| Annual Report of the North-Eastern RR |
| as of March 1, 1866 |
| President's Report |
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| President's Report |
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| President's Office, North-Eastern R. R.
Co. |
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Charleston, April 3, 1866
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To the Stockholders of the North-Eastern R. R. Company
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Gentlemen,
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It is proper to remind you that at the close of our last
fiscal year, and the period when your usual annual meeting should have
been held, we had but recently evacuated the city, and been forced
from the lower portion of our road. The state of the country at the
time, and for months later, combined with other circumstances,
rendered it impossible for us to have collected a sufficient
representation of the stock to have constituted a meeting; and,
consequently, your Board, presuming it would be satisfactory to you,
have continued their duties up to the present moment.
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They deem it unnecessary to refer, in detail, to the
operations of the road during that period, or to the fiscal results
connected therewith, as no interest would now attach to either, and the
latter, especially, would only be expressed in figures which are
entirely valueless. You are sufficiently familiar with the extreme
pressure upon the road during the war, and the very trying circumstances
under which it was worked, to understand that at its close, it should
have been in an exhausted condition – its track, and structures,
generally, requiring considerable repair; its rolling stock greatly
reduced; and the efficiency of its machinery, seriously affected. It is
true, that while we were suffering this deterioration we had accumulated
in the obligations of the government the sum of $585,448, and at the
same time had arranged for the purchase of 2000 tons rails; but, with
the failure of the Confederacy, the first were swept away, and nothing
remained to us except the road and its appurtenances in the condition
above described, together with the last mentioned provision towards its
repair. From this stand-point we propose dating our report upon your
affairs. It seemed best to your Board to examine them, just as an
individual would his private affairs, at the close of a revolution which
had greatly embarrassed them; and when their true state was ascertained,
so to express the result, by a re-adjustment of our accounts, as to show
at a glance the Company’ actual condition. To do this, and also to
avoid the use of Confederate with Federal expressions of value, new
books were opened, commencing on the 1st June, 1865, by the
transfer, from the old, of those accounts which had been unaffected by
the changes in the currency, and the omission of such a had no real
significance; still, however, retaining the old books for reference, and
the final settlement of those incurred during the war.
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The accompanying statement of the Treasurer will show
that, on the 1st June, 1865, we had
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| The Road, inclusive of 2000 tons rails in Europe,
costing |
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$2,040,000.00 |
| With property and assets, estimated at |
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39,832.04 |
| And Liabilities, as follows: |
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| Stockholders |
$898,950.00 |
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| Bondholders and Preferred Stock |
1,000,000.00 |
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| Real Estate Bonds |
28,000.00 |
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| Open accounts |
27,763.19 |
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| Suspended interest |
125,118.85 |
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$2,079,832.04 |
$2,079,832.04 |
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*****
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Among the severe results of the ordeal through which we
have passed, were the destruction of our depots and offices in the
city; the bridges across the Santee river, Black river, and Lynch’s
creek; various trestles, water-tanks, etc.; and a general
deterioration of the road-way and rolling stock. To restore these,
provide for the freights and duties on our rails, and to thoroughly
repair and refit the road, it was estimated that the sum of $285,000
was required. It should be distinctly understood, that this estimate
not only covered the actual
injury we had sustained at the hands of the military, but also the
depreciation of the several years preceding the close of the war, and
which, from various circumstances, could not be met as it occurred. Of
the above amount, it was further estimated that about $85,000 would be
derived from the sale of our old rails, as they could be made
available, leaving a deficiency of $200,000 to be otherwise provided
for. Now, if we add to this the suspended interest of $125,118.85, due
on the 1st June, 1865, you will have $325,118.85 as the
extent of our depreciation and injury.
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| Shortly after the evacuation
of the city our rolling stock was collected at Florence, and employed
in the military movements in that vicinity until the necessity for it
had passed. Between that period and the suspension of hostilities,
every precautionary measure and the utmost vigilance were used by your
officers to insure its safety, and although at one time its loss
seemed inevitable, yet we are pleased to state that all our property
there was, eventually, saved to us. The only loss incurred was that of
2 passenger cars, 1 second-class car, and about 15 freight cars,
which, at the time, were upon the Cheraw road, and were there
destroyed by the Federal army. |
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***** You are probably aware that towards the close of
hostilities two of the iron cylinders, constituting a pier of the
bridge {over the Santee River}, had
been overthrown by a Federal gunboat, and were lying at the bottom of
the river. *****
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All of which is respectfully submitted.
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| A. F. Ravenel |
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President
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