The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1869-02-10
TIE SOUTH CAROLINA r. r.. co.
Meeting OF the Stockholders.
FIRST DAY.

1
FIRST DAY.
The annual meeting Of the stockholders O.
the South Carolina Railroad Company was
held yesterday in the hall OF the Southwest
ern Railroad Bank. .@A
The meeting was called to order by w. )
Magrath, Esq, the President Of tho Company
who moved that the Hon. Wilmot G. DeSaus
sure take the chair. This motion was carried
ready for business.
The minutes of the annual meeting OF 1865
were read by the Secretary. e.ls;y ss
Major Gavin wanted to know what had be.
come of the report or the names and salaries Of
the employees of the company, ordered to be
furnished the stockholders by the directors
He said there were some barnacles on the road
that ought to be swept away. He did not see
why the stockholders should not see WHO goi
this money, and what il was got for. This
very inquiry had been choked OF before, and
he did not want to see it stfed again.
Mr.. Cochran read the following report of the
Southwestern Railroad Bank:
TO the Stockholders Of the South Carolina
Railroad ,Company:
No change has taken place in the affairs OF
the bank since your last meeting.
T. The various. suits then reported have not
progressed sufficiently to enable me to report
| their result.
The expenses Of the bank have been re-
| duced as low as practicable.
Haylng tor nearly thirty years enjoyed the
confidence Of this great Company, Whilst de-
Ginning re-election, I cannot take leave without
| expressing my grateful recollections of their
uniform confidence and unabated kindness,
and my recording my firm belief in the abiding
| power of our railroad to assist materially the
| fortunes OF Our city and State. e.
| Respectfully submitted
| JAMES ROSE. President
| Mr.. Cochran said that Mr.. Rose positively
| declined reelection. v5 SS5
The reports OF the President and Superir,-
tendent Of the railroad were thcn read by the
Secretary, and on motion, referred to the fol-
lowing committee with instructions tosreport
as early as possible: Messrs James L. Wels-
man, A. 0. Andrews, j. Fl. Honour, Gabriel
Cannon and James McRae
| The President informedthe meeting that the
report OF the names, wages and occupations of
oil persons employed by the company, called
for at the last meeting, was upon the table for
the Information of the stockholders, sst
Major Gavin wanted to know why that report
had not been printed. He should like TO know
where the money went and what the barnacles
we're. He could not learn any thing by looking
at the report. he wanted to have it at home
and study it over.
| Major Gavin then offered a resolution to the
effect that the report Of the President contain
| ing the names and salaries of all officers and
agents of the company be immediateiy pup-
| lshed, and that hereafter that portion of the
IA IoS1f o1,x
! annual report.
Alonzo ]. White, Aas. osel Maj or Saw
ms motion to print the report on .sai
7 The -saaeSs esiency of publishing to The world
the minor details Of the expenses of the COM
pany. If tho stockholders wished to guard
against useless expenditure, they should
choose proper directors. He thought they had
good board now. If not, they should be
| changed. II the mover of the resolution want
ed any of the information which the reso luton
| seemed designed to seek, it was on the table
and any stockholder could read it for himself
or it desired the Secretary could read it for the
| benefit of the meeting
| Major Gavin replied that he could see no
harm in the publication. Unless there was
something wrong there would be no opposition
to the publication. man who had been dis.
missed from the employ of the road came to
him for certificate that he had not fur
| nished him with the information which he
had used at the last meeting Of stockhold-
| ers. He could not get back on the road with
out such a certificate. That satisfied him that
| the officers of tho road were in league for dis
honest purposes, and he wanted the thing
shown up.
Colonel Richard Yeadon opposed the resolu-
| tion on the ground that no good was to be ac-
| complished by it, and he moved to lay the res
oluton on the table, but withdrew it to allow
Major Gavin to speak.
Major Gavin repeated his former arguments,
and said that the report on the table was no
use to him; he wanted it at home to study.
Hon. Gabriel Cannon, Of Spartanburg, OPP
posed the resolution, and Colonel Yeadon re-
newed his motion to lay on the table. which
was carried almost unanimously.
James @. Holmes, Esq, offered the following
resolution, which was adopted:
RESOLVED, That it be referred to the commit
| tee to which the report of the President and
Directors Of the South Carolina Railroad Com
pany has been referred, to examine and consi-
der the expediency of reporting plan for the
arrangement of the debt so as to insure it's
payment at given time by a semi-annual ap-
l.
the payment Of both principal and interest.
In supporting the resolution, he said that
from the report of the directors Of the railroad
it appeared that they had not only paid the in
terest of seven per cent on the actual indebt-
edness OF the company, but they had also made
reduction of the debt ITSELF The same re-
ceipts that accomplished this end could be
made to pay q small dividend and also a sufR-
cient interest on the debt to extinguish it in
thirty years. He had agitated scheme for
this purpose in 1857, and il it had been adopt
ed then the debt now would have been much
| less.
| Hon. Geo. A. Trenholm did not object to the
resolution, but suggested for the information
Of the stockholders that the plan proposed
had often been tried in Europe, and though
good IN theory had never been found practi-
cable.
| Mr. Holmes replied that he had often been
| opposed by Mr. Trenholm on thia aoyoa o,,h