Newspaper Page Text
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Daily Parier $8 a Year
"Lat oar Just Censure
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Af ind the True Event."
Tri-Weekly $5 a Year
ftT JULIAN A.. SELBY
COLUMBIA. S. C.. TUESDAY MORNING, APRIL 21, 1868.
VOLUME IV-NO. 27.
FISHER & LOWRANCE.
I COLUMBIA. S. C.
?FURNITURE! FURNITURE ! !
bps constantly onjM
nd an assortment of*^^^^^~^H
TRNLTURE, auch a? ?B usually
in a house, consisting of BED
S, all kinda; Chaire. Tables, Ward
3urcaae, Washstands, Safes, Desks,
Ac. ile is also prepared to manufacture
and repair anything in tho Cabinet Mak?
ing Une. JEROME FAGAN,
jSE*n ? Opposite new Masonic Hall.
ISAAC S?LZBACH KR'S.
IN ALL ITS BRANCHES,
ATTENDED TO PERSONALLY.
WITH new and untried medicine?. If
you value your health, procure the
well tested remedy for COUGHS, COLDS
and affections of the Throat, Breast and
Stanley's Cough Syrup will cure.
Stanley's Gough Syrup has been triod.
Stanley's Cough Syrup is for sale at
FISHER * HEINITSH'S
Feb 27 Drug Store.
TU? Q,m?Ucr Liniment; tho best lini?
ment for family use: can be used internally
and outwardly. It is a great pain destroy?
er. It kills pain and all kinds of aches'
Sold by Fisher & Heinitab._
Lifeless, Faded or Gray Hair Re?
Chevelier's Life of the Hair,
Ring's Ambrosia, at
Feb 37 FI8HER A HEINITSH'S. .
1 f\f\ LB8. Pure Spanish SMOKING
1?? lbs. Lone Jack Smoking Tobaoco.
For sale low by E. & G. D. HOPE.
A Good Spring Medicine for Horses.
HEINITSH'S GERMAN HORSE POW?
DERS, for Indigestion, Distemper,
Hide-bound, Drowsiness, LOBB of Appetite,
?Inward Sprains, Debility, Wasting of
^Flesh, Sore Eyoe, Swelled Legs, Grease,
? Mango, Surfeit, Old Coughs, for Exhaus?
tion from Work. It carrie? off all foul
humors, purifies and cools the blood, and
Srevente horses becoming stiff and foun
ered. It is a stimulus for weak stomachs,
and renders tho limbs and skin soft and
tine, giving a smooth ooat to the hair.
Theso Powders havo been used in Colum?
bia for the last twenty-five years, and hun?
dreds of citizens attest their virtues. For
sale only by FISHER & HEINITSH,
March 6_ Druggists.
GREGG, PALMER & C?7,
BROKERS AND COMMISSION AGENTS,
jgUY and sell GOLD,
Advances made on COTTON.
GRAIN and COUNTRY PRODUCE sold
on commission. March 10
Flour on Consignment.
J2 SACKS FINE NORTH CAROLINA
FLOUR. GREGG, PALMER A CO.
H ll DS. prime Clear Ribbed SIDES,
for sale ty E. & G. D. HOPE.
! CHARLOTTE AND SOUTH CAROLIUA RAILROAD COMPANY.
To thc Stockholders of the Charlotte and .South Carolina Railroad Com?
GENTLEMEN : Your President and Directors ask to submit the fol?
lowing report of the Company for the fiscal year terminating on
the 31st of December, 1867 :
The earnings for the year from transportation amount
While the expenses paid during the same period amount
to. 192,337 82
Leaving this balance. $43,390 44
Which has been applied to payments on bills payable, interest
and other purposes, as will appear by the Treasurer's Report.
In addition to the ordinary current expenses of last year, a large
amount of the income -was necessary to the improvement and
repairs of property. A large portion of the track of your road,
besideB much other valuable property of the Company, was de
B troyed by the war. This was only partially restored in May, 1866?
when the first train ran through from Charlotte to Columbia, and
was accomplished under embarrassments and with some delay of
payment to contractors. From the earnings since, these sums have
been provided for, and largo expenditures made in the restoration
of Bhops, machiuery, engines, &c. Hence the relatively large pro?
portion of expenditure to income.
The result of the war was to leave all the property not destroyed
in a deteriorated condition, and the estimate of your Superinten?
dent, that $50,000 were applied to extraordinary expenditure on
this account, is moderate. As the accounts are kept, all current
expenses paid in the year are so charged; and, in addition to the
extraordinary charges mentioned, from $5,000 to $6,000 ?f Confede?
rate claims are included. But for these demands, which had to be
met, the nett income woi?d have oxceeded $100,000-which sum
would have been sufficient to meet all interest due and pay three to
four per centum of dividends to the stockholders.
The entire bonded debt and interest on the same to January 1,
1868, amounts to $366,251.21. From this, deduct tho interest paid
on account of or provided for the coupons maturing on that date
$11,000-leaves this debt $355,251.21. The entire debt due by notes
and bills amounts to $164,825.34. To which add the amount of
bonds above stated, and you have tho aggregate $520,076.55. The
floating debts, including some unsettled Confederate claims, do not
exceed $15,000. The above includes all liabilities for which this
Company is primarily responsible, except a balance due the Atlantic,
Tennessee and Ohio Railroad Company, to be ascertained upon a
settlement of mutual accounts.
In view ot* the great importance of the completion of the Colum?
bia and Augusta Railroad, and under your authority, conferred at
the last annual meeting, this Company has pledged its guarantee to
$400,000 of the first mortgage bonds of that road, accepted bills to
the amount of $90,000-less $5,000 paid-and advanced to this date
about $90,000 in cash and materials furnished. As collateral secur?
ity for these advances, bonds and stocks-the property of that
Company-are held by your Treasurer. This road is now completed
twenty-six miles, and track-laying progressing at the rate of six
miles per month, and, with the co-operation promised by connect?
ing roads, is expected to be finished to Graniterille-seventy miles
from Columbia-in September next, and in a few months thereafter
to Augusta-making its entire length about eighty and a half miles.
The bill filod by the South Carolina Railroad Company, to enjoin
its construction, has been decided against the complainant, iii the
highest Court of Appeals in the State, as it was by thc able Chan?
cellor before whom it was first argued.
It is believed that tho completion of this important link in a
great through linc of trade, travel, express and mail will make its
stock and bonds among the best securities of their class in the
South, and that it will add over $100,000 of additional annual
receipts to vour rond, with an average, production \m tV>p country.
Its position is very commanding, and the public necessities of the
country have long demanded its construction, notwithstanding the
captious opposition of the most powerful corporation in the State.
This very opposition is the highest proof of its public usefulness
and necessity to tho citizens of Georgia and the Carolinas. Its
shortening the transit five hours will bring a large travel this route
from tlie South-west and North-east, in addition to that which now
passes through Augusta.
The income of your road, from 1859 to 1801, ranged from $242,000
I to $312,000-making an average of about $275,000 per annum.
WTith only half the mail pay you received then; with a portion ol
I the line of your road desolated by war, and not yet restored to itt
former productive capacities; with a failure of tho crops for the two
last years; with the increasing competition by connecting roads, and
tho impracticability of maintaining propor tlrrough freight and pas?
senger tariffs, and schedules North and South-tho Board feel that
you have cause for congratulation that the income is so nearly equal
to its former average. With the increased local production antica^
pated, and with tho completion of tho Montgomery and Selma,
Macon and Augusta and Columbia and Augusta Railroads, it is
believed the annual income of your road will amount to between
$400,000 and $500,000. Then you can declare ten to fifteen por
centum of dividends, and rapidly retire all thc debts of the Com?
pany, as was the practice and policy of tho Board, for several years
before tho war, on a comparatively small income. It is, however,
true, that the cost of operating roads is greater in almost every
respect than anterior to 1861, except the labor, which is loss reliable,
but as cheap as formerly.
Tho reports of the Superintendent, Treasurer and Master Ma?
chinist are herewith submitted, and your attention especially invited
to them, for more specific information in their respective depart?
It is gratifying to the Board to acknowledge the interest and effi?
ciency of the officers, agents and employees generally, in the dis?
charge of their respective duties. T
WM. JOHNSTON, President.
To (he President and Directors of the Cfiariotle and South Carolina
GENTLEMEN: The earnings and minor receipts of tho road for the
year, are as follows:
Passengers. 80,985 83
Express Company. 5,136 23
Mail Transportation. 8,125 00
United States. 8,346 08
Minor Sources Income. 7,691 17
Less Errors and Deductions, Overcharges, &c.$1,905 99
Columbia and Augusta R. R. Company....5,507 01 -7,413 00
Operating Expenses, as per Treasurer's Account Current:
Maintainance of Way.$59,001 91
Conducting Transportation. 37,346 71
Motive Power. 29,090 ll
Maintainance Cal's. 28,075 84
Machine Shops. 36,526 06
Loss and Damage. 2,297 19-$192,337 82
Leaving a balance of... $43,390 44
' There should be added to this amount, in my judgment, the
following sums, because, as I conceive, that these amounts have
been extraordinary expenditures, and these departments of the
Company's property have increased in their value, over and above
the annual wear and depreciation; and the reasons and facts will be
given more in detail subsequently:
In the Road Department.$10,000 00
Car Department. 15,000 00
Locomotives and Machinery. 12,000 00
Amount material and labor contributed to Columbia and
Augusta Railroad. 5,507 01
New tools and building on Machine Shops and Foundry 8,000 00
Add. 43,390 44
Making nett.$93,897 45
And thus, according to this view, giving $141,830.81, chargeable to
proper operations of thu iuud for thu yeal*. Gluer muns on interest
account and capital account, as reconstruction of bridges, &c, are
indicated by the Treasurers Annual Account. The causes of these
j heavy expenditures are well described and foreshadowed in the
reports of the principal officers of the road, for the last two years.
The last annual report, from this office, was made up about the
1st of April ; and figures stated, aro furnished in accounts for the
fiscal year, ending December 31, 1866.
Thc accompanying statements show in detail the monthly earn?
ings in freights, passengers and mails; and also the monthly
business at each principal station on the road.
In this department much material and labor have been used.