The tri-weekly news. [volume] (Winnsboro, S.C.) 1865-1876, 1866-02-10


debt was soon cxtinsuishc,l, and the bond
debt has since been reduced from $305, 900
10 S2'4,0O0. or this sum $S7, 500 of these
bonds are past due, and ST 900 Of interest.
due upon bonds maturcd aud running to
maturity, making i'll all of bonds and cou-
pons, an aggregate of S139,000 Many of
the holders of these obligations knowing
the undohbtcd SECURITY they afford are viii.
lingsto renew those past due. This will
be the policy. of the Company, and the bonds
are now being prepared, and will soon be
ready to.issue, when notice will be given to
holders. Thc purpose of the Direction has
been to gradually redeem all bonds, but
the'dishster of the past twelve months. will
delay this for q year or two. Fortunately
this'debt wass never very large in proper
ton to the. capital on which it was based
Hence, the former high credit of your Road,
!and tho r6asop.why no creditor has ever
even asked for n mortgage of any portion
Of the property. EutStew roads of ll0
miles in.length, with ftkeauipmcnt have
ever been constructed irt keountry with:
out one orn,ore mortgagcs.f For Years past tho
Company has had,no floating debt, and all
liabilities incurred thus far in reconstruc-
ton, cxcept for The bridge and rails arc pro-
vidcd. Ninctcnlhs Of tho timber necessary
to complete the remainder of the Road is
delivered and paid for This has been pro.
yidcI by collections due the Company, sale
of cotton, receipts Of the road, sc.
The income since June has amounted to
SI6, l6l 06, exclusive of charges at tho Ca.
tawba river. Considering the condition of
the road, and the country, this result has
exceeded expectation. All the profits have
have been applied to reconstruction. With
the road completed and its through and To-
co1 hnS rncfn ii,
soon equal that of 18G0-G1; which averaged
over Sl80,000. This would soon restore
the credit of thc'cdRpany and extinguish
all debts of reconstruction, and meet all
other obligations. Until this is done, the
Stockholders cannot expect their usual div-
dends. -
1t is gratifying to state that the Columbia
and Augusta Road is being vigorously pro.
secuted with a fair prospect of completion
within . reasonable time. The opening of
this road will add very greatly to the
through business of your road, as it will he
shorter by over sixty (G0) miles from Au-
gust" Ia New York, via Columbia and Char
Io:te, than by any other route.
1T is true that the accumulalions Of years
have been swept from you by tlagranB war,
and that no civilizcd'pcople ever expericnc-
Ell greater political, social and military re.
'''"'''i' '"'h you HtNe IOr inc laSJ year,
yet the clouds arc being dispcllcd, and the
skies brighter. The high price OF leading
Southern products tempt the cupidity, en-.
crgies and necessities Of destitute people
to produce them. A portion of the Freed
mon gave evidence of industry. There are
strong indications of tho influx of labor
and capital The military control over the
country is gradually being relaxed. and the
nope Is entertained that the Southern
States may soon be restored to their politi-
cal and constitutional rights. Half the
usual crop of cotton will bring more capital
into the country than the largest crop ever
brought. The same is true of rice. tobacco
and the products of the pine forest. The
production of these staples present strong
inducements to capital and labor, and must
soon restore the country
Respectfully submitted,
VIM. JOHNSTON,
President.