The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1873-03-15


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aaa How 11essSs &c 33ff!ts';I
kyFrpm aR~sadress. olsa Direo36sSI qf
9e south Oafplina Rsiito4 10 thI ssook:
holders. Sa e the follosisg Interest:
ing statements Of tbs .sasniDgs sf shs
road for the lsst Ave years, and OF { the
mode in which they have been spent: !
They say that the Losses from destruo.
ton oithe road ct tho cloae OF the war
amounted to 81, ,629, ,114.84 That 10 to
say, > it required about that sum to re-
build and fohabilitate the road. On The
other hsndi the debts of the company
amounted to So. 566, 900. !OItbis amount
there Was due, in cash, for Rrfeat of in
teress, S495. 793; for past duo domestic
bonds. 1924, COO; for sterling bonds, first
mortgage, payable 1st January, 1866, in
gold, s., ZOO, ,00O-$2, 729, 799. 90; total,
"a, ,35S, 913. g.. To which must be added
the outstanding bills Of the Southwestern
Rsilroad Bank, for which the South Ca
folina Railroad was responsible, aud Of
which We finally. redeemed the sum OF
S574, ,628 .48-S4, 933, $40. 10.
In these circumstances it Bill be readi-
~ understood that dividends had no place
in the thoughts OF the President or Di-
rectors. The sole idea was to avert the
total loss of the capital. Three impor-
tant measures were essential to success:
J.. The renewal of the first mortgage
debt, .ad funding Of the arrears OF inte-
rest, and Of the overdue domestic bonds.
q. The immediate reconstruction and
rehabilitation Of the road.
8. Thafunding OF the hille of the South
Western Railroad Bank, Tor which suit
vas Immediately commenced by the
The difficulties incident to the accom-.
plishmept OF measures OF such magnitude
and Importance, in the crippled condi.
ton OF the road, and the merit implied
In their successful accomplishment, We
will not dwell upon. It is enough to say
that they we're successfully achieved,
and by that means shat the stockholders
were saved from tho total loss of their
capital.
The gross income for the Eve years
from the lst Of January. 1857, to the
31st OF December. 1871. is Sc. 766, ,273 55.
being an average OF 1858. .254.71 per
annum. The operating expenses are
81, o02, It'll, being about sixty per
cent: OF the gross. The net earnings
al q VIZ SOSs AOo.f9s nuu luSiuSuSAl luCUuo
$5G. .650.31; total 81. .S20, ,806. Is. Ster-
ling and domestic interest paid, expenses
paying sterling coupons 1870 and 1871,
and exchanging sterling bonds, and dis.
count in exchanging bonds, &C., 81, 514,.
699.71, leaving 81, 3O6, 1O7 o.: deduct
dividends declared and paid, STA, ,5S2;
total amount received. from income in
Eve years, 81, .04; increase of
debt in same period, viz: In bonds, notes
payable, / &C.. 81, 3l6. 800 O5; deduct
amount applied in redemption OF South
western Railroad Bank notes, $574,
628. As; in the adjustment and settlement
OF ante beuaa claims. and inIexpenses Of
litigation. $267, ,697. .27--$842,3 1926. rs,
leaving $474, ,66432; total amount re-
manning to be accounted for arising from
income and from increased indebtedness
combined. $1,000, $780, 36. Disposition
of above! amount: Restoration OF road
property, 1852, 634 Oh; cars and locomo-
tives, $31O, ,248. 8.41-$S62, ,e8242, leaving
$743, BOG. "a; water front on Cooper
River, and other lands. being additional
acquisitions of property, 1928, 977. .06;
Macon and Augusta Railroad. and other
! railroad shares, 1886, 260; New York,
Baltimore and Philadelphia steamship
shares, $3.50. .333. 33; Greenville ahd Co.
lnmbia Railroad Company's fret mort
gage bonds, 500, 350-$748. .82O.39.
The establishment of steamship lines
to New York, Philadelphia and BAlti.
more 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 me.
naos, for several years. that the Green
| vile Railroad was about to pass into
hands that would direct all of it's bust
ness over the Wilmington and Manohes-
ter Road. rendered close alliance with
the Macon and Augusta Road almost as
important to us as the steamboat lines.
In these views the stockholders unani-
mously conourred, as will be seen by the
reports and resolutions adopted in the
several annual conventions from 1866 to
1879. both inclusive. It has been said
in another place that the jnorease of in
debtedness since 1866 is 81, ,3l6, 900 .05;
but it is not to be inferred that the COM
pany Is that much worse off now than 1t
was then. From the total debt Of the
company has always been deducted the
assets in hand in the form of stocks,
bonds, &C., 80 as to exhibit the balance
| of indebka5 neaa Thia balance IN tha