The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1884-05-22
SAVANNAH VALLEY RAILROAD.
The Annual Meeting Of tho Stockholders
r, at Lowndesvil1e, s. O.

The Annual Meeting Of tho Stockholders
r. at Lowndesville, s.. @.
The annual Convention Of the Stock
holders of the Savannah Valley Railroad
Company was held at Lowndesville on
Wednesday, 18th inst
DIR. s. M. Orr was elected President Of
the Convention, and ]. E. Breazeale Sec-
retary.
Credentials were called for and dele
gates from the townships and cities which
had subscribed were. enrolled. Some
stockholders were also present A large
majority Of the stock was represented.
On motion of E. B. Murray, the tenn
porary officers of the Convention were
elected the perman snt officers.
The President submitted his report,
which isas follows: y -
To the Stockholders Of the Savannah Valley
Railroad Company:
GENTLEMEN: at the time Of our last
meeting the condition Of our Road was
one of embarrassment and doubt. The
available subscriptions had been e1pen-
ded and the work of construction sus-
pended. The present Board, immediate.
ly upon assuming the direction of affairs,
addressed itself earnestly to tho effort OF
raising the sum of $25, 900 by private sub
scription, the accomplishment of.whtch
would have enabled them to- realize the
225, 900 subscription from the City of
Anderson, which latter was coupled with
condition that like sum should be
realized before it could be available. To
this end an active canvass was made for
subscriptions along the line OF Road and
| elsewhere, but failed to realize the amount
required, when Legislative aid was sought
and obtained removing the conditions
from the City of Anderson,s subscription
and rendered it itiimmediately available,
and authorizing certain Townships IN
Anderson and Abbeyille Counties to make
additional subscriptions by taxation to
the capital stock of the Road.
Pursuant thereto, the Townships Of
Abbeville have subscribed the sum Of
SEC, 600, and petitions are being circula-
ted in the Townships of Anderson Coun-
ty asking the submission of the question
of subscription to a vote of; the qualified
electors of said Townships. The amount
proposed to be subscribed by these Town.
ships aggregates the sum OF $4,000. 1
have every reason to believe that when
vote is reached in these Townships, the
result will be favorable to the subscrip-,
ton. .2S -
The Injunction suit instituted by few
taxpayers of Anderson County was de.
cided on circuit in favor Of the company,
and has been heard on appeal in the
Supreme Court that Court has ordered it
no be reargued on the validity of the Act
Of Assembly. denying the remedy by
Injunction, and we have every reason to
hope for q favorable issue. The amount
involved is only $3.50.
X. to our Road has not been paid; the
resolution authorizing the subscription
required the same TO be raised from the
proceeds Of sale of second Mortgage
l@nds Of that Road in the hands OF the
lcompany. This was not practicable in the
then condition of the company, as the
bonds had but small market value. Since
our last meeting the Augusta and Knox
vile r. r. has passed into the hands Of
Fine Port Royal q Augusta r. R., the
latter being part of the Georgia. Central
system. This establishes the future ofthat
Road upon firm, basis and commands
the contidence of the people in, its con-
nections and future operations.
After suspension of more than q year,
the work of grading our Road was re-
sumed on; the 18th Of last month by Maj.
Twiggs; the; contractor, with a force Of
over one hundred hands, and is progress
ing satisfactorily, and as there were some
skips in the work, between Anderson and
Lowndesville, the Board thought it advi-
| sable to join up and complete this work,
which it Is estimated can be done IN two
months, and will give US section Of
twenty-five continuous miles OF compile.
ted work, besides the ten miles completed
north of Little River.
Maj. Thos. B. Lee, our former Chief
Engineer, is in charge of the Columbia
Canal and could not give that entire
| ties required. In severing our connection
! with Maj. Lee the Board take great pleas
ure IN bearing testimony to his great in
dustry, fidelity and ability.
Col. Charles s. Dwight has been elect
ed Chief Engineer of the Road, and has
| taken charge with Mr.. Mitchell as his
assistant, both of whom were highly
recommended in their respective spheres,
/, and so far have given entire satisfaction.
The Board of Directors have accepted
| the City Bonds of Anderson, $25, 900 issue,
in payment of the subscription of that
| amount to the capital stock of our COM
pany.
The Bonds have been printed, are now
being signed up by the City authorities,
and will soon be ready for delivery to the
company. The time not being propitious,
owing to the scarcity Of money, to sell
those Bonds, and believing them to be q
first class security, the Board have re-
| solved not to offer them for sale until
Fall, and have in the meantime arranged
| to effect loan of amount needed upon 6
pledge Of the bonds as security.
The financial condition of the company
is fully explained and set forth in the
Report of w. S. Ligon, Treasurer, which
Is herewith submitted.
w. w. HUMPHREYS,