The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1869-11-20
TEE CHERAW and DAzIIFGT0F
RAILROAD.

The regular annual meeting of the stock-
holders OF this company was ~alled az onera"'
on the 18th instant All the private stocKnoiue's'
with few exceptions, were represented quo III
consequence of the absence Of b. u. Io"hscnu'
Esn.. the president OF the Cheraw anu SALISBURY
Railroad Company, there was no quorum. Al
this meeting the following preamoe anu fesoiu'
tions were unanimously adopted:
Whereas, Benjamin D. Townsend, Esq, presi
dent of the Cheraw and Salisbury Rallroad Com-
pany. assuming to act under authority OF q reso-
irt;on NJ the Acting Board Of Directors OF said
company. did attempt, in August last, to SELL In
ono lot. four thousand and thirteen shares of the
capital stock OF the Cheraw and Darlington Rail
road Company, standing in the name OF the Che-
raw and Coalfelds Railroad Company, to Ar.
R. r. Bridges, president OF the Wilmington and
Weldon Railroad Company, who negotiated
therefor in the name OF hessrs. waiter
Newcomer, of Baltimore, as the purchasers; and,
whereas, in the opinion OF this meetlng the
sale Of such large number OF shares OF STOCK 70
any one purchaser inevitably carries with 1t the
control over this corporation, and places the ar
fairs of this company and all its future interests
in the hands Of said purchaser, and such power
NAV be used to the injury of this railroad, and
all other railroads connected with this road, as
well as all corporate and private interest IN the
States of North and South Carolina involved In
the lines OF railroad from Charleston to Cheraw,
and from Cheraw, as projected, to Salisbury,
Greensboro or Raleigh, in North Carolina; and,
whereas, the avowed object Of the parties
aboye-named, in the attempted purchase and in
the extraordinary legal proceedings Instituted by
them, to accomplish the forcible transfer OF said
stock on the books Of this company, by writ OF
n,andamus, is, (as stated by the counsel OF Wal
tiers and Newcomer in open court,) to enable
them to get the control Of this corporation; and
whereas, the interests Of the Wilmington and
Weldon and the Wilmington and Manchester
Railroads, for whose benefit the said purchase
was attempted, are naturally and necessarily
rival and antagonistic to the interests and policy
OF this company and its connections, and detri-
mental to the interests and chartered policy OF
the States Of North and South Carolina, OF the
City Of Charleston, Of the Northeastern Railroad
Company, Of the Cheraw and Salisbury Railroad
Company, and of all the various railroad lines
projected northwardly from Cheraw.
1. RESOLVED, That in the opinion Of this meeting
the action OF the said B. d. Townsend, president
and those of his board Of directors who sustain
him, Is inimical to the interests OF this corpora
tion. the same being calculated to crush forever
its future hopes and prospects.
.. RESOLVED, That the stockholders OF the Che
raw and Darlington Railroad Company thorough
ly endorse the action OF Henry Aclver, ESQ.,,
president, and John H. McIver, Esq, secretary, In
refusing to accede to the unlawful demands or
said Benjamin d. Townsend for the transfer OF
said stock to Walters and Newcomer; and tho said
fo "
haust all legal remedies by appeal to the courts
OF the country, to employ counsel on behalf OF
this company, and to use all proper means IN MS
power and within reach OF this corporation, TO
prevent the attempted transfer Oh SAID stocK In
3. ResoIUed, That the Board of Directors and
Stockholders OF the Cheraw and C0al1elds Rail-
road, or Cheraw and salisbury kairoad % COMPANY aH
be and are hereby requested to resclnd said agrce
ment Of Benjamin ID. Townsend with Mr.. K L.
Bridges, Snd to take such measures as Will pre-
vent the sale Of the said shares in large quantity
to any one purchaser, and prevent the control OF
this corporation from passing into the hands OF
monopoly. "
A ResoIued, That 3 copy Of these resolutions be
printed In such newspapers in this state, Nortn
Carolina and Virginia, as the president OF this
company may select.
The following resolutions were also unanimous
ly agreed to:
/ Resolped, That the failure to have the stock
Of the Cheraw and Salisbury Railroad Company
represented at this meeting, whereby quorum
cannot be had, In the present condition OF the
company, with its first mortgage bonds maturing
before the time fixed for the next annual meeting,
is calculated to materially injure the interests OF
this company, and such failure can only be Justi-
fed BY some unavoidable accident
2. Reso1ued, That this meeting be adjourned 10
meet at Florence on the 23d day or November,
and that the secretary OF this meeting be request.
ed to notify the president OF the Oheraw and
Salisbury Railroad Company Of the time and
place Of such adjourned meeting, and request
that he take measures to have the stock owned
by that company represented at such adjourned
meeting. T. e. PENN, Chairman.
J. d. McIvER, Secretary.