The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1872-06-24


Tho full glory Of the perfect moon,
The pearly glimmer OF the Hl9st,ring leaves, M
The ghostly shadows OF the nights high noon,
Ny listening soul perceives;
Repeat the wondrous lune
Sing me the song again
For though the sudden changes OF the STRAIN
Failing IKE dewdrops from the fashing keys
Pierces the anguish Of soul in pain,
That knows not where Is peace;
Sing me the song again
Sing me the song forever
SO shall its passion and Its pathos never
Leave the rapt ear but a the ,rg9g ash
Infinite longing, Infinite delight;
Sing me The song forever
THE GREENTILLE And COLUMBIA
RAILROAD.
Meeting of the Bondholders i'm CO.
lumbia.
meeting of the bondholders the Green
vile and Columbia Railroad was held in Co.
lumbia on Wednesday last
On motion, W. B. Gnllck was called to the
chair, and John D. Caldwell appointed SER
retSry.
The meeting was composed Of TWENTY-FIVE
persons, representing, as holders or attorneys,
bonds to the following amount: Guaranteed
by the State, s62l, 900; second mortgage,
$500, 500; non-mortgsge, past due, AS, 500.
0pon the call Of the chair, Colonel j. 8.
Cothran explained the object of the meeting,
giving at the same time brief statement OF
the amount and condition of the debt OF the
road, and the difficulties attending Its manage
ment.
He was followed by Colonel C. H. Simon
ton, Of Charleston, on whose motion Inc iol.
lnUfnr raa0lnt1nn Q6nntal
Resolved, That committee of five persons
be appointed by the meeting, who shall be
charged with the following duty:
First. To inquire into and report the present
indebtedness of the Greenville and Columbia
Railroad Company, classifying the same as
near as possible, viz: Original first mortgage
bondholders; bondholders who exchanged
first mortgage bonds for Slate guaranteed
bonds; bondholders holding bonds and certlf-
Gates Of Indebtedness guaranteed by the State,
not included in the foregoing; holders OF nom
mortgage bonds; holders OF second mortgage
bonds; estimating as near as may be praclica-
BILE the amount and numbers OF bonds for
which liability is absolutely denied by the
company.
Second. To confer with the president and
directors OF the company, to ascertain their
views, and to obtain from them proposition,
debtedness of the company.
Third This committee to be composed OF
representatives of each class of creditors, IL
practicable.
The chairman appointed the following gen.
tlemen the committee: G. q. Slmonton, OF
Charleston, chairman; Thomas P. Branch, Of
Augusta; q. Besttie, of Greenville; J. P. Reed,
of Anderson, and Mr.. Steers, of New York.
A recess until six o'clock P. NJ. was then
taken, to enable the committee to discharge
the duties imposed upon 1t.
Upon reassembling, the committee, through
,t, ot,hu OH the fn1l0winD rpn0rt.
The committee Of five appointed by the
meeting of bondholders Of the Greenville and
Columbia Railroad Company, held on the 18TH
instaut, In the City OF Columbia, beg leave
respectfully to report. That they called upon
W. ]: Msgrath, ESD, president Oh :ae com, ,ps
resolution. The committee have had q
friendly and full conference with the presl-
dent, with this result: It Is impossible, from
the books OF the company, or from the evil
dence In its possession, to trace with any a0-
solute degree of certainty the first mortgage
bonds which were surrendered; also, wnlcn
guaranteed bonds were accepted. This may
be ascertained by long and laborious examl-
nation of the books of the Bank OF the State,
to,whlch, before the end of the war, the sur
render was made, and the books OF the Slate
treasurer, to which, after the war, parties
who desired the exchange were Instructed TO
surrender their bonds; but this Information
cannot be had from the company. The COM
mittee, therefore, report the amount of ont
standing first mortgage bonds, $24l.O00; the
amount Of guaranteed bonds and certncates,
$l,419,O7l; the amount ofnoR-mortgage of bonds,
$lS5, 500; the amount Of second mortgage
bonds Issued, and which have gone out OF pos
session of the company, Is 81, ,495, 900.
There is great reason to believe that very
many of these were fraudulenlly obtain
ed, and that many were Issued Without any
authority. OF these Issued, there were used
in exchange and payment OF debts the amount
of $97, 900; on notes as collateral $I15,6UU;
bonds In the hands OF d. b. klmptoD, Dnt
which are under control OF the company,
SIG, 500; bonds sold IN New York few days
ago, the liability of which Is denied, $500, 600;
bonds which cannot be traced, and used Wlth-
out any. authority, $596.000; on hand OF the
company $4,000; total 81, ,5OO, 900.
resolution, the committee also conferred with
President Magrath. Whilst he had been CIV
ing much attention and thought TO the settle
mahf Of the outstanding Indebtedness OF the
company, he did not feel himself able 10 enter
into permanent negotiations until he has had
an opportunity of consultation with thS oosra
of directors. Indeed, until to-day he had not
an opportunity of knowing the wishes and
views OF the bondholders. he, however, de-
clares that he would be glad 10 receive sug.-
pestions as proposed from the bondholders, and
promises that such suggestions or offers will
receive the earliest attention OF the ulrectols.
1t has been brought to the attention OF the
committee that, by an order Issued yesterday,
in suit brought by the State of South Caro-
lima against the company, the creditors are
called on 10 establish their claims before o
referee by day fixed. This will afford full
opportunity of testing the validity OF the Sec
ond mortgage bonds which are now ont.
Until this Is done, no certain basis OF settle
ment can hardly be reached. The committee
respectfully recommend the adoption OF the
following resolution.
CHARLES q. SIMONToN, Chairman.
Res0lued, That an executive committee OF
five be appointed by the meeting, who are au-
thorize5 to treat with the board of directors OF
the Greenville and Columbia Railroad Compa-
nv respecting the settlement OF the debts due
by the company. That 30 soon asa settlement
has been reached, it shall be the duty OF the
committee to advertise In two New YORK pa
pers, one paper in Augusta, one In Charleston
and one In Columbia, and to call meeting Oh
the bondholdsfs and other creditors OF the
company, in Columbia, twenty days alter such
notice, to consider and act on the terms OF
settlement proposed.
After some discussion, the meeting adopted
the resolution reported by the committee.
By direction Of the meeting, the following
gentlemen compose the executive committee
WSB. Gulick, Columbia, chairman; n. BeaLtie,
Greenville; Thomas P. Branch, Augusta; j. 2.
Reed, Anderson; C. b. Simonton, Charleston.
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