The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1870-12-23
THE BLUE RIDGE RAILROAD.
ReDort Of The Board of Directors.

We give below q sketch OF the re-
port of the Board Of Directors Of the
Blue Ridge Rail, oad to the Stoclhold-
erS.
The report opens with an exp!ana-
ton of the resembling Of the original
contract. The board entered into q
new contract on the 18th Of Fcbrua-
ry, 1S70,,with Mr.. Thomas Steers, an
experienced railway constructor, for
certain classifcatioas Of work, extend
inr from Walhalla 70 the North Car
olna line.
The transactions of the board were
1T this juncturo subjected to the in
vestigation Of Legislative comnittce'
Gov Scott and J. ". Harrison,
President Of the road, visited New
York in March last to raise money in
aid of thv road, and Messrs. Henry
CIews & Co.; and II. II. kimpton were
agents of the company.
The agents reported in April last their
belief that tho entire bonds Of the
road could bo sold in Frank kfort, Ger
mary.
While the President was diligently
engaged in tho execution OF the
bonds, and procuring the signature OF
the Comptroller General, who inter
posed no delay, certain tax payers oi
tho State OF South carolina lnstlLu-
ted legal proceedings for the issue OF
OF an injunction against the SAID COM
pauy uud the SAID Comptroller Gcner-
III before Judge Melton, aud Outlined
II temporary order therefor. Thc
case coming up to be heard regularly
upon It's mcrils, was ably argued ior
INC company and tho. Stale by the
Atlorney-ucueral uud Messrs. Pope
aud haskell, aau al!er careful cohsu-
Grafton, the judge decided III lavor Vi
li.c rights Vi tue coIupuny, ana Issued
.lls .oruvr di,s0.viug tho lWnncilol'
and ulslnlssiuS tAc comp.aint. All
appeal from Lnis decision was Threat
oucd, which cuuscu lurtnur aciay oi
OF SILKY days.
Attic expiration Of this time, fur
t!Icr proceedings on the part VI the
cOmp.aIuauts having been noandouco,
tue execution OF the bonds was COLI
plcLcd, and tho bonds were forwarded
W Nsw York, LOO late, however, tor
the company to bcueht ny tho nego-
tlatiun winch had been cOnllucnccu,
Us the inception Of Inc existing Id
ropcau wsr had entirely. arrested the
sale OF Alurrlcan rulIrvau securities.
The Board Oi Directors arv rcliaoij'
informed that 20 such sale has bccn
mauo Since, or can now DC negotiated.
At u meeting Ut the Board vi III
rcctors, held III TIE lily OF Coiam Jia
in August last, Hon. james l.. Orr,
Gen Vim. Gurney and the President,
wcro sppoinlct committee to visit
lhe City Of New York, and arthorl-
zcd to sell Il portion Of the said bonus.
or finding that impracticablc, to ne
sotiatc loan Of five hundred thoas-
and dollars by hypotLccatlon, to meet
the pressing financial necessities OF
the company. The committee soon
found that the sale Of the bonds was
for the reasons already
stated. After much labor and delay,
the committee, however, succeeded IN
negotiating a loan Of fifty thousand
dollars to meet estimates due, and
other current expenses, with the
promise on the part Of those with
whom they had negotiated, to make
further advances from time to time.
until the bonds could be sold or the
company should make other arrange
ments.
On the 10th of September, 1870:
when the President and Gen. Gurnoy
had left New York on their return
homo, Mr.. Thos. Steers: tho contractor
without cause and without notice.
instituted certain proceedings against
tho Executive Committee Of the com
nanv and their financial agents, claim
inc relief nndcr his contract, and the
appointment of a receiver Of the
bonds and assets Of the company.
The prompt conduct in behalf OF
the interests Of the company, OF Mr..
Kimpton and Mcssrs. Henry C'ews
e. Co., secured tho postponement Of
the appointment of such receiver and
the retention of such bonds in TIER
hands until the return Of the PrcsI-
dent aud Con. Gnrncy.
Ahlc cuunscl were employed and
an argument entered into. referring
tho case to the consideration Of the
Board of Directors. Those bonds
Which the committoo failed to nego-
tiatc. were lrfS in tho possession OF
Mr.. Henry Clews, who had been
appointed one of the trustees under
the mortgage. for his signature aa