The Abbeville banner. [volume] (Abbeville, S.C.) 1847-1869, 1856-04-24
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VI s . Is u "a & III Is ~ ~ s 0
= ANNUAL REPORT
GREENVILLE s. COLUMBIA R. ROAD.
Proside71t's Report.
OFFICE G, g. c. RAILROAD COMPANY,
Abbeve, S. c., april 2, 1856.
To the Stockholders Of lie
GrcenviUe Dc Columbia R. R. Co.:
The President and Directors submit the
following Annual Report:
The Tabular Statements of the Auditor
and Treasurer, herewith submitted, will give
you full and minute account Of all the
financial affairs Of the Company. The ac-
count current Of the Treasurer embraces
only the transactions Of seven mouths, be-
ginning the 1st Of June and ending the
3lst Of December-you having, at your
last meeting, directed that the fiscal year of
the Company be changed so as to end on
the 3lst Of December. The other state
ments exhibit the business from January to
bCSShoSi Va 'taSI JSti' tsiiu iohA eAS SOill-
menccmcnt of the Road.
The business Of the last wear compares
:favorably with that of the year preceding.
From Statement No. 5, it
will appear that the income
for the year 1855 was S279,Ol2.5o
Theincomc for the year s54,
made up from previous re-
ports, was 256,71G.77
Showing an increase of 22,295.79
The current expenses for the
year 1854, as shown in the
last report, was l92,24l.l0
The expenses for
1856, rs shown
in Statement No.
4, is l8l, 1850
Decrease i'll ex., -- 1O,5O5.59
Which, added to the in
crease of income, makes
difference of S32, ,801.35
in favor Of the Company.
Although the expenses have been some
what diminished the last year, it is expected
that they will he less the present; but it is
believed tn, until The Road has been all
gone owe. and thoroughly repaired and all
the flangc rail replaced Will. good I rail,
that the expenses cannot bc brought much
lower than they are at prescnt-duc regard
being had to the safety and character of the
Road.
The prospect for still greater increase Of
business,i is good. The increase heretofore
is the result Of ordinary causes. When the
Blue Ridge Road is built; which is making
progress, and is sustained !y powerful in
tluencc, q very heavy and p:oli';,blc business
must necessarily BE- brought to our Road-
the extent Of which we will not now under
take to predict.
Owing to the continued scarcity of
money, and the reluctance Of capitalists to
invest in long time securities, but little in
quiry has been made for our bonds. Only
500 have been sold since the last re-
port.
The payments on construction account
for the seven months amount to $S7 :
462 As.
The interest on our bonds has been regu-
lary paid as it fell due. Notwithstanding
these heavy payments, and the small amount
realized from the bonds, the floating debt
has been considerably reduced. AS proof
of this, you are referred to the item of
"Bills Payable" which embraces the notes
and drafts on the Company accepted.
These, according to the last
report, amounted to S253.93G.4S
According to the present
showing they amount to 2l0,O18.92
Showing dininulion of 34,sl75G
The surplus income, rs is shown in State
ment No. Q, is Sl5l, ,lsl.s9. This has been
applied to the debts. If the capital of the
Company had been sufficient to build the
Road, this surplus might have been divided
among the stockholders; but until the debt
is all funded, it would seem to be the true
policy Of the Company to apply the income
to the extingushment Of the debt.
Under ordinary circumstances, it is be
lieved that there would bo no difficulty in
raising money on our bonds. The debt,
when all funded, will amount only to about
100000. The Road, with it's equip
ment, IS worth more than three times that
amount. The interest of per cent. per
annum, payable se'ui-annualIy, is a fair
profit for the use Of money; the interest on
the bonds sold has heretofore been prompt
Iy paid; the means of payment in future
are now more at our command than here
tofore; the security is ample; the bonds
are good, and still they cannot be sold, ex-