Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1866-11-21
Columbia a. Augusta Railroad.

The anpual convention of the Stockholders
of the Columbia and Augusta Railroad as
semblcd in Columbia, on the 1st inst. The
President, Col. WIN. JOHNSTON of Charlotte
was called to the Chair, and. Col. VIM. CRAIG
Of Augusta appointed Secretary.
After the Convention was organized, Col
JOHNSTON the President, read his report, as
follows
To the Stockholders of tie Columbia and
augusta Railroad COmDany:
Gentlemen: The President and Directors
respectfully submit the following report Of
the progress and condition Of your road for
the last twelve months:
1t is w,ll known that in addition to the
surveys. a considerable amount Of graduation
and masonry done ON the road during the
years 1864 and 1865, and paid for in Con-
federate currency, at comparatively small
cost. Forces were kept at work until the
surrender, soon after which company force
was organized and placed upon the graduation.
By degrees contractors were engaged, and
about two hundred hands were employed in
the prosecution of the work from July, 1865.
to your last annual meeting, held in Augusta
on the 5.h of October, 1866. Upon the re-
organization of. the company at that time, it
was mt sGIIsc Of rTc st5cKIc ID derss z4he
work should progress as rapidly as possible,
and to as speedy a a'complction as the means
of tie company and the condition of the
country would justify. In conformity to this
expression of sentiment tie Chief Engineer
proceeded to let contracts urtil force OF
seven hundred hands were employed in the
grading aud masonry. This force has made
such progress for the last six or eight months:
that more than two.thrds Of The graduation
is n3w ready for the rails, between Granite
vile and Columbia; and by the frs: Of Feb
ruary next almost the entire masonry and
road bed will be ready. for the rails. The
bridge across the Congaree river constitutes
the heaviest rock work on the road. H. will
lie about. l,00C feet long, ard is intended for
an iron super-strucIuro.
This work is rapidly progressing, under the
enterprising contractors, Mcssrs. Henderson
and Martin, and will be ready for the super
structure the lst of February next. For
more detailed information in regard 10 the
condition Of the work, your attention is invi-
ted to the report oi the Chief Engineer, here
with submitted.
AS the subscription TO the capital stock was
made when the currency was materially de
rrcci.,cl, The stockholders. at their last An
nrsl. Meeting resolved to reduce the capital,
which amounted to 81, ,933,911, to one-fourth
or that amount. This made the stock ac-
count S4S3, ,492 when brought to its actual
value. Subsequently, additional subscriptions
to the stool, have been made to the amount
Of over $4,000, making the capital sub
scribed over S5OO,000. This amount will
still he increased by the stock to be issued in
pavment Of contractors for labor and materi.
ais when their contracts are completed.
For more specific information in regard To
the receipts and disbursements, as well as the
general financial condition Of the Company,
your attention is invited TO the report and eX-
bib;ts OF the Treasurer.
With the assets of the Company on hand
and the amount still due for Cotton ard on
stock, with the 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 sub
scription will amount to between seven and
eight hundred thousand dollars before the
completion of the Road.
With this basis on Road so commanding
in position, connecting two important cities
constituting q main link in what is destined
to be The principal line of through trave
from New York to New Orleans, penetrating
fertile, healthy, and beautiful country, yield
ing a fine local business, it will surely have
the credit to supply all the materials neces
sary toits completion. The principal portion
of these may be purchased on.a credit OF 81,
or eight months after delivery, by whichtim'
the Road can be finished, trains run through
and its credit established, when its bonds vii
command their value and the debt can b
funded by sale Of the same.
Since your last annual meeting your Direc
tors, in conformity with the provisions of tn
Charter, authorized the President, wheI
necessary, 10 issue Bonds Of the Company t
an amount not exceeding one million dollars
secured by mortgage Of the Road and fran
chise with all its rights the property of ever.
kind. Aa the Company still has some mean
on hand ard has not borrowed one dollar 0
paid any interest or commissions, the execu
ton of the mortgage and issuance OF, th
c Bonds have not been necessary.
In the purchase of the rails this will bc
0 come necessary, and it is recommended the
n the Stockholders, confer Che same authorit
c upon the President whenever, in his opinion
i it may be necessary to complete the ront
. The Charter authorizes the Directors to issu
Bonds and execute mortgage, bat the az
might derive additional confidence from IL
authority of the Stockholders.
While it is believed that six or. eight hui
J. dred thousand dollars of Bonds will be sufl
70 cieut to complete the work, it is very desir
/, bic to make the authority ample, in, ord
= that only one lien and one class of Bone
&c may be issued, and all embraced in one gen
,e raj mortgage upon the entire property Of Il
g. g. Com pany. Much embarrassment has arist
~ to other Railroad Companies from, Yario
liens and different classes of securities issu,