The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1869-02-05

of the tonnage OF 1867, tho expenses of the two
years differ only in the small sum OF S47S1 81,
CT less than one-half Of one per cent. This IS
enough to prove beyond dispute the economi-
cal character of tho management OF the road.
The gross earnings being. ,sSI ~
And operating expenses. ..ey''44f ~
The net earnings '.osIoif ~
Net earnings ..6l',7'' 10
Decrease in 1862 ..Sle'Ss2 od
| This is an astonishing result when the d'ff-
culties of the road, the increased business, the
decreased rates, and the active competition at
all important points are taken into considera-
ton.
EXPENDITURES.
In addition to the net earnings, S597, ,5l4 49,
there was received from sales OF old material
and reduction of stocks of materials SIG, 724 81,
making together s644. .2S9 35, out OF which was
paid for interest on debt, damages and stock
kill d $3.50 979 OIL, leaving balance OF sa04,-
26O 81 applicable to renewals and reduction OF
indebtedness. Out OF this therowas paid:
Ccss OF rails s57,sl6 IL
Cost OF restoring motive powor. 262'6 g.
Cost of on<tructng one arst
and one second-claM passen-
ger and thirty .seven box. plat
form and stock oars. s.......... 3S.376 81
Cost OF one shifting engine..... 26eo 90
Cost OF land purchased. 2f66 66
Settlement Of Co n Re deratc
clsins. ns.,............... 4T,863 45
In the Aggregate. s165. 500 %
r,,vipp balance eeor.........s Of. SAYS, ,5s1 u0
RAILS AND ROLLING STOCK.
Tho general expenditures for road purposes
have been for new rails and cars-s115. 600 hav-
ing been spent for that purpose. The stock OF
good box cars is 10 bo made up to 800. Tho
following shows tho amount of car power
First-cass ras enscr 22
second-cass passenger, baggage, &c........... IL
Box.
Platform. .......................: .'....''..'' ~
Stock. ...............'..''..
Total. ....... ....................
TIE DEBT.
Tho board report that thoy had determined
to offer to The sterling bundholders OF the COM
pany, in exchange for their present bonds, new
first mortgage Londs, bearing 5 per cent. in
terest. These bonds to be exchangeable at
the pleasure Of the company, tor similar bonds
bearing 7 per cent. interest in currency; the
bonds to be payable within twenty years, pay
monts to commence ut tho end OF ton years,
and to be continued soni-annually until the
wholo debt is paid. This met with the prompt
and cordial acceptance Of tho bonaholders Oh
this side, and the Hon. NJ. Furman was dis
patched to London For the purpose OF making
the exchange with tue foreign holdors. Mr.
Fuimans prosross has been delayed by tcchni-
cal difficulties, but the board Lavo nov but
little doubt that the negotiation will be sue
ce$srully completed.
REDUCTION OF DEBT.
Notwithstanding the large sums spent for
rails and the like, the balance OF indebtedness
OF the company shows q reduction Of s299 SCI
the net income after deducting the operating
expenses, cost CT renewals, &C., as already
shown. But this docs not show the real
amount applicable TO the reduction of the
company's debt; for many OF the bonds and
other securities bought up and held by
the company, though they cost much less
than par, may DO counted at par in our
estimates Of the reduction Of debt.
Tho domestic bond debt has been reduced
by retirement Of past due bonds. and
cash payments to tho extent OF $50, ,1e6 81. and
has been increased by issues OF new bonds for
retiring bonds and purchasing securities, and
by balance of arrears OF interest to the extent
of s122 829 81:
So that tie domestic debt is now. 5as 996 oG
Against, IN 1861. i7..................." 1.4o2G32 P2
OF tho investment iu-d, tho following items
arc particularly applicable to bonds payable:
Securities at their face s2ll 0O 09
S. curlties at their m1rLot yaluo. 67.cov 90
Total .........................s27S .s27S 600 90
The bills payable account in 1867 was. -. s3l7 1875 10
Asd is now $4,000 GO
Reduction. on....................... .s229, IDS so
Add outstanding note for purchase OF se-
cuii:lcs which will form part of os-
sets. ets......................... 2f,SoJ,oS
Total reduction. n..................... .SZ1o 4oi %
We may then sum up the amount ap licablc
TO the reSuctlol of the bond debt. and the a.
tualreduo ion OF bills payable AZ follows:
Investment fund.-. ................ .s27S,oco
Less increase In domestic debt. 80 6t3
s,ss7
Reduction in bills payable. 25s 4sl
TOTAL REDUCTION. ...................sA4i,ol
The true outstanding balance OF bills paya-
bio is s6O, ,704 II, and consists of obligations
given tor purchases OF rails and other sup
plies.
DIVIDENDS.
In regard to dividends, the report says:
Tho board are convinced that the true inter
est of the stockholdcr lies in tho combined up
nj cation OF net earnings 10 the reduction of
debt and improvements OF property. all coming
bnck 10 tbom in tho increased strength thereby
acquired to neot the storms Of competition
aud oppost on, and the increased ability so
obtained to txtend ACCOMMODATION and swell
the business OF the company. But they know
full woll that the wants OF the stockholders arc
mlny and heavy They sympathzs Will those
wsnts most heartily, and. therefore. regard it
MI IMPERATIVE duty to devote their most cara
est efforts 70 tho adjustment Of the past d1e
,1,L tharA III aYISt