The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1875-06-10
The GreenviIle and Columbia Railroad-Its
Condition and Prospects!

The report of the President and Directors
of the Greenville and Columbia Railroad,
presented to the Stockholders at the annual
meeting, held in Columbia on April 26, will
doubtless be as satisfactory to the public as it
proved to be to the owners of the Road.
The earnings of the year 1874 were S59l 1884,
and the expenses 1921, ,4S9, leaving a balance
of earnings of s27O,445. As compared with
1873 there was decrease Of s39,50S, or six
per cent, in the gross earnings, and of S6,097
in the expenses. This was very Small de-
crease in comparison with that shown in the
accounts of other Southern Railroads, some of
which have lost one-ffth of their former earn
ings. The Down freight business of the road
shows an increase of about 41 900, and the
Up freight business loss of S66,000. The
number of bales of cotton carried in 1874 was
131, ,919, and the largest number in any prece-
ding wear was lO7, 7,l74 in 1873. During 1874
the sum of S151 ,678 was spent for l, PIP tons of
new rails, 8 new locomotives and so new freight
cars. The equipment of the Road is still in
complete, and the Board have already pur-
chased 500 tons of new rails, and are in treaty
for 500 tons more. The Road is threatened
with business competition that will tax its
energies to the utmost, and it is the part of
wisdom to put it in complete order as rapidly as
its means will allow. The President we'll says
that business contests, in these times, are too
often to be waged with companies whose fnan-
cial position, affording no hope for the Stock
holders, consigns the direction of affairs to
persons whose sole end seems to be to obtain
quantities of tons, not profitable returns from
Investments.
The financial condition of the Company
steadily improves. Three years ago the Com
pany was utterly bankrupt. Since then, the
past due interest has been arranged to such an
extent that no trouble is anticipated from that
source; large SUMS of money have been spent
in improving the property; the interest on the
acknowledged debt has been regularly and
promptly paid, aud the greater portion of the
immense mass of disputed debt, so long the
| cause of intense anxiety, has been drawn back
| to the control of the Company. To complete
the arrangement of the debt, the President and
Directors, in their report, asked for authority
to create a first mortgage for an amount not
exceeding 100000, the bonds to bear not
more than per cent. interest, and to run not
unanimously authorized the making Of the
mortgage Of which not more than S2,500000
/ shall be used for the settlement of the debt,
and $500,00O be held in trust, applicable only
| to such acquisitions and additions to the prop
erty as have been authorized and approved by
the stockholders. The Directors do not doubt
that this will be acceptable to the holders of
all classes of bonds, who will be relieved from
carrying securities whose status is questioned,
and whose value is, therefore, impaired, and
will receive in return bonds whose character
will be unquestioned, and whose class will
commend them to favorable consideration in
financial circles. With the means furnished
them by the First Mortgage, the Board have
great confidence in their ability to place the
entire Indebtedness of the Company in a con-
dit:cn of such strength and soundness as to
cntitle the credit of the Greenyille and Co.
lumuIa Railroad to rank far beyond what it
has ever known.
Facts and results show that the affairs of the
Greenyille and Columbia Railroad have been
managed with sagacity and consummate abili.
ty. It was mere wreck, the shuttlecock Of
Rings and Cliques, the victim of political ad
yeuturers. No concern in the South had flu
ture more dark. In three years its worst diff
culties have been overcome, its condition is
comparatively sound, and it has prospect o
becoming steadily and richly profitable, The
holders Of the First Mortgage bonds will have
frst-cass security, and stockholders will soor
begin to dream of dividends OH stock which
not long since, was little better than waste pa
per-Neaos and Courier.
"A correspondent sadly exclaims, "Hov
! con q coouette die happy ?" She can't i