The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1869-02-11


ashore near Hong Kong, and the ship and cargo
were badly damaged.
THE SOUTH CAROLINA RAILROAD
COMP-ANY.
Annual Meeting of tho Stockholders.
SECOND DAY.
The stockholders of the South Carolina Rail-
road Company reasscmbed at II A. NJ. yestcr-
day, in the hall of the Southwestern Railroad
Bank, pursuant to adjournment.
| Tho minutes OF the previous meeting were
| read and confirmed.
Mr.. Wclsman submitted the following report
from the committee to whom was referred the
report Of the President and Directors, with the
| accompanying documents:
| The committee to whom was referred the
report Of the President and Directors Of the
| South Carolina Railroad Company. with the
documents accompanying it, and the resolu
ton of James G.. Holmes. Esq, respectfully
| report that they have given 10 tho same the
consideration which the short interval allowed
to your committee would permit.
Under theyclrcumstances SO generally affect
ing the receipts Of railroad companies'South
! as exclaimed in the report OF the President
and Directors, the committee find cause for
congratulation that the result of the years
operations, as compared with those Of 1867,
show SO small u decrease, and this they arc
| satisfied has been accomplished only by wise
| and economical administration of the affairs
of the company in every department.
| Notwithstanding there has been o. vigorous
| competition with other roads for the traffic
which this road formerly enjoyed without a
| rival-renderlng necessary the extension Of
through connections at reduced tariffs Of
freight, and there has beon decrease i'll the
receipts OF the road, yet the operating expen-
ses have been kept at nearly or quite the same
ratio Of decrease. your property has been i'm
proved, and the Directors have been enabled.
from the net earnings, to apply the sum Of
! 1888 651 % to the reduction OF the general IN
| debtedness OF the company.
| Upon tfe subject of dividends, the commit
tee concur with the Board of Directors in the
| conviction 'that the true interest of the stock
holder lies in the combined application OF net
earnings to the reduction Of debt and improve
ment OF property;' y;'-they, however. take leave
to express the hope, upon the adjustment OF
believe will shortly be ac,omplished), and with
the improved prospects OF tho road, that the
time is not distant when tie stockholders may
reasonably expect the payment OF dividends.
| ding the adoption Of the following resolution
| Resolued, That the report Of the President
and Directors and the papers accompanying it,
are highly satisfactory, as showing contin-
! pany, and that it's affairs have been conducted
| in it's various departments with ability, econ
omy and zeal for the interest of the stock
| holders.
With reference to Mr.. Holiness resolution
the committee are ofoplnion that as the Board
| of Directors have adopted plan for the ar
rangelnent Of the sterling debt (resembling in
some Of it's m details tai Plan some years since
submitted to the bondholders, and their agent,
Charles M. Furman, Esq, is now in England
for the purpose of perferting the arrange
| ment, it is nexpedient at this time to propose
| n rola fort nd in ant al a
| Respectfully submitted.
| J.T. WELsMAN, Chairman.
| JNo. H. Honour.
| A. .. ANDREWS.
G.. CANNON.
! JOHN MCRAE.
Charleston, February, 10, 1869.
Mr.. j. g. Holiness in seconding the motion
for the adoption of the report, said that the
committee had taken the very course in regard
to his plan Of debt adjustment which he had
expected but that he desired to have it record
ed on the minutes, that he did now bring be.
fore the company, as he did in 1857, O. scheme
by which the debt could be gradually paid and
at the same time q semi-annunl dividend be
declared, oven if the company did not earn
any moro than it did in the year just past.
The report of the committee was then unani
mously adopted.
Mr. Boston Clarkson submitted tho follow
ing report from tho committee appointed te
consider the report OF the President and Drec
tors Of the Southwestern Railroad Bank:
The committee appointed upon the report
Of the President and Directors OF the South
western Railroad Bauk have duly considered
the same q d respectfully report
That they find the condition Of Its affairs as
heretofore reported to the board.
The Hon. James Rose, VINO for near thirty
yenrs past has presided with great ability over
the affairs Of the bank. has rendered his resig.
nation. This cannot but be source of sincere
regret He has been identified with the inter.
ests OF the road and bank by his high charac.
ter, financial ability and devotion to their ad.
yaucement. He has entitled himself to the
favorable judgment Of the community. and the
regard OF oil who were associated with him
Whlle your committee regret the loss sustain
ed by his retirement from the presidency ot
the bank, they arc gratifed to believe that his
services will be retained in the road. Youl
committee would therefore recommend the
adoptIon Of the following resolutions:
Rfsoloed, That the stockholders OF the South
Carolina Railroad Compa v, assembled at thei,
annual meeting, cannot refrain from express
ing their regret at the retirement OF the Hon
James Rose from the bank.
Res0t1ed That in accepting the resignation
Of Mr. Rose, they desire to bear their testlmo
ny to his able counseIs, affAble manners. higt
bearing, zeal and integrity which have con
tnbuted so essentially to Tho reputation OF the
company and the successful management o
its atfsirs.
IesolUed. That we feel no studied form o
words can express our appreciation or his ser
vices, or reward him moro fully than his owl
conscious reotitude In the discharge OF his du
, | ties. THOMAS B. CLAhKsoN.
E. j. IRVINE.
b. d. LAZARUS.
On motion Of Mr. Alonzo J. White, therepor
, was unanimously adopted.
Colonel Richard Yeadon then arose and sal
that he wished to be informed in regard to al
important point In tho affairs OF the company
upon which the report OF the Presidents ant
Directors Of the Rallroad was entirely silent