The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1869-02-07

absence: Berry, Hyde, Lomax
AT $40 P. NJ, House adjourned
The South Carolina Railroad Compan
The Charleston Ne,rs publishes the follow.
ing extract from the annual report of the
President and Directors of this company
pany, to be submitted to the stockholders
at the annual meeting on Tuesday next:
The earnings of the year are as follows
From freight, S96l, 7O4. 80; from passengers,
1910, 77S.47; from mails, $40, ,575 on; from
other sources, 81, ,904. 10, total 81, 294, 961 49,
The operating expenses for the year have
been $697, AT. 40. In addition to the net
earnings, S597. 514.4 40, there was received
from sales of old material and reduction OF
stocks of materials $46, 724 sc, making to-
gether 1914, 239.35, out of which was paid
for interest on debt, damages and stock
killed, $239, 979.04 leaving a balance OF
S4O4, 260.31, applicable to renewals and re-
ductlOn of Indebtedness. Out of this there
was paid: Cost of rails, $50, GIG. 12 cost OF
restoring motive power, $26, 276.6 60; cost OF
constructing one first and one second class
passenger and thirty-seven box, platform
and stock cars, So, 1867; cost of one
shifting engine, $4,000; cost of land pur-
chased, 50, 1861 &C.; settlement of Confede-
rate claims, SAT, 1868. As; in the aggregate,
SI65. 699.22; leaving balance of $685.
56109.
The following shows the amount of cal
power: First class passenger, twenty-five
second class passenger, baggage. &C, eigh,
teen; box, 2S4; platform. seventy; stock,
six; total, 400
mined to offer to the sterling bond holders
of the company, in exchange for their pre-
sent bonds, new first mortgage bonds, bear
ing five per cent. interest. These bonds to
be excbangeable 1T the pleasure of the com
pany, for similar bonds bearing, seven per
cent. interest In currency; the bonds to be
payable within twenty years. payments to
commence at the end of ten years and to be
continued semi-annually until the whole
debt i' paid. This met with the prompt
and cordial acceptance of the bond holders
on this side, and the Hon. Mr.. Furman was
despatched to Londonfor the purpose of max
ing the exchange with the foreign bolders
MIR. Furmau's progress has been delayed by
technical difficulties, but the board have
now but little doubt that the negotiation
will be successfully completed.
Notwithstanding the large sums spent fol
rails and the like, the balance of indebted
ness OF the company shows q reduction oi
$3.50, 56l; the net income after dcductine
the operating expenses, cost of renewals
&c, as already shown. But this does moi
show the real amount applicable to the re-
dnction of the company's debt; for many OF
the bonds and other securities bought ur
and held by the company, though they cost
much less than par, may be counted at pal
in our estimates of the reduction of debt
The domestic bond debt has been reduced
by retirement of past due bonds, and cash
payments to the extent Of $50, 1867, and
has been increased by issues of new bonds
for retiring bonds and purchasing securities
and by balan,e of arrears of interest to the
extent of $12G, 800. 81. So that TIC domestic
debt is now 81 ,5s5, ,296.O6; against, in 1867
81, 492, G32. 90; increase, $92, 1903 H.
The true outstanding balance of bills
payable is $50, ,704. n, and consists of obliga
tions given for purchases of rails and other
supplies.