The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1870-03-04


the Company, at par, and for reasons
] which are fully set forth In the above
report alluded to, of the Chairman o.
the Executive Committee, Cresswel
i d Co., also undertook to advance
! from their own means, within the frs,
eight months, to the Blue Ridge Raj
Road Company. one million of dol
lars. Your Committee, aftor review.
ing all the circumstances connected
with consideration of tho prices al
which the contract was awarded
Crcsswell & Co., especially consider
ing tho price Of gold, the cost of ma.
terials, price of labor, and the furthc,
fact that they were to be paid in
bonds, at par, and which, ut that
time, it is known, could not have been
sold for more than eighty-fve cents
on the dollar, feel compelled to say,
that the prices, in their Judgment
were 1T least not extravagant. II
was, however, shown to your Com.
rnittee that the Company were not
disposed to cxpend four millions OF
bonds on the work, without providing
securities of a similar character for
the whole cost of the road, and ut
that umo it was proposed to ask the
General Assembly for an additional
guarantee TO that amount. This
made it necessary for the Company to
keep within it's control the issue of
the four millions of bonds, until such
time as some action could be taken by
tho General Assembly. The failure
of Cresswcll & Co. to expend large
araount upon the work was severe
disappointment to the Company.
The Intended application to the
General Assembly was rendered pre-.
mature and injudicious, unless the
Company were able to show large
amount of work done, and certainty
that these contracts would complete
the entire road in the space of two
years.
From all the facts and evidence be-
fore them, your Committee are salts
fled that the Executive Committee, in
making the Contract with Cressw ell
& Co., acted with the usual circum-
spection and good Judgment, but
could not guard against tho rapidly
occurring contingencies of fuctua-
tions in the money market, the many
difficulties in the negotiation of bonds,
and tho unexpected and continued
low prices of State securities in tho
great money markets. ..
Tho great advantages which the
company will reap by rcscindiog the
contract with Messrs. C"esswell g. Co.,
ID shown in the negotiations now
making with Mr.. Steers for d portion
of the work, from Walhalla to the
North Carolina line, distance of
about thirty fvo miles, including the
earth works, tunnelling and masonry
at prices far below those stipulated
for in the Cresswell contract. Even
on that portion Of the work the snv.
ing will be nearly two hundred thou
sand dollars; and taking that as a
basis, the chief engineer expresses
the opinion, that the same rates, the
saving on The whole line, at the pres.
ent rates of gold, would be one mil.
lion four hundred thousand dollars
and should gold decline to par with
currency, the saving then would be
fifteen per cent. more.
In'this connection, your Committee
would state that Mr.. Steers comes
highly recommended as an old and
experienced railroad contractor, by
some of the wealthiest capitalists and
directors of Northern railroads, with
which Mr.. Steers was connected Of
contractor,
Accompanying this Report, the
Committee submit statement Of
bonds issued under Act Of General
Assembly, September, 1863.
Your Committee, after a patien,
and laborious examination of all the
records of the Company, do not hesi
tate to express their high apprecia
tiap- af, tho zeal and management O.
this great work, by the President
Gehefal W. Harrison, and the devo
ton he has exhibited in his unweariec
efforts to push it forward to compile
ton. They also take pleasure in tes
tifying to the energy and abilities o
the Chief Engineer, Colonel J. P
Lowe, as manifested by the elaborat,
reports, in detail, Of, the workings o
| his department.. The Committee fee
assured that the officers of the Com
\ pany, and the Board of Director
I have displayed a commendable zeali,
the, prosecution Of the work, an,
they cannot but express the hope tba
Il they will receive that encouragement
from the General Assembly -wbic]