The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1869-02-06

10, OA Il " MIA NlOh ~
year just past, they can see no difficulty in
greatly reducing, il not entirely extingulshing,
the floating debt. That accomplished, and
such an arrangement of the past due bonds re-
allied as will enable the board to act wlthouf
embarrassment, no reasonable difficulty wouiG
be IN the way OF commencing the payment o.
eThe board now, as then, are convinced that sho
true interest Of the stockholderli lies in the COM
bined application OF net earnings to the reduc-
ton OF debt and improvements of property, all
coming back to them in the increased strength
thereby acquired to meet the storms of ofcompeti-
tion and opposition, and the increased ability 30
obtained to extend accommodation and swell
the business OF the company. But they know
full we'll that the wants of the stockholders are
many and heavy. They sympathize with those
wants most Heartily, and, therefore, regard it
an imperative duty to devote their most earn
est Efforts to the adjustment OF tho past due
debt. That accomplished, there would exist
no reasonable difficulty IN the way OF resumng
payment Of moderate dividends.
GENERAL REMARKS.
The general causes to which this report re-
ferred in its commencement as having produced
much apprehension in tho beginning Of tho
year, have happily, at it's close, been essentially
diminished, as exhibited in gratifying IN
crease Of western tonnage and travel, and q
full maintenance OF eastward bound freight
compared with 1867.
The purchasing capacity Of the country nav
ing been vastly increased by the sale Of it's pro.
ductlons at prices nearly one hundred per cent.
abo1a those of last year. and the peouniary
comparably superior to any that they have
known since the close of the war, the board feel
that they hazard little in entertaining the most
favorable anticipation oftheir spring business.
They have confident expectations tha tit will be
large and profitable, and that it's increased ac-
tivity will not be confined to one branch, but
will extend to all the departments.
l. s.>. 40, l,,.o Al~rs
against vigilant and vigorous opposition at
every important point, but their ability to do
so has been proved; and as the power or the
company is increasing at least in a ratio with
full confidence in the strength of the road to
maintain it's full share OF business, and protect
the interests of the city. Our sea connections
with the principal cities North arc better aud
efforts to establish first class semi-monthly
limo of steamships to England promise the
most gratifying success.
From these sources we derive our greatest
strength in maintaining and extending the bu-
siness of the company. Properly cultivated we
believe them capable Of increasing it almost
indefinitely, and believing so, warmly recon-
mend them to the attention and encourage
ment OF the stockholders.
Tho directors respectfully announce to the
stockholders, that q vacancy has been made at
their board by the resignation Of the Hon. AL
fred Huger. Their acceptance of Mr.. Huger's
AOeIcA VI IcSlSHdJ WIS only III view OF tn0lr
conviction that such was his earnest WISH
Their high consideration and profound respect
for friend and colleague who, for twenty-five
years. has shared with them the responsible
ties and labOrs of Office, are sought to be ex-
pressed in the proceedings Of the board at its
last meeting, which proceedings we ask leave
to append.
In concluding this report. the directors de-
sire it to be no mere idle form of words, when
they take occasion to express their high appre-
cation OF the ability and zeal OF their general
superintendent and his associates.
Respectfully submitted.
w. J. MAGRATH, President
Board of Directors of the South Olrolina Ral.-
road Company. held in the City Of Charleston
on the 20th ia luary, 1869, the following reso-
lutions were unanimously adopted:
wishsa ssosolnS 81 aoas II S9%psnss With shs
in his letter OF the 9th instant, his resignation
from this board is respectfully assented to.
'Resosoed, AS the unanimous sense OF this
years, during which Mr.. Huger has uninter-
ruptedly held o seat among then, his high
character and able eounsels have at all times.
contributed essentially to the reputation of the
company, and to the successful management
of their affairs.
'Reso1ucd, That the President be and he is
hereby requested to tender to the Hon. Mr..
Huger 1. travelling ticket for life over the
several roads Of the company.
'From the minutes.
J. r. EMERY, Secretary"
Report Of the General superintendent.
OFFICE GENERAL SUPERINTENDENT
South CAROLINA R. r. Co.,
CHARLESTON, s. O., January 8, 1859.
To The President and Board of Directors of
the south Carolina Railroad Company !:
GRNrLEMEN-I have now the honor of sub
mittng to you my fourteenth annual report as
your general superintendent.
AS heretofore, propose to preface the moro
material part Of 1t by general reference to
the earnings OF the past year and to the expen-
ses incurred in operating the severa! depart.
ments, under my supervision, employing, as
usual, for the purpose, the information afford
ed in detail by che auditors statements.
The earnings from all sources for the year
are stated by him to be 81 1874 961 49, In the
year previous (1867) they were ST. 316 QQ6 so.
This shows deficiency in 1868 OF $21, ,O44 81.
Upon comparison OF the several divisions of
pears to have resulted from
First, o decrease In up freight Of 1854 sS7 54
passage DOLL 78
down passage "a, 800 81
! Total decrease . .s1O9, 1888 90
Second. an increase from down
Freight. .$86, ,123 50
Mails ............. ,6N 64
lnCldentalS .......... 1894 16
Total increase. ............ SO IA SO
Producing the deficiency as stated. .s21 O44 81
This falling off IN earnings is partly attribut-
able to further reduction in our freight
tariffs, the decrease of transportation on ac-