The independent press. (Abbeville C.H., S.C.) 1853-1860, 1856-01-04
81
WHOLE NUMBER 1873.

d'vldual Stock, was equally assessed. This
assessment amounts 10 S89, ,02O. Predicated
upon this assessment and the faith of its
payment, the Company borrowed from the.
bank OF the State a sum to cover the as
sessmcnt.
1he Interest upon this debt to.the Bank.
has been regularly paid, in advance, eSefy.
ninety days. So long as the Bank was will
ling to indulge the Company on this debt, :
it was easy III the matter, and not disposed
to press the demand. But now, tho Bank
having expressed desire to llavc this debt
paid, the matteris brought TO tile attention ::
OF the General Assembly, and tits respect :,
fully asked TO make some provision slneet
the demand, andsrelieve the Company from /
its labityto the Bank. * g., !,
The business Of file Company is:increas. ! !
ing and its income enlarging. From tho Y
aeconntsof tho last .fiscaTyear, rendered to ;
the Stockholders mt theiriaunna cling, It !;
will appear that the inco oiriegexceeds that Of
the previous year ,bys S5Js117 ;33. Since
that's ate,nent was made, sthe business has
Estillincreased, SO that tho income, for the,
last month octobek) was 81, t773 Is large,
than. that Of the corresponding mouth of
last Z eIr.s sstsls5. >ss1ssS.,'t a, -
81 III the 'amount set down as having been
paid on account of expenses,sin tie report.
is included q balance. duo. for expenses. for for
/ the previous year, aud payments made for OF
mostot the. permanent expenses of The pres.
ent year. .iIhe expenses proper for tile yesr..
were only about sl50,OO0. r., -: -
f. The income was applied to, the expenses
lot the Road,Ithe interest upon the Bonds.
aud TO thedebis Of the COMPANY. Ks~yet1 \
the Stockholders have realized no beaeSt :.
rom llleir.investnent,b beyond that enjoyed;
I.'nicommon wilh9all Others who have POS,
sessions near the Road, ,or: hare used IT,
J. II the indebtedness ofthe Company were
now aIl funded its income is sufficient 10
detray its expenses, pay, the interest or tho.
entire debt, ;and divide about. six per cent. !
per annum upon the Stock. $Bnt nntil The :
debt.isi either funded Or paid, it is ssbelieved
that it is the true policy Of the Compainy,to
apply the earnings, firstEtos the expenses.
and then 10 the debts; A premature pay.
meftFof dividends would only make the
Company poorer, and, instead Of advancing
the Stock, would necessarily depress it, and
with it all our securities. ~.
The Road has now been in operation its
entire length for nearly two years aiidsit. is
believed that it has fully satisfied all the
reasonable demands of the public upon it,
and has come up to the most sanguine hopes:
OF its friends. The mails have been con,
vcyed with promptness and regularity, pas.
scngers have been carried in comfort and
safety, and tho produce nnd;supplies of the.
country have been transported with great
promptness; in short, it has, without vexn-
tious delay, done, ill the business that has
offered. u
Since the Road las been pnt in opera.
ton, much attention has been bestowed up.
on its improvement and repairs; where. It
was exposed to Injury, by ircsbets, it has
been guarded, aud where It was weak, it
has been strengthened. These improve
ments have involved heavy expenditures Of
money; not less lllan one hundred tl,ou-
sand dollH,s have in this way been laid out
during the present year. Amongst these
improvements are the heavy works ut;
Broadway, in the neigl.borhood Of Newbcr-.
Fry, on the Abbeville Branch, and In. the
valley Of Broad River Which hasp given
great value and strength, 70 the Road, zanl
entitle 1t now to rank, in the first. class Of:
Railroads. o. = Is ,s. : -,
| Surrounded by difficulties :of ssimmense.
I'nagnitude- pressed BY pecuniary liabilities.
during q. moaey crisis, protracted beyond.
any that has PRECEDED It The friends fsel.is
great enterprise: viii, ah ardent patriotism
and an enthusiasm that has never ifaitsred.s
have pressed it forward to its presaSt sondi-
ton OF successful operation. Amidst It's