solution until the, reports OF the company had
undergone some exapinat tiop, apd suggested
that the most direct mode. of srriYng at the
object Of the gentleman, would be TO recon.
cider. the motion referring the yeports lto,a
committee, resolve the meeting dinto. a commit
tee of the whole, and. DISCUSS the sreportq at
once..1 III. o.lI l..,so.. . nj "o,.dia o..
With view to test the opinion Of the. stock,
holders on this subject, he would raoye TO lay
the resolution on the table for the purpose Of
moving reconsideration Of the former yote,n
The chair, called the attention Of the meeting
to clauses in the by laws which fx the time ii Ior
the annual meeting Of Stockholders and dliit ithe
election of directors, aud declare that no change
shall be made in the byrlaws, without previous
public nQlce. ea-QnI.I ca. nl,r a.Ael tc
The motion to lay on the table was then de;
cided in the affirmative. 80 s,sV OF
The second resolution is as follows :r.i ss,r..
Resotued, That at an extra meeting. Of this
company, stockholders shall be allowed to pass
over the road free OF charge, The samessa at the
regular meetings! ~HeJ sf.4 .i.o',..i 1ai!s!zs
The heresofution was adopted i'aIo- 1ot 4r
The third resolution is as follows. G0qn bd.i
'.Resolced That all salaries ef'and abovet800o
be and are hereby reduced fortyiper. GENT. and
that all below that amount be rsdneed rsdn thirty
per cent, and that the directors '0f tho f0ad dbe
allowed SIS per diem for attending 1esoh and
every meeting OF the board, and ten lcepla per
mile fol. every passage over the road in going
to and returning from The meeting. -, ''''
Mr. Gavin said that he desiied, to have the
question taken BY yeas and d naya y y 5I.Es
vote. .o m. ''s.-.1'
MIR. G. W. Williams suggested the pfoptiety
of dividing the resolution, since it pfoposed
two specific shangast-,tt.o t,t., reduce salaries; AID
pay directors. 80. -" .,.'O..'
Mr. Richard Yeadon said he hoped that DO
stock vote would be taken until die sense Of
the meeting had first been arrived at BY 4 vote
by acclamation. 80 - -'''-.' ,.''t
Colonel William Wallace said he was not pre-
pared to vote on this question until he msw
something more concerning the aalaries., He
had heard complaints that they were too high,
and it was unquestionabIy true that, while the
people were struggling with poverty, as at the
proper time, and men we're laboring fdt the
means Of existence, the best ability Ii the
country could be obtained for mere supt4rt.
Hon. G. Cannon, Of spartanburg, suggested
that the meeting was NOT prepared 10 Vote
the subject It was not known yet wnethet
majority Of tho stock was represented, Of who
was here in. person or By proxy, ahd' conse-
quently that there was not PROPER orsantza-
tion. He, therefore, thought il better,thatthe
resolution should lie over over ''ii t'ii''s1
On motion of Mr.. G. W. Wi1iamae the 'teso-
luton was referred to o committee OF three,
with instructions to report to-day at II O'Clock.
The Chair appointed G. W. Williams J. P.
Southern, AMI ". A. Coultenay as the commit
tee. ;-r..".I
lhe fourth resolution was as fon6%s:i-
Resoioed That the annual reports OF the
officers Of this company shall be published l.
weeks prior to the meeting Of ofthastockholders,
and that the Preaident's report shall set forth
explicitly the per diem and number Of en-
ployees and on what portion Of the. road they
are laboring. =" arps""'i,. ...so, 2Iigt
: AIR. Gavinmoved to fill the blank with fifteen
days." and thatthe publication be madeinione
newspaper in Gharlestonand opein Columbia.
Mr. MagruthA explained thats while he;did
not oppose the resolution, he wished it ito be
understood that fit was adopted, the time Of
the annual meeting would have to! be post
poned in order to afford an opportunity to.pre-