The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1869-02-06
THE SOUTH CAROLINA RAILROAD
COMPANY.
Report of sho President and directors.

Report of ahc President and Directors
OFFICE OF SOUTH CAROLINA RAILROAD Co.,
CHARLESTON, January 20, 1862
To the Stockholders of the South Carolina Rail
road Company:
GENTLEMEN-The Board Of Directors re-
spectfully submit their annual report for the
year terminating 31st December last. Accom-
panying it are also submitted the report of the
General Superintendent and the Auditors
statements.
These papers, to which the attention of the
stockholders is invited, exhibit results which,
it is hoped. will be as acceptable to them as
they are gratifying to the Board.
A short twelve-month ago, however, i'm
pelled by considerations of ordinary prudence
from any expression Of their apprehensions,
the board was seriously impressed by tho
doubtful aspect which hung around the imme-
diate future of the road. The crop Of the
country upon which its fortunes were based
OF its producers ut prices so remunerative
as to leave at once little to contribute to its
purchasing ability. or to the activity Of per-
SO al intercourse-i1 this wiso affecting our
ment of merchandise freights into the inte-
rior, but also III the volume Of travel in all di-
rections.
That these apprehensions were not without
reasonable grounds is strikingly evidenced by
some Of the results which appear in the tables
of departments. It is there seen that in the
movement of westward freight and local pas
sage, the falling off is heavy, and that we are
entirely indebted to our eastward-bound FREIGHT
for an amount of earnings at all comparable
to those OF 1867, and this ability is due not
moro to increased production and low tariffs
than to our much extended and greatly i'm
proved through connections.
The transportation earnings OF the year are
thus stated:
Freight. .$961, ,7O4 80
Passage. ......................3 $40 779 ~
Mails Mails. Observation-Disclosures 20, 595 90
IOUul p ,Ht4,JOl CJ
AS compared with 1867, the difference Is in
favor OF that year but to 80 trifing an extent,
as hardly 10 deserve further notice /; and the
doubtless, be abundanly sufficient to satisfy
the stockholders that the business Of the road
has not suffered except from temporary eau
ses and that these causes have affected tho
degree, o glance at the reports tor 1868,
now before us, of three of the principal
roads South, will afford most convincing proof.
Promising that on this road the falling off Is
$21, ,0I4 81, or 6O-1O0 per cent. we find IN tue
instances above referred to:
In one case o falling off OF $132,418 or II
65-1OO per cent.
= In another falling off of s4se.ess, or 20
29 100 per cent.
And 10 the third falling off OF $212, ,233ss, or
10 66-10O per cent.
Ttre same general casseinaltthcse instances
is clearly traceable in the effects which we
omit to state in this conneetion that for con-
siderable portion of the year, our tariffs to
some OF our best points West have been by
competition lowered to figures unknown even
before the war.
The operating expenses are stated at $897,.
AT 40, and as compared with 1867, the differ
enoe is insigniticant-in amount, $4781. To
the most economical administration possible
Of the departments under this head, the most
unremitted attention has been paid. The force
in every branch Of the service has beon reduc-
ed to the lowest amount consistent with lust
regard to the safety of persons and property,
and salaries and wages to figures which,
so far as our information goes, are lower than
are PAL by companies even Of inferior impor-
tance. Of this fact, the most unquestionable
confirmation is found again in the tables Of the
transportation department. There it will be
seon that whilst the mileage of the trains dur
ing the past year exceeds that OF 1857, 146, $50
miles, or "a per cent, and the tonnage moved
in 1868 exceeds that of 1867, 34,3O7 tons, or
about % per cent, the expenses Of the two
years differ only in tho small sum Of $4781 "a,
or less than one-half Of one per cent. It is
hardly nece ssary to add werd more to estab.
lish for the board their claims to as economl-
Cal an administration as the road has known.
Indeed. go perfectly conscious are they that
here, and here only, are to be found the solu-
tion of the roads difficulties, and it's extrica-
tlon from all embarrassments, that they would
regard the pursuit Of q different policy as o re-
creancy from duty justly censurable.
The gross earnings having been
~, shown to be-. e.........:.:$ 81 ,2A ,961 80
The operating expenses 10 be-. 697 447 40
The net earnings stand. ........ 597, ,514 40
And, as compared with the net earnings of
1867, show o difference Of SIG, 1852 81 in favor
OF that year.
The causes already referred to in connection
with the changes of the ''gross earnings and
operating expenses" have similar relations
to, and IN like manner affect net earnings, and
SO obvious is this, that further observation, it
is hoped, is not necessary. The amount rep
resented as met earnings" it is well known,
and is the fund from which are paid interest,
Investments, debt and improvements. The
disposition OF that balance this year will be
found in the Auditors statement.
For the purposes OF this paper, the follow
ing summary will. perhaps, be interesting
Net earnings as above stated. $597, ,514 40
Add tbe receipts from sales of
old materials and reduction of pre-
vious balances OF stocks OF mate
rials ..... ...............,...... 46,724 SO
Making N together -; -. 1914. .2se a5
This has provided for interest, dam
ages and stock killed, say...:.. ass, ,s7s on
And the remainder: ). !. .s4o4, ,2eo 81
Has been sufficient to cover the fol-
lowing:
Cost OF rails. s............. $50, ,016 IA
Cost Of restoring motive
power. l0,X10 OI
Cost OF constructing one
first and one second
class passenger and
thlrty-seSen box, plat
form and stock cars. =. SO 376 81
COST OF ons shifting en-
(,cat or lspf9a Yrrohoaod o 1Re ca