Abbeville press. [volume] (Abbeville, S.C.) 1860-1869, 1866-06-01
BY w. A. LEE AND HUGH WILSON.

BY w. A. LEE AND t
GREENvILLR AND COLUMBIA RAILROAD.
The stockholders Of the above road held
their annual meeting, in this city, on the
Sd instant. In the present condition ofthis
road, the proceedings and the reports of the
various officers Of the company possess un-
usual interest.
At the meeting, the following resolu-
tions, introduced by Gen. j. w. Harrison,
were adopted:
Resolvea, That it is the sentiment of this
Convention, that the various appointments
to Offices and agencies in G,eenvile and
Columbia Railroad Company should be
made from the needy soldiers; and whcr-
ever qualifications are equal, preference
should be given by the President and Di-
rectors to this worthy class of our citi-
zens.
RESOLVED, That the most rigid economy,
consistent with sound judgment, should be
introduced into, and carried out in, the
management of the affairs of this company,
both in regard to the number of employees
and their pay.
from the reports of the officers, it seems
that the company has neither gained or
lost during the years of the war. The
bonded debt is larger, on account of the
outstanding coupons unpaid, (S2G4 ,o92,-
SOY and Of interest due on bonds having
no coupons, (se7,ooo) amounting in all to
1891, ,o92, so; but a floating debt of not
less than 100000 has been paid. The
reports do not enable us to discover what
amount was lost by the collapse Of the
confederate Government.
In relation to the reduction Of tariffs, the
Committee to whom the matter was refer
red, reported as follows:
"Your COMMITTEES has not had time to
examine, in detail, former tariffs, to enable
it to recommend specific changes or GER
tain per eentage to be taken off. But it is
of the opinion that the former policy pur-l
sued by the Directory in establishing rates
of charges has not had the effect desired
by the stockholders. Therefore, it respect
fully recommends to the stockholders to in.
struct tue Directory to make such q malerl-
al reduction in the present rates as to en-
courage transportation and travel. Al
though i may appear that reduction of
prices isa losing transaction, experience
has shcwn, and it is proven daily, that by
reducing the rates of transportation, the in
crease of production and merchandise trans.
ported will more than remunerate the appa-
rent loss"
From the Presidents report wo learn
that the whole income of the road from
May to December 81, 1865, amounts to
SS2 ,s9o.49. With this income, and with
q small amount received from cotton sold
the road was worked during that time, the
rolling stock somewhat repaired, and the
whole road put into running order, except
the gap from Broad River to Little
ton.
1t is to be noted that, in prosecuting the
work, the Directors, with co1nmendablo
liberality, gave their individual credit to
the amount of $4,000. Without this as.
sistance it is believed that the work could
hardly have been carried on at all. From
the report of the President we extract the
following statement of the bond debt;
"The company at various times has is
sued bonds to the amount Of sl,5O0,o0O.
70 secure the payment of the first $780,
900, it executed a mortgage dated the 18th
day of January, 1854. Subsequently,
about December, 1860, as the bonds secur-
cd by the mortgage approached maturity,
application WAS made to tho State asking
bar to )end her credit 10 the company in
the arrangement of its debt. The applica-
tlon was granted, and the Legislature, by
Act ratified the 2sth of January, 1851, di.
rected the guarantee of the bonds of the
company to the amount of 100000, for
the purpose of enabling i to fund its float.
ing debt, and raise funds to take up It's
mortgaged bonds, securing g the State at
the same time statutory mortgage TO GOV.
er'liability. These are the only liens upon1
abe road, and they amount TO 100000.
Oftbe tnortgaged bonds, ssoo,oOo, there
have been retired aud cancelled SAC, 900
leaving still outstanding $s64,0oo. To
enable the company 10 retire these ths,
TreasupF bas in band ,of: guaranteed bonds
100000: and under the Act Of the Lap