The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1869-04-12

| ana granite aICneQ UuuneS VIII lOiiS leIiSii aS
| monuments Of their energy and enterprise.
The Board of Directors levo that the time
has now arrived when additional progress may
safely and prudently be made IN the WAY Oh
preparation for active work.
Although our State securities have not au-
vanced in price as rapidly as we may have ltse.
" hoped, aad arc still far below thc'r 'aiue,
although the money market IN our Rrca. Ua;.eI
is still unsettled and stringent, ana capit',A' pt,'
I still timid and tardy in Its approach so,en-
ward. vet the board arc sangulne III tneir
homes that the bonds OF Chis company au,nof
lied to be issued. resting OF basis OF So III.
an amount already well expended III I-i cons ioJ
ton and endorsed by the state, VIII .;f,' ~
in short time, such rates rs VIII Justify ,i Che
connanv IN progressing with the work. Inc
board wond recommend that immediate steps
he take, for the proper preparation, enSra ~, slls
and execution OF all or portion Oh these
| honds according to tue terms OF tue act Oh
September last, and that mortgage OF ing
nroperty OF the company be also prepared anu
executed. extended 20 as to include and secure
tho entire issue OF 81 100000. 1t is question
| of some moment to be determined by the
stockho .ders, whether the bonds should bear
interest in coin or currency. Many capl-
talists having advanced the opinion that If the
interest on these bonds was payable IN coin,
their market value would be largely enhanced.
The board would also remind the stockhold,
ers that at the last meeting, it was considered
inexpedient to organize the board ace ordine
to the power conferred by the act OF September
last, and the board and officers heretofore
elected have continued to perform The duties
devolved upon them. 1t is, perhaps, time that
some action should be taken in reference to
this matter. AMI for the present simple, eco
nomical and effective organization made: Ihe
salaries of officers should be fixed, and some
early arrangement mado for payment OF arrears
due former employees of the company.
In connection with this, tho board would rec
ommend the appointment or election or two
directors, who, with the president, snoulo con
stitute an executive committee, whicn COM
| mittee should be charged with the proper pre-
paration and engraving OF the bon5s OF the
company, mortgage, &C., to advertise for or
receive bids of propo sails for work, and report
there IN when necessary, with such othef mat
ters usually committed to snch committees.
1t will be seen from the Chief Engineers re-
port, that the most advantageous sale or nse
of the present resources OF the company Will
not furnish the means to construct the entne
| line OF our road, and hence the importance
and necessity. for increasing our capital, SO as
| to insure tho early completion OF the work.
Vigorous measures should be adopted noU, to
obtain the long and justly expected aid from the
great cities of the West. at no previous time mas
the public mind of these cities, especially Cncln-
natl and Louisville, been so thoroughly Mous-
| ed and excited upon this subject Even now,
the Board of Trade OF the former city IS en-
gagged in special meetings, III conslderin
the ways and means to secure promptly and
surely this Southern connection by rail-. we
should not lose this propitlous opportunity to
urge upon them the great advantages oaered
by our route, and the small sum now required
to accomplish their purpose. The Presldeht mas
constantly, by correspondence and newspaper
articles, done all in bis power to convince our
Western friends OF the peculiar advantages
offered them by our company, but he needs
the aid of the able and influential men OF the
hoard and Of this city, in this decisive effort,
soon to be made.
Tho board would call the attention Of the
stockholders to the report Of the Supcrintend-
ent, Mr. Gaillard, and the suggestions there
made. Tho company will be prepared to re-
sumo the regular operation OF tho road from
Anderson to Walhalla in very short time, out
it is perhaps the better policy to allow the
Greenville and Columbia Railroad Company to
use it until the 1st day OF June, III the c1pecta-
ton that that company will make such repairs
as it is thought good faith requires.
The cash resources OF the company 9aye
been restricted 70 the sum OF twontv thousand
dollars, advanced from the Treasury OF the
State in bills receivable. From This fund all eX-
penses have been mot, and 1T will enable us t)
repair the three engines and necessary rolling
stock, and keep the engineer corps in the teld
as long as may be necessary ior tue present re-
suming.
The company should, however, return this
fund to the Treasury as soon as our finances
will admit. respectfully submitted.
J. w. HARRISON,
April g. 1869. President.
Report of the General Superintendent.
CHARLESTON, April s, 1869.
To j. W. Harrison, Esq, President Of the
Blue Ridge Railroad Company
S1R-Since the last meeting of the stockhold-
ers of this company, the Greenvllle and Column
bia Railroad have opera ted the road with great
regularity and success; but for want OF suth-
cient amount of power, and the heavy amount
of freight to move, and the large increase or
thet freight, they have not been able to make
such repairs on the road bed and dlicning
which they should have done; but the officials OF
the road have assured me that tney would use
all their energies to put the road in better
condition before the first of June.
The engine Fort Hill has been repaired at
the st OPS of the south Carolina Railroad Com
pany. and Is now on tho road up tho country.
and cost something over $4,000.
Material has been purchased and machlnlst
has been employed to repair the Chatuga, and
will be put in good order at cost OF about
$500.
The other engine, Che Blue Ridge, is worse
ont of repair than either of the others, having
been burnt by raiders, and the extent OF the
injury cannot be ascertained unless mlnutey
examined at some shop, and it is recommended
to be sent 10 some shop to be examined and re-
paired. :,
The condition of the road is such that it will
require very nearly 1000 cross-ties to the mile,
which woulc put it in first rate condition, as
good as when newly laid; and one-half OF that
amount, say 500 to the mile, would put it in
excellent condition.
would recommend that, owing to the great
difficulty of having repairs done TO the engines
and cars, that the company buy sufficient
amount of machinery to do our own repairs,
and put them up on some point OF the road
now finished. costing some $4,000 to $40 900;
and would also recommend that the company
resume the ooeration of the road by the first
of June next.
II is also recommended that something be
dono to protect the bridges on the road, as the
covering OF some of them are in a bad condi-
ton, aud they are injuring very materially.
Respectfully submitted.
". Fl. D. GAILLARD,
Superintendent.
Report OF the Chief Engineer.
CHARLESTON, s. c., April 8, 1869:
j. ". Harrison, Esq, President Blue Ridge
Po;lro11 GonDnny.