The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1869-04-12

which the work along the line has boon per-
formed. This eoid masonry, these lofty piers
and granite arched tunnels will long remain as
monuments OF their energy and enterprise:
The Board Ut Directors Sieve that the TIN
has now arrived whom additional progress may "
safely end prudently be made IN inc way vi
preparation for active work.
Although our state securities nave not ad-
vanced 10 price as rapidly as we may have lust
Iv honed. and are still far below their value;
although the money market in our great cities
is still unsettled and stringent, and capital
still timid and tardy in its approach south
hopes hopes chat a the The bonds Of this compaoy author
lied to be issued, resting on basis OF so large
an amount already we'll expended in cohstruc.
tion and endorsed by the State, will command,
III short time, such rates as will justify the
company in progressing with the work. The
board would recommend that immediate steps
be taken for the proper preparation. engra 1ng
and execution Of all or q portion of these
bonds, according to the terms. Of the act of
September last, and that a mortgage of the
property Of the company be also prepared and
executed, extended 80 as to include and secure
Of some moment, to be determined 57 the
stockho ders, whether the bonds should bear
interest in coin or currency. Many capi-
talists having advanced the opinion: that If the
their market value would be largely enhanced.
The board would also remind the stockhold-
ers that at the last meeting, 1t was considered
inexpedient to organize e. the board t % acc ord,ng
last, and the board and officers heretofore
elected have continued to perform the duties
devolved upon them. 1t is, perhaps, time that
some action should be taken Interference to
this matter, and for the present a simple, eco
nomical and effective organization made. The
salaries Of officers should be fixed, and some
early arrangement made for payment of arrears
due former employees Of the company.
In connection with this. the board would req
ommend the appointment or election of two
directors, who, with the president, SHOULD con-
stitnte an executive committee, which COM
mittee should be charged with the proper pre-
paration and engraving Of the bonds Of the
company, mortgage, &C., to advertise for or
receive bids of proposals for work, and'report
ters usually committed to such committees.
L. 1t will be seen from the Chief Engineers re-
port, that the most advantageous sale or use
OF the present resources OF the company Will
not furnish the means to construct the entiI 9
line Of our road, and hence the importance
and necessity for increasing our capital, so as
to insure the early completion OF the work.
Vigorous measures should be adopted Ho,o, to
great cities of the West. At no previous time has
the public mind of these cities, especially Cncln-
natl and Louisville, been SO thoroughly a1ous-
ed and excited upon this subject. Even now,
gagged in special meetings, in considerin 2
the ways and means to secure pr IMPLY and
surely this Southern connection by rail. We
should not lose this propitlous opportunity to
by our route, and the small sum now required
to accomplish their purpose. The President has
constantly, by correspondence and newsp
articles, done all in his power to convince our
Western friends OF the peculiar advantages
offered them by our company, but he needs
the aid OF the able and influential men Of the
board and OF this city, in this decisive effort,
soon to be made.
The board would cali the attention of the
stockholders to the report of the superintend-
ent. Mr. Gailiard, and the suggestions there
made. Tho company will he prepared to re-
sumo the regular operation Of the road from
Anderson to Walhalla in a very short time, but
it is perhaps the better policy to allow the
Greenville and Columbia Railroad Company to
use it until the LIST day of June, in the expecta-
ton that that company will make such repairs
as it is thought good faith requires.
The cash resources of the company have
been restricted TO the sum of twenty thous and
dollars, advanced from the Treasury of the
State in bills receivable. From thls fund all ex-
penses have been met, and it will enable us t }
repair the three engines and necessary rolling
stock, and keep the engineer corps in the field
as'long as may be necessary for the present re.
suming.
The o.npanJ- oh ould, howavar return this
fund to the Treasury as soon as our finances
will admit respectfully submitted.
]. w. HARRISON
april q, 1868. Prani7o.,4