The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1886-05-19
REPORT OF TIE PRESIDENT.

~
To the Stockholders Of the SurUnn0h PdHcy
RuiiiOdd CumpunJ: 1t was my pleasure at your
last annual Convention TO con"r:lul;tte you
upon the execution OF contract for the com
petiOn of your road Since that timc-namc-
iy, in the month of OctOber-thc work OF
track-laying was commenced at McCnrnlck
and has progressed us far as LownuesFlilc, 10
which point trains arc now running unoer
such re- ,uIationS. and with such facilities for
transportation OF persons and freight as the
partial completion and the progress of the
work will admit. 1t is contemplated that the
track-laying viii. be finished to Anderson by
the middle or last Of July, when the road will
be turned over to the Company properly
equipped by the contractor. by. whom II Is
now and will in the meantime be operated.
Stations have been selected along the line ut
suitable intervals as to distance and c0nTen-
cnce. where houses are now being erected at
the depot stations for the business OF the road:
The mortgage of the road its property and
franchises, heretofore authorized by Stockhol-
ders. has been executed, and the bonds to be
secured by the mortgage are being printed
preparatory to their execution anu uellFerS
TO Mr.. Raoul, contractor, to iron ana equip the
road. The entire issue will be between S4SO,001
and S5DO,OOa, an increase of about S2O,!NO over
the amount originally offered to finish the
road, occHsioncd by advances of the contrac-
tor to complete the grading. The Company
will then be prepared to settle with the con-
tractor when the road is finished.
Since your last annual meeting, Coz. James
VI. Latimer, your former President. and after
see the grading OF the road completed, and the
last OF the work having been done at l.oWndcs-
Vile, he testified his pleasure by celebrating
the event. The revival of the road under its
present charter originated with him. and from
the preparation and adoption or the charter
to the day of his deaf he was steadfast, faith
full and earnest in his devotion TO its interests
and advancement. y committee wasappoint-
ed at your special meeting in December last
TO prepare and submit To the Convention rcso-
utions commemorative of lis services to tie
road. The vacancy on the Board created ny
his death has been filled by the election by
the Board Of Mr.. G. +. Toily, Mayor of Andcr-
son, as a recognition as we'll of his fitness and
Of his zeal for the road. as Of the large sub
ScriptiOn made by the City OF which helS the
official head.
l regret, also, to announce to YOU the resig-
nation from the Board OF Mr.. W. G. Watson,
which occurred in April last. tie has been
an earnest and consistent friend of the enter
prise from its inception, and in all its trials
and viciS>tudeS was u faithful and efficient
member of the Beard, and his colleagues deep
ly regret that his private business made it ill.,
cumbent TOR him to take this step.
wish TO call your attention to the present
awk ward and unnecessary representation III
your Conventions OF the original Township
subscriptions of stock, and to suggest the
adoption OF proper measures to get rid OF IT..
such representation was necessary under the
charter to perfect and continue the orsaniZ;l-
ton until the stock subscribed By the Iown-
ships was paid in; but these subscriptions
videu for the conversion Of tax rccelptsOf the
individual taxpayers into certificates OF pri-
vatc stock, there is no reason why all the
stock should not be thus taken up; and if
this were fully done the Townships represent
taliOn would doubtless cease by operation Of
law, us there would be nothing let for their
delegates To represent.
IT. will perhaps be necessary in this conncc-
ton to enforce the conversion OF lax receipts
into certificates of stock, by prescribing Il pc
riou of limitation within which they should
he converted or else the stock be forfeited.
Whether the Convention can in and BY itself
adopt ctfcctual measures to accomplish this
object, or wnctherit will be necessary to re-
sort TO the Legislature on the subject, is Il
matter leave to your consideration.
herewith transmit ;hc report of the Treas
urer, showing the financial condition OF the
Company,
Respectfully Submitted,
w. w. HUMPHREYS,
President >. V. r. r.
The report was received as information.
The report OF W. =. Lig0n Treasurer was then
submitted as follows, and referred to an au-
diting committee, with Mr.. j. j.. Maxwell as
chairman, and approrcd:
TEEASURER'S REPORT
". S. Ligon, Treasurer IN, account cith the ST.
Vo,,i.tth IuUey Ruiif0uc Co.:
Dir
TO cash on hand last rcport............S 1391S IS
TO cash received to date since report H. ,1G2 81
Iotal....... ,-4l %
BY cash paid oct: ~ 70
BY cash deposited in Bank.............. 9J7 10
lOlttl....... ,-fl Oh