The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1866-08-29


Samuel Drouthitt, Greenville G. H.:
VIM. Moore, Abbeville C. H.
julius Poppe, Anderson G. H.
National Express and Transporta-
tien Company.
BALTIMORE, August 10, 1865.
To the Stockholders Of the National
Express and Transportation Conn.,
110ny:
In connection with the order for a
further assessment of foe pea centum
on stock, the Board of Directors sub
NIT q brief statement of the condition
and prospects of the Company.
The contract with Mr.. B. F. Flick
lin, so much objected to by many
stockholders, has been rescinded, on
terms accepted by Mr.. F., and highly
beneficial to the Company. The re-
serve stock of the Company is thus
left free and untrammelled, and the
benefits of its operations belong to
the stockholders as they stand.
The means expected from this
source never having been realized,
the necessity arises for call on the
stockholders for money to carry on
the operations of the company. We
venture the assertion that few COM
panies in the United States have as
large and responsible list OF stock
holders as this. and that no associa-
ton of the kind has ever gained such
q foothold In the country or won such
success in the brief period of nine
months, and against the most fearful
opposition, as the National Express
and transportation Company.
Until within few weeks past, the
railroads Of the South have been
locked against 'The National" and
"The Adams have held the keys.
The courts have recently thrown
them open, and now the business of
the company is rapidly spreading and
Increasing throughout the entire
South. Indeed, from New York, the
great centre of trade, the lines of the
company extend over large portion
of the West and South, and the ope-
rations are now just approaching the
setf-sustalning point. In the past,
mistakes rave been made; much
money has been misspent; some ex-
periments have failed, and agencies
in certain localities have been ineffi-
cient. This, however, is the common
fate OF all such enterprises; neverthe-
less, steadily and surely has the com
pany been moving forward, until now
absolute and assured success is within
it's grasp. All that is needed is the
means of carrying the company
through the next few months, and
the victory will have been won.
Appended is statement Of the
financial condition of the company,
viz:
Property account. ........ y. 1921 ,2s2 u
Cash, notes, etc. 10000 90
Balance ON former assessments. 1lO,O 900 90
Assessment Of five per cent. on
IS, 500 600 ......... 175, 900 90
Total means. $546, ,282 70
Oh entire indebtedness and liza
blities. Observation-Disclosures. 154, 407 90
Total as sets. 1891, ,S74 "a
From this statement, it will be seen
that, with the assessments promptly
collected, the means of the company
will be ample; and it is confidently
expected that no further call on the
stockholders will be required. The
arrearages of assessments will now be
promptly collected. as the obstacle to
their collection, arising from the
Ficklin contract, has been removed.
q. On the Goth day of June, 1866, the
Board passed an order authorizing
the consolidation of stock upon the
basis of twenty per cent. paid up.
The legality of this order having
been doubted, it has been rescinded,
and the whole matter will be referred
to g meeting of the stockholders,
which the Board has directed to be
convoked in Baltimore on the second
Tuesday in October next.
The Board speaks thus plainly and
frankly as to business men. They
trust the statement will suffice to
secure prompt support and payment
Of quotas. They do not choose to
refer to the risk Of investments
already made, or to the legal liabili-
ties Of stockholders; but, with the
pledge on the part Of the Board that
the rigid system of economy and re-
duced expenditures already instituted,
shall be fully carried out, they appeal,
with confidence, to the large and re.