The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1878-05-09
OUR RAILROAD INTERESTS.
Proceedings OF the Annual Meeting OF the
Greenville and Columbia Railrond.
CoLuMBIA. s. C.. NAV 2. 1878.

Greenviile and Columbia Railroad.
COLUMBIA, S. c., May 2, 1878.
The annual meeting of the stock
holders of the Greenville and Columbia
Railroad was held here to-day. The
Hon. F. A. Connor, of Abbeville, was
called to the chair, and Messrs. H. L..
Pinckney and G. H. Manson requested
to act as secretaries. Secretary Pinck-
ney then read the
REPORT OF PRESIDENT NAGRATH.
The report reviewed the many difficult
ties which railroads had encountered du-
ring the year just passed. The causes
which had affected the income of the
road during the last few years had in no
wise been modified. The road had borne
its proportion of the general suffering re-
sulting from stagnation in business, and
to this lad been added the great reduc.
ton of freight rates, necessitated by COM
petition. While the property of the
Greenville and Columbia Railroad had
not been increased or materially i'm
proved, it was fortunate that it had suf-
fered no detriment. The necessities of
the road has prevented any satisfactory
work being Gone upon the Laurens
branch, nevertheless the work was being
prosecuted as fast as circumstances
would allow. The President, adverting
to the Blue Ridge Railroad, stated that
proceedings were now in progress to Sc
cure full and complete title of that
property. The purchase had been made
almost entirely with the bonds of the
company, the sum amounting to $685.
500. From this enterprise, however, no
return could as yet be reasonably ex-
pected.
The bonded debt of the company was
not considered large, and it was thought
could be carried with comparative ease.
The floating debt was the chief object of
solicitude, and must be arranged. Its
amount is placed at $685., 900. The re-
port acknowledges the generous endorse
ment of the South Carolina Railroad of
portion of their obligation, but an ad-
ditional sum of 1885, 900 had been added
to the floating debt in consequence.
The board is of the opinion that
through the bondholders of the company
the means may be obtained to satisfy the
demands of the floating debt, and CO.
operation is asked in any reasonable
scheme for the adjustment of that debt.
The precise terms could not of course be
predetermined. 1t must be the conclu-
sions of conference between the par
ties interested. To this end conference
was advised, the same to take place after
the adjournment of the meeting. The
report of the President makes the follow
ing showing Of the business of the COM
pany for the past fiscal year and CON-
PARSONS with the previous year:
Earnings from transportation. 1881 ,910 "a
Expenses. "......."...... 2Ol go 3t
Net earnings. .......... .................s1So,614 IS
The business compared with the
previous year exhibits o de-
cline in receipts of.................$ 40, ,446 81
Reduction in eXpenses....... ...... 44,9S3 10
Balance of earnings over previous yeal
shows an increase Of s., ,536 81.
The decline of the business is attributed
| to falling off in
Passenger travel.......-~....-..".. 2,4S6 Al
5 1854 IS
Number of cotton bales transported
less than previous year 1871.
The committee on stock representation.
proxies and elections, consisting oi
| Messrs. 81. T. Farmer, F. E. Harrison
and B. O. Herndon, reported that there
we're 5,556 shares represented, as follows
Tn nerson 27S4 hy proxy 52.772,
The Secretary then read the elaborate
report of the General Superintendent
Col. Thos. Dodamead, setting forth in
itemized tables earnings and expen.
ses of the several departments, which had
been summarized in the presidents re-
| port. The general superintendent asks
for 1000 tons of rail and one additional
locomotive for passenger use.
The meeting then passed resolution
| unanimously extending the thanks of the
body to the Hon. F. A. Connor for the
able and courteous manner in which he
had presided over their deliberations.
The meeting then adjourned, and an
election was held for president and
twelve directors, which resulted in
the following selection: President, w. J.
Magrath directors, L. D. Childs, 81. T.
Farmer, F. F. Gary, Col. j. n. Brown,
T. D. Wagner, R: L. Mclaughlin, J. @.
Roach, A. Simonds, Alex. Macbeth Ham
lin Beattie, ]. B. E. Sloan and Geo. w.
Williams.
The election having been concluded
the stockholders were invited to an ad-
joining chamber where they we're con.
fronted with a bountiful lunch, and the
depression in railroad matters for the
nonce forgotten amid the lively popping
of champagne corks.-Neaos and Courier.