The Sumter banner. [volume] (Sumterville, S.C.) 1846-1855, 1851-02-19

yalue of the Stock. !, has already sold
for SllO with the whole instalments
paid in, and with the large amounts OF
money seeking Investments, there are
strong reasons 10 believe that with as
favorable an exhibit Of the affairs Of the
Company as will be made il may in q
shor, time be at par.
The Board expect during the ensuing
spring to npplv for aud receive 100000
more Of this Stock, under the act OF the
Legislature Of South Carolina. which at
Sl1O even will be more than enough 10
meet all urescnl engagements ior Iron,
but they do not deem it advisable TO
provide for any immediate application
nf this fund, other than that OF paying
for the Iron contracted for, as it is bad
policy TO put i, out Of our power 10 hold
it SO long MS the prospects are fair for
disposition Of it ut or near its pal vulue.
II is deemed but proper 10 state that
the reason The 100000 we're no, sooner
applied for was that the Board OF Direc-
tors of the South Carolina Rail Road
Company during the Inst yenr called
for the remaining S25 per share due
upon the Stock, and for us to have inken
1t before tha, sum was paid in would
have imposed upon us The necessity OF
paying 5000 on it. When it was
well known the Legislature would pro
vide for it otherwise, which has been
the case. So soon as the instalmenis
were puid up we have availed ourselves
ofthe su Inscription, and that was us soon
as our arrangements required.
With respec, to The work in North
Carolina recently put under contract,
many difficulties presented themselves
10 an earlier arrangement. No con.
tractors could be found there willing to
take the contracts for stock. Tho pay
men,s on the stock at the rates offs per
cent. every 90 days could not be relied
upon us sufficient 10 keep tho work pro-
crossing. and the President in July last
proposed to the Stockholders in Viii.
mnglon, as The only fcsor, 10 gel the
work torwaui, ihn. paymcnt of Stock; ;Ahy4
notes nj one and Two years, which would
he abou, the average time i, would re
quire to collect the whole instnlrnents,
aud with these noes 10 pay for the work
as i, progressed. 10 this nroposition
portion of the Stockholders promptly as.
sentcd and notes were procured payable
at Bank for about 5000 on those
terms, bv which the contract for the
whole grading in North Carolina then
unlel was put ur der contract, 10 gen
tlcmen whose energy and capacity had
been fully tested previously y on the work
in both States, and whose character fur.
nish guaranty that the grading in that
Stale will be completed this year in time
for all practical purposes. The other
contracts for grading and snpers,ruc-
,ure there are progressing in manner
which gives favorable promise Of an
early completion Of it.
10 the report Of Treasurer herewith
submitted you are respectfully referred
for the receipts and disbursements of
The funds Of the current yenr ending on
Ist January inst. shelving in the current
expenses of The Company sl,347 90
less than the current expenditures o the
year previous, and it may not be nmiss
to remark thn, in the salary accoun,
was an item Of $25l 06 for tho salary
Of the General Agent for the previous
year, which is properly chargeable to
the expenses Of that year, us that Office
was abolished at your las, meeting.
The number Of Assistant Engineers
on the line has been reduced, during
the spring and summer Of The last year,
to four, who has each very long line to
superin,end. hu, it has not resulted in
any Inconvenience or delay to the con.
tractors and the number will no, be in
creased until imperatively demanded by
a large increase of work on the line
rendering il necessary.
You will perceive by the statements
Of the Engineer, estimates submitted
which are necessary for the completion
Of The Road 10 SumterviIc, to the point
Of Lynch's Creek, and 10 The end of
forty miles from The Camden Branch of
the South Carolina Rail Rond resprc.
lively. II is proper, in the opinion of
The Board, TO provide money for the
work YET TO be done, bc,wixt Sumtcrville
and The Camden Branch especially, and
prudence would dictate ,ha, is the safest
reliance on the whole forty miles. To
meet this expenditure nj lcus, $4,000
balance in the hands Of tho Treasurer
may be relied upon. From payments
on instruments il may be safely assumed
that from eight 10 ten thousand dollars
more can be realised on the line west of
the Pee Dec river. This will leave
deficiency 10 be provided for in money,
If the work is pushed forward as j, is
desirable TO do.
Bu, experience renders i, improper 10
rely with any confidence on the
payment of finslalmen,s in cash on stock,
as so much Of il is taken in contracts
hy the Stockholders and others, tha, !,
il is difficult 10 tell who will pay up III
full, aud who will moi. All have The
privilege working oui their stock, and
some even after they commence paying,
in money, make arrangements TO have
the balance worked out, rendering it
utterly i'npossiblo to approximate an