The Sumter banner. [volume] (Sumterville, S.C.) 1846-1855, 1852-03-02
&oisa3giassiV,T'S AsHsaose'a'.
CrrlcE VIII. & Mas. Il. Il. Co. !
Masiou &. H., Jan. %, 1852.


dition of your Company, ;he progress
Of the work, and the prospects before
you.
For the financial conl ton Of the
Companys alf,irs, You are referred
10 the Report Of the Treasurer, here,
with submitted, which shews the eX.
peniliturcs on account Of tho work,
10 the first instant, to amount to
1897, $50 AZ. This sum includes
all payments made for excavation and
embellishments, bridges and trcs,lc
work, as we'll as payments for Iron,
machinery, supcrs,ructurc, and I'll
ether expenses.
The a,n ,unt collected as reported
upon the capital stock OF the Compa.
ny, inclu'liny contracts not yet com.
|eted and not credited to Contra"
tors. is $73!, ,355 IS
OF shis srm the collections
have been the sub
4, Ecripiinn of the State nf
South Carolina in Srul,
Carolina Rail Road
Stock NJ par value @I50030
In subscription Df State Hf
Norill Carolina in Wit
Ininglon IL Raleigh Rail
Road Stock ~ par
value HD3, 800
Subscriptions OF the Town
OF Wilmington. in
Bonds OF tho Corpora
ton Ion,noo $4,000 %
jIeaving amount collect
cd on private and 0;h-
ersnb'cripions ofcap
iial stock Of SeGi .356 20
$ OF the Stocks and Bonds above
mentioned all now are in the poses
sim of the Company, except $4,000
ssof the South Carolina Rail Road
which wasEsoIi during the last
spring tAa aid in meeting the pay.
lncnta of 40 ss-ef Lon laits :sss
ported in our last Nnnual Report, as
having been contracted for with
Mcssrs. Crutwell. Allies u Co.
All Of this iron has been received /,
except from one to two hundred tons,
and alviccs have been received that
the remainder is OH its way to
Charleston. BY the aid Of loan
from the Bank of the State of South
Carolina, made upon the pledge of
our South Carolina Rail Road Stock
together with the proceeds of the
sales Of the Company's mortgage
Bonds, payments have been regular
ly met rs this iron has arrived.
The Company now own 100000
Of this Stock at its par valnc, and
above have received upon that sum
the last two scmi.annual dividends
declared by the South Carolina Rail
Road Company.
BY the sales of the $4,000
above mentioned, which was made at
$108, and its dividends on the rest,
the Company note in Bank has been
reduced to $50, 900, and will be met
when required.
You will perceive by the Trcasur
crs's report loss on the sale Of the
South Carolina Rail Road Stock oI
$6,537 so. This has been held by
the Company, and the reason it ha:
not been sooner disposed Of is, that
it was regarded the better policy tc
hold the Stock yielding. a diAidcnd
equal to the interest on 100000 o.
our Bonds in lieu of selling of this
Stock at a sacrifice, when the fund:
in our hands from the sale Of Bond:
were not otherwise imperatively
needed.
Nor is it now deemed the policy o
the company to throw this stock up
on the market at present, or unit
exigences require it as the increased
receipts Of the South Carolina Raj
Road Company, and the uniform divi
dends paid by il are such with it.
prospects of further increase Of bust
ness for many years to come, as tt
Justify the belief in a reasonable
mind that the stock must increase il
value, and will hold q better pric,
even after the EXHIBIT of its affair!
by the present administration is laic
before the public.
AS was anticipated in our last re
port, the Corporate authorities of tn,
Town of Wilmington, in April last
issued their Bonds pursuant to thei
subscription made under the authori
tv of the Legislature Of North Care
lima, for One hundred thousand do
lars bearing 6 per cont. interest, wer
accepted by the company accordin
to the terms Of tho agreement mad
with certain citizens Of Wilmington
in January 1850, and confirmed b.
Tho Stockholders at their meetings a
Sumtcrvillc, in tho same month. 0
these Eond5 it appears by the Treas