The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1886-05-13
Meeting OF the Stockholders OF The S;lyan
nah Valley Railroad,

Meeting of The Stockholders; of The S;lvan
nah Valley Railroad.
The annual meeting of the Stockholders
ui Tic ;.tga1u.,!, l.,lIrr R,ill.u,l convened
in the Court House oil "Wednesday. i'c
l2lll inst, al / o'clock Il. III. Gen. w. w:
Humphreys, President of the Road, called
the meeting to order, and, upon his noml-
nation, Col. ]. W. Norris was @ eccted
chairman Of the Convention. Mcssrs. j.
T.. Brcazealc and VS.. Ligon were elected
Secretaries AMI the Convention was duly
organized, Il majority of The stuck Of i!'c
Company being present. The temporary
organization was made the permanent Or
ranization. and the report Of President
Humphreys was submitted as follows !:
ANDERSON, S. c., May II, 1856.
10 the Stockholders of the Sara'nah l'adey
Railroad Company: 1t was my pleasure. at
your last annual Convention to congratu-
late you upon the execution of contract
for the completion Of your road. Since
that timc-namcly, in the month of Octo-
berthe work OF track-laying was com:
mcnced at Mccormick and has progressed
as far as Lowndesvillc to which p9nt
trains are now running under such rcgula.
tions, and with such facilities for transpor-
tation of persons and freight as the partial
completion and the progress of the work
will admit. It is contemplated that the
track-laying will be finished TO Anderson
by the middle or last Of July, when the road
erly equipped by the contractor, by whom
it IS now and will in the meantime be opc-
rated. Stations have been selected along
the line at suitable intervals as TO distance
and convenience where houses are now
being erected ut the depot stations for the
business Of the road.
The mortgage of the road, its property
and franchises, heretofore authorized by
stockholders, has been executed, and the
bonds to be secured by the mortgage are
being printed preparatory to their eXecu-
ton and delivery to Mr.. Raoul, contractor,
to iron and equip the road. The entire
issue will be between $3.50, 900 and $780, 1000,
an increase OF about $50, 900 over theamount
originally offered to finish the road, occa-
stoned by advances of the contractor to
complete the grading. The Company will
then be prepared to settle with the contrac-
tor when the road is finished.
Since your last annual meeting, Col.
James M. Latimer, your former President,
and afterwards Director, has died, he
completed, and the last Of the work having
been done at Lowndesyille, he testified bis
pleasure by celebrating the event. The
revival of the road under its present char
ter originated with him, and from the
preparation and adoption Of the charter to
the day of his death he was steadfast,
faithful and earnest in his devotion to its
interests and advancement. A committee
was appointed at your special meeting in
December last to prepare and submit to the
Convention resolutions commemorative OF
his services TO the road. The vacancy on
the Board created by his death has been
filled by the election by the Board of Mr..
G. t. Tolly, Mayor of Anderson, as q
recognition as we'll of his fitness and Of
his zeal for the road, as Of the large sub
scription made by the City of which he is
the official head.
1 regret also, to announce to you the
resignation from the Board Of Mr.. w. G.
Watson, which occurred in April last.
He has been an earnest and consistent
friend Of the enterprise from its inception,
and in all its trials and vicissitudes was a
faithful and efficient member Of the Board,
and his colleagues deeply regret that his
private business made it incumbent Tor
him to take this step.
| wish to call your attention to the pres
ellU awkward and unnecessary representa-.
ton in your Conventions OF the original
Township subscriptions of stock, and to
suggest the adoption Of proper measures to
get rid OF it. Such representation was
necessary under the charter to perfect and
continue the organization until the stock
subscribed by the Townships was paid in;
but these subscriptions having been paid,
and the charter having provided for the
conversion of tax receipts of the individual
taxpayers into certificates of private
stock, there is no reason why all the stock
should not be thus taken up; and if this
were fully done the Townships representa-.
ton would doubtless cease by operation OF
law, US there would be nothing left for their
delegates to represent.
1t will perhaps be necessary in this con-
nection to enforce the conversion of tax
receipts into certificates of stock, by pre-
scribing q period of limitation within
which they should be converted or ell Sc the
stock be forfeited. Whether the Conven-
ton can in and by itself adopt eflectual
measures to accomplish this object, or
whether it will be necessary to resort to
the Legislature OIL the subject, is matter
leave to your consideration.
herewith transmit the report Of the
Treasurer, showing the financial condition
OF the Company,
Respectfully Submitted,
w. w. HUMPHREYS,
President S. v. r. r.
The report was received as information.
The report of w. S. Ligon Treasurer was
then submitted as follows, and referred to
an auditing committee, with MIR. j. D.
Maxwell as chairman, and approved:
TREASURES REPORT.
". S. Lgon, Treasurer, Ia account rah the
,Suyan,mh EdHcy Railroad Co..
DIR.