The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1883-12-14

Splrfanburg. mon ana Columbia railroad Bs
Ashcyillc and Sparttnburg Tiroad........ 80
Northeastern railroad Of GcOrgi1.......... COS
Knoxville aud Augusta railrOad........... 16
Richmond and Mccklenburg railrOad..... 3l.J
Total.....................................I.sOs
No construction other than the completion Of
h' extensions above enumerated has been under
taken or l. at present projected
The traffic Of the various controlled properties
during The year has .hOwn satisfactory l. crease,
and In case Of two Of The most mporiant-yiz.. tie
GEORGIA P1cinc railway AMI the western North
Carolina rulrOad-the results have been most
gratifying and encouraging.
The condition OF tie Virginia Midllnd railway
during the year has been vnry materially Inn
proved. and under recent alliances made by the
Richmond and Danyille Railroad Company this
road now forms a part Of the shortest and fl,tcst
lire from New YORK 10 the South and Southwest.
with through service by way of Atlanta % New
orleans.
inc local and through traffic. both Of freight and
passengers. have largely increased. and show
every Indication of continued and rapid de-
vrlopment. The 'lnpanY failed 10 declare tbe
Interest upon Its income bonds payable Isl July,
1883, In csnscquencc Of needed Improvements; :;
but has since declared payment of this Interest.
plyaIle 3 per cent. on fst January. / ssh. and 3
| per cent. additional, payable lst July. 1854. The
earnings give reason 10 anticipate continued piN-
mcnt of Interest upon the income bond, Of the
company and . surplus apple able 90 dividend, ln
The Western North Carolina railroad has shown
| a surprising increase Oi gross cIrnings from the
rapid development Of local business within the
territory IL Ieuetgates and controls. Even with
ont any considerable through traffic The net earn
/ iugs for the coming YER VIII doubtless be suli-
| Client to meet the interest charge upon the S3.-
| O9O,OOO consolidated first mortgage bonds upon
! tie road at present completed: aud pending he
gouauons are cNpectel 10 result In a very con-
! siderable lirOu-h businc-s from tts western con-
ncctiou. The country along the line of this rail-
! road Is relatively increasing iu wealth md re-
! sources more RAPIDLY than any district Of the
south other ihln the coal and iron territory Of
/ Georgia and Alabama. and IL may he eXpcctt d
, that the earnings of The company VIII receive =
| corresponding heueht. Upon The extension Of
! siXiy-eieit miles from Pigeon riyefto The Nan
tab ta river the grading has been completed upon
sixty miles. and IS being actively carried forward
uDOn the remaining eight miles. whcrfupon The
| track win De laid during the coming year.
/ The Georgia Pacific railway has recently p -en
, completed from Ntlani % Birmingham aud tie
| adiaccu. coaluclds. 50 miles. The Columhus IL
u -ign Of thi. road has also been extended from
1 Columbus. eastward tO total length Of 80 miles.
and the construct ION Of II miles additional. now
nearing completion. secures 10 tll- dlNi-loL q
! heavy coal traffic for southwestern markets. The
( DEVELOPMENT Of manufacture at nglEm,
tuuistou. and elsewhere. and the very muid settle
/ lnent along the line culing construction, ensure,
/ 10 this property most favorable outcome. greatly
/ exceeding what might ordinarily De anticipated
/ from e new railroad. The present net revenue OF
/ the company Is at rate sufficient 10 meet the en-
tire issue OF first mortgage bonds and II may con-
idontly bC expected that thc increasing lrafic VIII
Weld revenue sufficient for application % the Sec
| Ond-mort2agc income bond interest Wirhin rel-
/ The Charlotte. Columbia and Augusta railroad
j
l during the mast wear. as have also the Columbia
and Grceuyillc railroad and leased lines. Both Of
i these railroads are however, now suffering re-
ductt0u of revenue from the legislation Of South
/ Carolina, which has impOscd most OncI0u- c0ndi-
/ tions IN the act estabhshinga Railroad Commits
SION and regulating rates. Nllie The Charlotte
/ Columbia and Augusta rdilrO1d l. somewhat eX-
,npted from the injurious effects thereof by rct-
son Of is through traffic. The Columbia and GREEN
yile railroad. being dependent upon iocal business
alone, f. likely 10 experience serious loss Of rev.
cnuc unless the legislation is modified. Proper
/ rcproscntation ot the facts has hcen urged uppn
the Legisl Of the state. and 10 4, hoped that
mod catiOu Of tie unjust features Oftle law may
: the reorganization Of the spartmhurs and
Ashcyille Railroad Company has been completed
iIudcr thc name If the A,hcyillc and SplranbuIg
Eailrn4d Company, and the extension # This road
from IlenGersOuyih OAshcville has received care
I ful consideration. The building OF t.ls INK VIII
conucc. Charleston and the scac0ist citic,, y way
of the ~parttnhurg, Union and Columbia rllrf al,
Nv tho .hOrfc, possible route with knoxville Gin
ciuuati Louisville. and ChicagO. and should
greatly promote an interchange Oi trirlc. Ia
view however. Of the adverse eh ct Of the recent
legislation OF the state OF 'ollh 'ar"liill. teidy
referred 10, upon All negotiations ol secuil.les
uuou railroad, in that State and the dct that the
funds requisite for the new construction were only
deriyabe from the sale of The bonds 81 the reOr-
,-nt1rd coInpanN. IN has been decired 20 iudeii-
nItplv postpone any extension OF ms road
The bonds OF The Richmond and Meekienburg
Railroad Company, held by he Terminal tompa-
ny have been surrendered 10 tie former company
undcr a contract Herewith whereby he road was
tOlccy'ended 10 GlafksNlle-indNlhsa Il tolal f3i'a
milo. Under this cOntr1ctthe bonded issue was
to he reduced 10 100000 per mile. and the pro-
ceeds thereof used in the cOmplct on Of the eNtcn
sior For i.s advance to the hichmnnd and
Necklenburg Railroad Company the Terminal
company accepts an obligation oi ue former
company. fundablc at The pleasure oi the Terminal
Comuauv INTO second mortgage bonds.
This .xtcusiOn l. now approaching completion.
and satisf1rtOry results are anticipated there
from. , ..-.,,,
your company have been generally improved In
condition but are not materially changed.
Inasmuch - separate reports are puDnshed by
The various companies Of The results OF the years
operation. no detilled sld'cn0h'S tno'''i "io III
on January l. 1883. the Terminal Company is
s,,ad IN obIigatiOns a. the form ol trust rotes.
.Toountiuo to - 100000, bearing per cent. In
terest. payablc lst January, 1850, aud secured
by mortpsge upon securities. Prom proceeds Of
these notes whereof -l.S7J,OOO have been sold,
fhe indehtpdness existing on SON November,
1880 has been largelN funded, ana ne deierred
neymenfs completed upon the purchase Of Nir-
rai1ia Midland Railway Company securities, IN
voIyIuC ihe control Of that property.
InaSmurh ss The only considerable work re-
,naininp 10 fulfil all nTeyiOus aud existing engage
ments Is the completion ~ the flgeon-hlNer
Branch of the Western North carolina rallroad'
it 4. ,o bo cNncctcd that conservative policy IN
velvine no new expenditure. viii result I'm increas-
ino revenues from the investments OF the company
consequent upon the rapid development OK lhe pro-
pertes owned and controlsd. ,.,,,,.
The rep0rt Of the auditor with delai'ed state
ments of Income and expenditures. Is presented
herewith 90
4 "NPNN'' " a.. OAKMAN, General Agent.