| Annual Report of the Greenville &
Columbia RR |
| as of January 1, 1866, |
| President's Report |
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| President's Report |
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| To the Stockholders of the
Greenville & Columbia Railroad Co.: |
| The President and Directors
submit the following report for the year 1865: |
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The year under review was an eventful one. First, came
the freshet on the 10th of January, which washed up and rendered
unfit for the passage of the trains about forty miles of your road.
Of this disaster you have a minute and special account in the annual
report of last year. Second, came the invasion of the State by the Federal army
under General Sherman, and with it the destruction of your valuable
depots and office edifice at Columbia, of about twelve miles of your
road, including five bridges, and of many engines, cars, depots and
freights; all of which is more particularly set forth in the report of
the General Superintendent, herewith submitted, to which your
attention is called. ***** For five years your road and its
appurtenances had been for the most exhausting services, subject to
the requisitions of Government officers and agents. In compensation
for these services, prior to May last, there stand the bonds, notes
and liabilities of a fallen Government. ***** What remained of your
track, rolling stock and machinery at the end of the war was seriously
damaged, and the means of repairing were small; yet, besides bringing
other heavy loss to your Company, they impaired the efficiency of your
Board by injuriously affecting its reputation for good management; for
with those who will not scrutinize causes, success is the only test of
merit.
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It was believed that the true policy of the Company was
to pay its debts as early as possible, and to carry out this view the
surplus income had been husbanded, and not paid out in dividends. At
the beginning of the year, the Company was free from debt, except the
bonds, and had what was supposed to be available assets, amounting to
at least a million dollars. Prosperity, such as we had not previously
enjoyed, seemed to be our's; but very soon we were made to endure
severe disappointment. For a time after the fall of the Confederate
Government, the energies of the people in every branch of business
were paralyzed. All of our property at Columbia having been destroyed,
and the road below Pomaria being in ruins, it was, after a short
reflection, determined to remove the offices of the Company to
Newberry. A suitable house and lot was there purchased, and the
General Superintendent and Auditor and Treasurer there opened their
offices. The Company had only about $500, which was in gold, realized
from the sale, just previously made, of its interest in the Liverpool
and Charleston Steam Packet Company, which it was proposed, before the
war, should be established, in which we had taken some stock, but
which fell through. The only other available assets was a lot of about
one hundred and sixty bales of cotton, which had been saved. *****
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| ***** |
| At the commencement of the
war the Company owed a floating debt of not less than $300,000. This
was all paid off before its close. |
| ***** |
| All of which is respectfully
submitted. |
|
Thos. C. Perrin
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President
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Abbeville, April 24, 1866
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