The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1873-03-11
debtedness combined ..... 81, ,8O6, lss So
Disposition OF above amount:
Restoration OF road prop
erty 1851, ,634 OIL
Cars and locomotives. 3l0,24s Al ss62,ss2 42
$74s,3O6 81

| eEty ........- .SooZ,o3 vi
Cars and locomotives. 3l0,24s Al $s62,sS2 d
s74s,3O6 81
Water front on Coop
River, and other
lands, being addl-
tlonal acquisitions
of property. ........$l23,S ,S77 06
Macon and Augusta
Railroad, and
other railroad
shares ............ 2s6, ,26O 90
New York, Balti-
Tore and Phadel-
phia steamship
shares res.............. 26s, 1888 SO
Greenvllle aud Co.
lumbla Railroad
Company's first
mortgage bonds. ..... 69,350 90 $748, 800 3S
The establishment of steamship lines to
New York, Philadelphia and Baltimore was as
essential In restoring and confirming the value
| of your property as the rebuilding Of the
road. And the constant danger and almost
daily menace. for several years, that the
Greenville Railroad was about to pass into
hands that would direct all of its business
over the Wilmington and Manchester Road,
rendered close alliance with the Macon
and Augusta Road almost as Important
to US as the steamboat lines. In these views
the stockholders unanimously concurred,
as will be seen by the reports aHd resolu-
tlons adopted In the several annual conven.
tiops from 1856 10 1872, both Inclusive:
1t has been said 10 another place that
the Increase of Indebtedness since 1866
ls...................... 81, ,3l6,S 800 Do
But 1t ls not TO be Inferred that the company
is that much worse off now than it was then.
From the total debt of the company has
always been deducted the assets In hand In
the form of stocka, bonds, &c, 30 as to ex-
hIbit the balance of Indebtedness.
This balance on the lst jan
uary, 1867, was. 8..................$S459 IS 459 ,690 AZ
But there was subsequently added
as part of the debt then existing
s23O,000 premium on large
amount of the sterling debt, for
which settlement In United States
currency was demanded and had
to be made. 100000 90
Correct balance eoflndebtedness of
lst January, 1867. .s3, ,7as, $50 4s
Balance of Indebtedness lst
January, 1872, after deducting
bonds. stocks, &C., 10 hand, as
above described. Observation-Disclosures. 8, $3.50, 679 "a
Your property Is now entirely restored,
aud in more efficient condition than at any
time In the whole period of lts history; your
matured and pressing debts have been to
large extent arranged for and funded 10 new
issues OF bonds at long dates.
Your business has largely augmented, and
the promise of the future Ia more encouraging
than at any time. The acquisition of the
Greeaville Railroad has exceeded In the re-
enlts our most sanguiue expectations.
The income of that road for 1872
was $500, 900
The operating expenses. ............. 800 600
And now that the litigation in which 1t was
involved is at an end, we look confidently to
q most profitable return from this Invest
ment.
The question Of dividends, as far as
the past Is concerned, seems to be plain and
simple. Had 1t been financially possible to
have declared and paid even tour per cent.
per annum during the last five years, the
debt of the company to-day would have been
l,00O, 600 more than 1t is now. What would
tt,o ob n ho
But the payment OF dividends during that
period was Impossible; the postponement OF
creditors pressing for judgment against the
road, or holding an overdue first mortgage,
for the purpose of distributing the earnings
among the stockholders, would have caused
:re loss of our entire property. We could
not be unmlndful of the fate of the Charles
ton and Savannah Railroad, the Wilmington
and Manchester, Laurens, Spartanburg and
Union, the Blue Ridge Road, and we may add
the Greenvllle and Columbia Railroad also.
AS to the future, we can only say that there
are no stockholders more deeply interested or
more earnestly desirous Of receiving diVi.
dends than the directors themselves.
The report tor the past year will show what
may be possible 10 that respect, and we re-
spectfully urge upon the stockholders the
duty and advantage of punctual and general
attendance at the approaching convention, to
receive and consider the report to be made OF
the operations of the year 1872.
Respectfully, G. A. TRENHOLM,
b. GoURDIN,
GEO. W. WILLIAMS,
a. SIMoNDs.
L. D. DESAUssURE.
THE OLD WORLDS NEWS.