The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1871-02-09
5l,sssls sl47,s4s 20 so5,s1l,1 J
opssassss ppenses.s......s4s,777 . So s.sssss OF


s51,ssas sl47,s4s 20 so5,sll IS
opsaass penses. ses.s......s4s,777 5s ssssss 81
s5,o56 ST S 57,ss5s5
Excess OF income for 1870. S622 29S 's
sengers in 1870 are five times the recspta for 1869,
Whie the increase OF freigh' IA rather less than
one aud ttiree-quarters the receipts Of 1852.
This disparity must be accounted Tor ~ the
incomplete state OF the road. the want OIL c0anec-
Ton with the Atlantic and Gulf Road at SaSan.
nah. and the want OF bridge over the Ashley
River. at Charleston. The comp any has not been
In condition the past year TO- make either OF
these necessary connections, built Is hoped that
measures Will he speedily devised for securing
these indispensable Improvements.
The completion OF ths Port Royal Railroad,
which Is confidently expected during the current
wear must increase our business to such ansex.
tent as TO render ferry over the Ashley very 10.
convenient and expensive. Indeed, 1t Will be
impossible to accomplish the work with one
steamer. -.
More than twenty live miles OF iron Is laid, aud
the track Is In good condition; most OF the heavy
grading ID finished, and crnss-tles for more than
sixty miles OF road have already been delivered.
Ihave been informed-by the engineer 10 charge
that the work is TO be prosecuted with yigor. anp
win be finished and In readiness for next fall's
business.
across the Savsflnah Fiver,sat or aooveSiseere
Ferry, was passed by both houses Of the Ge .rgia
Legislature. The Governor vetoed the bill, IL Is
hoped under msoonceptlon OF Its object. Mea-
sures will bs taken to pass the bill In the next
Legislature, and 1t Is believed that the authority
viii be granted. A similar blll was presented IN
the Legislature Of this State to construct road
from the Savannah River to Yemassee, on the
Savannah and Charleston Railroad. 1t was re-
ferred TO the committee On railroads but no report
was made upsn 1t. Measures have been taken 10
resuscl,ate this bill, with good prospect OF sue
cess. A project 80 important and 80 necessary 70
the Interests or trade and commerceshOuld com
mend itself to every legislator OF enlarged views.
No aid Is asked from either State TO construct the
road from YemaSsee 70 Millen, but simply the
privilege Of supplying llnS Walen VIII @ane "a
Marshall, Texas, which Is the terminus OF the
Southern Pacific. Such connection Is great
public requirement. and cannot be long delayed.
A new and most important connection Is
proposed by Mr.. VIM. p. Clyde, OF New York.
He proposes to run frst.olass weekly passen.
ger steamer bstween Cedar Keys and Havana.
This route viii be much more expeditions than
the present one, and will involve sea voyage or
only thirty hours. The matter Is now under con-
sIderatlon by the different railroad companies
interested. with every prospect that tae oo1ec.
will be accomplished. "A contract has been con-
cluded with Messrs. Drane Il Mcdowell to per.
rock over our track from Johns Island Ferry to
the terminus aJ st. Andrews. They have built
track from their works TO our track, and are now
engaged In building wharf on tre Ashley RIVER,
south OF the whari used by the company. for the
reception and shipment OF their phosphaieS
Other parties have. applied TO know u simlltr
privileges will be granted, and the rapid develop
ment orthis valuable trade seems 10 be assured.
The transportation OF phosphates bids fair to be
most important source OF revenue.
Alluson was made in my last report 70 tle
revenue expected to be derived from our colored
population; the result has justified my pre-
n n
tendent will show that nearly three-flths or the
spassengerea transported over our railroad were
colored perSons, and the number shows steady
A carefuhperusal of the report OF tho engineer
and superb lStendent will show the condition. OF
the road ar the comneneemept OF Inc laSt nscai
year, and what has been done since 'owarus re.
construction and equipn2spt. During me year
the reconstruction or the tra,k, draw bridges,
trestles, &C.. &C., has been continued and con.
cluded, an4 the whole work Is now In excellent
and satisfactory condition. The expenditures ior
reconstruction and equipment have necessarily
been verylarge, but they were indispensable, and
the sum % expended is just 50 much addition to
the permanent value OF The property OF the COM
panyteaa the expenditures hereafter VIII only be
for ordinary repairs. The principal items OF ex-
penditure may be stated as follows:
Amount paid for reconstruction OF
road, cross ties. timber, station
houses, machine shops, houses for -
roalhands, car shops, englne house,
rec8hstructioh OF ears aud iocomo.
tiyes, .......................... sl10ll7 90
Two arst-class passenger cas-, new... 10 0Oo oe
Forty new freight cars $1,000 90
Steamer Fannie, and eluipment...... ,Sp0 Oo
Stationary machinery, shop tools, &c. 17,2ll 81
The greater partof this large sum has been ob.
tanned by the aid OF the resources and funds oil
some OF the directors and their friends. and u is
the duty OF the sompany to make some perna-
nent arrangement for their relief.
GENES, III CONDITION Of rHE COMPANY.
~
The whole debt ls.... ,S65,S4s OF
or this amount there Is
already funded in and
Z Der cent bonds. ,ll2, 400 90
Unfunded after applying
the available credlSS.. 253, 400 05
Besides this there akp ascsrtalled Liabilities for
claims for rights OF way, uufunded coupons, &C..
&C., which it Is not possible to state with acopra
cy, though they are known TO be not very large
The difference between these debts and lllolftles,
and the true value Of che company's property,
will show their true condition. Fuls appears ny
the books, as fellows:
Construction, equipment and right OF
war ,oSS 9G8 IL
Due By contractors for over payment
and Liable to be charged TO coustruc-
ton and equipment t............... ~, 3f6 IL
Cost Of road as per books 33s goa "a
Deduct amount debt. l'sSS'Sss W
Value OF stock, as per books. .."..$ s7zi448 10
But 1t does not follow that the cost is the true
and actual value OF the property. l have, there
fore. caused a correct inventory and careful ap.
praIsement Of the actual value Of all the property
|, TO be made. and it 1s appended to this report.
sThe result shows the actual value to
. 81, O94 800 0g
Deduct amount debt. bt.................. 1S65,S49 o:
Difference. Observation-Disclosures. 7!S, $50 9c
For greater certainty and to provide
:. for the contingency OF the out.
standing claims and liabilities dc.
duct the very liberal allowance OF
80 per cent. t........................ 2ls 5a5 2s
s50e,9l5 81
Aud this amount represents the interest o
the stockholders at a value estimated most libe
rally against them.
The property,iwlthout reference to the prospect
i've advantages OF a connection with Augusta and
with Millen, will 1t IL confidently believed, yield
an income equal to seven per cent. on It's deb
and this surplus value OF the property. To do this
net income OF not more tsan $1,000 per mile is
necessary, and this may be reasonably calculated
on.