| From the Charleston Mercury |
| |
| February 1, 1861 |
| |
| Annual Reports of the South Carolina Railroad Company |
| For the Year Ending Dec. 31, 1860 |
|
President's Report |
| Office of the South Carolina R. R. Co. |
| Charleston, January 23, 1861 |
| To the Stockholders of the South Carolina Railroad
Company |
| Gentlemen, |
| The board of Directors have the honor of
presenting to you their Annual Report of the operations of the Company
for the year ending 31st of December, 1860, and of its financial
condition at that date. |
| The gross income as shown by statement A is |
$1,499,636.35 |
| And the expenses of management, ordinary and
extraordinary |
797,693.35 |
| Leaving |
$701,943.00 |
| From which deduct interest, damages, stock
killed, &c |
173,398.92 |
| And there is left a nett income of |
$528,544.08 |
| Against this we have charged two semi-annual
dividends each of $3.50 on the full and $1.75 on the half
share, equal to 7 per cent. per annum on the capital stock, as
now represented |
$407,358.00 |
| And carried the balance, as heretofore, to
surplus income account |
$121,186.08 |
|
| The usual statements and tables, prepared
by the Auditor, are herewith submitted, and furnish, in the customary
form, all necessary information of the various transactions of the
year, and the state of the "Property and Debt Accounts" at
its close. |
| By reference to Statement D, it will be
seen that the "Capital Stock" of the Company has been
increased, in conformity with the wish of the Stockholders, as
expressed in the action of their last Annual Convention, and that the
account now shows an equal number of shares at $100 and at $50 each.
The increase was obtained by restoring the requisite amount to the
"Property in Road" account, to the credit of which the
"surplus Earnings" had, from time to time, been carried. |
| Upon a comparison with 1859, our income
from passage and down freight |
| Has fallen off |
$121,509.14 |
| Reduced, however, by a gain in up-Freight and
minor sources |
24,509.77 |
| Making the actual decrease |
$97,059.37 |
|
| The result of the year's business, it is
hoped, will not, under the present condition of the country,
commercially and financially considered, be regarded as altogether
unsatisfactory. |
| By reference to the Report of the General
Superintendent, it will be seen that the condition of our
"property" generally is such as to justify the expectation
of a material reduction in the expenses of future management, without
impairing our ability to continue to perform all that may be required
of us, promptly and efficiently. |
| The Debt of the Company occasions the
Board no feeling of anxiety or embarrassment. A comparatively small
amount falls due during the next two years. For that which will mature
in 1863, the Board have every reason to believe, that after paying
Dividends of seven per cent. per annum, the surplus that must
accumulate by that time, together with a portion of our assets, will
easily and abundantly provide. |
| Nothing maturing from '63 to '66, a
favorable opportunity will be afforded for providing for the Sterling
Debt in such manner as may be suggested by a proper appreciation of
the then existing general business relations and circumstances of the
times. |
| Under the present condition of things
there is no probability of a call being made upon the New Stock until
after the year 1863, when it may become necessary in providing for the
debt of 1866. That time is, however, too distant to even hazard a
conjecture as to the influences that may then operate, but it is
surely reasonable to indulge the hope that an early revival of
business will open up for us the certain prospect of an increasing
revenue, and confirm our anticipations of being able to control all of
the debts of the Company without inconvenience or embarrassment to our
Stockholders. |
| All of which is respectfully submitted. |
| John Caldwell, President |
| |
|
General Superintendent' Report |
| Office General Superintendent |
| South Carolina Railroad Company |
| Charleston, Dec. 30, 1860 |
| To the President and Directors of the South Carolina
Railroad Company |
| Gentlemen, |
| I have the honor of now submitting to you
my Sixth Annual Report, as your General Superintendent. |
| The income of the year, as compared with
that of 1859, has suffered a diminution of $97,000, attributable to
causes so well known to every one as to render it unnecessary to make
other than a passing reference to the extent of the decrease. Taking
all things into consideration, there is doubtless much reason for
congratulation that the results are not more unfavorable. |
| Our receipts of Cotton are 78,771 bales
less than in 1859. |
| The operating expenses, ordinary and
extraordinary, are about the same as those of last year; their rates
to the income being 53.20 per cent. It will be borne in mind that this
covers a large amount for new rail, which expenditure must very soon
measurably diminish, thereby enabling us in this and other respects to
effect, perhaps, a material reduction in the future cost of working. |
| Among the statements of the Auditor, B No.
2 exhibits the classifications of the expenses, and I beg leave
respectfully to refer to it for details. |
| At Summerville two Depots have been
erected -- one for the accommodation of the increasing passenger
traffic between this city and that point, and one for Freight
purposes. There have also been erected a Passenger Depot at Hamburg
and Freight Depots at Branchville and Rowe's Pump. It is proposed to
erect, during the coming year, small Freight Depots at Jamison's and
at Graham's; also, to build a new one at Blacksville, nearer the track
-- the present building at that station being in a very dilapidated
condition, and badly located. |
| The condition of our Rolling Stock is set
forth in Tables Nos. -- |
| By reference to the former, it will be
seen that none of the Locomotives reported in service on the 31st of
December, 1859, have been condemned, and that we have added during the
year three Passengers and two Freighters. Two more (one of each class)
would have been added had their delivery not been postponed at our
instance until March and April. |
| Of the cars reported on hand, on the 31st
of December, forty-two of all classes have been condemned, viz: four
out of the Passenger and thirty-eight out of the Freight service.
There have been added during the year four second class Passenger and
twenty-five Box (Freight), all of which were constructed at our own
shops. We have, in an unfinished state, twelve Box and ten Platform,
which it was intended also to complete and add in the year, but the
recent interruption in business has caused their construction to be
stopped, and the work will not be resumed again until perhaps the
coming Fall. |
| No progress has been made with the New
Engine House. Some of the iron work has been cast, and about 120,000
brick have been delivered upon the ground ready for laying, but
nothing will be done unless by your special direction. |
| The condition of the Road Way has been
very much improved by adhering to a thorough system of ditching and
constant renewals wherever needed in the superstructure. The filling
at "Hampton's" and "Beaver Dam" has been
continued, and at the latter is very nearly finished. |
| Most of the iron received during the year
has been laid down; the balance will be, as soon as required. |
| It is proposed to curtail the Road Police
to "a hand to the mile," now that there is but little
necessity for keeping up the "floating and assistance
gangs." I think it can be done with safety, and still leave us
with the requisite ability for keeping up the Road Way in its present
improved condition. |
| In closing my Report permit me to pay a
deserved tribute to all of the officers and employees of the Company,
for their uniform and hearty cooperation in promoting and protecting
the Company's interest in their various spheres of duty. It is a
frequent source of self-gratification with me that I have been so
fortunate as to continue to be associated with those who, upon all
occasions, cheerfully devote themselves to the faithful discharge of
their obligations. |
| It will not be regarded, I trust, as out
of place for me, in this connection, to refer to the death of an
officer who, for the last six years, occupied with credit to himself,
and with many advantages to the Company, the important and responsible
position of an assistant in superintending and regulating the
movements of all of the Trains in conformity with the Schedules. |
| The late Mr. Smith Miles, the subject of
this reference, was an apprentice in our shops up to the year 1839,
and from that time to 1850 was one of our most successful and reliable
Engineers in both branches, performing for a portion of that period
the hazardous service of running the Balancing Engine upon the Old
Plane, near Aiken. In 1855 he accepted the position which he held at
the time of his decease. He was a reliable man, an efficient officer,
and a warmhearted friend. His death has excited feelings of the most
profound regret among a large circle of associates, to whom he had
closely attached himself by many noble traits of character. |
| All of which is respectfully submitted, |
| Henry T. Peake |
| General Superintendent |
| |
|
A |
|
A No. 2 |
| Net Profit for Year
1860 |
|
Per Centum
Appropriation of the Income for 1860 |
| Income for the year |
$1,499,636.35 |
|
For Ordinary Expenses |
$784,759.97 |
49.00 per cent |
| Appropriation |
|
Extraordinary Expenses |
62,938.38 |
4.20 per cent |
| Current expenses, ordinary and extraordinary |
$797,693.35 |
|
|
Interest, Damages, &c |
173,898.92 |
11.56 per cent |
| Sterling interest |
119,666.28 |
|
|
Dividends |
407,358.00 |
27.16 per cent |
| General interest |
37,191.11 |
|
|
Surplus Income |
121,186.08 |
8.08 per cent |
| Damages, including burnt and short Cotton |
12,725.11 |
|
|
|
$1,499,636.35 |
100 per cent |
| Stock killed |
3,815.82 |
971,092.27 |
|
Note |
|
|
|
Net profit |
$528,544.08 |
|
For Ordinary and Extraordinary
Expenses |
58.30 per cent |
| Deduct Dividend first 6 months |
$203,679.00 |
|
|
Interest, Damages, &c |
11.56 per cent |
| Dividend second 6 months |
203,679.00 |
407,858.00 |
|
Amount charged to Income Exclusive
of Dividends |
64.76 per cent |
| Balance transferred to surplus
income |
$121,186.08 |
|
Net Income |
|
35.24 per cent |
| J. R. Emery, Auditor |
|
|
|
|
100 per cent |
|
|
|
|
|
J. R. Emery, Auditor |
|
| B |
| Income for the Year
1860, and its Application |
| To Freight |
|
$968,672.75 |
|
|
By Current Expenses, as per statement B, No. 2 |
|
$797,693.35 |
| To Passage |
|
461,083.74 |
|
|
By Sterling Interest |
119,666.28 |
|
| To Mails |
|
51,000.00 |
|
|
By General Interest |
37,191.11 |
|
| To Minor Sources, viz: Rent |
439.?8 |
|
|
|
By Damages, including 2.274.10 cotton short and
burnt |
12,725.71 |
|
| Wages Company's negros |
9,323.01 |
|
|
|
By Stock killed |
3,815.62 |
173,398.92 |
| Dividends and Interest |
9,116.97 |
18,879.86 |
1,499,636.35 |
|
By Lands |
11,759.00 |
|
| To Negros |
|
|
2,958.25 |
|
By Cars |
1,329.55 |
|
|
|
|
|
|
By Locomotives |
45,931.55 |
|
|
|
|
|
|
By Materials and Machinery |
3,869.30 |
62,889.40 |
|
|
|
|
|
By Surplus Income |
|
16,602.84 |
|
|
|
|
|
By Dividend -- First six months |
208,679.00 |
|
|
|
|
|
|
Last six months |
208,679.00 |
407,358.00 |
|
|
|
|
|
By Reduction of Balance of Indebtedness from
$2,623,681.64 |
|
44,647.09 |
|
|
|
$1,502,589.60 |
|
|
|
$1,502,589.60 |
|
|
|
|
|
|
J. R. Emery, Auditor |
|
| |
| Debt
Account, December 31st, 1860 |
| To funded debt, foreign
and domestic, payable as follows |
|
By Bonds receivable |
|
$48,055.00 |
| Past due |
5,500.00 |
|
|
By Bills receivable |
|
89,367.93 |
| Payable in 1861 |
3,500.00 |
|
|
By Cash |
|
39,250.39 |
| Payable in 1863 |
434,333.33 |
|
|
By Agents -- |
|
|
| Payable in 1864 |
13,500.00 |
|
|
Balance to June 30, 1855 |
$9,780.49 |
|
| Payable in 1866 |
2,000,000.00 |
|
|
Balance since |
102,912.67 |
112,693.16 |
| Payable in 1868 |
187,000.00 |
$2,643,833.33 |
|
By Postoffice Dept |
|
12,750.00 |
| Bills payable |
39,060.78 |
|
|
By Stocks in Railroad and other
Companies |
|
136,345.35 |
| Coupons -- Sterling |
7,972.44 |
|
|
By Sundry Railroad Companies |
|
36,175.91 |
| Coupons -- ABCEF |
6,285.00 |
|
|
By Transient Debtors |
3,898.91 |
|
| Arrears Dividend |
581.50 |
|
|
By balance of Indebtedness, same as
contra balance of property account |
|
2,578,984.55 |
| Dividend No. 27 |
2,791.00 |
|
|
|
|
|
| Dividend No.33 |
203,679.00 |
|
|
|
|
|
| Pay rolls |
16,593.40 |
|
|
|
|
|
| Transient creditors |
86,724.75 |
863,687.87 |
|
|
|
|
|
|
$3,007,521.20 |
|
|
|
$3,007,521.20 |
|
|
|
|
|
J. R.
Emery, Auditor |
|
| |
| D |
| Property Account,
December 31st, 1860 |
| To stock account |
$5,819,275.00 |
|
By property, including all else not
enumerated below: |
|
| To surplus income |
104,583.24 |
|
December, 1859 Balance |
|
$4,971,429.85 |
|
| To balance of indebtedness, as per contra
balance of debt account |
2,578,984.55 |
|
June, 1860. Credit given Capital Stock, to
provide for the issue of new Shares |
|
1,939,800.00 |
$6,911,229.85 |
|
|
|
By Lands |
|
348,029.55 |
|
|
|
|
By Negros, 87 Males |
|
77,565.47 |
|
|
|
|
By Cars -- Passenger and Mail |
60 |
|
|
|
|
|
Freight |
705 |
|
|
|
|
|
Total |
765 |
508,485.51 |
|
|
|
|
By Locomotives -- all classes |
67 |
575,774.68 |
|
|
|
|
By Materials and Machinery |
|
81,757.78 |
1,591,612.94 |
|
$8,502,842.79 |
|
|
|
|
$8,502,842.79 |
|
|
|
|
|
J. R. Emery, Auditor |
|
| |
| E |
| Surplus Income,
December 31st, 1860 |
| To deductions allowed Adams Co., and
connecting Roads, over-charges damages, &c |
$1204.90 |
|
|
By balance transferred from year 1860 |
$121,186.08 |
| To compromise and legal expenses in the case of
Moore and Philipot |
4704.75 |
|
|
|
|
| To half value of Cars condemned during the year
1860 |
10,175 |
|
|
|
|
| To cost of a negro dead, less the profit of two
sold |
518.19 |
16,602.84 |
|
|
|
| Balance, as per property account |
|
104,583.24 |
|
|
|
|
|
$121,186.08 |
|
|
$121,186.08 |
|
|
|
|
J. R. Emery, Auditor |
|
| |
| Comparative
Statement of Cotton, Grain, Live Stock, &c., brought to
Charleston by the South Carolina Railroad, from 1844 to 1860,
inclusive |
| Years |
Bales Cotton |
Bbls Flour |
Bushels Grain |
Bbls Naval Stores |
Bales Mdze |
Live Stock |
| 1844 |
186,638 |
|
|
|
|
|
| 1845 |
197,657 |
|
|
|
|
|
| 1846 |
186,271 |
12,148 |
2,369 |
48 |
|
|
| 1847 |
134,302 |
19,043 |
338,848 |
3,189 |
|
|
| 1848 |
274,364 |
15,447 |
203,485 |
5,753 |
|
4,230 |
| 1849 |
339,996 |
1,507 |
66,904 |
13,919 |
10,632 |
5,285 |
| 1850 |
284,935 |
125 |
15,515 |
10,353 |
11,133 |
5,859 |
| 1851 |
287,590 |
526 |
547 |
4,198 |
12,310 |
4,179 |
| 1852 |
364,729 |
2,583 |
15,652 |
4,316 |
15,227 |
4,894 |
| 1853 |
340,865 |
23,319 |
109,092 |
8,992 |
15,863 |
8,029 |
| 1854 |
350,857 |
62,651 |
136,536 |
21,642 |
11,109 |
12,056 |
| 1855 |
449,554 |
80,468 |
817,662 |
23,098 |
9,835 |
12,021 |
| 1856 |
386,349 |
84,808 |
456,994 |
15,079 |
8,935 |
11,769 |
| 1857 |
251,850 |
145,970 |
717,274 |
13,282 |
11,427 |
9,214 |
| 1858 |
428,452 |
140,069 |
282,367 |
17,418 |
9,605 |
12,001 |
| 1859 |
393,390 |
78,529 |
128,854 |
33,237 |
10,240 |
14,049 |
| 1860 |
314,619 |
23,216 |
36,179 |
54,439 |
12,853 |
15,213 |
|
| |
| B No. 2 |
| Statement of Current
Expenses for the Year 1860 |
| Bureau
Department |
|
|
| Salaries |
$16,580.00 |
|
|
| Contingencies |
1,349.30 |
17,929.80 |
|
|
Transportation Department |
|
|
| Salaries and wages |
264,842.70 |
|
|
| Conducting transportation, including expenses of
the Forwarding Office |
48,600.04 |
|
|
| Annuity to the city of Augusta, for 1860 |
7,000.00 |
|
|
| Tallow |
8,496.35 |
|
|
| Oil |
9,792.09 |
|
|
| Wood |
43,036.87 |
381,768.65 |
|
| Machinery Department |
|
|
| Salaries and wages |
114,036.75 |
|
|
| Materials and Machinery |
48,247.28 |
|
|
| Coal |
3,666.13 |
165,950.16 |
|
| Road Department |
|
|
| Salaries and wages |
97,545.24 |
|
|
| Timber |
43,193.78 |
|
|
| Spikes and Chairs |
79,447.50 |
|
|
| Contingencies |
8,925.34 |
169,111.86 |
|
| Ordinary current expenses |
|
|
714,759.97 |
| Transportation
Department |
|
|
| Agent's house at Kingsville, Depots at
Summerville and Branchville, Hamburg Passenger Depot, Pump
Mender's House at Rowe's Pump |
|
3,685.89 |
|
| Road Department |
|
|
| Completing new bridge across the Savannah River |
5,245.28 |
|
|
| Filling Hampton and Beaver Dan Hollows |
3,802.38 |
|
|
| Turn Table at Hamburg |
317.02 |
|
|
| New Railroad Iron |
49,882.81 |
59,247.49 |
|
| Extraordinary Current Expenses |
|
62,933.38 |
| Current expenses, ordinary and
extraordinary |
|
797,693.35 |
|
J. R. Emery, Auditor |
|
|