Savannah morning news. [volume] (Savannah) 1868-1887, 1883-03-07
THE CHARLESTON AND SAVANNAH
RAILWAY.

Annual Meeting of the Stockholders on
MOnday-The Road to be Bonded fol-
&15O,OOO-Plans for Improvement.
The annual meeting Of the stockholders
of the Charleston and Savannah Railway
was held In Charleston on Monday and
was attended by the bondholders of the
old company who are interested in the
new. Mr.. II. b. Plant, the President Of
the company, presided. The annual re.
port of the operations of the company was
presented by the general manager, Col
Halnes, and there was full discussion OF
its present condition and necessities
The report showed considerable increase
in the earnings of the company during
the past year, amounting to about $50, ,00O
over last year, all of which, however, were
absorbed in its operating expenses and in
repairs and improvements.
Measures We're suggested by the Presi
dent and board of Directors to provide
for the payment of the judgments against
the company by the issue to the judgment
creditors in satisfaction of their claims OF
$150,0O0 of the first mortgage bonds of the
company.
After full consideration of the present
status of the company a resolution was
offered that for the purpose of completing
the repairs and equipment of the road il
was desirable that the first mortgage be
increased TO $1,000, 600, aud that a com.
mittee of bOndholders, consisting of the
Hon, G. &. Memminger, Mr.. S. Lord, Jr.,
Mr.. VIM. II. Brawley, Mr.. G. p. Curry
and Mr.. VIM. E. Jackson, be appointed to
communicate with the parties to the
agreement of reorganization and urge a
modification of the agreement so as to
permit this additional issue.
1t was brought to the attention OF the
meeting by General Manager Haines that
large field for increasing the business of
the road in the transportation Of phos-
phate rock lying along its line could be
opened provided sufficient equipment
could be obtained to do this business and
wharves and warehouses and other facili-
ties be provided for handling it. Up to
this time, owing to the insufficient equip
ment of the company and to its straitened
financial resources, it has been impOssi.
bic for the company to do this business to
any extent, and it was the unanimous
opinion of all the bOndholders present
and Of the Board of Directors that it
wOuldabe Impossible for the company
to earn any net income for distribu-
ton among the .bOndholders until
the road was put in better condition and
provided with better equipment. The new
company, it was shown, has already laid
about sixty-five miles of track in steel
rails, and there remains about thirty-fiye
miles to lay. 1t was also thought neces-
sarY to make some changes in the draw
bridges over the Ashley and Edisto rivers
on account Of complaints that the present
structures ohstruct navigation, the COM
pany having been already indicted fer OBJ
structing the navigation Of the Ashley
river. All of this work will require that
the company should raise considerable
money. 1t was the opinion of those in
terested that if means could be raised to
perfect the road and its equipment. that
the increase in its business eanseavent
thereupOn would be very Considerable,
The resolution for The appointment of
the committee, and also authorizing the
issue af the $l50,000 of first MORTGAGE
bonds to take up the pressing judgments.
as was recommended by the Board of ni-
rectors Of the 10Th of January last and
communicated to the haadholders by the
PRESIDENT IN q circular letter, was unani-
mopSly adopted.
The meeting then adjourned after re-
electing the old Board Of Directors, which
consists of Messrs. II. p. Plant, Presi-
dent; ". II Walters, B. f. Newcomer Q.
II. Memminger, VIM. II. Rrawley, A, +.
Rayenel and WILLIAM CNttiRg.
solomon Himself Would be Puzzled
if aallQ1 1lnOn m f3aofda xuhioh IL 4l,o ,,,,.<.