The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1875-06-02
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RoAD-ITs CONDITION AND PRospEcrs. -
The Charleston Ne,os and 0ourier, speak
ing of the report of the President and
Directors of the Greenville and Colum-
bio Railroad, presented to the stockhold-
ers at the annual meeting, held in CO.
lumbia on April 26, says it will doubtless
be as satisfactory to the public as 1t
proved to be to the owners of the road.
The earnings of the year 1874 were $751;
934, and the expenses 1921, 4S9. leaving q
balance OF earnings of S270, 0,445. As
compared with 1879, there was decrease
| of S39, sos, or six per cent, in the gross
earnings, and of $6,O97 in the expenses.
This was avery small decrease in COM
parison with that shown in the accounts
of other Southern railroads, some of
which have lost one-fifth OF their former
| earnings. The down freight business Of
the road shows an increase of about
SAL 900, and the up freight business n
loss of S66, 900. The number of bales of
cotton carried in 1874 was $3.50, and
| the largest number in any preceding
year was 107, ia in 1873. During 1874
the sum Of $l51, ,678 was spent for 1919
tons Of new rails, three new locomotives
and sixty new freight cars. The equip
ment of the road is still incomplete, and
The board have already purchased SEQ
tons of new rails, and are in treaty for
500 tons more. The road is threatened
with n business competition that will tax
its energies to the utmost, and it is the
port of wisdom to put it in complete or
der 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 financial
| position, affording no hope for the stock
holders, coDsiSns the direction of af-
fairs to persons whose sole end seems to
be to obtain quantities of tons, not pro-
fitable returns from Investments.
The financial condition of the company
steadily improves. Three years ago the
company was utterly bankrupt Since
then, the past due interest has been ar
ranged to such an extent that no trouble
is anticipated from that source; large
\ sums of money have been spent in i'm
proving the property; the interest on the
ncknowledged debt has been regularly
and promptly paid, and the greater por-
ton of the immense mass Of disputed
debt, 30 long the cause of intense anx-
lety, has been drawn back to the control
of the company. To complete the az
rangement Of tho debt, the President
and Directors, in their report, asked for
authority to create q first mortgage for
an amount not exceeding So, ,OOO, 900, the
bonds to bear not more than 7 per cent.
interest, and to run not less than twenty
years. The stockholders unanimously
authorized the making Of the mortgage,
of which not more than S2,5OO, 600 Shall
be used for the settlement of the debt,
and $500, 600 be held in trust. applicable
only to such acquisitions md additions
to the property az have been authorized
and approved by the stockholders. The
Directors do not doubt that this will be
acceptable to the holders Of NIL classes of
bonds, who will be relieved from carry
ing 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 favor
able consideration in financial circles
With the means furnished them by the
first mortgage, the Board have great con-
fdence in their ability to place the entire
Indebtedness of the company in condi-
ton of such strength and soundness as
to entitle the credit of the Greenville md
Columbia Railroad to rank far beyond
| what it has ever known.
Facts and results show that the affairs
of the Greenville and Columbia Railroad
have been managed with sagacity and
consummate ability. 1t WAS n mere
wreck, the shuttlecock of rings and
cliques. the victim of political ad-
venturers. No concern in the South had
fAture more dark. In three years its
worst difficulties have been overcome
its condition is comparatively sound,
and it has n prospect of becoming
, steadily and riohiy profitable. The
holders of the first mortgage bonds will
have first class security, and stock
holders will soon begin to dream of
dividends on stock which, not long
since, was little better than waste paper