Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1858-02-11
MAGNOLIA.
To the Stockholders of the Kings Mountain
Rail Road Company.

Gentlemen I'm submitting their Report, with
the Report and accompanying Exhibits Of your
Treasurer, for the past fiscal year, the President
and Directors cannot but express the belief, that
the condition of the Company will be deemed by
the Stockholders highly favorable and satisfactory
Without arraying a multiplicity of figures,
which often serve to confuse rather than to eiuc-
date, the Direction prefer to give. in plain and
concise manner, the prominent results of the opcr-
ations of the Company and its Road, as exhibited
in your Treasurer's statements of its financial af
fairs
In stating his account with the Company, the
Treasurer, as shown by Exhibit No. ], givesa net
balance in favor of the Company Of six thousand
three hundred and two dollars and thirty three
cents.
In Exhibit. No. ,, is found the net income ari-
sing from treights, passengers, mail service, &c.
&C. which amounts to eleven thousand dollars
and eighty nine cents.
These balances aggregated, us shown in Exhibit,
No. 5, make the sum Of seventeen thousand three
hundred and three dollars and twenty two cents
being the net surplus fund now in your Treasury,
and this too after assigning assets sufficient to pay
all demands due by the Company
Exhibit, No. l, by excluding the first and last
items on the debit side of the account, shows the
income of the Company arising from the sources
two thousand two hundred and ninety dollars and
ninety three cents.
Exhibit No. 2, gives the net profits of the Road
from frcights &C., as stated above-being eleven
thousand dollars and eighty nine cents.
These last two items, making i'll the aggregate
the sum Of thirteen thousand two hundred and
ninety one dollars and eighty two cents. consti
tute the uncmbarassed profits of the Company for
the fiscal year ending 3lst December last. This
result is equivalent to dividend on the capital
stock of upwards of six and half per cent.
The Report of your President and Directors,
which Immediately preceded the present Board,
exhibited, on the lst July 1856, a net surplus,
exclusive of the then Indebtedness of the Com
pany, Of fourteen thousand three hundred and
seventeen dollars and sixty seven cents. In other
words: reservns fund equal to Tie Indebtedness,
and regarding the debts AS paid, the Company
had, at the period named 4 surplus fund Of the
last above designated amount.
The TrcaSurers Report herewith submitted
shows, that the net surplus fund, on the last day
of the past calendar year, amounted to the sum
of seventeen thousand three hundred and three
dollars and twenty two ccnts-being two Thousand
nine hundred and eighty five dollars and fifty FIVE
cents in excess of previous Report. This fact
cOncusivey evidences, that the condition and
pecuniary assets of the Company, to say the least
not ltillilS Oh tiIdt tIlc
Company has lost none OF its solvent character
In connection with this subject, the President and
Directors regard it due the Stockholders to remark,
that Oh the lst day Of January last-one month
ago, your Company was entirely clear of all debt
of every nature whatever, with the exception of
four accounts amounting to not more than about
fifteen dollars, and dividend uncalled for. If
there be any other demands against the Company,
they are unknown to those most familiar with the
affairs of the Company
By an examination of Exhibit, No. |, it will be
seen, that the present Board paid during the fiscal
year former debts amounting to three thousand
nine hundred and eighty one dollars and fifty
eight cents: of which sum three thousand two
hundred dollars bore interest. 1t was thought
proper economy to pay off these claims, especially
those bearing interest, with the first accruing
funds.
\ dividend of five per ccut, amounting to ten
thousand one hundred and sixty dollars, was de-
clared by the Direction, payable on and after the
10Th February last.
The Board have to report to the Stockholders
the death, by Pneumonia, of one of their slaves,
Jacob. He was 4 valuable and faithful servant.
That decrease in down freights would be re-
allied, can surprise no Stockhoiicr. This was
anticipated by your former President and Direc-
tors, and so stated in their Report of last year.
- The very dry and unfavorab!c summer" of
1896, to use their language, made 1t - evident that
the crop, particularly the grain, would be light.
The anticipation was confirmed. All are aware
Of the pecun!ary embarrassment OF the CONNER
cial world during the past fall and the consequent
stagnatiOn in business operations of the nature
now under consideration Resignation was the
only alternative. The average monthly decrease
in down-freights, during the present management,
has been about one hundred and twenty dollars.
This has occurred Notwithstanding several inl-
portant customers in North Carolina, who had
previously discontinued dealings with the Road
have returned to it.
As to up-freghts, the diminished crop of 1856
seems to have had but little effect i'll diminishing
the profits of the Company: as, with the excep.
ton of the mouths Of October, November and
December last, the monthly average Of the pre-
cclng year about realized the present fiscal
year.
In passengers there has been decided monthly
average increase.
The road-bed is believed to be safe; but rs
may well 5e imagined, the cross ties are rapidly
decaying, and will hereafter be, as they have
been the past year, source Of great expenditure.
The rolling stock Of the Company is all in
working order. One Of the passenger cars has
been re-paiuted. This was deemed essential, not
merely from regard to appearance, but to its
preservation from the influence Of mois sture,-