The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1870-02-11
annual Meeting OF stockho,a.rs


Annual Meeting of Stoclholders.
The annual meeting of the stock
holders Of the South Carolina Railroad
Company and of the South western Rail-
road Bank convened in the Bank Hall,
on Tuesday last. and continued in ses-
sion during Wednesday. The annual
report of the President and Directors
giving G succinct and satisfactory nc
count of the condition of the road-was
read. A paper was also read, giving an
account of the mission of Hon. G. NJ.
Furman to London, relative to the
foreign debt of the Company. The COM
mittee appointed to examine the report
of the President of the South western
Railroad Bank, reported that the assets
of the Bank, estimated at the market
value. are S169, 1885, 55, and the report of
the President estimates the outstanding
bills of the Bank at $4,000. In their
conference with the President of the
Bank, he states that since the making
of his report, he had made further re-
duction Of these bills to $1,000. This
condition of the Bank gives it the right
under the existing laws of the State, to
continue the enjoyment of its charter,
and the exercise under it of the func-
tions of Bank. The following resolu-
ton was, after discussion, adopted:
ResolUed, That it is expedient that the
Southwestern Railroad Bank shall. rs
soon as practicable, resume its business
as Bank under its charter, and that its
assets should be so cared for, that with
out sacrifice, they may enable the Bank
80 to resume its business without unne-
cessary delay.
The Committee to whom was referred
the report of the President and Direc-
tors of the South Carolina Railroad,
stated that the final settlement of the
litigation pending between this Road and
the Columbia and Augusta Railroad, also,
the settlement of the claims of the bill
holders of the Southwestern Railroad
Bank, are quito as much subjects of con-
graduation as the increased earnings of
the road. These matters have hereto
fore absorbed much of the time and at
tention of the President and Directors,
which can now be directed solely to the
management of its regular business. In
the increased receipts of the past year,
they think they see just cause for antici-
pating further and continued increase
of business. as all connections that were
likely to encroach upon its income have
been completed and in operation for
some time, and the connections remain
ing to be completed, can only add to its
business. They cordially approve of the
resolution appended to the Presidents
Gov fha of
tificates for one whole share, in exchange
for every two half-shares.
Upon the adoption of the report. q
discussion arose. Mr.. Seibels said the
management of the road had excited
very great dissatisfaction in the up
country. There seemed to be q disposi-
ton on the part of the Charleston stock
holders to ignore the up-country entire
been looking with anxiety to the day
when q dividend should be declared.
The Directors should remember that
they were the trustees of the widows and
orphans who held only few shares. He
had the utmost confidence in the inte-
gritty of the President and Directors;
but he thought it evident, from their
past management of the road, that they
had made many mistakes.
Mr.. Trenholm was glad to hear the
complaints of the up-country, because
it afforded an opportunity for an expla-
nation. The first cause of dissatisfac-
tion was because dividend had not been
declared. It was very we'll known that
the Company had been oppressed with
debt during the period when money was
worth one and half to two per cent.
per month. The road had to be rebuilt,
and the Directors addressed themselves
to this the frst thing. They had to
borrow money, and it required all the
earnings of tho road to carry on this con-
struction, and pay the interest on its
debts and past due securities In re-
gard to the dividends, they could not do
it as long as the first mortgage on the