Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1871-05-11
THE ADVERTISER.
EdgeGeld, $. c., May IL, 1871.
of President Johnsto'

The Stockholders of the Charlotte, Co
umbia q Augusta Railroad held their
annual Meeting in Columbia, on Wednes-
lay. the 3rd inst. AS considerable op.
position to the re election of Col. WIN.
JOHNSTON had been anticipated, and as
the Meeting was expected to be one OF
moment, the Stockholders were
out in full force. Genl. PAUL QUArTLE-
BAUM was chosen Chairman of the Meet
ing, upon the organization of which Pres
sdent JOHNSTON submitted his annual re.
port. This report shows that the earn
ings of the Road for the fiscal year clos
ING Dec. 3lst. 1870 were S560.474.05. The
net balance left after paying expenses of
all sorts, was s141.S21.5s. This balance
was expended in completing the grading
Oh the Augusta division of the Road, the
bridge across the Savannah River, en-
larging and building depots, in the con-
struction Of freight cars and passenger
coaches, and in paying for new loeomo-
tives.
The proceedings, after the reading, Of
President JoHNsToN's report, we now
give almost entire, as published in the
ConstitutionaliSt
Upon the conclusion of the reading of
the report, Mr.. G. II. Manson, former
Treasurer Of the road, submitted state
ment, alleging discrepancy in the report
of the President. touching the aggregate
value of consolidated bonds held for ex-
change and for funding the floating debt
of the company.
This attack upon the Presidents arith-
metjc (for it seemed to be nothing more)
was the popping of the cap which inau-
rurated a spirited little war of words.
Gen. Barringer, of the Direction, a deal
more precipitate than this feint from the
opposition was calculated to provoke in
the action of calm and collected strate-
gist, accepted the counter statement OF
Ehe late Treasurer as tho firing of the ini-
tial gun in the anticipated fight. EspoVs-
ing the cause Of President Johnson, he
fought valiantly against charges of Off
cial fraud and corruption as yet not faith
cred in the convention by any of the
stockholders, and challenged full in
vestisation Of the allegations. The speech
Of Gen. Barringer, if designed to pro-
woke the opposition to battle, had the de-
sired effect.
Col. J. II. Rion, also of tho direction,
followed in vindication Of the integrity
Of the President, in strong speech, and
moved the appointment Of a committee
of seven-three by the President, three
by the opposition stockholders, and one
member by the Chairman Of the con-
vention-to investigate the matter: This
motion, however, no subsequently with
drew.
Gen. NJ. C. Butler and Gen. NJ. w. Ga
" led the opposition in demanding an
investigation of the charges, in their
usual bold and vigorous manncr in g
number of speeches, marked by intense
aarnestness. The former, i'll the course
Of the discussion, in answer to the decla-
ration that no charges had been properly
made against the President, firmly pro-
claimed that he would make Them. They
we're, that in the negotiation of 5000, ,0O(
worth of company bonds i'll New York
through NJ. X. Jessup d Co., Coz. john
ston had required said firm to divide
their commissions with him, by which
ne pocketed $500 legitimately belong.
ilg to the company; and furthermore
nat the President had jeoparded the char
.er of the company in suit brought al
Chester Court for discriminating and
overcharge of freight on cotton to Char
iotte-otfenses which he claimed demand
ed full investigation.
Col. +. w. McMaster, of the Board OF
Directors, regarded the charges as toe
absurd and ridiculous to deserve any at
tention whatever.
Col. Johnston desired that everything
which the opposition could produce sus-
tanning the charges should be brought out
freely and fully before stockholders,
whom. he considered his peers and the
rightful tribunal TO which he was answer
able. He read copy of q letter to q
Friend-reciting in detail the circum-
stances of the bond transaction, i'll the
course of which he took occasion TO de-
nounce Mr.. NJ. K. Jessup as scoundrel
and charged Mr.. c, II. Manson with re-
peated fraudulent transactions while Off
cially connected with the road, all ol
which the latter Indignantly denied, Ht
explained that the dispatch sent by him
doubling the rates Of freight on cotton
from Chester to Charleston, and which
was the foundation OF the suits brought
in Chester Court was merely q .f1. eSSe on
his part to force Mr.. Smith, President o.
the North Carolina Railroad, intoa freight
arrangement favorable to the Charlotte
Columbia and Augusta Railroad, that
gentleman having been in the habit Of
intercepting his dispatches; that second
dispatch was sent ordering the refunding
of extra freight charged shippers in con-
Gormity to the dispatch above alluded to.
Col. Johnston emphatically denied any
fraudulent action on his part, and earnest
~ invited full investigation.
Gen. Butler moved that committee oi
seven be appointed to investigate the
charges.
Further debate ensued upon this mo-
ton, participated in by the gentlemen
already named and Gen. A. C. Haskell,
The latter speaker addressing himself with
great force to the proper manner in which
the investigation should proceed.
In the heat of discussion, the debate
began to assume somewhat disagreea-
bic personal shnpe, when Mr.. j. j. Cohen
If Augusta, pretacing his motion with q
few well-timed, practical remarks, which
appealed directly to the material interests
ii each stockholder, moved that the
whole matter be laid on the table.
This motion seemed to be particularly
opportune, and was as oil upon the trou-
bled waters. 1t was adopted, and the
convention, after the appointment of a
committee to nominate a Buart of Direc-
tors, adjourned to clock, p. IN.
AFTERNOON SESSION.
The convention met pursuant to adj
;ournment, when the following resolu-
ton, introduced by Col. Rion, was adopt
ed:
ResoLved, That when upon any future
conversion Of stock of the Columbia and
Augusta Railroad Company into stock OF
The Charlotte, Columbia aud Augusta
Railroad Company, fractions of share
may result, the Treasurer of the Compa-
nv shall determine the market value of
the stock Gt the time; and thereupon the
owners thereof may ut their option COM
plete the uni y by paying fJr the necessa-
~ additi3na, 4..arcs Oh Columbia and
Augusta Railroad stock. at the value so
determined, Or they may rcce!qe the said
value for their surplus shares.
The Committee OH Nominations report
cd the no,pination Of the old Board, eX-
ccpt Col. c. ID. Melton, Of Colum bia, de-
clining denomination, in whose stead,
Senator Il. j. Robertson wls named), and
General Z. Quattlcbaum, of Lexington,
whose place was filed by the nomination
Of Col. J. 3. Palmer.
Tho era.;iOn for Directors was then