The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1869-04-20
CHI Es TON.
TUESDAY MORNING, APRIL 20, 1869.
The Greenvi1e and Columbia Railroad
Company.

for the year ending December 81, 1868, shows
that the gross earnings from all sources we're
$345, ,543, from which are deducted $780,
2S1 for current or ordinary expenses and
$40, 600 for rebuilding and improving loco
motives and cars, rebuilding trestles and
bridges, and for the permanent improve
ment Of the road, not properly included in
the working expenses, leaving net income
of $129,312. This net income was applied
to the payment of accounts chargeable to
maintenance of way and conducting trans
portation prior to 1868, and to the reduc-
ton of bills payable. All the pay rolls for
1868 have been paid, and the materials used
in that year paid for.
The earnings for the past year were
greater than the earnings of any previous
year except 1859 and 1860 and the three
last years of the war. The number of pas
sengers carried in 1868 was Al, PA or 49, ,0l3
more than in 1867, and the number of bales
of cotton As, or l5,S2S bales more than
in 1867. These results, President Ham
NETT says, 'must be gratifying to oil inter.
ssested in the prosperity of the road and
sthe country through which it passes, and
''clearly demonstrate that the road has
'"passed through its greatest trials and
odifficulties, and can in the future sustain
s'and protect ITSELF
1t is expected that the earnings for the
present year will be largely in excess of the
earnings of 1868 For the quarter ending
March 81, 1869, the gross earnings were
$780, ,677, or SIG, 1905 more than the earn
ings of the corresponding months of 1868
No less than 6OO0 tons Of guano and other
fertilizers were sent up the road in the
same period, and, notwithstanding the
large increase, "all freights have been
'promptly forwarded to their several points
ssof destination. through arrangement
ssmade with the South Carolina Railroad
"Company, by which freights, both up and
"down, are sent through without breaking
."bulk in Columbia, has also facilitated the
transportation of freights to a very con-
"siderable extent"
The increased business looked for during
the year will make necessary an addition
to the rolling stock; but this is expected
to be obtained by repairing and rebuilding
old locomotives, and by building new freight
cars, all which can be done without large
additional expense except for material,
some of which is on hand. Since January
last $50 tons of new rail have been pur-
chased and paid for, and are now being laid
down; and it is believed that much Of the
worn iron may be replaced in few years
sswithout reducing the net income below
sspoint which will be necessary to meet all
"e1penses and pay all the interest on the
.s'bonded debt, when readjusted, promptly
s'as it natures" During 1868, 65.262 CROSS
ties were put into the road, including s947
for the Blue Ridge Road. This road is still
worked by the Greenville and Columbia
Railroad Company, the business of the
lOEMtI lluO UCLmCCA hAQC1oOu dho w dlnhiin
having almost doubled since the beginning
of the lease. This, says President Ham
met, sis some slight indication of what may
"be expected when the entire line is COM
"pleted to Knoxville; an event which we
"should look anxiously forward to, and
(which we have reason to believe will be
accomplished in very few years, or as soon
stas it can be done in the ordinary course
sof railroad construction"
A condensed statement of the history of
the road and its present condition, gives the
following as the total cost:
1649 miles Of road, with branches,
outfit, real estate, shops and out
ht. ...........,......... S3,Uol,Zl3
Stock OF other companies. ........... 8O,475
Cost. .................... .SS,lOl,fUo
Capital stock paid in................ 1,510.374
Excess of cost over capital paid in. 81 .651 ,4s3
The original bonded debt was as follows:
First mortgage bonds 1S52-54.......s 300, 900
Debentures (not mortgage) 1856 and
1858. ACKNOWLEDGEMENTS. G0O,O0J
81 900
In January, 1861, the State agreed to
guarantee the bonds of the company 70 the
amount of 5000, 900 to retire the first mort
gage debt then maturing and to fund the
floating debt. At the end of the war, the debt
of the company was only partly readjusted,
the unsecured debt was falling due, large
interest account had accumulated, the road
depots and bridges were seriously injured
or destroyed, and the country which should
support the road was prostrated. In 1866,
therefore, the Legislature authorized an
additional guarantee of 100000, of which
$3.50, 900 was to be applied to fund the in
tercst on the mortgage and guaranteed debt,
at par, and $3.50, 900 to adjust the bonded
debt-outside the mortgage of 100000
with interest. The acts of the Legislature
contemplated, therefore, a guarantee of
$1,500,000, which was then sufficient to ar
range The whole bonded debt, and would
leave but one mortgage, that Of the State,
upon the property of the company. The
company again proceeded to readjust their
l.lt l...