Historical Newspapers of South Carolina

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To thc Stockholders of thc OrccnviUc and Columbia Railroad Com pany. j GENTLEMEN : The President and Directors respectfully submit herewith their annual report of the condition and operations of the rond for the fiscal year, ending 31st of December, 18G9, together with the report of thc General Superintendent, aud tho tables of the Auditor, Treasurer and Foreman of the Work Shops, and other supplementary tables, which will be useful as information, showing the comparative business of tho road as compared with previous years. i Tho gross earnings for 1869, woro derived from tho following sources, as shown by Table No. 4 : From freights,. $274,506 89 From passage and extra,. 114,196 61 From mails,. 11,400 00 $400,103 50 Operating expenses, including the re-building of locomotives, and tho repairs and restoration of cars aa shown by Table No. 3,. 247,686 52 Net earnings,. $152,416 98 Amount paid for 250 tons of new T rail, with chairs and spikes for same, laid on the Anderson branch, after deducting amount realized from the salo of old iron, taken up,. 17,924 21 Net earnings, after paying all ex? penses for operating, new iron, improvement of property, &c,.$134,492 77 By reference to tables Nos. 1 and 2, this amount is accounted for' in the payment of interest on bonded debt, purchase of new iron, reduction of bills payable, &c. By referenco to previous reports, and supplementary tables ac- j companying this report, showing tho comparative earnings of this i I with previous years, it will be soon that tho earnings of 1869 was in excess of 1868 by $54,559.53, and was larger than for any previous I year either before or since the war. The next larger amount for any previous year, was for 1859, being $381,601.98, but in this is in? cluded $8,000.00 for freights on material used in the construction of I the Blue Ridge Railroad, which was, by action of the stockholders, taken in the stock of that Company. The following will show the amount of earnings of tho four pre? vious years since tho war, with tho excess of last year (1869) over each, and tho per cent, of gain in 1869, as compared with each : 1869,$400,103.50; 1868, $345,453.97; excess $54,559.53, $15.79-100 percent. 1867, $269,787.47; excess $130,315.53-48.31-100 per cent. 1866, $251,931.19; excess$148,172.51-58.81-100 percent. 1865, $254,516.86; excess $145,586.64-57.20-100 per cent. The net earnings ore also larger than for any previous year before or since thc war, except that of 1859. This result is certainly gratifying, and demonstrates conclusively that not only the future prospects of the road aro brightening with cadi year, but that the country through which it passes is growing in resources and prosperity. It is known that the crop of 1869, along the line of road, was se? verely injured by the drought during the Hummer, which cut off the crop nearly or quite one-half. It is believed that, if a full or ordi iary crop had been made, the gross earnings would have been still further increased thereby-perhaps by fifty thousand dollars. The expenses of last year, as compared with the year previous, shows an increase of $31,455.30. By reference to table No. 3, as compared with the samo table tho year previous, it will be seen that the amount is much more than made up and accounted for by the increased amount of timber put into tho track, bridges and trestles during tho year, the increased number and wageB of laborers, and tho cost of re-building and repairing locomotives and cars. This was necessary to put the road and rolling stock in suitable and safe condition for the constantly increasing business, and it is evident, that the road and proporty have been largely increased in value thereby. The number of cross-ties and stringers put into the road in 1869, is 114,812, and in 1868, 65,262 ; increase, 49,550. There wore 1,021, 589 feet of lumber put into the road in 1869; in 1868, 995,992, an excess of 125,597 feet in 1869. The comparative expense, of re-building and repairing locomo? tives and cars is also considerably increased. The increased busi? ness done in 1869, as compared with the previous year, ulso in? creased expenses. For information ns to the additional amount of work done, referenco is made to thc report of tho General Superin? tendent, and tho number of mile? run os compared with previous years. The report of the Genoral Superintendent is also referred to for detailed information us to the increased capacity and value of the I rolling stock, as compared with the previous year and its present condition. Tho cost of working the road, with these additional and increased expenditures, (a considerable amount of which does not properly belong to what is usually included in current expense account,) will compare very favorably with neighboring roads. The road with its two branches is 164 miles in length. For the first five months of tho year, tho Blue Ridgo Railroad, from Anderson to Walhalla, a distance of thirty-three miles, was worked by us under a lease; so that the average length of the road operated during the year was 178 miles. Upon this whole line passenger and freight trains were run daily (Sundays excepted) at an average cost of $1,391.49 per mile, including all expenses. Sinco the war, no new locomotives or cars have been purchased. Those belonging to the Company at the close of thc war, were, in consequence of continued use, without repairs, almost in an unser? viceable condition ; many of them were laid up, and hoavy repairs had to bo made on them before they could be put on tho road; others had to be entirely rebuilt, and large expenditures for mate? rial and labor incurred. By reference to the table of tho Foreman of tho Work Shops, it will be seen that all the locomotives have been in service for a long time, and it ?B not strange that it should have required much time and expense to put them in condition for active and efficient ser? vice, although they aro at present sufficient to do tho work of the road, by keeping them in continued service. Still their age, long service with the extensive and repeated repairs made upon them, admonishes us that they must, before a great while, bo replaced by new ones, as well as tho number increased, to meet the anticipated increase of business. The same may also bo Baid in reference to the passenger cars. Tho number of freight cars is also not suffi? cient to do the present business with despatch and ease, although tho number has been increased by the addition of twenty-three during the year. It is respectfully recommended that three new locomotives, with first and second class passenger cars for each, be purchased and put on tho road by the time the fall business com? mences. Also that at least thirty box and ten platform cars be built by the same time. With the f acuities for building freight cars at tho shops at Helena, it is thought best to build them there, rather than buy them, as it can be done by the Company at a less cost. The 250 tons of new iron put on the Anderson branch during tho yeal-, has materially improved the condition of that portion of tho track. The iron removed was of tho flanged pattern, and very light; it had been in use for n long time, and was worn out. The balance on the branch, about four miles, together with about ten miles below Belton on the main line, is of the same kind, and is very expensive to keep tho track in condition to pass over, and should be replaced with new T rail at the earliest time the Company is in condition to do so. There are also about forty miles of chub rail on tho road, most of which hus boen in use for a long time, and is badly worn, and, like tho other, is very expensive to keep up tho track, and must be replaced in a short time. Then there are, perhaps, twenty miles of T rail, which from long uso and injury sustained, by being removed from the truck and bent during tho war, requires re-rolling. The trestle bridge at Alston, and over Broadway Creek on the Anderson branch, both built in 1865 and 1866, must also be rebuilt within the next few years. The one on tho Branch must oither be robuilt or repaired during the present year. There are some culverts that require immediate re? pair also. With these repairs to tho track and additions to the rolling stock, the road would bo in comparatively good condition, and prepared to do the increased business that is anticipated with despatch; and the operating expense afterwards would bo materi? ally diminished. One of the greatest difficulties we have at present, is the want of sufficient depot room for storage and assorting freights. The through depot in Columbia should be enlarged to double its present length, with a platform and shed in the rear, for tho protection from the weather of fertilizers and other like freights. Tho depots at Littleton, Chappell's, Ninety-Six, New Market, Greenwood, Hodge's, Donnald's, Belton, "Williamston and Golden Grove, are all old and much decayed, and are unsafe as store houses against theft, and should each be replaced with now depots of at least twice the sizes of the present ones, as early as practicable. There should also be passenger depots at Columbia, Newberry, Bel? ton and Hodge's; and comfortable shelters for passengers at the other depots on the line. By reference to table No. 4, it will be seen that the number of passengers carried over the road in 1869, were 53,363; in 1868, 45,214-an increase of 8,149. In 1869, there were 54,490 bales of cotton brought down the road; in 1868, 45,111, an increase of 9,379. Lu consequence of the failure of the provision crops along the linc of road last year, large quantities of grain aud Hour have been sent up the road from Columbia, sinco tho 1st of January last. Heretofore it has boon customary to send trains of cars up the road loaded with merchandize, and when at the upper end of tho line, they were re-loaded and returned with grain and provisions, (where they have heretofore been produced in sufficient quantities to sup? ply tho demand along tho lino of road,) so that the cars were loaded both going up and returning; but the recent chango, by which both merchandize and provisions were sent up the road from Columbia, together with the unprecedented quantity of fertilizers that have gone up, and tho cars returning empty, has required nearly twice tho number of cars to do the same work as heretofore; this will account for any apparent want of promptness in delivering freights for tho past few weeks. The small depot room at sta? tions, and the failure of consignees to remove their freights promptly on arrival, have embarrassed us very much; in many cases, the cars have been compelled to remain in the turn-outs at tho depots for several days, for want of room to discharge them. Tho quantity of fertilizers sent up from tho 1st of January to the 1st instant, is more than for thc entire year of 1869. This would indicate that more than usual preparations were being made for an increased erop the present year. Tho lease of tho Bluo Ridge Railroad terminated on tho 1st of June last, since which time the road has been operated by that | Company, and run in connections with ours. The dilapidated condition.of tho road and rolling stock at tho close of tho war, besides the damages sustained by tho army, was very greatly injured by tho freshet of January, 1865, which, with tho financial condition of tho Company, have been subjects of the deepest solicitude to the managers of tho affairs of tho Cympany. All their energy and means at their command have been directed to tho restoration of tho former and adjustment and satisfactory ar? rangement of tho latter. A short statement and history of tho condition of the bonded debt ia herewith submitted. The road with its outfit and real estate cost,. $3,081,218 52 The Company holds stock in other Railroad Compa? nies,. 80,495 00 Cost of road and property, 3,161,708 52 - ~ . - . < I Marchi Foraalo.by E.HOPE. Capital stock 7jaid in by individuals and corporations,. $1,076,414 54 Subscribed and paid in by tho Stato,. .. 433,960 Of)1,510,374 54 Leaving amount of cost of thc road over the capital stock paid in,.1,651,33 3 98 To provide for this difference, the Company issued their bonds, bearing dato from January, 1852 to March, 1854, respectively having ten years to run-for $800,000. And to give them a higher market value, on thc 18th of January, 1854, they executed a mort? gage to secure their payment. They subsequently issued their bonds, bearing dato July, 1855, and July, 1858, respectively-also having ten years to run-for $600,000. No mortgage, nor other lien, was executed to secure the payment of this latter class of bonds. These two sums combined, did not yet make up the deficiency or difference between the cost of tho road and the capital stock paid in. In 1861, when the bonds secured by mortgage were approaching maturity, the Company applied to the Legislature for aid, and an Act was passed authorizing the endorsement of the guarantee of the State upon tho bonds of the Company, upon specified condi? tions, for $900,000-$100,000 of which were to be used, for funding a floating debt for same amount, then due by the C??npa?y, and $810,010 for retiring the mortgage debt. The Company immedi? ately commenced operations under the Act, but the war came on and at itu termination they found only a portion of their mortgage bonds retired, and the large portion outstanding all past due; also a large amount of tho interest upon all classes of their debt past due and unpaid, because tho holders of the coupons had not pre? sented them for payment at maturity. Their road-bed was broken, their bridges and track destroyed, both by the war ?nd freshet, and their rolling stock greatly reduced, tho remnant remaining scarcely in condition for use. In this condition, they again, in 1?66, applied to tho Legislature for aid, and an Act was passed authorizing the additional endorsement of their bonds and certificates of indebted? ness for $600,000-$350,000 of which were to be used in funding interest due upon their mortgage and guaranteed debt, ?nd $250, 000 in retiring their non-mortgage debt of $600,000, with interest due lipon it, at the rate of one dollar of new guaranteed bonds for three dollars of past due bonds surrendered. In 1869, tho Legislature also passed an Act authorizing the further endorsement of certificates of indebtedness to the amount of $50,000, to fund interest due on mortgage and guaranteed debt to July, 1868. It will be perceived from this statement, that tho whole amount of endorsement authorized by the several Acts of the Legislature is $1,550,000. The Acts of 1866 and 1869, are amendatory pf the Act of 1861, and each contain a statutory mortgage to the State of all the property and assets of the Company as security for the guar? antee, which, when all the bonds under the first mortgage are re? tired, and the mortgage cancelled, become the first mortgage upon all their property and assets. In 1867, the Company executed a second mortgage for $1,500,000, and the bonds to be issued under it were also to be offered to the holders of the past due non-mortgage bonds at par, and the holder allowed to choose between them and State guaranteed bonds at one for three. This became necessary because some of the holders re? fused to accept the terms oiFered: of exchanging for tho guaranteed bonds. Bonds under the second mortgage were also offered to other than bond creditors of the Company, in settlement of their claims. It will, however, be perceived from the following statements, that only $54,063.68 have been issued under it, for all purposes.. The following statement will show the exchanges and funding under the several Acts of the Legislature alluded to, up to March 31st ult. ; and the amount of original bonds and coupons of each class still outstanding : STATEMENT OF BONDS AND CERTIFICATES OF INDEBT NESS OF THE G. & C. R. R. COMPANY, MARCH 31, 1870. FiaST MORTGAGE BONDS. Amountissueddueinl862,1803 and 1864,. $800,000 00 Amount exchanged for Stato guaranteed bonds,._ $538,000 00 Amout outstanding,. 262,000 00 800,000 00 Of the amount outstanding the interest has been funded and paid upon,. 229,000 00 Amount reported, but not arranged. 10,500 00 Amount not reported,. 22,500 00 262,000 00 NON-MORTGAGE BONDS. Amount issued due in 1865 and 1868,... 600,000 00 Amount exchanged, at par and reduc? tion,. 339,500 00 Amount outstanding,. 260,500 00 600,000 00 BONDS UNDER FIRST GUARANTEE OK TUE STATE. Amount endorsed due in 1881, 1882 and 1883,. 700,000 00 Amount issued,. 688,000 00 Amount in hands of Treasurer. 12,000 00 700,000 00 BONDS UNDER SECOND GUARANTEE OF THE STATE. Amount issued due 1st January, 1888,.. 118,500 00 CERTIFICATES OF INDEHTEDNESS GUARANTEED. Amount due 1st of January, 1888, issued for funding interest on first mortgago and guaranteed bonds to 1st of Jury, 1868, and arranging the non-mortgage bonds and interest. 429,293 30 BONDS AND CERTIFICATES UNDER SECOND MORT? GAGE. Bonds issued duo 1st January, 1888. 46,000 00 Certificates do. do.,. 8,063 68 54,063 68 AMOUNT OF STATE GUARANTEE OF AUOVE BONDS AND CERTIFICATES. Bonds issued under first guarantee,.... 700,000 00 Bonds issued under second guarantee,.. 118,500 00 Certificates issued under guarantees,_ 429,293 30 1,247,793 80 OUTSTANDING COUPONS. Number of coupons of first mortgage bonds outstanding, 214, $17.50 each,. . 3,745 00 Number of coupons of non-mortgago bonds outstanding, 3,804, $17.50 each, 66,570 00 Number of coupons of guaranteed bonds outstanding, 457, $17.50 each,.. 7,997 50 Outstanding bonds, " Confederate States" caption, not surrendered in ex? change for new guaranteed bonds, viz. : Planting Potato?r. 125 orderRELS 1UISH POTATOe*\ in fine KA Kl,Y GOODRICH, Chili Heda, Early ROBO, i" Harrison, ' Pink Evos, v, For aalo low for oaah hy EDWARD HOPE. Fresh Goods at Low Prices. IA LBS- UAdON HAMS, 8idcB X\U\J\J\J and Shoulden. 300 bbl?. Family and low-priced Fl?nr. 20 kita Mountain Rutter. 60 bbl*. Reflued and Craabcd SucarB.