The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1870-02-09

to conform to all conditions of agreements
made with preceding administrations, condi-
lions which had never been enforced.
Under the peculiar circumstances, however,
the board could not hesitate. They accepted
The proposals offered them. and united in new
contract, whereby litigation was TO cease, the
rights Of this company in future to unrestrict-
ed freight arrangements recognized, and
cession until January Isl, 1870, to the Column
bia and Augusta Railroad of the use by their
trains of this company's bridge across the
Savannah River. In part consideration OF
which, the Columbia and Augusta Rallroad
was to pay In its bonds the sum of s15 900.
THE SOUTHWESTERN RAILROAD BANK.
The stockholders of the road have, from
time to time, been kept advised ofthe demands
made by the holders Of the bills Of the South
western Railroad bank for payment. These
demands have been perSlstently resisted, and
every reasonable effort made to avoid re-
sponsibiity oppressive in its character, and Of
tended with doubts which utterly excluded
really acknowledgement of our obligation. New
ertheless, 1t has always been the opinion OF
the board that O Just and judcious compro-
mise of those claims should be sought in the
true interests Of the company, and TO that END
the directors have not failed always TO direct
their earnest attention. Litigation, however,
In this connection assumed an aspect during
lative eractments referring to banks In sus-
pension. admonished the b0artl of the danger
of delays They therefore hcsitatcd no longer
to accept the offers OF compromise submitted
to them, and proceeded at once with arrange
mcnts for the settlement OF the outstanding
circulation of the bank. In that direction
they have proceeded, until now but small
SUM remains unarranged. The settlements
were made chiefly in the six and seven per
cent. bonds OF the company. The bank, as
shown in the auditors statements, Is indebted
10 the road In the sum of s50l, ,447.
TIE FOREIGN DEBT.
Little is left to the board to say, beyond the
announcement of the fact Of the return of the
Hon. G. NJ. Fllrman from London, where lie
has been In charge of the negotiation for the
past eighteen months Of the company's first
direct mortgage bonds for the exchange OF
past dues6 per cent. sterllngs. That measure
may be regarded as accomplished. Mr.. Fur
man reports the acceptance of the necessary
number of assents, qualified only by the very
proper condition that the necessary legislation
be had to relieve the company from the State
lien originally imposed to protect the old guar
antecs This legislation has been applied for
as comprehendcd in the act hereto appended,
has the sanction of the Governor, and is eX-
pectcd to be In the possession of the board at
an early day, when 1t will be transmitted, and
the exchange OF bonds be consummated.
LOCATION uroN THE WATER.
The board have at length been enabled to
move In direction long since indicated by the
wants of the company and the interests anu
demands Of the public, and oil lines OF trans
portation in connection to o Z" location upon
the water" favorable site has been pur-
chased upon fair terms, and with sllch advan-
tagcs rs will afford scope for the most compre-
b,,p f,ln pf
will look not only to The Indirect profit OF the
company through additional facilities furnished
to the public, but to solid and substantial ad-
ditiOn to its wealth. 1t is proposed to proceed
without unnecessary delay with preparations
for the work.
adding largely to our facilities OF communlua-
ton on the sea.
Two new and very superior iron steamships
have been placed on the line to New York:
Their capacity. each, Is nearly double that oil
any OF the vessels previously IN service ON
that route, and the increased strength which
Is thus acquired Is regarded as OF grelf I'M
portancc to the interests of the company.
These vessels are owned In common with
the @fsria Railroad, and individuals In this
city and elsewhere.
The board beg to conclude their report, by
recommending 10 the 81 ockholders the adop-
tion of the resolution which they submit here
with, providing for the consolidation OF the
half shares of the stock into whole. Ihc
measure has had their earnest consideration,
and they regard 1t of decided interest to the
company.
Resolrcd, That the board Of directors be
authorized, ut the earliest day practicable, to
consolidate the half shares Of the stock by
issuing one whole share for every two half
shares, as now represented on the Stock BOOK.
Before closing their report the board have
dryolved upon them the painful duty, Of an
nouncing that since the stockholders last met
together another of that old and honored
band, whose association with this company
dates from its birth. anu whose character and
counseIs have contributed so largely to its rep
utation and prosperity, has been removed
from us by death.
The boards loved and honorcd associate, the
stockholders faithful servant, tile Hon. James
Rose. died on October 10, 1869.
The board have sought, In the preamble and
resolutions which are appended, TO give q
feeble expression Of their feelings.
Respectfully.
w. j. MAGRATu, President