The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1871-02-15
SOUTH CAROLINA RAILROAD COM
PANY.

The annual meeting of the stockholders Of
this company was held yesterday.
On motion Of W. ]. Magrath, ESQ.,, the Hon.
Alfred Huger was called to the chair, and Mr. j.
T. welsman and Mr.. e. H. BarnFel were request
ed to act as secretaries. =
The minutes of the special meeting OF the stock
! holders were read and confirmed.
The report of the president and directors OF the
Southwestern Railroad Bank was read and re-
rerred to committee OF three: Messrs. T. B.
Clarkson, q. E. Young, and B. o'Ne!l.
The report states that the outstanding clrcula-
tion OF the bank Is $49,67c, but the board do not
believe that more than $4,000 OF this amount is
In condition to be presented for redemption. The
board have not beea able, without great sacri.
fee, to realize the assets aud resume operations.
The assets remain the same as they were year
ago. The charter Of the bank does not expire un-
til $780, and 1t ts still desired to resume opera
tIons, the board ask that some expedtent be
adopted to increase the capital. If 1t be not
deemed advisable to call up an instalment upon
the bank shares, the assets may be allowed 10
accumulate at interest with the hope tha favor
able opportunity Will occur for the exercise OF the
charter privileges Of the hank.
The report of thepresldent and directors or the
South Carolina Railroad Company was read and
referred to q committee, With instructions to re.
port this morning. The committee consists OF
Messrs. A. ]. White, @. h. West, ". L. Ellis, ]. H.
Wilson ard A. Lengnick.
Mr.. E. ". Selbels offered the following resolu.
ton:
RESOLVED Thet the chairman OF the meeting ap-
point committee Of i've, to whom shall be refer.
red the next annual report OF the president and
directors; and the president Is hereby requested
to furnish copy OF said report at least two weeks
before the annual meeting; that said committee
have power to send for persons and papers, and
that they report on the first day OF the aahua'
meeting.
Mr.J P. Boyce raised the point Of order whe:h
er this convention could prepare business for the
next convention.
Colonel WALLACE said that, in his Judgment, the
stockholders had the right TO do anything which
was not, In terms, forbidden In the charter, and
might pass what rules they pleased for the gov.
eminent If their property.
The president, W, ]. Magrath, Esq., said he saw
no objection to the resolution, and that he would
be only, TOO happy togive the stockholders all the
Information tuey desired BE hoped that the
resolution swould snot be opposed, and that the
point OF order would be withdrawn.
Mr.. Boyce withdrew his point OF order, and the
resolution was adopted. 4
Major Gavin offered The rollowing resolution,
which was adopted:
Resolued, That. a committee be appointed to
nominate difectorsfor the-Foad for the ensuing
year.
The committee, as appointed, is. as follows:
Messrs. Gavin, VIM. Wallace, E. W. Seipeis, @. T.
Mitchell, E. Cannon, B. D. Lazarus, E. L. Holmes
- Hemphil ". B. Crawford and A. B. Springs.
The iconEennon, then J, adjourned until this
morning. 80 Il ~ :':j -
Report OF the President and Directors OF
the C0muany.