The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1885-11-12
Thus another power has been taken
from the Railroad Commission.

at q meeting Of the stockholders of
the Carolina, Chicago and Cumberland
Gap Railroad, held in Aiken on the
fourth inst, the various officers of the
company submitted their reports, which
showed the enterprise to be ina very
uncertain position with reference to its
prospects of completion. President
Hagood after reviewing the history OF
the scheme, says:
have thus endeavored succinctly to
narrate the history of our enterprise
since its origin three years ago, and it
seems to me that in reviewing it the con-
clusions force themselves upon us:
LIST. That the Construction Company
has not developed the strength implied
in the obligations it assumed and of
itself is powerless to advance the build
ing of the road.
|. I'd. Notwithstanding the energy, ability
and fidelity with which he has labored,
the financial agent, embarrassed by a
long continued depression in the market
for railway securities, and by the failure
of the Construction Company from its
own resources to complete, as was con-
templated, substantial portion of the
road from Aiken Northward, has but
indefinite prospects OF success in his
efforts to place our bonds upon the exist
ing basis Of our affairs. 80 ~ 9:e
Sd. The efforts of the present railway
direction to supplement the failure of the
Construction Company and to strengthen
the hands of the financial agent by build
ing and equipping the South Carolina
division of the railway at least as far as
Abbeville, have not metwith an adequate
response from the parties most interested,
to wit, the people along the line and at
the practical terminus of the road in
Charleston. 81
For the scheme of construction under
which We have been working am re.
sponsible to the extent that I accepted
Office under it after it had been adopted
by the stockholders, and have continued
for three years to endeavor to carry it out.
Having lost faith in its success I cannot,
in justice to myself or to those whose
interests are placed in my hands, continue
the effort. It has had my best exertions,
working within the limits prescribed, and
I now, with full appreciation of the honor
conferred in putting the charge of your
interests in my hands, surrender the
trust.
The stockholders, after transacting the
routine business, adopted the following
preamble and resolutions:
On hearing the report of the president,
ordered that the same be furnished the
Ne.us and Courier, of Charleston, to be
published for the information of all
parties interested in the enterprise.
Resolued, That this meeting take no
action upon the said report, but when it
adjourns, it adjourn to meet at Aiken at
IL m. on the second Wednesday in Janu-
ary next, with view to fuller personal
attendance of stockholders, and mature
action upon the subject of the important
matter involved.
Whereas, the following resolution of
the board of directors has been submitted
to this meeting, to wit: "That the board
of directors, concurring fully in the
statements made and the views expressed
by the president in his report, will
decline reelection and submit the future
of the railway thus disembarrassed to the
action of the stockholders"
Resolued, That the stockholders request
the president and directors to retain Office
till the adjourned meeting in January
next.
The company will probably have an
interesting meeting in January, and We
wish them brighter prospects at that
time.