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To (hr MucHholdcrs of the Greenville and Columbia Railroad Company.
GKNTLKMEX: The President and Directors respectfully submit
herewith their annuul report/of the operations and condition of the
Road for tho fiscal year ending December 31, 1868, together with
tho report of thc General Superintendent, and the statements of
the Auditor, Treasurer and Foreman of the work-shops.
By these statements it will be seen that the gloss earnings of the
Rond for tho year were ns follows :
From freights. $228,720 27
From passage and extra. 103,384 35
From Government transportation. 1,898 35
From mails-. 11,535 00
Current or ordiuovy expenses . 100,231 22
Net earnings over ordinary or current expenses.$140,312 75
Extraordinary oxpenses. 20,000 00
Net balance, after paying all expenses whatever in?
curred during tho year, both ordinurv and extra?
ordinary. ..... .".. $129,312 75
Tho account of extraordinary expensos is mado up of oxpenses in?
curred in building and rebuilding locomotives and cars, and the mate?
rial used "foi* thc same; rebuilding bridges and trestles, including the
rebiulcun^?f?^ near Anderson, which was
bm*nt in April) 1868 ; the excess of wood purchased and paid for
duriug thc year over what was consumed ; tho surplus now being
on the line of Road for future use ; expenses incurred in the restora?
tion of the property destroyed by the war, and tho permanent im?
provement of the Road, which formed no part of the ordinary
repairs or working expenses, and cannot properly bc included in
The improved condition of thc road-bed and track, and the in- j
creased quantity and improved condition of the rolling stock during
the year, cannot but bo observed by every ono who has been in the
habit of traveling over tho Road.
By reference to tables Nos. 1 and 2, it will be seen that the net
earnings of $129,312.75 is accountod for in tho payment of accounts |
chargeable to maintenance of way and conducting transportation
prior to 1868, and in the reduction of the amount of bills payable,
and increase of cash on hand, as* compared with the previous year.
Thc pay roils for the year for labor and salaries have all been
paid, and the material used has also been paid for.
By reference to table No. 5, it will bo seen that thc earnings for
the year were in excess of any previous years since the Road has
been in operation, except those of 1859 and 1800, when they were a
little more, and except also thc three latter years of the war, when
the receipts were in Confederate money.
These results must bo gratifying to all interested in the prosperity
of the Road and the country through which it passes, and clearly
demonstrates that the Road has passed through its greatest trials
and difficulties, and can in the future sustain and protect itself, and
that the country along its line is rapidly recuperating, with a fair
prospect, it is hoped, of a prosperous future.
By reference to the accompanying tables, which indicate the busi- !
ness of the year as compared with tho business of each previous
year since the war, it will bo seen that the business has materially
increased in evory department. For instance, for 1808 tho number!
of passengers carried over the Road were 45,214, while for 1807 the j
number was 32,201-an increase of 13,013. The number of bales
of cotton carried in 1868 were 45,111 ; for 1867, 29,283 -au increase
of 1 >,828. Tile number of miles run in 1808 were 223,044 ; in
18t!7, 183,872 ; and in 1800, J 18,446 -being ni) increase over 1807
of 3? ,172, and of 1860 of 104,598.
For the present year, the indications are that the earnings of the
Road w ill be largely in excess of thc last. For the first quarter of
1809, ending March 31st, the gross earnings were $120,077.5(1, while
for lite corresponding mouths of 1868 they were $103,772.16, being
un ( xcess nf.$16,905.40. .'?ad that extensive and active prepara?
tion:-; ure being made for an increased crop of cotton and grain
along1 tlie line, it may be remarked that for thc first quarter of the
present your there huvo boen sent up the Road about 6,000 tons of
guano and other fertilizers, which is believed to be more than the
aggregate quantity sent up since the Road was built. And wliilo
thc quantity of fertilizers mid merchandise has been so largely in?
creased, it is gratifying to be able to state that there has been no
detention or delay whatever ia moving it. By tho energy and in?
dustry of those having the transportation department iii charge,
and the willing, cheerful and efficient co-operation of all the em?
ployees in that depart vient, all freights have boen promptly for?
warded to their several points of destination ; but while this has
been done, it has been by the greatest exertion and the continual
usc of all the rolling stock. A through arrangement made with the
South Carolina Railroad Company, by which freights both up and
down are sent through without breaking bulk in Columbia, has also |
facilitated the transportation of freights to a very considerable
Tn looking forward to the prospect of a largely increased crop
the present year, and thc increase of business resulting therefrom,
it is clearly evident that tho quantity of rolling stock should be in-1
creased at an early day. This can be done to a sufficient extent, it i
is believed, to meet all the requirements of the Road, without the
purchase of any new stock, by repairing and rebuilding some of
that which has been laid aside and not in active use for some time
past. There arc now five locomotives at tho shops, taken up to bo
rebuilt, some or all of which it is expected will be completed and
ready for use in moving the coming crop ; and the recommendation
of thc Genend Superintendent, to build an additional number of
freight ears during the coming Bummer, is heartily approved und
endorsed. This eau all be done without a large additional expense,
except for material, some of which is now on hand.
Since tho 1st of January last, 250 tons of new rail, (fifty pounds
to the yard,) have, been purchased and is now being laid down, to
replace some of thc flange rail on tho upper end of the line. This
bas been partly paid for in old iron on hand and to be taken up,
and thc balance in cash. This will improve that part of tho track
materially, and, by prudent management, it is believed that much
of tho worn iron may be replaced in tho same way, in ti few years,
without reducing the net income below a point which will be neces?
sary to meet all expenses and pay all tho interest on the bonded
debt, when re-adjusted, promptly as it matures.
During tho year, there were put into the Road 65,262 eross-ties
and stringers, including 8,497 put into the Bluo Ridge Road.
Th ero were also 095,992 feet of lumber used during the year for the
various purposes for which it was required. And it is presumed
that an equal amount will be required for the present year.
The Blue Ridge Railroad from Anderson to Walhalla is still being
-worked by our Company, upon tho eame terms and conditions as at
the date of your last annual meeting. It is expected that thc Blue
Ridge Railroad Company will very soon desire to . terminate the
lease and commence to work it themselves. The business of that
part of the Road has about doubled in tho amount of its earnings
sinco tho commencement of our lease, which is some slight indica?
tion of what may be ?xpocted when the entiro lino is completed to
Knoxville; an event which we should look anxiously forward to, and
which wo have reason to believe will bc accomplished in a very few
years, or os soon as it can be done in thc ordinary course of rail?
For fuller and muru completo information, with details as to the
quantity and condition of tile rolling stock, machine shops, Sic, and
the condition of the track, reference is made to the accompanying
report of the General Superintendent, and your attention is re?
spectfully invited to his several suggestions and recommendations.
Reference is also mode to the accompanying tables of the Trea?
surer, Auditor and Foreman of thc work-shops, which furnish a
very plain, full and satisfactory statement of Die operations and
condition of their several departments.
Annexed is also a list of the officers, agents and employees of thc
Company, with tho rate of their several salaries or wages affixed,
together with the capacity in which they are employed, and upon
what poi 'ion of thc Road they are employed.
For tht information of tho stockholders, and for their future re?
ference, as well as for the information and reference of those inter?
ested in our bonded debt, the several Acts of tho Legislature
authorizing the guarantee of the bonds of the Company by the
State are herewith annexed, with a condensed statement of tho his?
tory of thc Road, its bonded debt, &t\
The Road, with its branches, is 104 .J miles in length,
and cost, with its outfit, depots, real estate and
machine shops. $3,081,213 52
Stocks held in other railroad companies. 80,475 00
Cost of Road and property. $3,1(11,70S 52
Capital stock paid in by individuals mid tho State... 1,510,374 54
Cost of Road and property over capital stuck paid in. $l,f>51,433 08
To provide for the difference between the cost of the Road and
the capital stock paid in, thc Company issued their bonds, bearing
date from January, 1852, to March, 1854, respectively, having ten
years to run, for $800,000 : and in order to give them a higher
market value, on tho 18th January, 1854, they executed to Charles
M. Fnrman, as trustee, a mortgage upon their entire property to
secure their payment. They Subsequently issued their bonds, bear?
ing date July, 1855, and Jilly, 1858, respectively, also having ten
years to run, for $000,0(H). There was no mortgage or other lien
executed to secure the payment of this latter class of bonds. By
this it will bc seen that the original bonded debt of the Company
contracted exclusively in building the Road was $1,400,000. There
was, however, a floating debt then due. by the Company, which was
In January, 18(51, when tho bonds secured by mortgage were
approaching maturity, the Company applied to the Legislature for
aid, and on the 28th day of January, 1801, an Act was ratified
directing the endorsement of tho guarantee of the State upon thc
bonds of the Company to thc amount of $900,000, providing that
the bonds so guaranteed should be used for no other purpose- than
for funding a floating debt of tho Company, then due, of $100,000,
and for taking up and retiring the $800,000 of bonds secured by
mortgage then approaching maturity. The Company commenced
at once to re-adjust their mortgage debt in accordance with the pro?
visions of the Act ; and there can be no doubt but that they would
have succeeded without difficulty but for the war, and the confusion
and suspension of all kinds of business caused by it.
At the end of the war, they found their mortgage debt only partly
re-adjusted, their debt outside the mortgage rapidly approaching
maturity, a largo interest account accumulated, their Road seriously
injured and broken up, their depots and bridges burnt, and thc
country looked to for patronage prostrated. Under these circum?
stances, disheartening as they appear, thc Company went to work
to rebuild their Road, and again applied to the Legislature for aid.
On thc 20th December, 1SU(>, an Act was ratified authorizing an
additional endorsement of their bonds to the amount of $350,000
to fund tho interest on their mortgage and guaranteed debt nt par,
and $250,000 to re-adjust their bonded debt outside the mortgage
of $1500,000, with thc interest upon it, at the rato of one dollar for
three. These two Acts of the Legislature contemplated the guar?
antee by the State of the bonds of thc Company to the amount of
$1,500,000, which was sufficient at that time to arrange their whole
bonded debt, and that hereafter the Company would owe but one
clasa of bonds, and those guaranteed by the State ; and would have
but one mortgage or lien upon their property, and that to the State.
A statutory lieu to the State wan contained in each Act upon all
thc property of the Company as security for thc guarantee. The
Company again proceeded to fund their interest and re-adjust their
bonded debt, with a fair prospect of success, when tho Convention,
which convened in Charleston to frame a Constitution, passed an
Ordinance suspending all Acts of the Legislature passed sinco De?
cember 20th, 18(50, lending thc name and credit of the State to cor?
porations, until they were re-enacted and declared of force by a
subsequent Legislature. This being tho only Company whose bonds
had been guaranteed under an Act passed subsequent to the date
mentioned, it was framod and passed with special reference to them.
The operations of tho Company was again interrupted, and they
were forced to suspend the funding of their interest, because, with?
out the endorsement of the State they could not fund it in the same
security which tho holders then held. Application was then made
to tho present Legislature, ami on the t5th ol' February, 1869, an Act
was ratified, validating and re-enacting the previous Acts, and de?
claring them of force. The Company is again in condition to pro?
ceed in the re-adjust mont of their debt, with a prospect, it is be
I licved, of not being again interfered with or annoyed. The Board*of
I Directors, ata meeting held on the 4th day of March last, adopted a
resolution signifying their acceptance of the Act .recently passed
and directed that a copy of the resolution be furnished to the
Comptrollcr-Cioneral and Secretary of State, in accordance with
tho requirements of tho Act, which was done. Your concurrence in
that resolution is respectfully requested.
In tho meantime, during all their difficulties, the Company has
gone steadily forward in the rebuilding and improving of their Road
and property, whilst their income has been as steadily on the increase.
It has certainly ceased to bo a question now as to whether they will
bo able to pay their interest and operate their Road successfully ;
and the holders of thoir bonds past due are respectfully invited to
come forward and renew them, and toke others endorsed by tho
State. They are now paying their six months' interest upon their
mortgage and guaranteed debt failing duo on tho 1st day of
January, 18(5'.), and funding nil interest maturing provious and up
to July 1, 18G8, in thoir bonds guaranteed by tho State.
The following is a statement of the bonded debt of the Company
on the 1st day of January lost :
First mortgage bonds outstanding... . $320,600 00
Interest on same to January 1, 1809. . 117,325 00
..Coupons outstanding on first mortgage
V>nds. 22,032 50
Interest on same to'January 1, 1869.. 8,357 53
Guaranteed bonds issued under Act of
1861. 629,500 00
Coupons on same to January 1,1869. . 86,117 50
Interest on same to January 1, 1869. . 10,242 73
Guaranteed bonds and certificates of
indebtedness issued under Act of
1866. 246,618 52
Coupons on same to January 1,1869. . 17,263 30
Interest on same to January 1, 1869. . 601 22
Bonds outstanding, not secured by
mortgage. 485,500 00
Enterest on face of same from rauturitv
to January 1, 1869. 73,272 50
Coupons outstanding on same. 120,715 00
Interest on same to January 1, 1869. . 29,292 19
Bonds and certificates of indebtedness
issued under second mortgage. . 50,683 68
Coupons on same to January 1,1869. . 3,547 86
Interest on same to January 1, 18(50. . . 124 17
Total amount of bonded debt ?ind interest,
January 1,1869. $2,221,696 10
This will be reduced by the funding of non-mort?
gage bonds and coupons at one for three. 472,519 *|8
Correct amount of funded debt when re-adjusted.. . $1,749,176 92
The litigation in reference to the foreclosure of tho mortgage, to?
gether -with that commenced by the guaranteed bondholders for
their own protection, and also by tho Attorney-General for the pro?
tection of the State, remains unchanged since your last annuil
meeting. It is hoped that the parties who commenced the suit, w?l
see that it is to their interest (asit certainly is) to withdraw it, anil
accept the terms of the Company for the renewal of then: bondi,
and thereby aid them in tin." re-adjustment of all their past due debi.
This course would relieve all the parties of much annoyance ano
bo to the interest of all concerned, because when that is doney and
it is evident that the Company will be able to continue the payment'
of their interest promptly as it matures, which is certainly now
clearly demonstrated. The guaranteed bonds will advance in mar?
ket to a price much above the first mortgage bonds, which have not
It affords me much pleasure to testify again to the general good
deportment and efficiency of the officers and employees of theCom
panv in their several departments, and to commend them to your
confidence and respect. H. P. HAMMETT, President.
COLUMBIA, S. C., April 9th, 1869.
COLUMBIA, S. C. ,
Saturday Morning, April 17, 1869. ;l
Tlic Greenville and (.'olumliiu. Kuliroutl. (
We devoto much of the space in tbis?t
ibssue to the able, und exhaustivo annual re-||
port of Col. II. 1'. Hammett, tho President
of the Greenville and Columbia Railroad, to
tho Directors of that corporation, upon the
condition of the affairs of the company and'
tho operations of the road for the paet
twelve months. It makes a very flattering
exhibit, and will, wo trust, put at rest the
fears which have been too often expressed
of tho Bolvenoy and substantial success of
tho road at au curly day.
Tlie A in h u mu. Treaty.
Tho treaty negotiated by Mr. Johnson'
with tho British Governmeut being rejected, j
tho subject has to bo takeu up afresh by
tho new Miuistor, Mr. Motley. Ho will
proceed to business with a clear understand?
ing as to what tho Federal Govornmont will
not agree to. Ou tho other hand, if ho is
guided by tho debate in tho Senato at tho
time of tho rejection of tho treaty he will not
press a treaty at all ; for that debato looks
Uko un abandonment of tho wholo subjoot,
aud an adjournment of thc question to some
futuro opportunity for revenge. Mr. Sum
nor, who seems to have been tho organ of
thc Senate, declared that the question of the
injury inflicted upon tho national sover?
eignty by thc conduct of Great Britain could
not bo settled by " more payment for ships
destroyed." Mr. Fessendeu endorsed Mr.
Sumner, and Mr. Warner, nlso concurring,
said " the true policy was to drop tho whole
subject of settlement, aud content ourselves
with thc advantage wo would have over
England in tho future."
Mr. Cbanler, however, while concurring
with tho general expression of other speak?
ers, grew quito belligerent. Ho indignantly
assailed England for ber conduct, and de?
clared bis " bolief that there waa not room
enough on this continent for any nation
which bad so grossly insulted tho United
State. He had long believed tho struggle
would come over Canada, and he believed it
would como in bis day."
This is certainly warlike, lt is, farther
more, encouraging to seo tho utter contempt
! with which tho idea of healing tho national
wound with a golden plaster is treated by
the Senators. Money is at a discouut, und
there is such a thing as honor.
Mr. Motley will fiud himself in a dilemma.
Tho ship-owners would rathor be secured
their losses nt onco than to Huffer postpone?
ment on account of tho question of honoi
and the threatened "revenge." So they
will likely give tho American Minister some
trouble. And should England bo willing tc
apologize in some sort, and pay some money,
we aro sure it will not bo considered hamil
?ating to tako the latter along with tht
Yet, while from the action of the Senate
hero appears but ene course, and that to
Irop the whole subject aud nurse the na
ional wrath till an opportunity to gratify it,
3enerul Grant may give such instructions
is may yet secure an amicable settlement
>etween England and this country.
fniigrma und the Charleston Sisters of
The Washington papers publish tho fol
owing letter of Sister M. Xavier to tho
Committee on Appropriations, withdrawing
ter papers :
ti KNTIYKMKN : He SQ kind as to return to US
di our papers and letters, as we aro now
ibout to return to tho destitute homes of
.ho orphans, in whose cause we haye been
jere since December lust, laboring in vain,
ilthough we have furnished your honorable
body with nmplo and undoubted testimo?
nials of thc devotion with which our sisters
tabored to supply proper nourishment and
comforts to your suffering soldiers during
their captivity in die hands of the enemy,
it a time, too, when none of you, gentle?
men, could reach them. Our city was thon
blockaded, aud tho prisoners had no kind
friends ne.ir to administer to their relief,
while ou their hard beds of sickness-to use
their own words, as expressed. in their
various letters-"the Sisters .of Mercy came
as ministering angels to their relief, bring?
ing to them palatable food," ?ct... ?C. But
why recapitulate what you have befoio you
in their own hand-writing? Suffice it to
say that we aro now quite worn out, having
boon here for tho last three months without
n dollar in our pockets, wherewith to defray
our expenses or to pay our passage home to
Charleston. That was uot the treatment wo
gave your soldiers and officers whilo'in our
midst, although they had no claim on us
savo tlmt of charity and humanity. Is thom
no return to bo expected from the Congross,
for whom thoso bravo men fought and suf?
fered? Ab, nol The sisters may beg their
way home, nnd pay their expenses as best
they cun when they reaoU thar desolated
home. But thoy are Catholics ! That
solves tho question. Yet these sisters never
inquired whether the Union prisoners wero
Jew or Gentile, Catholic or Protestant; it
sufficed to know that they were strangers
aud wounded, sick and in prison. Wo sent
over cotton to Nassaa and purchased gro?
ceries and medicines, which we shared
among these poor suffering prisoners, who
are now represented by you, gentlemen, in
that Government which they have restored
with their best blood.
Boigu, gentlemen, to excuso this intru?
sion, and uccept tho regret which we feel
that you, who havo children of your own,
have not taken.homo to them the blessing
nod prayers of tho destitute little ones whom
your missiles of war have loft without a
honiel But "their Father iu Heaven" will j
yot hear their cry. 1
Wo havo the honor to bo, gentlemen, very
respectfully, SISTER M. XAVIER,
It was tho Duke u Montpensier who, in
the year 1863, informed the American Em
bossador at Madrid of the secret efforts
which Napoleou III was making to induce
tho Spanish Government to recognize tho
Southern Confederacy. Serrano, Prim,
Rivero, Olozagon, Castellar and Orense, tho
leading men of theHpanish revolution, -.vero
all warm friends of the North during the
war of the rebellion.