The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1866-11-09
Report OF the Proceedings Of tho
Stockholders or the Columbia md
Augusta Raiirond Company. mf
their Annual Convention, held in
Coiumhia, $. c., Thursday, Noycm-
Der /. 1866.

their Annual Convention hcI,F ;p
Columbia, $. c., Thursday, Novcrn-
Der 4, 1866.
-, COLUMBIA, S. c., November 1, 1866.
The annual Convention OF the Stock
holders of the Columbia and Augusta
Railroad Company, pursuant to tho call of
the lresidcnt, convened III the hall of JAS
G. Glbbes, Esq, Columbia, =. G.
The Convention was called to order, and
VIM Johnston, Esq, President, was re-
quested to take the Chair.
VIM. Craig was appointed Sccretarv
Tho printed proceedings of the last an
nual Convention were read and confirmed.
with the exception Of the name of pani
Qnattlcbaun, which was published az u
Director from Edgefield-- on motion.
was corrected to read from Lccsvillc, s. c.
Motion, by Paul Quattlc cbaum-that the
present Secretary be requested to copy the
published proceedings of tho last annual
Convention on the journal. Unanimously
carried.
Col. L. D. Childs and James G.. Gibbcs,
ESD, were appointed Committee to cx-
| anime proxies, and reported majority of
all the stock represented, which was re-
celved; whcreupon the President. Chief
Engineer and Treasurer rendered their
reports for the fiscal Year 1866.
Tho President, Col. VIM. Johnston, read
his report, as follows:
To the Stockholders Of tie Co2l,a1ia ond
I1USuStO ItUI1OUQ iOnDNNJ.
GENrLEMEN: The President and Direct
ors respectfully submit the following re-
port OF the progress and condition of vour
road for the last twelve months:
1t Is we'll known that, in addition to the
surveys, Il considerable amount OF s:radua-
tlon and masonry were donc on the rostl
during tho wears 1864 and 1865, and paid
Tor IN Confederate Surrcncv, at com,ara-
lively small cost Forces were kept. ut
work until the surrender, soon after which
Il company force was Organized and placed
upon the graduation.
Dy degrees, contractors were engaged
and about 200 hands We're employed in the
prosecution of tho work, from july. 1865.
to your last annual meeting, held in Au-
gusta on tho 5th of October, 1865. Upon
the reorganization OF the company at that
time, 1t was the sense of the stockholders
that the work should progress as rapidly
as possible, and to AZ speedy Il completion
as tho means OF the company aud.thc con-
ultlon OF the country would justify. IL con-
forlnlty to this expression of sentiment.
Ihe Chlef Engineer proceeded to let con-
tracts, until forco of 700 hands wore en-
ployed IN the grading and masonry. This
torce has made such progress, for the last
SIX or eight months, that more than two
thiruS OF the graduation is now ready for
the rails, between Graniteville and Colu.n.
ola; and. by the first of February next. al
most the cntlrc masonry and road bed Will
be ready for tue rails. The bridge across
the Congarcc River constitutes the II heaviest
rock work on the road. 1t will be about
1,0GJ feet long, and is intended fox an iron
superstructurc.
Tins work Is rapidly progressing under
the euterprislng contractors, Mcssrs Hen
derson and Martin, and will be ready for
the superstrncture before the LIST uf Feb.
ruary next. For more detailed infornlntior
i'll regard to the condition of the ,yorI,
ia +,
tho Chief Engineer, herewith submitted.
AS tho subscription to the capital stock
was made when the currency wa, mate
rally deprecated, the stockholders. at their
last annual meeting, resolved to reduce
the capital, which amounted to 81 g}; 97l.
to one-fourth of that amount. THIS made
the stock account S4S3, ,4o2, when brought
to Its actual value. Subsequently,. addi-
tlonal subscriptions to the stock have been
made to the amount of over sc, 900. max
ing the capital subscribed over $500. 600.
This amount will still be increased by the
stock to be issued i'll payment of contract
ors for labor and materials when their con-
tracts are completed.
For more specific information in regard
to the receipts and Disbursements. az we'll
as the general financial condition OF the
COMPANY, Your attention is invited 10 Tho
report and exhibits OF the Treasurer
With the assets of the COMPANY on hand.
and the amount still due for cotton and on
stock, with tho sums that the friends of
the road are assured will be subscribed at
the terminal points and by the citizens
along the line, in cash and in payment of
work and materials, it is believed that your
stock subscription Will amount to between
s7OO 900 and SS00,OO0 before the compile
ton of the road
With this basis on :; road 40 command
ing III position, connecting two important
cities, constituting 4 main link in what is
destined to be the principal line of through
travel from New York to New Orleans
penetrating a fertile healthy and beautiful
country, yielding fine local business, it
Will surely have the credit to supply all tho
materials necessary to its completion. Tho
principal portion of these r1ay be pur-
chased on L credit Of six or eight months
after delivery, by which time the road can
be finished, trains run through, and its
command their value, and the debt can be
funded by q sale of the same
Since your last annual meeting your
Directors, i'll conformity with the provi-
slons OF tho charter, authorized Tie Presi-
dent, when necessary, to issue bonds of
the company to an amount not exceeding
81 ,0U0, 900, secured by u mortgage of the
road and franchises with all its rights and
property of every kind AS the company
| still has some means on hand, and has not
borrowed one dollar or paid any interest
or commissions, the execution of the mort
gage and issuance OF the bonds have not
| been necessary.
| In the purchase of the rails, this will be-
como necessary, and it is recommended
that tho stockholders confer the same
authority upon the President, whenever. in
his opinion, it may bc necessary to COM
plete the road. The charter authorizes