The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1868-02-12
South Carolina Railroad.
ANNUAL MEETING OF STOCKHOLDERS

ANNUAL MEETING OF STOUhdOLOEfso.
The annual meeting of the stockholders OF
the South Carolina Railroad Company, and OF
the Southwestern Railroad Bank, took place in
the Bank Hall at II o'clock yesterday.
John e. Carew, ESQ.,, WAS called to the chair;
E. R. Emery, Esq, the Auditor and Secretary
Of the Railroad Company, acting as Secretary OF
the meeting.
About sixty persons were present, and
among them was liberal infusion of sub
stantial looking gentlemen frtm the rural
districts. Prominent among these is gentle
man known to most of our public men for the
last half q century. We refer to Major David
Gavin, Of .Jolleton, who is emphaticalIy re-
preventative Of the acuteness, pluck and abo.
riginal attire of the interior. Tue Major is
about six feet high, crowned wit. q shaggy
mass OF iron grey hair, sharp featured, keen
eyed, and has a voice Of that peculiar tone
which, even il he intends no joke, would pro-
woke smile at funeral. 1t will be interest
ing to mis- old friends to know that the historic
pipe-stem, which for the last twenty years
has protruded foot and half from his side
pocket, was in it's place.
The points made by Major Gavin, whether
well tlken OF not, indicate that he came to
Charleston prepared to get after the South
Carolina Railroad with o sharp stick, and the
inevitable reply that was sure to follow an OBJ
lection was as follows: "Why that'5 how they
do on the Greenville Railroad" a'.'Is' ''.s',.'
James Rose, Esq, President of the Bank,
submitted q brief report which was received as
information.
The annual report Of the President and Di-
rectors and Of the Superinte ldent Of the Rail-
road Company were read by the secretary, and,
on motion Of W. q. Bee, Esq, referred to
committee Of five, with instructions to report
to-day at eleven o'clock. The chair appointed
as the committee the following gentlemen:
Mesan. W.. G. Bee, G. W. Williams, J. P.
Southern, W. L. Trenholm and F. J. Pelzer.
We have already given so full synopsis Of
these reports in yesterdays NEWS, that we
deem it unnecessary to reproduce them here,
and we therefore merely append the conclud-
ing remarks Of Mr.. Magrath's report: -s
e fH
In part accounting for increase Of bonds, will
be found the items s95, 900 and $50, 600. These
figures represent the company's subscription
this Iear to the New York and Charleston, and
Baltimore and Charleston Steamship Lines.
The investment was made at. cash cost OF the
shipi, with our bonds at par. The operation,
apart from other considerations, is regarded
very favorably, for the original purchase Of the
ships was low. This however, is really the
Ion nh fho 1hon int
is tc be regarded. Such have been the changes
IN the movem snts Of produce and merchandise
so vast the increase Of through over local
freight-that, in very plain language we could
not nave conducted the business Of the COM
PAM upon scale Of any magnitude without
this or similar assistance. Tables, amply
illus trativo of this view, have been prepared
for insertion here, but want Of room, will ex-
clude them. A line from one OF the reports
FROM on interior road, received since January
LIST, 1863, will sufficiently indicate this
""Cotton delivered to South Carolina Railroad
by Georgia Railroad, from January 1st 10 25th,
1868, at Augusta
For Ne,o York. For Charleston.
$500. 800.
STERLING DEBT.
LII their last report, the board took occasion
to inform the stockholders that the foreign
bonholders had accepted their proposals for
january LIST, 1866. Subsequently to that report
considerable number Of the holders Of that
class Of bonds, in this country, declined (not to
extand), but to part with the original guaran-
ty, for reasons not necessary to be related here
Those holders, then and now, express the
SAME willingness to accept the companY's pro-
posals, If the difficulties they connect with the
exchange can be removed. That, so far, it
has not been in our power to do, simply be-
Cause the "act" authorizing the guaranty i'm
peratively calls for the ''old" when the new"
bond is issued Up 10 the present time, there
for, the exchange has been principally con-
fined to the English holders (whose ready ac-
certance Of the situation, commands our
wazmest thanks), and amounts to f250, 900
leaving une4chan8ed about ......... ,f20S, 900.
rhe Domestic Bond debt thon past due and
MOI exchanged, amounted to. ........ .$1S3, ,6S7.
It has been reduced to-. ...... ...... ..66, ,0OO.
On the 1st inst, OF another class Of domes-
tic bonds (siX per cents.) $86, 500 fell due. 10
tho published invitation Of the board to eI-
change this issue upon the same terms, hither-
to generally accepted, there has not yet been
any considerable response. But 1t ls hoped,
that the same generous sentiments which have
prevailed so largely in other instances, will not
be wanting in this and that notwithstanding
the attractions which other employme1ts Of
money hold out, the holders Of our bonds will
not forget that we are deriving no profit from
our investments, and that in view Of the un-
happy circumstances which surround US, will
not impede or retard our efforts to build up,
substantially and comprehensively, our old
communication with the interior country, upon
which every interest so greatly depends.
''FoREIaN" AND DOMESTIC" INTEREST.
Influenced perhaps somewhat too hastily by
their sanguine views OF the future, but more
by their conviction Of duty, in the direction
Of making the earliest effort to meet the ex-
pectations OF bondholders, the board resumed
the general payment Of interest on January
Last. The domestic interest has been punctu-
ally met and so would the foreign have been,
but for circumstances beyond the possibility Of
control.
Early in the year, the sum OF f7OOO was in
vested for account Of the January, 1867, in
terest abroad, and again $4,000 i'll advance Of
tho July interest. The bills in which these
sums were invested, were those of the strong
est and most undoubted character; but the
board have had notice, that in consequence OF
heavy misfOrtunos, the drawers OF the ex-
change in question, have been unable to meet
them ut maturity.
Whilst the disappointment OF the board has
been very great in this connexion, and, OF
course, no little embarrassment occasioned
them, they have not the slightest expectation
that single dollar will be lost. For such
portions Of the foreign interest, as we're not
embraced In the provision above referred to,
the board, from TINA to time, invested in ad-
vance in such securities, Us promised most
safety as we'll as stability. Such, however,
has been the condition OF the money market,
that it was found impossible to realize, except
at such sacriAce as the board regard not war
ranted under the circumstances. Tho reserve,