The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1872-06-26
Meeting of Bond-holdacs of the Green
vile and. Columbia Railroad Com
pany.

Pursuant to call, q meeting Of Tho
holders Of guaranteed. second mort
gage and non-mortsagc bonds Of this
railroad company, was held in tbi:
city on the 10Th instant, at the Caro-
lima National Bank.
On motion, W. B. Gulick was called
10 the Chair, and John D. Caldwell
rppointol Secretary.
The meeting was composed Of
twenty-five persons, representing as
holders or attorneys. bonds to the fol
lowing amount: Guaranteed by the
State. s62l,OO0; second mortgage
s3O6,5O0; non-mortsage, past due
SIS 500.
Upon the call of the Chair, Col. J
S. Jo:hran explained tho object Of the
sneeting, giving at the same time {;
brief statement Of the amount anC
condition of the debt of the road, anc
tho difficulty attending its arrange
mept.
lie was followed by Col G. II. Sim
option, of Charleston, on whose motion
the following resolution was adopted
E,exolved, That a committee Of five
persons be appointed by this meeting
who shall be charged with the follow.
ing duty:
First. To inquire into and report
thelrcscnt Indebtedness Of the Green.
willie and Columbia Railroad Compa.
ny. classifying the same as near as
possible, viz: Original first mortgage
bond-holders; bond-holders who ex.
changed fist mortgagcd bonds for
State guaranteed bonds; bond-holder,
holding bonds and certificates of in-
dcbtcdncss guaranteed by tho States
not included in the foregoing; holders
If non-mortgage bonds, holders of
second mortgage bonds; estimating as
near as may be practicable the mount
and numbers of bonds for which,
liability is absolutely denied by the
company. .--...
Second. To confer with The Prcsi.
dent and Directors of the company,
TO ascer' Gin their views, and to Oh.
tain from them proposition, if posi-
bio, looking to u settlement Of the
indebtedness of tho company.
Third. This committee to be COM
posed Of representatives Of each class
Of creditors, if practicable.
The Chairman appointed the folio W
ing gentlemen the committee: c. II.
Simonton, Of Charleston, Chairman
Thos. p. Branch, Of Augusta; II. Be-
attic, of G:eenVlle; 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 upou
it. ~
Upon re-asscmbling, the committee,
through it's Chairman, submitted the
following report:
The committee Of fvc appointed
by the meeting of bond-hollcrs of
the Greenville and Columbia Railroad
Company, held on the 10Th instant,
in the city Of Columbia, beg leave re.
specially TO report: That they called
upon W. J. Magratb, Esq, President
Of the Company. and served upon him
II true copy Of HE resolutions. The
committee have had friendly and
full conference with the President,
with this result: It is Impossible, from
the books Of the company, or from
the evidence in its possession, to trace
with any absolute degree of certainty
tho first mortgage bonds that were
surrendered also, which guaranteed
bonds were accepted. This may be
asccrlaincd by 4 long and laborious
cxamin alton of the books Of the Bank
of thc.State, to which, before the end
of the Har, the surrender was made,
and the BOOKS of the State Treasurer,
10 whom, after the war, parties who
desired the eXchrrge were instructed
to surrender their bonds; but this in
formation cannot be had from the
company. The committee, therefore
report the amount of outstanding
first mortgage bonds, $24l 600; the
amount Of guaranteed bonds and GER
ti6cates, Sl,4l9,071; the amount of
non-mortgage bonds, sl95,50O; the
amount Of second m 'rt@ase bonds is
sued, and Which have gone out Gf
possession Of the company, is 81, 1896.
900.
There is great reason to believe
that very many of these were fraud.
uIently obtained, and that many were
issued without any authority. OF
those issued, these were used in ex-
change and payment of debts the
amount Of $4,000; on notes, as col
laterals, SITS, 500; bonds in the hands
of IL. II. Kimpton, but which are un-
der control of the company, s26,5OO
bonds sold in New York. few days
ago, the liability Of which is denied,
100000; bonds which cannot be
traced, and used without any author
ity, $500, 900 ION hands of the cumpa-
ny $4,000; fetal $l,5OO,00O. =.
With regard to tho second branch
of the reso ution, the committee also
conferred with President Aagrath.
Whilst he had been giving much at
tention and thought to the settlement
of the outstanding Indebtedness Of the
company, he did not feel hims If able
to enter into permanent negotiations
until he has had M opportunity o.
consultation with his board of direc
tors. Indeed. until to-day, ho hac
not had an opportunity Of knowing
the wishes and views, of the bond
bolders. He, howeveF, declares thai
he would be glad to receive sugges
tions as proposed fropi the bapd-hold
ers, and promises that such suggcs
tions or offers will receive the earlics
attention OF the directors.