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

South uars,,.. .ieA,lro.SssiiSl iSlilS:Silsss' Ss:SSiSsEsSs'
aad tasw 4Rs1t.ss;SrsS s; & SD. a.
ssFrs1 sa>e4A.e=s. n::s:=s4zaEsS a q
De South Oasplius R.lIi6saf fS tat sto6k:
koldas. Satke the foAoniSs lstsssst:
fig statements Of Me se.fnings I 81 shs5
road for the hit. Ave years, and Of the
mode in which they hAvs besn spent:
They say that the lossee from destruo.
tion !oi'the road ct the close OF the war
amounted 10 81, ,629. .1l4.64. That 10 to
gay. it required about that sum 10 re-
build and rehabilitate tho road. On the
other hsnd5 tho debts: of tho company
amounted to SO. 566, 0e0. OF this amount
there Was due, in cash, for srfeat OF in
terest, S495. 799; for past due domestic
bonds. 1884, GOO; for sterling bonds. first
gold, $4,000, ,OOO-32, 729, 7o9. .0O: total,
"a, ass, 918. g. To which must be added
the outstanding bills of the Southwestern
Railroad Bank, for which the South Ca
foiina Railroad was, Responsible, aud of
$574, ,628 .4e-S4, a38, ,542.1O.
In these circumstances il will be readi.
" understood that dividends had no place
in the thoughts Of the President or Di.
rectors. The sole idea was 20 avert the
total loss of the capital. Three impor-
tant measures we're essential to success:
J.. The renewal Of the frat mortgage
debt, and funding OF the arrears OF inte-
rest, and of the overdue domestic bonds.
a. The immediate reconstruction and
rehabilitation Of ,the road. '
3. Thsfuudihg OF the bills OF the South
Western Railroad Bank, tor which suit
was Immediately commenced by the
holders ij' -
The difficulties incident to the accom-.
plishment Of measures of suoh magnitude
and Importance, in the crippled condi.
tton OF the road, and the merit implied
Ia their successful accomplishment, We
will not dwell upon. It is enough to say
that they we're successfully achieved,
and by that means that the stockholders
were saved from tho total loss OF their
capital.
The gross income for the Ave years
from the 1st Of January, 1867, to the
3lst Of December. 1871. is Sc. 766, ,273 So,
being an average OF 81, ,353. .2547I per
annum. The operating expenses are
81. .OO2. .117.11, being about sixty per
cent. OF the gross. The net earnings
are So. 1854, 15644; add incidental income
$56. .650.31; total 50. $40. .806. rs. 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, 306, 1910 deduct
dividends declared and paid, STA, $50;
total amount received. frem income, in
Eve years. $l.13l. .625.04; increase of
debt in same periodi viz: In bonds, notes
payable, i &C.. 81. BIG. 800 05; deduct
amount applied in redemption OF South
western Railroad ! Bank notes. 1914, :
G28. 46; in the adjustment and settlement
Of ante be4una claims. aud iniexpenses OF
litigation, $267, ,697. ~ -$642, 1876. rs,
leaving $474, ,664.32; total amount re-
maining to be accounted for arising from
income and from increased indebtedness
combined, $1,000. lS8. 36.} Disposition
of above amount: Restoration Of road
property, 8552. 634 OIL; cars and locomo-
tives. $310.248.4l-$862, ,SS242 leaving
$743, ,306. "a; water front on Cooper
River, and other lands. being additional
acquisitions of: property, 1928, ST.. .O6;
Macon and Augusta Railroad. and other
railroad shares, 1886, 26O; New York,
Baltimore and Philadelphia steamship
shares. S269. .333. 33; Greenville ahd Co..
lnmbia Railroad Company's fret mort
gage bonds. $69, 350-$748. S20.89. q
The establishment of steamship lines
to New York, Philadelphia aud Balti-
more vas 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-.
naoe. for several years. that the Green.
vile Railroad was about to pass into
hands that would direct oil of it's bust
ness over the Wilmington and Mauohes-
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 coneurred, as will be seen by the
reports and resolutions adopted in the
several annual conventions from 1865 to
1872. both inclusive. It has been said
in another place that the increase Of in
debtedness since 1865 is 81, ,3l6, 900 .O5;
but it is not to be inferred that the COM
pany Is that much worse off now than IL
was then, From the total debt of the