The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1872-02-14
THE WAR ON CHARLESTON.
ayyU4L MEETING OF FTHESOUTH CAR
OHM RIILROID C0MP4NE.

~
OLINI RAILROAD C0MP1NE.
The Georgia Ring Unmnsk their Bat
concentrations Threats OF Mayor
John H. james, OF Atlanta - The
Ffrst Attack Handsomely Repulsed.
The annual meeting of the stockholders OF
the South Carolina Railroad Company and OF
the Southwestern Railroad Bank was held
yesterday morning, at eleven o'clock, IN the
bank hall, on Broad street. A large number
of stockholders were present, and lively in
terest was manifested in the important SUBJ
jecis 10 be discussed.
On motion of ". j. Magrath, Esq, president
of the railroad, the Hon. d. D. Lesesne was
called to the chair, and Messrs. Jas. T. Wells
man and Edward n. Barnwell were requested
to act as secretaries.
The chairman having briefly expressed his
thanks for the honor conferred upon him, the
reports of President ". ]. Magrath and Vice
President Alfred L. Tyler were read, both Of
which were printed in full in THE NEWS OF
yesterday.
The chairman stated that at the last annual
meeting committee of five had been appoint
ed to consider the next annual report of the
president and directors, to whom q copy OF
the said reports were to be furnished at least
two weeks before the regular meeting; the
said committee having also the power to send
for persons and papers, and being charged to
report on the first day Of the meeting. The
meeting was now ready for the report OF this
committee.
Mr.. C. l.. Burckmyer rose and said that of
the committee appointed, two (Messrs. Seibels
and Cothran) had been absent, one Mr..
Lebby) parted with his interest In the road
and declined to serve, and the other two (Mr.
B. S. Bruins and himselD had not felt author
lied to make 80 exhaustive report as the
resolution appeared to contemplate. The NIL
norlty of the committee had, however, pre-
pared such report as was customarlly made,
which report he was prepared to present If the
meeting so desired.
The report having been called for was read
.as follows:
The undersigned, from the committee ap-
pointed at the last annual meeting OF the
stockholders to examine the report OF the
choaSoSetOno
and business of the road for the year 1871,
respectfully report:
That they have given to the report and the
accompanying documents their attention and
consideration, and while from the absence or
disability OF the other members Of The COM
mittee they have been unable to make such
an investigation OF the affairs OF the company
.as the terms of the resolution seemed to con-
tamplate, they have gone into these matters
.sufitlentiy to satisfy themselves OF the ability
and efficiency with which the business has
been conducted. In making this examination
your committee have been met with the ut
most courtesy by the officers with whom they
were brought In contact, and In all directions
investigation was invited and courted.
1t Is matter Of much regret to your COM
,mittee, as it. doubtless will be to the stock
holders, to notice from the report Of the
road for the last year; but the causes assigned
for this decrease are 30 reasonable, and
the facts so evident to al, that your
committee deem 1t unnecessary to 90
more than make passing reference to them.
The decrease In the receipts OF cotton at the
ehipping ports for the current season, and the
consequent close competition for the lessened
business involving, as 1t did, q reduction In
the rales of freight. will fully explain this
falling off In the earnings. 1t is, however, 10
be remarked, that this falling off has not been
go great In our case as In the case of compet.
10
favorable feature In this connection. Your
committee, however, cannot close their eyes
to the fact that competition In the future
threatens to be largely increased by the con-
structlon OF new roads, which 40 not seem 10
be required by the business of the country,
and that 1t will be necessary for the admins
tration to take active and energetic steps to
retain for the road the business which 1t now
controls, as we'll as to make connections for
the supply OF new business. We are pleased
to note that the attention OF the board
has been effectively directed to this
matter, and that they have purchased control
ling interests in the Greenville and Columbia
and the Macon and Augusta roads. These
purchases seem to be Oh such Vital Importance
to your road, aud have met with such general
appreciation on the part OF the stocknolders,
thafyour committee believe this meeting 10
be fully prepared to give It's approval to this
action OF the board. AS these transactions DO
not come within the business of the year now
under consideration, the details of these pur-
chases do not appear In the report before us,
but your committees are assured and oeneVe
that they are favorable IN their character, aud
that they are such as will afford 10 your road
the means of largely increasing Its business
and its profits.
The arrangement of the past due sterling
debt of the road, and the exchange OF large
proportion OF those bonds Tor the mortgage
bonds Of the road, are matters which call ior
special mention in this report. For seVera!
Years this outst anding debt has been source
of anxiety and annoyance TO all who have
felt an interest in the road and It's fortunes,
and the fact that it has'now been so arranged
as to be within the control Of the board cannot
fall to afford us the llvellest satisfaction.
With reference to the Southwestern Rail-
road Bank IL appears that the board have been
moving towards the carrying out of The reso-
lution passed by the stockholders at their
meeting in February, 1871, aud your commit
tee are informed that In the course of a few
months the bank will be closed and Its affairs
wound up.
The considerations which have Influenced
the board In declining to c0ntn nue. the pay
ment of dividends for the present, seem to
your committee to be reasonable. It is to be
hoped, however, that the time will soon arrive
when these shall cease 10 have weight, and
when the stockholders shall receive some re-
turns upon the property which has been for
such length Of time unproductive.
All which Is respectfully submitted.
c. L. BURCKNYER,
B. s. BRUINS.
The report was received as Information.
At the call of the chairman, Mr.. 80. q.
Cochran, the president of the Southwestern
Railroad Bank, submitted the following report,
which was received as informalion:
of thp South