|
{From the minutes of the
Directors' Meeting of the Spartanburg & Union RR, February 12, 1861} |
| |
| Spartanburg S. C. "Walker House" |
| Feby 12th 1861 |
| Directors met at "Walker
House;" present John L Young Presdt Protem, Messrs Bobo, Evans, Millen,
Keenan, Jeter, Dawkins, Legg & Scaisse. |
| ***** |
| Mr J. R. Straughan's letter of resignation
was read. |
| On Motion of T. N. Dawkins, |
| Resolved, That this Board accepts the
resignation of J. R. Straughan as President and Superintendent of the
Spartanburg & Union Rail Road. |
| Resolved, That this Board regret the
circumstances which in his judgement, rendered it proper to tender his
resignation; they nevertheless fully concur in the policy and expediency
of the course he has seen fit to adopt. |
| On Motion of Mr Keenan, |
| Resolved, That this Board proceed to the
election of a President. |
| Resolved, That it is the sense of this
Board that the office of Superintendent be dispensed with for the
present. Passed |
| The election for President having resulted
in the choice of T. B. Jeter, Esq. |
| On Motion of Mr Keenan |
| Resolved, That the Board now proceed to
the Election of Director to supply the place vacated by the selection of
T. B. Jeter. Passed which election resulted in the unanimous election of
D. Goudelock Esq. |
| On Motion of Mr Keenan, Mr Jas. N.
Dunlap's letter of Resignation {as Secretary &
Treasurer} was taken up and was received. |
| On Motion of Mr Keenan, |
| Resolved, That John L. Young continue to
act as the Agent of the Spartanburg & Union Rail Road Company with the
Post Office Department and he is hereby authorised to receipt for mail
pay. |
| ***** |
| On Motion of T. N. Dawkins |
| Resolved, That Henry C. Hudgens be
continued in the appointment of Acting Secty & Treasurer, upon the same
terms and conditions upon which he is now employed. Passed |
| The Committee appointed by the Board to go
to Charleston and have an interview with D. M. Furman Esq. Prest of the
Bank of the State of So. Carolina, on the subject of our default to
provide at that ban funds to pay the coupons on our endorsed bonds
falling due on the 10th of January last and to arrange with him to stay
protests if possible and save the Company the expense for protests on
580 Coupons; I beg leave to Report: |
| That they performed the duty on the 9th
and 10th of January ultimo. |
| Not being able to arrange with the Bank of
the State to pay the Coupons, or stop protests; one of your Committee
took the responsibility and negotiated a loan with D. L. McKay Esq of
Charleston. Our agreement, on file in the office, is for D L McKay to
pay the Coupons falling due on 10th Jany ult for which he charges us,
for the use of his funds 7 pr cent interest and 2 1/2 pr cent
Commissions; a rate for money, not greater at the time than was correct
for first class paper. |
| This unexpected accommodation enabled us
to meet promptly the payment of Interest on our endorsed bonds in Jany.
and at a very critical juncture to save our Credit; as well as to
overcome all debts and guesses about the probable protests of the
Coupons and its attendant expense and responsibilities. |
| Respectfully submitted |
| John L. Young |
| Acting Prest |