The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1872-06-22

Meeting OF Bond-holders of tho 0reen-
villo and Columbia Railroad Com
pany.
Pursuant to call, q meeting of the
holders of guaranteed, second mortgage
aud non-mortgage bonds Of this rail-
road company, was held in this city
on the 10Th instant, at the Carolina Ma.
tional Bank.
On motion, W. B. Gulick was called to
the Chair, and John D. Caldwell ap.
pointed Secretary.
The meeting was composed Of twenty
two persons, representing, as holders or
attorneys, bonds to the following amount:
Guaranteed by the State. $621, 1000;
second mortgage. $306, 500; non-mort-
gago, past due, $48,5 500.
Upon the call of the Chair, Col. J. S.
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 Difficult
ties attending it's arrangement.
He was followed by Col. G. II. Simon.
ton, of Charleston, on whose motion the
following resolution was adopted:
Resoloed, That committee OF FIVE
persons be appointed by this meeting,
who shall he charged with the following
duty:
FIRST. To inquire into and report the
present Indebtedness of the Greenville
and Columbia Railroad Company, Glass
flying the same as near as possible, viz:
Original first mortgage bond-holders;
bond d-holders who exchanged first mort
gage bonds for State guaranteed bonds;
bond-holders holding bonds and certifi-
Gates of Indebtedness guaranteed by the
State, not included in the foregoing;
holders of non-mortgage bonds, holders
of second mortgage bonds; estimating
as near as may be practicable the amount
and numbers of bonds for which, liabi-
lity is absolutely denied by the company.
SECOND. To confer with the President
and Directors of the company, to ascer-
tain their views, and to obtain from
them proposition, If possible, looking
to settlement of the indebtedness of
the company.
THIRD. This committee to be- com
posed of representatives of each class of
creditors. if practicable.
The Chairman appointed the following
gentlemen the committee: G. 81. Simon
ton, of Charleston, Chairman; Thos. P.
Branch, OF Augusta; n. Beattie, of
Greenville; J. P. Reed. of Anderson; !;
and Mr.. Sheer, of New York.
A recess until 6 o'clock P. NJ, was
then taken, to enable the committee to
discharge the duties imposed upon it.
Upon re-assembling, the committee,
through its. Chairman, submitted the
following report:
ho 0fa L
the meeting of bond. holders of the
pany, held oil the 10th instant, in the
oity OF Columbia. beg leave respectfully
to report: That they called upon w. j.
Magrath, Esq, President of the Com
pany, and served upon him true copy
had friendly and full conference with
possible, from the books of the COM
sion, to trace with any absolute degree
OF certainty the first mortgage bonds
which were surrendered; also, which
may be ascertsined by long and labo-
Bank of the State, to which, before the
o1A Va Lh0 WoIs tuO duAIouu0T HA6 LQAu6,
and the books of the State Treasurer, to
whom, after the war, parties who de-
sired the exchange were instructed to
surrender their bonds; but this informa.
ton cannot be had from the company.
The committee, therefore, report the
amount of outstanding first mortgage
bonds, $241, 900; the amount of guaran-
teed bonds and certificates, 81, ,419, OIL;
the amount of non-mortgage bonds,
$l95, 500; the amount of second mort
gage bonds issued, and which have gone
out of possession of the company, is
81 .495, ,0OO.
There is great reason to believe that
very many of these were fraudulently
obtained, and that many were issued
without any authority. OF those issued,
there wero used in exchange and pay
ment of debts the amount of $4,000;
on notes. as collaterals, SITE, 500; bonds
in the hands of II. II. Kimpton, but
which are under control of the company,
S26, 500; bonds sold in New York few
days ago, the liability of which is de-
nied, 100000; bonds which cannot be
traced, and used without any authority,
1896, 900; on hands of the company
SIS, 900; total 81, 100000.