The independent press. (Abbeville C.H., S.C.) 1853-1860, 1856-04-25
TERMS DOLLAR PER ANnuM,1


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{, - ABBEVILLE
to be the true policysof the Company to ap-
ply the income to the extinguishment of
the debt.
ssa{Under ordinary circumstances, it is be.
l'eyed that there would be no difficulty in
raising money on our bonds The debt,
when all funded, will amount onlYsto about
100000. The Road, Will, its equipment,
SIC worth. more than three timesSt6at amount.
The interest of 7 per cent. per annum, pay-
able semi-annually, is fair profit for the
use OF money; the interest on the bonds
sold has heretofore been promptly. paid; :
the means Of payment in future are now
more at our command than heretofore ;Sthe
security is ample; the bonds are good, and
still they. cannot be sold except at heavy
discount. Under the circumstances, it Is
suggested that the stockholders themselves
take the bonds at fair price, and save the
loss that would follow a present sale in
market. The stock would then Immediately
advance in price more than the amount of
bonds at present for sale. The surplus in
come in future could be divided among the
stockholders. .,
z, The Report Of the General Superinten-
dent, herewith submitted, willssgive you an
account of the operations Of the Road for
the,timo reported, the condition of the Road,
and its motive power. It will be seen that
the Road ISL good condition, we'll supplied
with machinery and cars, and that in all
its operations,it has been pre-eminently
successful. This result gives the, highest
evidence that can be afforded that the men
in the various departments Of the Road
have done their duty.
: The new Iron purchased last Spring has
been laid down near Columbia, in the place
of ;tbe flange rail. The old iron taken up
should be sold or exchanged, and new iron
procured and laid down in the place of the
old daugc rail on other parts Of the Road !;
and SO on the business should, be continued
until all tho fange rail should be replaced
with the T rail-.
The heavy masonry at Broadway has
been finished. A small portion Of tho en-
bankment at this point still remains to be
made. This can be done hy the hands Of
tho Company, al their own convenience.
L The work Of building culver,s and em-
bankments in the neigliborhood Of New
berry. liasa been continued under contract
with Hairs Singleton, and the Road great
ly improved lin that section. The points
most needing work Is tiisisupposed will all
be worked off in the course of this year,
after which the work will be stopped.
The surveys that were commenced be.
fore your last annual meeting have been
completed. Reports and estimates thereof
have been made and filed in the Office of
the Company at Columbia, to which your
attention is invited. About the first of Jan
uary, this much of the work having been
completed, and no evidence having been
given Of any substantial. aid from the people
directly interested in the construction of
the projected Roads, the brigade of Engi-
neers was disbanded. These roads, connect
ing with our Road, are highly important to
,is, especially that one over the mountains
and along the French Broad to the Paint
Rock. Butt cannot be reasonably expect
cd that our Company, unaided, will under
tako .les building sof it.. Our Company
needs repose and time to take care of. its
financial affairs, which are, tits now believed,
rapidly nd dvancihg to q sound and easy con.
;dition. The whole matter of tliese pro.
jected roads is snow submitted TO- yon.
The Board will await your direction before
proceeding further. s. :: :
III concluding this Report the Board
would express its gratitudesand .thankfulness
to HIM who guides and rules the affairs Of
men for the success which has attended all
Interpretations of the Company: .s,. ,
2; All of which is respectfully submitted,
:s s,s: s.@..''s.: 80 &. !. .THoSso 9. PERRIN,
s;ss e. !. 90. I: President
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