Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1860-02-23
PRESIDENTS REPORT.
To the Stoc ckholdcrs OF tho Kings Noun
-. tain Railroad Company. ,r

To the stockholders OF tho Kings Noun
tain Railroad Company. H.
Gentlemen: I herewith submit to you 0 report
of the operations Of your road for the past fiscal
year, which ended on the 31st December, 1859;
and statement Of its financial condition up to
that date. ..g .s .... ,-.
The gross income of the Company for the fs-
cal year. as exhibited in the report Of your Tres-
surer, is...................... $l6,9To 70
And the expenses, ordinary and ex-
traordinary, ,...."....."......"...... 9,Ho 40
Leaving o nett income of......-.......S 9,203 80
On the 1st Of January 1869, the assets in the
hands of the Treasurer, consisting of bonds,
notes, stocks, accounts and cash, amounted to
$40, ,401 49,; and with view to the disbursement
of dividends, the sum of SIS, ,139 II was collec-
ted from these assets, and added to the net in
come above mentioned, making the sum Of S24,
322 "a. From this amount, the following divi-
dends have been declared during the past year :
In March St per cent on Certificates Of Stock s9Ss o.
| Deer, =" 6,O99 90
Making in the aggregate, ............S23,37 1873 6O
and leaving available assets on hand to, the
amount of S5,504 4s. ,
From the above statement you will observe
year, have amounted to fraction over AZ per
cent. "a. -..-- -..rss. -..
Upon o review Of the operations Of this road
during the past year, the following gratifying re-
suits are shown: Increase income from freight
and passengers, has been, $1,T2l As; savings to
the company from consolidating Offices and cur
failing amount Of salaries, $2,230; making an
aggregate in our favor Of $3,951 As. So that
while the sources of income has increased, the
ordinary expenses have been materially dimin-
ished.
Hitherto, the dividends on the South Carolina
Railroad stock, amounting to not less than $1,000
per year, has contributed to swell the income Of
tribution of proceeds, has withdrawn that source
of income. The re-laying IA miles of track with
timber (rendered absolutely necessary by the de-
cayed condition Of the old) has subjected the
company to unusually heavy expenditures du-
ring the last year, but every economy has been
used, and the work completed with ten hands,
under the supervision Of your present very efh.
cient overseer Under such an outlay as the
above work required, 8 large dividend could moi
be anticipated. The stock guards, about thirty
in number, have been renewed with the excep'
ton Of few not yet completely and the whole
track is now in an entirely safe condition fol
travel New platforms have been built for the
Depots at the termini Of the road.
The motive power Of the road, am authorized
to say, is in good condition. During the year
there has been built one platform car; one boz
car made nearly new, and others repaired. AL
are fit for service, excepting two, which are IL
need Of slight repairs. g.
The expenses from accidents on the road, ha.
been quite small. With the exception of de
mand of about $3.50, which has not been callet
for, the Company is entirely out of debt.
With o newly laid track, and your motive pow
er and cars in good condition; with your fnan,
ces free from all debt and embarrassment, and
with the hope that the encouraging prospects Of
the company may be amply realized, 1 now retire
from the duties of the position with which you
have honored me. J. NJ. LOWRY, President.
YonKv1LLE, 8. c., February l3, 1850.