The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1870-02-10
THE SOUTH CAROLINA RAILROAD
COMP1NY.
Annual Meeting of stocleholdcr:

Annual Meeting of Stockholders.
SECOND DAY.
The adjourned meeting Of the stockholders
of the South Carolina Railroad Company and
Southwestern Railroad Bank was called TO
order at IL o'clock yesterday morning, the
Hon. w. D. Porter presiding.
The minutes of the proceedings OF the meet
inr of the previous day were read and con-
! tirincd.
The Hon. A. G. Magrath submitted the fol-
loving report:
The committee to which was referred the report
of the president of the Southwestern Railroad
RonE ask leave to rcport-that they have cXan-
med the condition OF the bank, as presented Ill
The said report. The assets OF the bank, estima-
ted at the market value, are Sl6o 3J0 90, anu ille
report of the president estimates tie OUTSTANDING
Hills of the bank ut 0O0. In their conference will
the prcsidcnt of the bank, he states that since
The making OF his report lie had made further
rpluct0n Of these bills TO the sum OF $4,000.
THIS condition OF the Dank gives IL the Iient,
the cnjovment OF Its charter. and the exercise
under 1t OF tile functions OF BANK.
rhc report OF the president suggests the ques-
lion whether it Is ndvlsnble that tle
TX
assets prepare the way to It's resumed exercise
of the functions Of q bank. Your COMMITTEE su =.
nit TO the consideration OF the stocEhollels thtir
coucu, iul that tile Southwestern Railroad Bank,
when uraciicabc shall resume itS business as
| bank, under its charter.
IF n rreat nduccment to the settlement OF the
Irrigation touching the liability OF the south Car
nlinn Railroad CnnDaay for the bills of tile Sntll-
| western Railroad Bank was to save tue Charter
of the bank, The eir,rt to save the charter can
only he understood the ctfurt to save it Tor the
Durnosc Of exercising and usllIg the privileges
| conferred by that charter.
AMI If In nave the bencat Of srch privileges was
| the induccment TO that settlement, that oencht,
| It would seem, Should he desired lot INC stock.
holders with the least practical delay CONSISTENT
with The preparations necessary leF Tic iCsuHiP'
| ton OF It's business. ,-,,
The aid afforded 10 the South Carolina Railroad
Company Is sufficiently seen in the consideration
Which led originally to tue creala ol the Dahk,
and to the establishment Of similar III
| connection with other railroad corporations.
Indeed not to prepare for a resumption u Tue
exercise of its banking privilege IL 10 slSillly
purpose 10 put the bank IN liqliiuatlnn. 10, nr
:rlcct or REFUSAL fr an indefinite period to eXer-
else chartered rights, may or may hnt, acc0ruilE
10 circumstances, afford Il lo.nut on ior si,...'i
by the proper department OF le S1alS sosvpil oni
mcnt to direct the necessary proceedings 10 a'ori
| the grant Of such privileges.
| While to the committee. because or many con-
! siderations not now proper for discussion, II "
were practicable, IL would seem III 10 ADVISE lnc
|
moss. IL is nevertheless apparent from ] review oil
| its assets that there must be time ana opporlu-
uity given for the proper disposition el tncsc,
| without sacrifice, before It, eau properly resume
the functions or bank according to lis charter.
Your committee, therefore, summit lot tue con
si(l"ratiDn of the stocknol'ler. this resolution:
Rcsolrpd, That It is eXpcdicnt that the Soulll.
western Railroad Bank shall as soon as pracll'
cable rcsnneits business rs bank under its char
for md that Its assets Should be SO cared Tor,
| that without sacrifice. they may enable the bank
| so 10 resume lis business WITHOUT unnecessary
delay.
Respectfully submitted,
a. G. MAGIATII,
w. A. WARDLAw,
JAMES NJ SlIACKELPoRD.
Mr.. Scibel moved 10 lay the report and ac-
companying resolution on the table.
Mr. Magiath explained that the scope OF The
resolution reported by the committee was to
| leave the bank in its present condition. No
one supposed that it would be able SO to real
ize its assets during the coming year as to be
mile TO resume business, for it Is required that
the assets shall not be sacrificed. The charter
and privileges OF the bank, In the meantime,
arc preserved, without entering now upon
the discussion of questions Of liability upon
which there is great difference Of opln-
ion. 10 lay the report on the table Is TO
declare that tho bank shall not continue, and
then the liability Of the bank to the railroad
must be stated and must be paid. And paid
by whom? These things were not necessary
to be discussed now, and all that the report oi
the committee contemplated WAS declaration
that, the bank holding its position unchanged,
the stockholders of The road and bunk would
at Il future time do what was best for their
common interest.
Mr. Seibcl stated that the history and man.
arencnt of thc bank had not made favorable
impression upon the public. The bills OF the
bank could have been bought Mt Is and 80 cents
on the dollar, but the liability of the South
Carolina Railroad Company for the bills was not
discovered until they had passed into the hands
of u New York broker, when the company
felt itself obliged 10 redeem the bills at par.
| And all that the company got for its $500, 0OC
in bonds was assets of the par value Of
$3.50, ,oGO, and of the market value of SlGs, ,OO0.
If the bank went into operation. who would
guarantee that after few years the company
would not be called on 10 make good half q
| million more Tic Wis SuiC th'sI IL N'Go thS
opinion of many stockholders that there should
be either u complete separation OF The Two In
slilutons, or that they should be united under
the same officers and the same board Of dircc-
tors.
The report OF the committee and accompa-
nying resolution were then agreed to.
Mr.. John B. La1tte submitted the following
report: p., ,.-o
TO the Stockholders tIr tie South CarottnG Rati-
road COHpuhY:
The c,,ltlinittee 10 whom was referred tile re.
port OF tie president anG directors Of the road,
| with the documents accompanying, beg leave tn
report that they have given the various subjects
| therein referred to such consideration Us the
| limited time allowed would permit
Tic final settlement Of the litigation pending
| between this road and the Columbia and Augusta
Railroad, also tile settlement OF Tie Claims OF tue
| bhuliers of the southwestern Railroad Bank,
| are quite as much subjects OF conSratniaiion rs
! the Increased earnings Of the ROAD. These mat
ters have heretofore absorbed hiuch ol the time
| and attention OF the president ana dlrcc, ors,
| which can now be directed solely To the WaHlgc-
| meilL of It's regular business.
In the Increased receipts III the past year your
committee think they see just cause ar auliclpht-
Ing further ant continued increase q! business,
| us all connections that were likely 10 tncroAcli
| upDn its incumc have been completed anu III
opera, ion for some time. AID the connections re-
naming 10 be completed eau only add 10 lis busl-
| ness.
The committee cordially approve OF the resolu-