AR, G&C 1/1/1864 P

Annual Report of the Greenville & Columbia RR
as of January 1, 1864,
President's Report
 
President's Report
 
   To the Stockholders of the Greenville & Columbia R. R. Co.:
   The President and Directors submit the following report for the year 1863:
   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.
   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.
   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.
   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.
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
   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.
   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.
   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.
   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.
   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.
   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.
   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.
   All of which is respectfully submitted,
Thos. C. Perrin
President
Columbia, March 31, 1864

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