| Annual Report of the Greenville &
Columbia RR |
| as of January 1, 1864, |
| President's Report |
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| President's Report |
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| To the Stockholders of the
Greenville & Columbia R. R. Co.: |
| The President and Directors
submit the following report for the year 1863: |
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The Tabular Statements of J. P. Southern, Auditor and
Treasurer, show the condition of the Treasury and the financial
operations of the Company. The Company seems to be in a sound and
healthy condition. We beg leave to call your attention particularly to
some of these tables.
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Table No. 1 is a balance sheet of the Capital Stock,
Property, and Assets, and the Liabilities. It will be seen that there
have been added to the Capital Stock $103,160. This has arisen from
the assessment, which has been converted into Stock. The capital and
assessment out, as it now appears on the books, amounts to
$1,502,922.94. This is more than it really is. In keeping this
account, the interest which accrued against delinquent Stockholders
was added, and increased the amount, but not the number of shares.
Some of the Stock has also been forfeited for non-payment of the
balances due, which should be deducted. It is very desirable that the
true number of shares should be ascertained; and as soon as it can be
done, that this account should be closed. So long as there is an
annual increase in the Capital Stock, it is proper that it should be
brought to your attention in our reports. It will also be seen from
this sheet that the surplus income amounts to $531,544.14. This
surplus has been used in the place of Capital Stock, and has entered
into the construction and outfit of the Road, and it should, at a
proper time, be divided amongst the Stockholders, and certificates of
Stock for their respective shares issued to them.
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| Table No. 3 is an Exhibit of
the expenses of working the Road, which, including damages for goods
lost and stock destroyed, amount to $296,220.78. |
| Table No. 4 is an exhibit of
the business done, amounting to $763,871.02 -- being an increase over
that of the last year of $343,893.34; of this amount about $254,549
was derived from freights. In 1860 the freight amounted to $231,270;
which was the largest freight business that we had done previous to
the last year, showing an increase of only $23,279 from freight. |
| In comparing the two Tables,
Nos. 3 and 4, it will be seen that the expenses amounted to about 38
3/4 per cent. on the gross earnings. This, it is believed, will be
satisfactory. The expenses for the year upon which we have now entered
will probably exceed those of the last year; but the income will also
be increased, so that in the end the net profits will not be
diminished. |
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Out of the last year's income we have paid off the
floating debt -- paid two Dividends to Stockholders, and have
purchased, and no hold, about two hundred bales cotton, and have a
balance in the Treasury sufficient to meet all demands that may come
against it.
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| the Bonds past due, and outstanding at the close
of the year amount to about |
$171,000 |
| Coupons due and not presented for payment |
107,000 |
| Aggregate amount |
$278,000 |
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The Company is in possession of the means to take up this
indebtedness, and would have done so if the Bonds and Coupons had been
presented. As these evidences of debt may be presented at any time, it
is proper that the Company should hold itself in readiness to pay them
whenever they may be presented. It is believed that the Company will
be able to take up its Bonds -- those due as well as those falling due
-- as they are presented for payment, without contracting debt, and
thus reduce the funded debt of the Company.
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In comparing the operations of the last year with former
years, we are gratified in being able to point you to so favorable a
result. The Stockholders have at last realized, in the form of
dividends, a profit on their investment. The Stock, which has
heretofore been greatly depressed, is at a premium, and is much sought
after. We should bear in mind, however, that the country is engaged in
war, and that in a time of war large income does not always afford
evidence of healthy prosperity. The freight, which is the great source
of income, has not been much increased in consequence of the war; and
it is believed that the wants of the country, in a state of peace,
will cause a large increase over the freights of the last year, so
that we may with confidence look forward to continued prosperity.
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In December last, E. F. Raworth, who had served the
Company very satisfactorily in the capacity of General Superintendent,
for about nine years, resigned his office, to accept a similar one on
the South Carolina Railroad. By his sterling integrity and suavity of
manner, he closely attached himself to all the men in our employment,
and it was with regret that we parted with him.
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Mr. J. B. LasSalle has been appointed General
Superintendent in his place. We think that he has some rare
qualifications to fit him for the office, and we commend him to your
favorable consideration and support. Having so recently entered upon
the duties of his office, a report in detail should not be expected
from him. He has submitted a short report, which is satisfactory, and
herewith submitted.
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We also refer you, for more minute information as to the
condition of the rolling stock, to the report of J. B. Browne, Master
Machinist, accompanying this report.
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The officers and men in our employment are prompt and
faithful in the discharge of duty. The Conductors deserve notice for
their courteous and polite deportment to the passengers. The
Engineers, too are entitled to special notice for their skill, caution
and prudence, to which we are greatly indebted for the success with
which the trains have been run.
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It is our melancholy duty, which we enter upon with
profound sensibility, to pay some tribute to the memory of our late
associate, the Honorable John Belton O'Neal, who departed this life
about the 27th December last. It was our Company's good fortune to
share, with many other good and praiseworthy objects, in the counsels
and support of this great and good man. He was the first President of
the Company, and as such served it for several years with zeal,
fidelity and ability. Upon his retiring from the Presidency, he was
elected a member of the Board of Directors, and so was continued to
the time of his death. He ever took a deep interest in the affairs of
the Company, and was an active, influential member of the Board. In
the early history of the Company, in its hardest struggles, his
influence was most felt. In its darkest hours he never faltered, but,
with his great energy and zeal, pushed forward the work; and by the
brilliant powers of his intellect cheered on the friends of the Road
to success. His presence and influence have been withdrawn from us;
and his counsels, which were so powerful for good, we can no longer
share; and for the general loss which his death has occasioned, we
feel that we are specially called upon to join our lamentations.
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All of which is respectfully submitted,
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Thos. C. Perrin
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President
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Columbia, March 31, 1864
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