The Abbeville banner. [volume] (Abbeville, S.C.) 1847-1869, 1857-05-07
ANNUAL MEETING OF THE STOCKHOLDERS
OF THE GREENvLLE & COLUMBIA RAIL-
ROAD.

by the lleV. M AlaTtiH, anu tne proceed
ings of the last meeting approved, A. G. Car
lington, Chairman of the Committee on
Reports, made the following report, which.
after being discussed clause by clause, and
some amendments made, was adopted.
The Committee to whom was referred the
reports of the officers Of the Grccnville e.
Columbia Railroad Company have consid-
cred the same, and respectfully submit the
following report:
The stockholders have just cause of con-
graduation at the success of the Company
III its operations during the past year.
The docum, nts referred, exhibit an increase
of tho income Of the road for the year end
ing December 81, 1856, above that of the
year preceding of s5S, ,79G.2s. The cxpen-
ses for the same year exceed those of 1855
- little more than fourteen thousand dollars.
This increase of expenses has been incurred
chiefly i'll the maintenance Of way depart
nent, and has been caused by the large
quantity of new timber used in rebuilding
trestes, and i'll other repairs. by com
pairing the expenditures of 1855, with those
Of 1856, it will be seen that in the two items
of /" cross-ties and stringcrs," and repairs Of
bridges and trestlcs there is difference of
more than $4,000 in favor of the former
year, which at once gives satisfactory rea.
son for the increase.
Your Committee believe that the repairs
which have been made We're such us the in
terests OF the company demanded, and upon
the same ground approve of those now in
progress or III contemplation, and particu-
larry the change proposed in the location of
the road ut Wilson's Creek, the new
bridges across Crim's Creek, and the fiilin"
OF the trestlcs at various points along the
line of road.
Your Committee believe that, 10y prope,
management, the great enterprise Which
you have completed will, at no distant lav,
emerge from the difficulties and emJarrass.
ments which have, from its first inception,
cloudcd Its prospects, and prove to the stock
holders, what j. has been to the State,
source OF wealth and prosperity. No com
pany has even had greater obstacles to SUR
mount, and none has ever shown greater
energy or enterprise in overcoming them
Heretofore it has benefited the community
Mt your cNpcnsc-others have enjoyed all
vantages which you have paid for. But
road located i'll such a region of country
rs yours Is, which cost the stockholders two
millions and half Of dollars, of which
sum they have paid by subscriptions Of
stock 4 little more than one million three
hundred thousand dollars, and which yields
an annual income of over three hundred
thousand dollars, with, the sure prosncct
OF still greater revenue, must yield a profit
able dividend whenever its debt is paid
This debt amounts to something over a
million of dollars. 1t consists principally
of bonds, which begin to fall due on the
lst January, 1862. Debt seems to be the
necessary attendant of all the railroad en-
terpriscs of this, and perhaps of every other
country. 1t is the evil genius of railroads.
But what other companies have done vours
surely, can do. We have examples near
us OF companies as deeply involved us ours
paying good dividends, and commanding
credit IN the money market. With the his
tory OF other railroads before us, and having
the prospect of increased revenue every
year, your Committee feel confident that
your Company may avoid embarrassment
IN the future by adopting juIicious and
timely measures to meet their obiga-
tions.
Your Committee have no scheme to pro-
pose on this subject, but are fully impressed
with the Importance or the Board of Di
recters keeping constantly i'll view the ex-
tingulshnent of this debt as speedily as
possible. The credit of the Company and
consequently the interests of stockholders,
require this at their hands. When this
burden is removed n tide of prosperity will
set in upon them. They have the right to
expect that in the interval of time which
will elapse before their bonds fall due, some
plan will be proposed to meet their pay
ment.
The report of the President and Dircc
tors shows "balance of $40, $3.50 of
annual profits over the combined amounts
OF expenses and interest,"" and expresses the
belief that, in view Of the large increase of
business OF the present year. "aIl the inter-
est due on the assessment, amounting to
about $4,000, can be paid 20 the stockIoI
ders in the course Of the summer, without
embarrassment to the Company"
Your Committee approve of the succcs-
ton, and recommend that the interest
WHICH has accrued on the assessment he
paid during the the present year, provided
the Board should deem such payment not
to be incompatible with the true interests
Of the Company.
Your Committee believe that the Bluc
Ridge Road, for the reasons given by the
Board IN their report, should receive from
our Company SUCH aid us our means NAV
allow. There can be no room to doubt
shatits completion weuld add very LARGELY
to the business Of our road. When com.
pieted y will be an extension of the Green
silie and Columbia RAILROAD across the
mountains fae into the fertile valley OF the
west, On whose generous bosom all the |
great railroads on the Atlantic and Gulf
are seeking to rest their heads. It will
draw within our borders vast amount of
trade.
Your COMMITTEE believe that this Com
Panyg can we'll afford to extend helping
aand to. that great enterprise, by exchans.
Tag the transportation Of materials 10 be
used in its construction for stock in that
Company. ''"'
They. therefore racomnoonl IL. H.