The independent press. (Abbeville C.H., S.C.) 1853-1860, 1857-04-17
The Greenville and Columbia Railroa

q.
a late number Of the Cdroiiniam cont aims
the Annual Report Of the President aud Dircc-
tors Of the Grecnviilc and Columbia Railread,
which We will present to our readers in the
next issue. 1t is n very interesting document,
and affords very clear and satisfactory state.
ment Of the liabilities. resources past opera
tions, present condition, and future prospects
Of the Company. We Offer at present, short
abstract of its most important items
The business of the Road is steadily increas.
ing and the increase Of the past year affords
large excess over TINT of the preceding year.
The income of 1856 was S307 SOS. so; that of
1855 S2190l2,56; showing nn increase of
S2s,796 o. The expenses for 1856 were Sl95,-
97o,5o; those for 1855, S1sl,735, $3.50; show
ing m increase of expenses Of Sl4,234,aO, whith
deducted from the increase Of income leaves n
net increase of income for 1856 OF Sl4, SCI, "a.
The Report. states that it is greatly to he re-
GREETED that the Capital Stock of the Company
falls, so far short Of the cos. of the road; as
the deficiency had to be made up at great
loss ; and capitalists, who have no common
interest in the Road nre deriving profit from
it. After deduc%ing the expenses from the in
come Of the Road for 1856, there is balance
Of SllI,s3s,39, which, if the capital had been
equal to the cost Of the Road, might have been
divided between the Stockholders; but instead
of that nm interest Of $4,000 is TO he pnid nnu-
ally, which has reduced the net profits of the
past year SS6.s3s,3O. The business of the pres
ent year is considerably larger than that OF
the past year, and it is expected that the inter
est due on the assessment, amounting to $780,
600. can be paid during the Summer.
The Rond is represented to be in fine coudi.
ton md the running of the trains to he made
with great regularity, and with few accidents.
The Conductors Engineers, and the officers
generally are skillful, cautious, and faithful in
the discharge of duty and worthy Of oil conf
dcnce.
The work Of building rock culvcrts and fill
ing in the trestlcs, has been pressed forward,
during the past year, and the sum of s72, $40, ,76
has been expended OH that account Thorough
and extensive repairs have been made and the
road has been greatly improved The Board
expects to continue the work of construction.
and have let out upon contract the building of
oulverts and the filling up of trestlcs at Will
liamston. Ninety.Six Creeks and other places
survey bas recently been made for the pur-
poso of changing the location of the road, west
OF the Saluda River. in order to avoid Wilson's s
Creek; and tho work will soon be put under
contract
With regard 10 the liability of the State to
pay the assessment upon its stock, the. Report
makes out strong aseagainst the Legislature
AS to nil liabilities growing out of its connec.
ton with the company, the State seems to oc.
eupy the same position as an individual Stock
holder; and as the latter could not resist the
payment of the assessment, neither can tile
State plead any immunity. The Company by
its charter is authorized to levy assessments
not exceeding 20 per cent on the original
shares: The State without making any reserva-
ton, limiting the powers of the. Company has,
at different times, subscribed l7,4Ob shares or
ss4s. 100; and now holds the Company's scrip
for the same. is regularly represented in it's
meetings and claims oil tho privileges of q
Stockholder. And as the. other Stockholders
have been, forced to pay the assessment, it
would seem that The good faith Of the State,
should inducs II to assume its shsrs of the COM
mon burden. Is
The liability Of the State TO- the Company is
conceded but 90 far from being greater, is
even less than that extended to Other roads.
The South Carolina Railroad with itsbrsnches,
u a42 miles. long, and hss received, besides
loaus in ths infancy Of the road, State sub.
,seEesion Of Ssoo, 600. sud = guarantees of its
Ssads to the anoant Of $4,000. COS; The Char:
fOtts ana South carolina Railroad D Jos milea
long. aad !ksarseeissa . State subsssiption Of
40 go NE tanbare, asfd NAios4 Rail.
,tc@a ss5sssa vsiaf,ss IN assskh ssd