The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1866-05-20
COLUMBIA.
Sunday Morning, May 10. 1866.
Greenvillo and Columbia Railroad.

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The stockholders of the above road
held their annual meeting, in this
city, OH the Sd instant. In the pre-
sent condition of this road, the pro-
ceedings and the reports of the various
officers of the company possesses un-
usual interest.
At the meeting, the following re-
solutions, introduced by Gen. J. w.
Harrison, were adopted:
Resolved, That it is the sentiment
Of this Convention, that the various
appointments to Offices and agencies
in the G1eenville and Columbia Rail
road Company should be made from
the needy soldiers; and wherever
qualifications are equal, preference
should be given by the President and
Directors to this worthy class of our
citizens.
Resoloed, That the most rigid econ
omy, consistent with sound judg-
ment, 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 cou-
pons unpaid, ($264, ,092.5O,) and Of
interest due on bonds having no cou-
pons attached, 1857, ,OOO,) amounting
in all to 1881 ,O92. so; but floating
debt of not less than $500, 900 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 tariff,
the Committee to whom the matter
was referred, reported as follows:
"Your committee has not had time
to examine, in detail, former tariffs,
to enable it to recommend specific
changes or certain per centage to
be taken off. But it is of the opinion
that the former policy pursued by
the Directory in establishing rates of
charges has not had the effect desired
by the stockholders. Therefore, it
respectfully recommends to the stock
holders to instruct the Directory to
make such material reduction in
the present rates as to encourage
transportation and travel. Although
it may appear that reduction Of
prices is losing transaction, expe-
rience has shown, and it is proven
daily, that by reducing the rates Of
transportation, the increase of pro-
duction and merchandise transported
will more than remunerate the appa-
rent loss"
From the Presidents report We
learn that the whole. income of tie
road from May 1 to December 81,
1866, amounts to $S2, ,89O.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 Littleton.
It is to be noted that, in prosecu-
ting the work, the Directors, with
commendable iberality, gave their
individual credit to the amount of
$4,000. Without this assistance it
is believed that the work could hardly
have been carried on at all. From
the report of the President we ex,
tract the following statement of the
bond debt:
''The company at various times has
issued bonds to the amount of 81,
100000. To secure the payment OF
the first $500, 600, it executed mort
gage dated the 18th day of January
1854. Subsequently, about Decem
ber, 1860, as the bonds secured by
the mortgage approached maturity
application was made to the State
asking her to lend her credit to the
company in the arrangement of its
debt. The application was granted
and the Legislature, by Act ratified
the 28th of January, 1861, directed
the guarantee of the bonds of the
company to the amount of 100000
for the purpose of enabling it to funt
its floating debt, and raise funds t.
take up its mortgaged bonds, secu