The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1871-02-16
The committee also rscomraenaea reduction

Mr.. Trenholm asked the chairman Of the com.
mittee to inform the meeting whether it had been
intended to make any distinction between the
president and directors in the nominations; also,
whether the name OF W. J. Magrath, Esq, the
present president, had been omitted by an over
sight, or had been Intentionally left out
Major scib:ls replied that the committee had
simply made their nominations, and did not de-
sire to indicate anything beyond that.
Mr.. Trenholm said he was sorry thdt any ten IL
! telligent and respectable stockholders could be
found who would propose to displace the present
executive officer Of The road. To do SO would be
great mistake. He {Mr. Trenholml had been adj.
rector for many years, ana had scrutinized the
conduct OF the president He thoughtit would
be great calamity If the road los. the services OF
Mr.. Magrath; nor was it just or generous to at
tempt to remove him In this way. The stockhold.
ers had the right to nominate and elect whom
they pleased; but 1t was dr.e to Mr.. Magrath to
say that his services were OF extreme va.:e-
that his zeal and experience were very great,
and that 10 his loyalty and devotion to the inter-
eses OF the company his conduct had been lire.
proachable. He desired that the sense OF the
| meeting be taken upon the question, and would
move that the name OF Mr.. W. J. Masrsth be
added to the list Of Nominees
Mr.. DeLeon said it was surprising that an at
| tempt should be made to displace one who had
serv the road With singular fidelity for twenty
| five years. Mr.. Magrath had been president for
| ten years. and no reason, nor the shadow OF one,
was given why he should now be removed As a
director Of the ROAD, he (Mr. DeLeon) demanded
| that II there were any charges against Mr.. Ma
grath they be made known to the meeting. BE
knew, and could PROVE that Mr.. Magrath hed
sacrificed his. own private means for the advance
ment OF The company. To omit his name, to at
tempt to make. it Impossible 70 re:elect him as
PRESIDENT is gross indlgaity. He was satisfied
that Mr. MagrLth would be elected by an over.
whelrning majority but was not willing thas.the
commit ee's report should even appear upon the
minutes. Lie seconded the resolution OF Mr..
Trenholm. -
Mr.. J.. p ,Boyce said taat during his term Of
ONCE as director OF the road he had had On op-
portunity Of witnessing the valuable services Of
president Magrath, aud hs cheerfully bore testi.
mony to his lnestimable value. he did NOT be.
lieve that under any circumstances the company
coull secure president lin whose hands their
interests would be more safe. He could not be-
lieve that the committee intended to cast any
slur upon Mr.. Mlgrath, but he deeply regretted
the nature of the report.
Major SeIbels said that It was preposterous to
expect nominating committee to give reasons
why one Was nominated and another was not.
The commltte was not at all unanimous, and ave
or ak votes were taken before conclusion. was
reached. Eoinsult or indiguity was intended to
any gentleman who was omitted. he could not
give any reason why, the name of Mr.. Magrath
was left of, and the other members Of the COM
mittes would not. He hoped that the report
would not be regarded as disrespectful-al they
wanted was change.
Mr. DeLson said that the committee, In omit
ting the name Of Mr.. Magrath nom the List OF
directors. evidently desired TO preclude his re.
election as president. 1t meant that tho commit
tee did not want Mr.. Magrath as president, which
was gross indlgnity.
Mr. Trenholm said that the effect of the action
Of the committee, fsustalned By the stockholders,
would be to exclude Mr. Magrath, but he was
confident that all almost unanimous vote would
again elect Mr.. Aagrath to the position he had
so worthily flsd. He could conceive OF no greater
calamity tc the company than the loss Of che
services Of Mr. Magrath.
". L. Ellis, ESQ.,, said he thanked the commit
tee for their nomination. but he was not can
dldate. He was satisfied with the present man.
agement aud desired no change. He begged that
the name of Mr.. Magrath might be substituted
for his own name.
Major Ssibsls seconded the suggestion.
Major Gavin said he was In the minority in the
nominating committee, and no man had higher
opinion Of the value Of Mr. Magrath to the road
than he hal. He noticed however, that while
preceding speakers admitted the right OF the
stockholders to nominate whom they pleased,
the oommttee were soundly abused for e1ercIs
Ing that right.
Mr.. ". A. Courseuay said that too much i'm.
porIaa'ce had been given to the nominations The
discussion should stop, and he would call for the
question.
The other motions having been withdrawn, the
resolution offered By Mr.. Trenholm, that the name
OF ". ]. Ma,rath DO added to the list OF loml.
lnees, was adopted, With four dssentient voices.
On motion of Mr.. A. J. White the report, as
amended, was received asinformation.
On motion, the convention took recess until
4P.M.
EVENING SESSION..
The convention was called TO order at 4 p. n.
The casir announced the following com mittee
to examine and report apon the next annnalre
port:sE ". SeIbela, j.. p: Sothern, Wm. Lsbby,iO.
L. Burckneysr ana &. 3. Bruins. slJ$se sssos-
Mr..Seibels gayes nosiceof o chsnge in the by
laws, providing that any number Of stockholders,
not less than 1ye representing one thousand
shares shall be necessary to require Q stock vote
on any question
Mr. Rice gave notice OF an. amendment to the
by laws, providing that the timeof holding the
annual meeting be changed nom the second Tues
d " In February to the second Tuesday in April.
Major Selbels offered the following resolution,
which was unanimously adopted:
Resolved, That the directors Of the South Caro-
lima Railroad Bank be instructed to close the
bank and transfer the assets to the South Carroll.
ma Railroad Company, aS provided for IN the res
oution OF this morning
On motion Of Mr.. DeLeon, the present committee
on proxies and the managers OF elections were
reappointed fof.ths next annual meeting.
Mr.. seibes otIIred the following resolution,
which was adopted: =,
Resolred, That the right, OF passing free over
the road 10 and from Charleston, once IN every
period oftwelve months be given to oil the stock
holders, equally and ON the following conditions,
namely That every stockholder, being the bona
more and having held the same on the lst Of
January 1S70 shall be entitled to the above prtvi.
lege for tue year 1871; propiied that It mas BOT
already been exercised under existing rules. Aud
that hereafter the said privilege shall attach on
the 1st or January to every five shares or more OF
stock then held, and which nave neen heid BONA
fde since the lSt OF January preceding.