The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1870-02-10


he placed upnn precisely the same footing. The
Interests or all stockholders being identical, would,
we think, serve greater harmony OF action. and
We would no longer, In our annual meetlngs' pre-,
common company having on some SUBJECTS sepl-
rate and diverse interests.
The securing ofa location upon the wafer Is
certainly move in the right direction, and your
cnInnittee respectfully ask the board OF directors
to consider the advisahllity OF removing the Du-
rcaus Of the company to the DnldlnE now occu-
picd by the bank. Your committee believe that
This removal would be liable to no serious oljec-
ton, waic it would he Of great convenience 10
persons having business with tue princlpai ON
GERS OF the road. In conclusion the committee
deem 1t eminently proper 10 submit TOT your
adoption the following res olutlon:
Resolyed, That the thanks Of the stockholders
are due and are hereby tenereG to the presldenI resi-
and directors Of The road for me I signal zea ana
Of its affairs during the p,,,;i,,ys pasit year.
LIB LAFITTE,
]. p. SOUTHERN,
j. Fl. WILSON,
r. MURE,
9. HART, SR.
After some general discussion of the report
in which Mcssrs. Gavin, Holmes and G. A.
Trenholm took part, Mr. James Holmes moved
the adoption of the resolution of thanks to the
president and directors submitted by the COM
inittcc.
Mr.. Scibcl said that the small stockholders
OF the up-comlry had but little influence in
controlling the affairs of the company. but they
used to have two directors in Columbia. and
it seemed now 10 be the desire to ignG" the
pcrsons who had but small number of shares.
But the men who had their all, however small,
invested in the company, were more Interested
than gentlemen who held hundreds OF shares
and had fortunes besides. The stockhold-
crs who were dependent upon their
little railroad property for their cx-
istencc had looked forward eagerly to
dividend upon the stock OF the South Caro-
lima Railroad Company, but they bad been dis
appointed. He had the utmost confidence In
the ability and integrity of the president and
directors, but they may have mode mistakes.
Take the case Of the Finance Committee. The
chairman Of that committee was said to have
made finance the study Of his whole life, but
he had been away In Europe Tor long time,
and had accomplished but little. The prcsl-
dent of the road was said to have looked alter
the finances of the company. Doubtless ne
had, but If IL was the work OF the FL
nance Committee, the Finance Commit
tee ought to do 1t. Or, If any one
man was to do it, let him be paid Tor
the work. In regard to the election OF dircc-
tors, he thought that committee should nom-
mate the new board, which would spare the
feelings of the directors themselves, and give
the meeting q voice on the subject. He was
also strongly in favor of having director Mt
Macon. Last year 10000 persons passed down
from Macon, and took the northern steamers
at Savannah. The Macon and Augusta Rail-
road was drawing near completion, and there
| would then be no object in going to Savannah,
rs Charleston would be the nearest and most
direct route. To look after the Interests OF the
road, in freight and passengers, at Macon, the
company should have director at that point.
| He said, in conclusion, that he wanted all the
stockholders to know that the prospects Of the
road were good, and that their interests would
| not be sacrificed.
The Hon. G. A. Trenholm said that he was
glad to have on opportunity Of making some
explanation in regard to the management OF
the road. The first objection Of the previous
sneaker was that no dividend had yet been de-
clarcd. This had caused dissatisfaction, al
though there was no just cause for complaint.
AT the close of the war the company had no
road, no money, no credit. The first thing
done by the board was to rebuild the road, rs
unless that were done the company would
have no property. The directors met and
confronted The holders of their overdue debt,
arranged with them to extend their claims,
and then proceeded at once to reconstruct
the road. This took all the money that was
earned and us soon Us money could be borrowed
TO complete the road, that was done. All the
earnings of the road were necessarily applied
to paving its debts, to carrying on the road,
and to satisfying importunate creditors. The
company was not in condition to pay It's
debts, and many Of It's creditors were anxious
TO sell their claims at fifty and sixty cents on
the dollar The company did SO buy up oil
that it had money to buy. and the gentleman
tMr. Seibel,) does not know that the company
did not so buy up bills Of the South
western Railroad Bank. The New York
broker spoken of held the bills from the
first, having accumulated them during the
war. nc knew what they were worth
and three years ago refused to take 65 cents
on the dollar for them. Suit was Instituted
for the recovery Of the par value of the bills.
The bonds OF the company were selling ut 10
cents on the dollar The company could not
say 10 the holder OF the bills, who had obtain-
ed q Judgment, "Wc can't pay you, take our
road" What did they do? They could not
buy the bills at G5, and they bought them with
bonds worth in the market about 10. And the
bonds could not have been sold at That price
In quantity sufficient TO buy the bills.
1t was a sheer imposslbility to do aught
else than was done. And how could
the board declare dividend SO long MS the
first mortgage debt was unsatls1ed? There
were creditors at home and abroad holding a
past due lien, acting with rare Indulgence, who
had relraincd for five years from forcclosng,
when they might have foreclosed at any mo-
ment. How, in the face Of this, could the
stockholders have voted money into their own
pockets? The agent OF the company had been
| I,,th hn had orpnmOliShp1 IL