The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1870-12-15
gaSSusoa yntelligeneer, ,
The Report of the Board Of Directors of the
Blue Ridge Raiiroat, in South Carolina, TO
fie Stockholders OF the said Company.

The Report Of the Board of Directors Of the
Blue Ridge Railroad, in South Carolina, to
tie Stockholders OF the said Company.
GENTLEMEN: The transactions OF the said
company since the last annual meeting of the
stockholders in Charleston, in November last,
have not been of such g character as to cause
eongratulation, either on the part OF the officers
or stockholders.
At that meeting it was the unpleasant duty
of the stockholders to consider and decide
whether the former contractors had forfeited
their contract. After hearing the reports Of the
officers, and, by courtesy, the contractors them
selves, through their Solicitors, the whole mat
ter was referred to the Board Of Directors, for
final determination. A settlement was effected
between the parties by mutual consent, which
appears in detail, by reference to the record OF
the Board of Directors and their Executive
Committee.
. Immediately thereafter, the contractors were
paid the sum reported and agreed upon, and
their contract finally rescinded.
xcAtthe same meeting of the Board OF Dlrec7
tors, the Executive Committee was anthorlzeo
and directed to make, as soon as possible, a new
contract for certain descriptions OF work, and
under these instructions the contract was enter
ed into on the Eth of February, A. ID. 1871,
II.
road constructor, for certain classifcations OF
work. extending. from Walhalla to the North
Carolina line, distance of thirty-fve miles,
and embracing large proportion OF heavy
graduation and tunnehng. The advantages OF
this contract will fully appear from the con
tract itself, and the full reports OF the Chief
Engineer and the Executive Committee. =.
The transaction of the Board at this junctrlre
was subjected to the, investigation OF joint
committee appointed by the Legislature, the
report of which is hereto annexed.
In March last, under instructions from the
Board of Directors, the President, with the
Governor of the State, who kindly accompanied
him, visited the city Of New York, for the pur-
pose of raising money to pay of the liabilities
of the road>and to provide for such reasonable
expansion of the work as then seemed both Ju-
dicious and desirable.
After diligent enquiry in New York, Messrs.
Henry Clews & Co., and Mr.. 81. II. Kmpton,
were constituted agents for the company, with
instructions to enquire and report upon the
practicabhity of an early and satisfactory nego-
tiation of portion or all Of the State guaran-
tied bonds of the company.
In April, these gentlemen reported their be-
lief, that sale could be effected in Frankfort,
Germany, of the entire four millions OF. bonds,
at such rates as the company could accept, and
advised aprompt preparation of said bonds,
and their delivery; the earlier preparation OF
these bonds having been prevented by causes
to which reference has been made in former
report. N
While the President was diligently engaged
in the execution of the bonds, and procuring
the signature of the Comptroller General, who
interposed no delay, certain tax payers OF the
State of South Carolina instituted legal pro-
ceedings for the issue of an injunction against
the said company and the said Comptroller
General before Judge Melton, and obtained a
temporary order therefor. The case coming
up to be heard regularly upon its merits, was
ably argued for the company and the State by
the Attorney General and Messrs. Pope d Has
ken, land after careful consideration, the Judge
decided in favor of the rights of the company,
and issued his order dissolving the injunction
and dismissing the complaint. An appeal from
this decision was threatened, which caused a
further delay of sixty days. j.
At the expiration of this time, further pro-
ceedings, on the part of the complainants, hav-
ing been abandoned, the execution of the bonds
was completed, and the bonds were forwarded
TO New York, too late, however, for the COM
eany to benefit by the negotiation which had
been commenced, as the inception of the exist
ing European war had entirely arrested the
sale of American railroad securities.
The Board of Directors are reliably Informed
that no such sale has been made since, or can
now be negotiated.
At meeting of the Board of Directors, held
in the city of Columbia, in August last Hon.
James L. Orr, Gen. VIM. Gurney, and the
President, were appointed committee to visit
the city of New York, and authorized to sell q
portion of the said bonds, or finding that i'm
practicable, to negotiate loan of five hundred
thousand dollars by hypothecation, to meet the
pressing financial necessities OF the company
The committee soon found that the sale of the
bonds was impracticable, for the reason already
stated. After much labor and delay, the COM
mittee, however, succeeded i'll negotiating a
small loan of fifty thousand dollars to meet
estimates then 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 9TH
er arrangements.
On the 10th of September, 1870, when the
President and Gen. Gurney had left New York
OF their return home, Mr.. Thos. Steers, the
contractor, without cause and without notice,
instituted certain proceedings against the Ex-
ecutiye Committee of the company and their
financial agents, claiming relief under his con-
tzsct, and the appointment Of receiver of the
bonds and assets of the company.
The prompt conduct in behalf of the inter
ests of the company, of Mr.. Kimpton and
Messrs. Henry Clews & Co., secured the post
ponement of the appointment of such receiver
and che retention of the bonds in their hands
until the return of the President and Gen.
Gurney.
Able counsel were employed, and through
their aid, an agreement was entered into, refer
ring the case to the consideration of the Board
of Directors.
His complaint and the answers thereto, with
the terms of the settlement, are herewith SUBJ
EAitted without further comment than an ex-
preston of regret that rhe company should have
been so uselessly annoyed and subjected to the