The Sumter banner. [volume] (Sumterville, S.C.) 1846-1855, 1853-03-08
TIER M s----Tsyo Dollars PeE a Asass M
Hia ADVANCE.

The Company then came forward
with their mortgage bonds, (tle
payments Of stock not being snfii-
cient to justify large contracts, 1or
further purchase of Iron, as install
ments were payable every 80 days,)
a portion Of which are not yet real
ized.
BY putting these bonds in mark.
ct to the extent of 100000, With
a fair exhibit of the Company's pros.
poets. public confidence was secured /
and the nett sales reached within
fraction, if not quite SO to the 100;
sale under the circumstances far bet.
ter than the average; of new works,
with as little as was then done.
The balance Of the iron, 1000
tons, and 8 locomotives, were secured
by these bonds, which put the Com
| pany beyond contingency.
The saving in these transactions,
compared with the present prices of
iron, is scarcely less than S400,0 900,
and in the work, compared with the
present prices of labor, perhaps 81
100000. The Board iii our ,judg-
ment have applied these funds to the
best advantage. Instead ofexpend-
ing them on costly points of the
road, they have pushed forward the
track from both tcr,nini, and are
thus enabled from the income of the
road to realise something to meet fu-
ture demands. The work across Ea.
gles' Island is let, and will, ne
learn, be, completed by 1st July.
The whole Of the cylinders have
arrived from the foundry for the Pee
Dee Bridge, and that work is in eff.
cient hands. The track from the
eastern terminus is being pushed for.
ward with energy, and ne are begin.
ming to feel and soon will realize its
effects. In the original estimate, 20,
| 600 barrels Of naval stores were
put down after the road was finished
q This ~ fss iInateti shat SO,
lumber may reacl ours market
The great southern mail has been
secured for four years at least, and
our eastern track will penetrate the
cotton region in time this fall to at.
tract it thither, as the cheapest and
quickest outlet, the western end be-
ing delayed by what we conceive the
suicidal policy of the South Carolina
Rail Road in not delivering iron.
Sooner than we expected; sooner
even than we now think, will the re-
sources of a region of timber and an
Improving cotton region be in few
hours of us, and in view of it, is
there any one who regrets the invest
menfs made, either by themselves as
individuals, or by the corporation {?
The town is paid in the increased
price Of its real estate alone.
The Board of Directors have had
the foresight to calculate coming
events, and have ample facilities in
water front of 10 miles to accom-.
modate any amount of trade.
The reliable resources of the Com
pany amount now to upwards of
100000, and we learn that the
estimate ef the Engineer in that Gin
cluding $4,000 for contingencies. }
S45O,OOO will finish the road with
depots, cars, machinery and every
thing to put it in successful orera.
ton.
Some Of these resources cannot at
once be realized; part Of the stock
subscription is not yet due, and d
part is unpaid, (wc regret to say the
greater portion in Wilmington and
rather than delay the work the Board.
are making arrangements TO sell
100000 End mortgage bonds,
which it is thought Will sell fer near.
l.y- par, as the security nov is at
icast>>sNIl'oUV oOV for/-SSU0, ,O0O.-'
Whether they succeed OF not the
funds must b suprs"d and the work
60 on. There is no time .sGaryDdelay
and VIC know it. Once sasrade
of South Carolina get d direction
here, (and here it must come for a
time at cheaper rate, and We fear
not the result.
With what has been done, we
must say VIC are not only content,
but are surprised. 1t shows what
self.rcllance and perseverance will do
for those who honestly and fcarlessly y
grarple with difficulties with q de.
termination to overcome them.
We have been thus particular in
giving q detail of the progress Of this
enterprise. in order to show our Fay.
| pttnrilla on1 ntbo,, Co., L., -