The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1865-11-01
To the Stockholders of the Columbia
and Hamburg Railroad COMPANY.

AealAcO greater PolIlcal, INulCafN ana
social revolutions in so short period.
These causes have rendered it impossible
to carry on any systematic operations in
construction of the road.
On two occasions over five hundred
hands were at work and contracted for in
the graduation. At one period eight
tenths of the entire grading was let, and
the whole of it could have been finished by
this time, but for the rapid transitions in
the condition of the country.
After the din Of battle ceased came the
abolition of slavery, deranging the entire
labor system of the country. This so COM
pletely paralyzed the energy and capital of
the entire South as to render it impossible
to get contractors. Notwithstanding all
these difficulties, a small force was KEEP. at
work by the Company. This has recently
increased to about two hundred hands, now
at work; and as the confidence and encr-
gies of the people begin to revive, and the
farmers on the line evincc disposition to
take contracts, it is believed force SUI
icient to prepare the road-bed for the rails
by next spring can soon be placed on the
graduation.
In the present condition of the Com
pany's assets, it would be difficult to submit
an accurate estimate of their value For
tunately for the Company, one of its prin-
cipai objects Of investment was cotton.
and notwithstanding the losses by the
casualties OF war, it still holds over four
teen hundred bales. This is in addition to
| what has been sold, and the proceeds ap-
| Piled to the work. Independent Of other
| means, the proceeds of the cotton now ON
hand Will be more than sufficient to COM
plete the entire graduation of the road-bed.
| 1t is, however, manifest that the means of
| the Company, after finishing the gradua-
| tions, delivering the cross-ties and paying
| for the right Of way, will not be sufficient
to purchase any considerable portion Of
the rails. 1t will be necessary to provide
| funds for this purpose as early as NAV be
practicable. Your charter gives ample au-
| thority to raise funds, both by the issuance
Of new stock and the sale of bonds. Tie
| opinion IS entertained that, with your
present basis of capital and commanding
position OF your road, the funds can be
| raised, in fair state of the money market,
necessary for the completion of the work.
The construction Of this road is rendered
| almost public necessity, since the COM
| pletion of the Piedmont Railroad render
ing the distance less by that route than by
any other. Indeed, this road is the last
important link in the great central line
between Washington City and Vicksburs.
and if constructed at a reasonable cost,
must prove profitable investment to the
| stockh olders
All the travel coming South, not going to
OF through Charleston, after passing Rich
| mOnd, whether 1t comes via Danville
| Petersburg, Norfolk, Weldon or Whining
tor will find this the shortest route, VIA
! Co,u:nbla, over yonr road to Augusta; and
so ,;itIl all travellers going North through
Augusta, on all the roads concentrating at
that city, will find it their shortest route by
over sixty miles.
When completed, it then becomes the
funnel of very large stream Of converg-
ing and diverging through travel and trade
at each terminus. Besides, the greater
portion Of the line passes through one of
the most prosperous, wealthy and produc-
tive regions Of South Carolina, while the
| remainder of the line passes through a
| Virginia pine forest of great value to the
country, as we'll as Of great Importance in
the economical construction and maintc-
nance Of the road.
These considerations unquestionably
prove that the road, when finished will
command a very large local, as well as
through business, and, with fair manage
ment, must prove a source Of profit to its
stockholders.
AS the subscription to the capital stock
amounts to 81, ,933,971, and was made and
paid when the currency OF the country was
materially deprecated in value, it is re-
commended that it be reduced to it's real
value. This suggestion is made for two
obvious reasons: to avoid undue taxation,
and to enable the new contractors to take
par in payment of their contracts, as I seve. e.
raj landholders have expressed a desire to
do. 1t is believed that the capital may
thus be materially increased, such is the
confidence in the stock as investment.