NP, ABP 4/12/1861
From the Abbeville (S. C.) Press
 
April 12, 1861
 
President's Report
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
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
March 28, 1861
 
Superintendent's Report
President and Directors of the G. & C. R. R. Co.:
Gentlemen:
   I have the honor of submitting the following as my sixth Annual Report:
The receipts of the last year have been $346,983.52
Working expenses 171,439.64
Leaving a nett balance of $175,543.88
   The receipt of the year show a decrease of $18,132.30, compared with the previous year. The falling off was mostly in the month of December, the business for that month being $16,276.16 less than December, 1859. It will, therefore, be seen that the aggregate business suffered no decrease until near the close of the year, when the causes for such a result were sufficiently apparent in the general shock received by commercial business throughout the country. The prices of cotton declined and planters ceased to ship, so that the falling off in the transportation of that class of freight alone was 25,341 bales. The falling off in receipts occurred so late in the year that a corresponding reduction in expenses could not be made. The expenses, however, are $13, 515.21 less than the year previous.
   I reported last year the following works as being then in progress, to wit. The covering of Broad River Bridge; filling at Bush and Rocky Rivers; masonry at Cedar Creek; new bridges at Bush River, Rocky River and Cedar Creek; and a joint depot with the Spartanburg & Union Railroad Company a Alston. They are now completed. I have also covered in the bridge on Long Cane (Abbeville Branch), built in arched culvert and filled the trestle at Hurricane, on the main line, and laid down one hundred tons of T-rail, with improved fastenings. The only works contemplated this year will be the covering of Bush River, Rocky River and Cedar Creek bridges and refill some of the trestles which have settled.
   Repairs of engines this year have been greater than heretofore, from the fact that we were compelled to renew the fire boxes, flue heads, &c., on some of the old engines which work is the most costly on a locomotive.
   We are building our cars of all kinds at our own shops. During the last year we have built one first class passenger car, one flat and twenty-four box cars. Of the latter we have thirteen on the Road. The balance are completed with the exception of wheels, which I concluded not to order until a revival of business. Besides the above, we have built seven new cabs for engines, four tanks for ?????
 We have been almost entirely free from accident during the last year, and the trains have been run with great regularity. The Road has been greatly improved in strength by the work which has been done, in widening banks, rip rapping with rock the most exposed places, and ballasting with rock and sand the Road bed. I have fenced in some portions of the Road most frequented by stock, and, as soon as the receipts improve, it should be continued, as it adds much to the safety of the trains.
   I have nothing special to call your attention to, except old Flange rail still on the Road. It is wearing very rapidly, and must, before a great while, be replaced with T rail. Some of the curves should, as soon as possible, be replaced.
   The officers, as heretofore, have most cheerfully cooperated  with me, under all circumstances, in advancing the interest of the Company, and the discharge of their respective duties.
   All of which is respectfully submitted.
E. F. Raworth, General Superintendent

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