The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1872-02-20
rho south o.ru,,na R.ilro.d.

auu Ne-TEeSiuent lyier. OF tnt6 foaQ,
we CLEAN the following items: Earnings
OF the road, $l.325, ,442; expenses of the
road. $S79. 1858 ,63; balance OF earnings,
$445. .583 81; paid interest on sterling
debt, $75. .397 81; paid interest on do.
mostio debt. e276. lie. O2; dividend No.
A.. $58. 1914; total $4U9, ITO 49,. The
earnings of the road, as compared with
those OF last year, show falling off of
$l46. .578.59; the expenses show reduc-
ton Of $36, ,237.19
The board do not find any causes of
disoonragement in this comparison OF
earnings. ror though the reports of
competing lines, exhibiting much greater
proportionate losses, demonstrate that
we have not suffered from competition;
and as we'll. that certain general causes
have affected tue railroad earnings of the
South. your road, you will remember,
| for two months OF the year, was almost
isolated by a malignant fever. and cut
OIL, IN great measure. from important
sources of revenue by apprehensions an
unintelligible as they were hurtful.
| As before observed, the geueral result
Of the bond and other Indebtedness OF
the company differs in no essential de-
gree from that of the preceding years.
The foreign bond debt, which, since it's
maturity IN 1866, has been in an nnaet-
tied and unsatisfactory conditiun, is low,
the board are happy to report. in posi-
tion which relieves them from all anxiety
connected with it.
With the friendly and valuable CO.
operation of MI. Edward Horsley Pal
mer, actual exchanges of bonds to the
amount of G235, 900 were accomplished
in few weeks. This sun, since in
creased to E239, 900. being considerably
III excess Of the iour-fifths required to
be exchanged before the mortgage deed
was vitalized. there WAS no further oo-
casion for the presence of the President
in England. ali tho holders OF any
magnitude had exchunged-the residue
held III amounts aud by humorous
parties, was only expected to be sent in
slowly, perhaps to no considerable ex-
tent until the January dividend WAS
called for. It is the impression of the
President that tho major portion of the
'outstandings" will then be exchanged
The rapid absorption and consollda-
tion of contiguous roads. aud their un-
mistakable approach to the acquisition
OF our most important connections, left
the board no choice, however financially
unprepared for such policy; not to act
| Wuo w buOALb w u AClSVuul5CTlDLlOQ OF
territory, 80 narrow al to be unable to
afford support for the road, and to dis
astrous injury to the commercial ints-
therefore, hesitate toadopt the bolder.
and, under the circumstances, the wiser
course. They have purchased aud ao-
quired controlling interest in the Ma
con and Augusta aud the Greenville and
Columbia Railroads. The former se-
cures to us the great benefit of free and
cheap approach to the heart of pros
porous and growing section Of Georgia
The latter retains to our road and chief
city O connection whose loss would in
nict injury it would not be easy to esti-
| mate now.
The board, under the influence Of con-
siderations suggested by the reduced
business Of the road, the high cost ut
which nlone large floating debt can be
carried in IL market such as ours, where
money capital is 30 limited, and to a
great extent by the necessity too plain
to be mistaken, of using the means and
credit of the company in pursuance of q
bold and liberal policy, in meeting
efforts to circumscribe our own territory
and divert our business, concluded to
postpone the further declaration of tiivi-
dends for the present.
The property of the company is in
high condition-in condition equal to
any it has known in it's palmiest days
inferior to none in the Southern country.
In the leading articles of Eastward
freight. there is an increase in cotton of
l6,0 022 bales; in live stock. OF s, ,u30 head
in grain, of 8. 235 bushels, and in do
mestics of LAO bales. The revenue
shows an increase Of S29.27I.G6, or
nearly six per cent.
In Westward freight, there is de
crease Of 1919 tons Of fertiizers, equal
to nearly fifty per cent, or loss of re-
venno of $4,000, which, up to the fret
OF September, represented the entire
decrease in the years freight earnings.
AS the spring trade to the interior had
been unusually light. there was every
reason to anticipate large aud prosper
GUS full business, but the appearance of
tho epidemic in this city diverted much
of its most profitable trade to competing
lines. The principal loss was in the
business Of Augusta and upper Georgia,
and tue same cause prevented the in
crease Of business expected from the
| Macon and Augusta Rund