NP, SC 9/3/1863
From the Daily South Carolinian (Columbia, S. C.)
 
September 3, 1863
Annual Report
Of the Spartanburg & Union Railroad
 
Spartanburg C. H., Aug. 19, 1863
 
To the Stockholders of the Spartanburg & Union Railroad Company
 
   The President and Directors have the honor respectfully to submit the following report for the fiscal year ending June 30th, 1863.
   The receipts have been from
passengers $51304.26
freight   24083.62
mails     8500.00
Gov't troops and freight   13018.48
Making a total of receipts $91906.36
The expenses of operating the Road, keeping up repairs and outfit for the same time are   41279.74
Leaving a balance for net proceeds of $50626.62
   The gross receipts for the year ending June 30th, 1862, were $54348.14
Expenses for same time   32196.34
Nett proceeds for that year $22151.80
   It will thus be seen that our net proceeds for the last, are more than double those of the previous year, there being an increase in money from passengers of $27,438.93; and from freight of $6,439.24; while there was at the same time an increase of expenses of expenses for the last, over the year before of $9083.40.
   Notwithstanding the high price of almost everything necessary for the operation of Railroads, it being impossible to get some, and other important materials having advanced more than a thousand per cent. over their ordinary value, yet it was not until recently that your Company raised the rates of transportation. At the commencement of the present war, we had but two passenger cars and one old baggage car, and but three locomotive engines fit for service, had one of these not in good order. To these has been added one more baggage or second class passenger car, made in the Company's shops. Our supply of box cars was equally as limited, one stock and seven box cars, two of the latter have this year been condemned and rejected, but we have two new ones in the shops now being made.
   Our rolling stock is necessarily becoming deteriorated, and our engines not so effective. You will perceive we were to have two engines in the shops at once, undergoing repairs and any accident happening to stop the other, we would be unable for the time to move a train for any purpose. Still, we have made our usual trips and as regularly as is possible with such mixed trains as we run, never having failed to make the connection with the trains going towards Columbia and Charleston. There has been transported over our Road during the last year 30,284 persons, 5,476 of whom were soldiers; and, in the passage of this number, we are happy to say no one was injured.
   The Stockholders should be encouraged by the business of the last fiscal year, and more especially when they remember the short crops produced by the severe drought of last summer, no inconsiderable part of our freight business has been the transportation to Spartanburg, of grain, the principal article of export from that District, in ordinary prosperous ties.
   We are needing a large number of cross ties, and a considerable quantity of lumber for different purposes on the Road. On account of the great difficulty in procuring such materials, there has been purchased for the Company a Steam Saw Mill, by which it is expected we will be able to procure such things more certainly and cheaply.
   Since your last annual meeting, strong benches resting on rock piers in the river have been placed under the centers of the spans of the Broad River Bridge, thus making the span only one half as long as before, these are again subdivided by strong braces resting against the main piers. Besides these valuable supports, the decaying timbers are being taken out and new ones substituted, so it is confidently believed that the bridge will soon be as strong if not stronger than it ever was. For the skill and ingenuity with which this has been done, we are indebted to our carpenter, Mr. Joseph Ring. About the time of finishing the Road; your directors, by their personal endorsement borrowed from the Banks of this State, in 1859, $40,000.00 in order to pay for iron to finish the Road, the proceeds of the Road being pledged at the time to pay the said debt. Upon this debt judgment has gone against the directors, and execution issued for the whole debt, except $5000.00 and interest. Last fall the Board passed a resolution that this debt should be paid out of the first proceeds after paying the ordinary expenses of the Road.
   Under this resolution there has been paid since the 5th of last October $38,866.64. There s due from the Government for the transportation of troops and freight from the 1st of November last to the 1st of August, instant, $10,833.24.
   Much pains has been taken to ascertain and bring before the meeting a proper statement of our financial condition.
   Our debt interest being calculated to 1st of October next, appears as follows:
   The floating debt consisting of old requisitions, given for grading, cross ties, culvert masonry &c., notes and accounts, is $134,473.83.
The funded debt consists  
1st. Of State endorsed bonds and coupons due $412,297.92
2d. Preferred stock and dividends     38,944.84
3d. Unendorsed Bonds of $5000.00 each and interest     51,317.35
4th. Unendorsed Bonds of $250.00 each, and interest     19,624.25
Total funded debt $522,151.36
To which added the floating debt   134,473.83
And we have the whole debt of the Road $656,625.16
The annual interest upon this sum is $45,963.76, which, if you take from our net income $50,626.62
    45.963.76
Leaves a balance of $4,662.86
   Be it must be borne in mind that we are in need of many things which we cannot buy at any price.
   If our Road could make any important connection in North Carolina it would not only soon be in condition to pay its debts, but eventually become a dividend paying Road. Although we expect when peace returns to our distressed land, to see our Road to over the mountains by the way of Asheville; yet an important communication by way of Shelby, N. C., is now offered. The stockholders of the Shelby and Broad River Railroad, will meet one week from to-day, to decide whether they will unite with the York, Charlotte and S. C. Railroad, or with the S. & U. Railroad. Upon the help offered by the friends of these respective Roads, will depend in a great measure their decision. If they should unite with us, the people of Shelby and Rutherford will find ours the nearest route to a seaport. If the Air Line Road from Atlanta to Richmond is ever completed, the Shelby and Broad River Railroad will form an important link on that line. Besides the large business which will be brought to our Company by the development of the iron and coal regions, the Road will penetrate the very heart of an inexhaustible limestone region, thus offering the farmers the means of regenerating their old worn out lands. It is to be hoped that no more lime will ever be imported from the North for the citizens of this State.
   We cannot close this report without recommending for your favorable consideration the different officers and employees of the Road, who have generally faithfully performed their arduous and often dangerous duties. For a more full and detailed understanding of the business and operations of the Road, we would refer you to the tabular statements of our Secretary and Treasurer, Mr. A. S. Briggs, herewith filed.
   No. 1. Being the cash account of the Treasurer with the Company
   No. 2. Statement of amount of business done.
   No. 3. Statement of amount of business done at each Station
   No. 4. Statement of expenses for working the Road
Thos. R. Jeter
President
 
Extracts from Minutes
Of Stockholders of the Spartanburg & Union Railroad Company, Spartanburg, Court House, S. C., August 19, 1863:
   The meeting was called to order by appointing Capt. Thomas M. Lyles to the chair.
   A. S. Brigs was requested to act as Secretary.
   On motion, Colonel G W H Legg, Maj W H Trimmier and J M Elford, esq. were appointed a Committee to verify proxies.
   President's Report read, and on motion, together with Tabular Statements of Secretary and Treasurer, and Reports of Committees in the same, were received and adopted.
   On motion, the following Committees were appointed to conduct the election of President and Directors: General B F Bates, J M Elford, esq., and H W Parr, esq., made the following report:
   That they have received and counted the votes for President and Directors for the ensuing year, and the following is the result:
For President
Thomas B. Jeter, Esq, who received 2,380 votes, which was the number received by all the Directors:
   S Bobo, esq., Colonel S. N. Evins, Gen. J W Miller, Colonel G W H Legg, Col. J L Young, W J Keenan, esq., John Bonnar, sen, esq., Colonel F Scaife, Col. T N Dawkins, D Goudelock, est., Colonel W J Alston, W H Gilliard, esq.
   The Chair then declared the above named gentlemen elected for the ensuing year.
   On motion Col. J. L. Young,
   1st. Resolved, That the directors of this Company be authorized to make arrangements with the directors of the Shelby & Broad River Rail Road Company to secure a connection with that Road, and to that end, are authorized and empowered to issue Bonds of this Company to be received in stock at par, to the amount they may deem sufficient, and also to transport over this road all material necessary for building the same, the cost of transportation to be taken in stock at par.
   2d. Resolved, that the President and Directors be requested to solicit subscriptions to said road and to appoint Commissioners to receive subscriptions. On motion, Resolved, that the next meeting of the Stockholders of the Spartanburg & Union Railroad Company be held at Union C. H. S. C. On motion.
   Resolved, that the Presidents report be published in the Carolina Spartan.
   Meeting adjourned.
Thos. M. Lyles
Chairman
A. S. Briggs Secty

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