The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1868-10-01

REPORT OF W. s. HAsrIE, ESQ.,, ON THE MEM
PH1s AND CHARLESTON RAuRoAD.-The follow
ing important report was submitted to City
Council at its last meeting:
CHARLESTON, September %, 1868.
Hon. Geo. W. Clark, Mayor Of Charleston:
DEAR SR: At your request proceeded to
Huntsville, Ala, to represent the City Of
Oharlest N, and other stockholders OF our
city, in the election for directors OF the Mem
phis and Charleston Railroad Company, which
took place on the 10th inst, at both Huntsville
and Memphis.
VIM. L. Trenholm Esq, also appointed, was
prevented from attending by circumstances
beyond his CONTROL but his presence was not
so important, as the election for President
will not take place until the Board is called to-
gether.
On the retiring OF Colonel Tate from the
presidency of the road, there was contest be-
tween huntsville and Memphis for the presl-
dency, the representatives from Charleston
both voting for Mr.. BoiIne, OF Huntsville, whose
friends were unsuccessful.
Dseming these contested elections highly
prejudicial to the interest OF the stockholders,
I called, Immediately on my arrival, upon
Messrs. Berne, Donegan and Bradley, direct
ors, residing in Huntsville and was pleased to
hear from them that they would give Major
Wicks, the present President, their undivided
support; "thcy had too large an interest IN tue
property to create dissension." The result
was that the old Board were unanimously
elected, with the exception of Colonel Tate,
resigned. whose place wa iilled by W. B. Wal
dren. of Memphis.
Charleston represented more than twenty
thousand shares of the stock; some beng ruled
out for inf rmality or not being held for ninety
days previous to an election, your delegate
voted eighteen Thousand shares.
IN tba yitotinn of th1 President and
as his guest, visited Memphis, and had
the pleasure of meeting Colonel Tate, who
informed me that Major WIcks had been
Chairman of the Executive Committee CT
the Board for long time, was perfectly
conversant with all the details OF the
business of the road, and he had 'erfect con-
fide CO in the success of his administration.
He also stated that he hed turned over one Of
the best appointed roads Of the South, with
out dollar of floating debt beyond the mems
in hand to pay.
The Mississippi Central Road. of which
Tate is President, has agreed to pro rate with
the Memphis and Charleston Road on the same
terms as with her Northern connections. Thls
road extends from Canton, Mississippi, to
Jackson, Tennessee, two hundred and thirty
seven miles. Tho depot property at Memphis,
which cost sixty-tive tnou5 md dollars, has been
yalued at one million dollars since the war, but
real estate has declined considerably since
that time.
The President estimates the cost OF the road
at nine million three hundred thousand dollars
outside assets will clear of three hundred
thousand dollars; it would cjsS in present
cure ] CIV from thirteen to fifteen million do
lars to place the road in it's present condition.
It is the intention OF the Board to rebuild
the bridge across the Tennessee River at lor-
ence at an expense of from eighty to ninety
thousand dollars; the piers are al in good
order, and branch road completed from Tus-
cumbia TO the tennessee Riyer SIX miles.
There is also nearly mile Of road completed
on the north side OF the Tennessee River, de-
pots built, aud the building of til, Florence
bridge will open busincjs to tho road from
Lauderdale County. Alabamr, and also the
counties OF Wayne, Harnden and Giles in Ten
nessee. This expenditure viii be mado with
out borrowing or interfering with the regular
dividends of the company.
The company build their own cars, repair
their own engines, aud have recently erected
a rolling mill at the small expense of seven
thousand dollars at Burnsvllle, which Yields
and repairs all defective rails. Arrangements
will shortly be made by the Board to invite
emigration to the valley of the Tennessee, in