The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1875-06-02
The GaxEsvu.l.. AND COLUMBIA Raul.

The GRxEsvILt.s4 AMI. COLUMBIA Raul.
RoAD-ITs CONDITION AND PROSPECTS, -
Tho Charleston Ne,os and Courier. speak
ing of the report of the President and
Directors of the Greenvillc and Colum-
bin Railroad, presented to the stockhold-
ers ut the annual meeting, held in Co.
lumbia on April 26, says twill doubtless
he as satisfactory to the public as it
proved to be to the owners Of the road.
The earnings of the year 1874 were $751;
934, and the expenses 1921, ,4S9, leaving a
compared with 1879, there was decrease
of S39, sos, or six per cent, in the gross
earnings, and of S6,037 in the expenses
This was very 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 S66,000. The number of bales of
cotton carried in 1874 WAS 131 ,319, and
the largest number in any preceding
year was 107, ,l74 in 1873. During 1874
the sum of sl5l ,678 was spent for 1912
tons OF new rails, three new locomotives
and sixty new freight cars. The equip
ment of the road is still incomplete, and
the bourd have uirca,iy purchased 5i0
tons of new rails, and nre 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 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, atfording no hope for the stock
holders, cons;Sns the direction of at
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 IN 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
acknowledged debt has been regularly
and promptly paid, nnd the greater por-
ton of the immense mass of disputed
debt, so long the cause of intense anx-
iety, has been drawn bnck 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
bonds to bear not more than Z per cont.
interest, and to run not less than twenty
years. The stockholders unanimouslv
authorized the making of the mortgage,
OF which not more than 50, 500, 600 shall
be used for the settlement of the debt.
md 500, ,0GO be held in trust, applicable
only to such acquisitions and additions
to the property ns 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 carr
ing securities whose status is questioned,
and whose value is, therefore, impaired,
and will receive in return bonds whose
character will be unqucstioned, 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-
tuence 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 Greenvillc and
Columbia Railroad to rank far beyond
what it has ever known.
Facts and results show that the affairs
of the Greenvillc and Columbia Railroad
have been managed with sagacity and
consummate ability. 1t was n mere
wreck. the shuttlecock of rings and
cllques, the victim of political ad-
venturers. No concern in the South had
failure more dark. In three years its
worst difficulties have been overcome.
its condition is comparatively sound.
and it Inns 4 prospect Of becoming
, steadily and richly profitabir. 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.
| PECULIAR PEoWE.--A l;ostcn letter 20
an Eastern newspaper relates that upon
one of the fashionable South End squares
of that city there has lived in n swell
front, four-stnry brick house, Until very
lately. IL woman who has hired for her
servant her own sister. The latter Wa,
treated n all respects as n meniu!, and
though the woman and h.r husband.
having no children, dincl alone when
there was no company in the house
they never permitted tho sister to sit
rith them. Not only this. but the Sister
servant WAS kept at work from early ill
late and there was no such thing a.,
Leisure for her, or a particle of the con-
sidera:ion due from one so nearly related
to her. Finally. the woman moved out
of town, and the sister determined TO