Savannah morning news. [volume] (Savannah) 1868-1887, 1882-03-02


liquidation, basing their action on the COM
pany's default in payment of coupons
second mortgage bonds. A future day was
named by the court for an answer from the
company to show cause why the appoint
ment or the receiver should not be made
permanent.
Meantime friend of the company, and
large holder Of second mortgage bonds,
kindly offered loan to the company suf-
ficient not only to meet the past due cou-
pons held by the party complainant, but, II
necessary, the bonds held by them or
others.
This generous and liberal offer was
accepted by your board of directors, and
tender in gold was at once made by the COM
pany's attorney and your President, to the
party compliments, which was declined.
like tender was made in open court while
TIE case was pending, and was again re-
fused-thus showing plainly that the COM
plainants had an ultra object other than
protection against loss Of interest or depre-
citation in the value of bonds held by them.
The court finally decided to turn the man
agement of the company affairs over to your
board of directors, upon their giving bond,
aud continued the. case so far as relates 10
foreclosure of the mortgage securing the
second mortgage bonds to future day.
The floating debt of the company has been
reduced about five thousand dollars. We
hope THAI the coming year we will be able
to largely reduce, If not entirely pay, this
debt. The superintendent report will
give the financial status Of the company,
which is herewith submitted.
Mr.. Desvergers, the superintendent, sub
mitted brief report In reference 10 the con-
dition of the road and the rolling s.ock.
Mr.. s. E. Byck moved that tn report be
received and adopted.
Mr.. d. G. Purse offered a substitute that
1t be received and referred to committee
of five, 10 be appointed by the chair, said
committee to consist Of stockholders not
members of the board Of directors or off-
GERS of the company, and that they be re-
ouired to report at a subsequent meeting.
Col. J. L. Warren suggested that the Sc
lection of the committee be left discre-
tionary with the Chairman, without refer
ence to their being directors, and that the
number be three instead OF FIVE.
Considerable discussion ensued, Mr..
Purse assuming the position that the Presi-
DENTS report presenIed an array Of figures
showing the condition of the company 10
be moot hourishing. He considered under
the circumstances that these figures
should be verified and that a thor
ough Investigation be made In order
that there should be 10 mistake.
He considered the report highly cGlored,
and without rejecting on the President
thought that as it embraced facts and
figures from the Treasurer's report it should
be closely criticised, and that the stock
holders be thoroughly saGisf~~ on the sub
JIG.
The discussion was quite lively, aud MIR.
Purse was followed by Colonel Warren, Mr..
s. B. Adams, Mr.. John Nicolson, Mr.. Des-
vergers and Mr.. Erwin.
Colonel Warren advocated the reception
Of the report and reference to commit
koo 70 ha ealppfed Inv the CHAIR
at his discretion, and not to be
limited in character, the object being
to obtain honest, competent men,
who would present report based up on a
thorough review of the Presidents report,
and all other reports, and an investigation
into the affairs Of the company. be thought
that by combining and cooperating some
thing could be done to benefit the stock
holders without injury to the first or second
mortgage bOndholders.
Mr. Erwin commended that the Pres
ident's report, on. its face, conveyed
the impression that there were on hand
$1,000 to be distributed as dividends to the
stockholders, and, If this were so, 1t should
be known, as such net earnings on S24, 600
of stock would make pretty good thing
for them ALL and he, therefore, thought
that the reference was advisable, in order
that It might be ascertained whether such
were the case or not. The President might
not have intended TO give this impression,
bur this was the only construction that
could be placed on the report.
Mr.. Haywood stated that there was no
such sum as s., 600 on hand, and was I'M
able to understand how such an impression
was created, as 1t was distinctly stated in
another portion of the report that the float
ing debt had been decreased about $1,000,
and that there was not $500 balance in cash
on hand.
Mr.. Purse asked, IL this were so, how it
was that the President was paying the in
terest coupons on the mortgages?
Mr.. Haywood replied that as executive
officer of the company he was merely carry.
ing out the instructions OF the board OF
directors in advertising to pay the interest,
and that the money was provided for that
purpose.
Remarks were made by Mr.. Nicolson, Mr..
Desyergers and Others, and the discussion
was continued at some length, when the
question was called by Mr.. Purse on the
amendment Of Col. Warren, as follows:
Resolved That the reports OF the President
and Superint endent be received and referred
to a committee Of three stockholders to be
appointed by the Chairman OF this meeting,
and that said committee is charged not only
with examining said reports, but OF making
full and thorough examination OF the
financial condition Of the company, ana re-
pOrlnE Inc result OF lutlT lufCctlEotAOh "
a subsequent meeting of the stockholders
to be called by the Chairman.
The vote was called by shares and result
ed as follows: Ayes 1S2, nays 46, and the
amendment was thereupon declared car
ried.
Mr.. Purse moved that the whole matter
be laid upon the table, which was lest, by
vote of 200 to 20.
The substitute, as amended, was then
adopted by vote Of lS4 to 10.
Mr.. Purse in voting nay stated that he did
so because he was opposed to any director
or officer being on the committee.
The Treasurer's report was then called
for when the statement was made that this
report was embodied in the Presidents re-
port.
Under the resolution adopted the Chair
announced as the committee to consider
the Presidents report Col. j. L. Warren,
Messrs. D. G. Purse and s. B. Adams.
Messrs. Purse ana Adams positively de-
cliued, the former because he had not time
to attend to It, and the latter because he
was not a stakeholder, but only holder Of
proxies.
On motion, the Chairman was then grant
ed the privilege OF appointing the commit
tee at his leisure.
The election for directors to serve the en-
suing year was next announced in order,
and a ballot being taken the following were
found to have received majority Of the
shares voted, and were declared duly
elected:
Alfred Haywood. .2l6
NJ. j. DoYle... ...'.s'.... .Sio
j. Il. Warren. .......,.... ..Slo