| From the Charleston Mercury |
| |
| May 9, 1861 |
| |
| To the Stockholders of the Greenville & Columbia
Railroad Company: |
| The President and Directors submit the
following report of the condition and operation of the Company for the
year 1860: |
| The reports of the General Superintendent,
Auditor and Treasurer, and Master of Machinery, herewith submitted,
exhibit the working of the Road, the business done, the state of the
Company, its property and assets. |
| The Tabular Statements of John P.
Southern, Auditor and Treasurer, show the financial operations. |
| Table No. 1 is an Exhibit of the Capital
Stock, Liabilities, Property and Assets. From this it will be seem that
on the 31st of December, 1860, the Capital Stock amounted |
| to |
$1,207,973.34 |
| Assessment on Capital Stock |
210,502.60 |
| |
$1,418,475.94 |
| Company's 7 per cent. Bonds sold |
1,857,500.00 |
| Other liquidated liabilities |
183,719.75 |
| |
$2,959,695.69 |
| Surplus Income |
255,219.42 |
| Whole amount |
$3,214,915.11 |
|
| This amount is balanced by the cost of
construction, equipment, real estate property and assets. |
| There has been added to the cost of the
road and outfit during the year the sum of $144,379.69, making the
entire cost and equipment up to the date of the Report $3,027,090.07.
The work of construction was stopped before the close of the year,
leaving the filling of the Koon Trestle, and the Trestle at Long Cane,
which had been ordered by the Direction to be done, untouched. This work
will be resumed as soon as the means of the Company will permit it. |
| Table No. 2 is a statement of the annual
receipts and disbursements of the Treasurer. It is properly vouched, and
certified to be correct by the Committee appointed to examine it. |
| Table No. 8 is an exhibit of the expenses
of working the Road. From it, it will appear that the expenditures |
| amount to |
$171,439.64 |
| The expenditures of the previous year were |
164,954.85 |
| Showing a diminution of |
$13,414.21 |
|
| Table No. 4 is an exhibition of the
business done, amounting |
| to |
$346,983.52 |
| The business of the previous year, less freight on the iron
for the S. & U. R. R. Co., amounted to |
365,115.82 |
| Decrease |
$18,132.30 |
|
| The business, until very near the close of
the year, showed an increase; but the short crop of cotton, with other
causes, well known to you, affected our business, and produced this
falling off. In cotton alone there was a falling off of 25,841 bales. It
is hoped and believed that the falling off will be temporary, and that
business will yet revive. |
| Table No. 5 is an exhibit of business done
at the various stations on the road. |
| From these tables it will be seen that the
expenses of working the road, including damages for goods lost and
destruction of stock, does not amount to fifty per cent. on the gross
earnings. |
| There has been an effort made to reduce
the expenses of the Company, as the business has fallen off, so that the
expenses shall not bean an unequal proportion to the income, and it is
believed that this has been attained. |
| In view of the near approach of the
maturity of the Bonds of the Company, it was recommended to you, at your
last meeting, to issue new Bonds, to meet and take up those already
issued as they become due. This recommendation was approved by you, but
before the Bonds were issued, the subject again was considered by the
Board, and, upon full and mature deliberation, the Direction determined
to apply to the Legislature for the loan of the credit of the State in
the readjustment of its debt. The application was made, and we now have
the pleasure to report to you that the State has, with great liberality,
granted the request to an amount sufficient to relieve the Company of
its embarrassment. The Act of the Legislature upon this subject is
herewith submitted for your information. From it, it will be seen that
the guarantee of the State is pledged to the amount of nine hundred
thousand dollars, one hundred thousand dollars of which are to be
applied towards funding the floating debt now due, and the balance,
eight hundred thousand dollars, is to be applied to taking up the Bonds
secured by mortgage, as they fall due. |
| The Act, as passed, is not in the form in
which the bill was at first presented. Conditions are annexed which were
not suggested by us, and which are not approved; but it is believed that
they can be complied with, by subjecting the stockholders to
inconsiderable privation, and that the credit of the Company will be
established upon a firm basis, and its interests ultimately promoted, by
accepting the guarantee of the State even with the conditions annexed.
These Bonds have not yet been issued, nor will they be issued until
after your meeting, and your action thereon. Owing to the present State
of financial matters generally, it has been thought inexpedient to issue
them; so that, in awaiting your action upon the subject, the Company
will suffer no prejudice. |
| The guarantee by the State of the Bonds to
be issued will give the Company a credit such as it has not heretofore
had, and will relieve it of a pressing floating debt, and, as soon as
business shall revive, it is believed that the stock holders may begin
to realize some profit from their investment. |
| The officers, engineers and operators of
the Company have been attentive to their duties, and, without special
distinction, we commend them generally to your favorable consideration,
and we take pleasure in thus publically expressing our approbation of
them. |
| All of which is respectfully submitted. |
| By order of the Board |
| Thos. C. Perrin, President |
|