The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1873-04-17
Stockholders Meeting of the South Carolina
Railroad.

|
of the stockholders of the South Carolina Rail-
road Company, held in the city of Charleston
last week, beginning on Tuesday, 9th inst
Hon. Gabriel Cannon, of Spartanburg, was
called to the chair, and the annual reports OF
the President and Vice President were then
submitted, and were referred to committee of
five, consisting of Messrs. G. b. Walter, j. D.
Aiken, II. II. DeLeon, John 81. James and j.
G. Wannamaker.
President Magrath read letter from Gener-
al James Conner the counsel of the road, ex-
planning the effect of the recent decision in the
Supreme Court of the United States in refer
ence to the liability of the road for taxation.
The letter states that by the decree in ques-
ton:
l. All the property of the company at Co.
lumbia, and the road from Branchville to CO.
lumbia and from Kingville to Columbia, are
forever exempt from taxation.
2. All the road from Branchville to Hamburg
is liable to taxation.
8. With regard to the road from Charleston
to Branchville, and the property at Charleston,
the decision of the Circuit Court has been
modified, and the case has been remanded to
the Circuit Court, to take proceedings to ascer-
tain and determine what portion of the proper
ty of the company is apportionable and appli-
cable to the line of road from Branchville to
Columbia and Camden, such portion to be ex-
empt from taxation, and the residue liable.
Mr.. S. Dibble offered resolution which was
adopted, providing that the reports of the OFF,
GERS of the road be printed and distributed
among the stockholders one month before the
next annual meeting.
Mr.. John II. James called attention to the
fact that there were several persons on the
committees on proxies and election who were
not stockholders of the road. He did not him
self desire to be committee on proxies, but
he thought that these committees should be
made up from the stockholders.
| The chairman explained that it was usually
the custom to appoint these committees at the
annual meeting preceding the one at which
they were to serve, and such had been the case
| in the present instance.
MIR. S. Dibble moved that q committee of
seven be appointed to nominate suitable per-
SONS to serve as directors of the road said
committee to report at ten o'clock, on Wednes-
day morning. He stated that in making this
motion, he did not desire to be understood as
obiecting to the present directors of the road.
He understood that there were vacancies, and
he thought committee could better suggest
names to fill these vacancies.
Hon. J. P. Reed was of the opinion that the
election of officers should be postponed until
after the committee had made a report upon
the officers reports. He did not know that
there was anything Objectionable in these re-
ports, but it appeared to him to be more reg.
ular proceeding to postpone the election until
the conduct of the last board had been dis
cussed and passed upon.
! President Magrath stated that, under the by
laws of the company, the election was fixed for
Wednesday, and it could not, therefore, be
| pootpnuod
MI. ]. B. Steadman offered the following
resolution:
ResoIued, That the committee appointed to
nominate board of directors, be required 10
apportion them as follows: From the city OF
Charleston, eight; from the interior of the
State, three; from Georgia, two; from the city
of New York, two.
On motion of Mr.. L. D. DeSaussure, the
resolution was tabled by vote of twenty-five
to twenty, on division of the convention.
Mr.. Dibble suggested that the difficulty
could be obviated by having the committee
publish the result of their deliberations in the
| mornings Ne,cs and Courier. The suggestion
was agreed to, and the chairman announced
the committee as follows, viz: Messrs.S S. Di6ble,
]. P. Reed, j. j. Cohen, A. ]. White, w. NJ.
Lawton, Jas. b. Wilson and VIM. Ravenel.
The convention then adjourned.
REPORT OF THE COMMITTEE ON NOMINATIONS
To the Stockholders Of the South Carolina
Roilroad Company: GENTLEMEN-lhe COM
mittee on nominations beg leave respectfully
to report that very grave and important duty
has been assigned to them, where interests so
varied and numerous are concerned, seeking to
participate in the management of your road
| Feeling this, they have, nevertheless, endeav-
ored to discharge the delicate task to the best
of their ability, and present you the result,
with brief statement of the general principles
which have governed their action.
In the first place, they recognize the fact
that the South Carolina Railroad is an enter
nrise initiated and fostered in PALMER days by
the citizens of South Carolina, who lent to it
their capital and resources, and should retain
the control of its management in no narrow
minded spirit, but looking to its interests not
only within but beyond State lines. And
they also feel that to the city of Charleston,
our commercial metropolis and principal ter
minus, belongs, by rightful pre-eminence, a
working majority in the direction OF the road.
This being conceded to the city, your COM
mittee imagine it to be a correct principle IN
every business undertaking, extended in its
operations, that its managing proprietors should
be resident at the different prominent points
where their business is conducted so that no
considerable part of their operations should be
left entirely in the discretion of the agents with
limited powers but that all may be under con-
venient supervision of actual owners The
committee have, therefore, endeavored so to
arrange the ticket for the suffrages of the share
holders, as to place all parts of the road under
such interested supervision.
Having thus attended in the first instance to
what they deemed essential for the proper
working Of the road, your committee have en-
deavored to attest the good will with which
the South Carolina shareholders welcome the
cooperation of capital from abroad in i'm
proving our common property, by naming for
positions in the direction several prominent
stockholders in other States, closely connected
with our own by important commercial con-
nections.
They respectfully submit for your considera-