Port Tobacco times, and Charles County advertiser. (Port Tobacco, Md.) 1845-1898, 1874-09-25
Especially reported for the St. Mary BEACON
Proceedings OF Meeting ~ Creditors 0<|
Southern MAY saI,G *. =. Ga.

w ASIINGibN H. I SEPT w. 80 f
A meeting of the creditors Of the above named
company took place in this City on " cdneSday,
the 9th inst, A. NJ, at the Board Of Trade
rooms, in obedience to printed circular adj
dressed ad orbem ct urbeni converting same.
After some preliminary remarks, Mr.. Frank
Hume an eminent merchant of W aShington city,
was called to the chair, and Mr.. II. Browning
acted as secretary to the meeting. After having
taken his seat Mr.. Hume rose and i'll brief and
unimpasSioned words stated that the object OF
calling present meeting was 10 find oEt as GER
tain in fact with some precision, the financial
condition of the Southern Nd. CGmrany-;he
amount (if AMY of its present available assets.
and what pr:- nect there WAS Of payment by the
Southern !; l. Company OF It's Indebtedness to
a wide circle al creditors. \ creditor himself
of said comrtay to Il large amount, and while
confessing that he was party to issuing clrcu-
lar calling together present meeting, he dis
claimed being actuated by unkin,! or adverse
motives or by remoteSt wish or intent 10 iniiict
injury on or impede the successful progress OF
the S. Md r. r. Co. He would lie glad there
fore if any gentleman present would offer some
suggestion or resolution with Il view of carry
ing cut the object for which they were assem-
bled here this morning. and he invited iWme1-
ate and temperate action in the proceedings and
language of the speakers, etc. Gen. I. l..
Crittenden one Of the legal advisers Of the COM
that the manner and form in which this call for
meeting of creditors had been made WAS hurri-
cd discourteous and iudetcrminate in lis word
ing and poiRtedly complained that no notice,
at least no Sufficient notice. had been given to or
served on the President or any OF tn" principal
officers of the Southern MI. Railroad Company.
and that the whole proceeding bore on It's face
the impress of hurry, unfounded alarm, impa-
tient, sudden and groundlcsS apprehension.
.:
asserted that notice of present meeting and the
object in view had been saTred on Nr. President
.S,aoot that he had seen tothe girin4 md Screing
of said notice himself and that he had great
difficulty of gaining access to him Got Smoot)
who was spiurging away, "ula mo"e H'm5oi3,
at Cope Muy the creditors Of the company (thc
whle) chewing the bitter cud OF yeXati0uS de-
lay, or banqueting on hopes deferred and pro-
misses violated at their several homes in Southern
Maryland and the District Of Columbia. Just
as the chairman (Mr. Hume) had concluded,
the Hon. Danl Clarke entered the room. and
the floor having been conceded 20 him. he pro-
ceeded to remark, in soft and dulcct tones, and
in that winning and polished manner mark
edly his own, that he was then ana there present
as representative and counsel for many creditors.
and was not actuated by any anita Conism to
the Southern Md. COmpauy-that the object Of
the meeting was not So much TO ascertain The
amount Ot W Hal WIS tlt 10 tlt'.- co.'s 1871 tIt
that subject he unprecedented they We're sufficient
~ advised and ipformcd) to discover the
financial status and condition OF its the ). Nd.
Co.'S affairs and to learn how far claims Of
creditors cou{d be secured and at what tine ami
kow payment Of lis indeitedHess coHll b Qrrfng-
ed or calculated on being made
Mr.. f. f. Downham next rose and offered
resolution, that committee of five gentlemen
should be appointed to wait on the President
and Directors of the S. Md. Go. and ascertain
from them the true condition Of lis Gt'airS, and
what arrangements they could make in order
to secure creditors and that said committee
should report to an adjourned meeting the re-
suit of their mission and enquiries. Mr.. Cal
1ahan seconded the motion, which was carried
-nena con.
Col. Smeot rose and addressed the chair, evil
IDENTIFY laboring under considerable nervous ey-
citement and not little temper. He commence
ed by saying that the time had come for him to
sag a -feo0 ,rords He attributed to latent and
personal hostility the present movement
He was surprised and hart that Mr.. Hume.
whom he had always viewed as friend. should
have INDUCED in an offensive and uvidiouS
comparison of him (Co. Smoot) with such
creature as ''IIelmbold." That he, Smoot,
protested against the existence OF anv such
siulilitude or proximate likeness or affinity to
such a creature as IelmbOd--il.dcod, he claimed
10 10 IL higher bttlcE Jl liz TX
Their asserted. that he had not received notice Of
present meeting, nor was he advised Of the OH
ject gentlemen had in calling it. IL would
present, exhibit and read to meeting contract
entered into with Mr.. Hume. wherein the latter.
in consideration OF his, Col. Shoots, personal
and individual note for the sum Of 3, 900,
drawn in favor of Mr.. Hume and given to that
gentleman, and further in consideration of the
bonds of S. Nd. Co. to the amount of t,c.n'g
Il III ~ l.
as collateral security for payment Of aforesaid
note of 81, 600 at maturity, did agree and bind
himself to wait and sleep upon his claim Of So
600 due him for merchandise supplied and sold
to the company, and to refrain from using same
for payment at present stringent state of money
at the centres of commerce He further com
planned, that Mr. Hume had intruded on the
''otium cum dignittte'' he, Smoot, was enjoying
at Cape May, in the bosom of his family circle
and highly refined society. and that III the
unguarded moments of pleasing relaxation
from the onerous duties Of too high and re-
sponsible an office, he (Iume) dill coax
and induce him (Col. SmooU TO enter into the
above arrangement. He would fain recall to
his Mr. Hume,s memory the fond rcCOllcctiOus
and vanished pleasures of days and nights
now gone, how oft in company with him. AT
silent eye' he had Sm0kad MS mild ctylrS
and quaifed his richest ecina&, Bordeaux, Cham
berten, not to mention the lighter yintagcs Of
Italy and the Rhine. He sorrowcd rs these re-
miniscences tioated through his mind, and he
could weep, if tears would flow at the bidding,
DER memory of shattered and ungratcful and
a phantom friendship. As to present condition
of the affairs OF the Southern Nd. Co., he re-
joiced to say that they were tiour&hing and most
promising. He assured ali and sundry that he
would not and could not be induced 10 sell out to
capitalists or contractors or any possible combi-
nation of SPECTATORS He had pledged and mort
gagged his personal estate to effect the speedy
completion Of the road-Which r1uld soon be
.fnished and in running order-and he now eX-
tended to all gentlemen present an invitation
to ride on and over said road from Brand wine
station to Point Lookout at some future day
surtd Mat he srou1d lire to SEC tut dIy and great
~ rejoi.e herein. To attain the truition of
his hops a. | desires, he VAS prepared to mort
gage hiS "A personal assets indeed, he had
done so c,.ldy, as before stated to a consider
able e3.":it. and to send if necessary his wife
and 'ai lis little ones on transfer to the i)1or
house on the eastern side Of the Capitol rather
than fail to pay creditors IN full. Only about
81, 800 of the company paper was now unfer
protest (or discreditei), apregnlnt proof Of the
prosperous state of the roads condition.
Here Col. Smoot took or rather sank back
into his chair, apparently much exhausted by
his eloquent yin1ication of himself and Co.
and Mr. Frank Hume chairman Of the meeting;
rose in reply, and in measured, distinct ana
Ominous tone proceeded to make lis st4tcmcm- =
He promised BY saying, that independent Of the
5000 due to him by the company he had gone
security for them to the amount of $4,000 for