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University of North Carolina at Chapel Hill,
(title page) Tenth Annual Report of the President and Directors of the Charleston and Savannah R. R. Co. to the Stockholders, at the Meeting, February 17, 1863.
Charleston and Savannah Railroad
Steam Power Presses of Evans & Cogswell.
Call number 2955.1 Conf (Rare Book Collection, University of North Carolina at Chapel Hill)
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CHARLESTON, February 17, 1864.
The Tenth Annual Report of the President and Directors is herewith submitted for the fiscal year ending December 31, 1863.
The Net Income, as shown by the above statement, nearly equals the Gross Receipts for the year 1862, and would, no doubt, have been much larger but for the commencement of the Siege of Charleston, which turned the travel, properly belonging to this, to lines further in the interior. The result presented, however, is very gratifying, especially when we bear in mind the many difficulties under which the Road has been operated, and that it must be affected by causes peculiar to its isolated position. It was, indeed, altogether impossible for the Management to have anticipated so fortunate a termination of its efforts, as the activity of a hostile force, both by land and sea, along the coast, gave rise to the apprehension that the business of the Road might, at any moment, have been wholly interrupted or seriously damaged by successful raids. Though these fears have not been realized, the exemption of the entire line from injury by incursions of the enemy is attributable, in a great measure, to its availability for its own defence. Not only has the Road itself escaped violence at the hands of the enemy,
but it has also, by rapidly massing troops at threatened points, materially aided in defeating whatever designs may have been formed for the invasion of this section of the state. With the progress of the war, its importance as the base of military movements on the seaboard became more apparent, and the experience of the past year has so fully demonstrated the magnitude of its services in this respect, that no exertion should be spared to maintain its present state of efficiency.
The steady and large increase of the income of the Road enabled the Board of directors to authorize the payment of all the interest which had accumulated upon the funded debt of the Company prior to the month of March last, and also induced them to make a strenuous effort to carry out the scheme for funding the floating debt recommended by a Committee at the annual meeting in 1861, and authorized by the Stockholders at an adjourned meeting held on the 10th of April of the same year. As an inducement to their creditors to accept the Third Lien Bonds, the Board of Directors instructed me to offer these bonds, with the coupons attached, for the interest from the date of their issue (1st of March, 1861). In pursuance of their instructions, I immediately caused notices to be served upon the holders of the floating debt, through the Treasurer, that he would deliver to them these bonds, with the coupons, in payment of their claims, upon application to him--the coupons then due to be paid on presentation at the Bank of Charleston.
Those to whom the Company was indebted for work done on the Road and materials furnished, very generally accepted; but many of the largest creditors were unwilling to accede to these terms, and took no measures to avail themselves of the offer. The offer, however, was open to them for several mouths; in fact, until the month of November last. By this time the increase of income and accumulation of cash on hand made it easy for the Company to meet all those who had not then accepted the bonds offered, with payment of their demands in currency. Such of the Directors as could be convened under this state of circumstances,
agreed with me that it would be more proper and better to offer to all such creditors full payment of their claims in currency, and this offer was accordingly made to them some time in the month of December, but was not accepted. One of the largest creditors then claimed payment in the Third Lien Bonds. This was not acceded to; upon which a formal demand of these bonds in payment was made and declined, as that mode of payment, although authorized under the condition of affairs in 1861, did not appear to me, and to such of the Directors, as I could consult, to be proper or judicious under the then existing circumstances of the Company. There still, therefore, remains due by the company a considerable amount of floating debt, seeking our lowest grade of securities in preference to the currency of the country. It will be for you to determine this question.
The debt of the Company, at the close of the year (December 31, 1863) may be stated thus:
The Assets on hand, December 31, 1863, applicable to payment of Floating Debt, were:
It thus appears that, after providing for all the interest due on the funded debt, the assets of the Company, immediately and prospectively available at the close of the year, was more than sufficient to cancel the entire floating debt.
This being discharged, there would remain to the Stockholders a Road with a funded debt of only $1,802,000, the interest on which would be only $121,090 per annum.
The Road, in its present incomplete condition, it is believed would, in ordinary and peaceful times, be capable of performing a business that would yield an income equal to this interest, but can never do much more as long as the depletion to which it has been all the while subjected at its termini remains unchecked. A temporising policy seldom fails to be the precursor of ultimate embarrassment in the conduct of financial affairs, and it is particularly productive of injurious consequences in reference to the subject now under consideration. The expenses incident to the employment of a steamer for transferring passengers and freight from the eastern terminus of the Road to the city has been marked, will be seen from the annexed statement, by a large and constant increase each successive year:
Had a permanent railway bridge been constructed over the Ashley river simultaneously with the prosecution of the work on the balance of the line, the saving of this annual amount would soon have absorbed the capital required for its erection. A more convenient mode of crossing the river would also greatly enlarge the capacity of the Road for the transportation of freight, and render it more popular with the travelling public. Whatever causes, therefore, may have induced a resort to a system so defective, the experience of the past, and the present partial relief of the Company from its financial distress, alike concur in recommending the adoption of some other mode, attended with less expense and detention than the one now in use.
Having made this brief allusion to the urgent necessity of constructing a bridge over the Ashley river, it only remains to mention particularly two other points on the line that claim your earnest attention. The Savannah river is spanned by a temporary structure, which was designed to be used only until it could be replaced by a permanent one. Though up to the present time it has occasioned no disaster, it is injudicious to expect for the future the same exemption from accident that has marked its previous history--for experience shows that even the severest scrutiny is not, at all times, adequate to the detection of decay in wooden structures; and even if, by diligent care and watchfulness, it call be kept in such condition as to prevent accident and loss, the old timbers must, in a few years, be replaced by new ones to such an extent as will involve an outlay bearing a large proportion to the original cost of construction. In view of these facts, and also of the additional consideration that the work already done on the permanent bridge has been effected at a considerable cost, I suggest that it be resumed at the earliest practicable moment. Second only in importance to this measure is the continuation of the track from its present junction with the Central Railroad to the City of Savannah. The privilege of using three miles of their track and their depots in Savannah is obtained at a considerable annual outlay, which, though reasonable in itself, should be continued only so long as the means of the Company are inadequate for providing a separate Roadway.
After providing, then for all the liabilities of the Company, I respectfully submit that it would be the dictate of a true foresight to appropriate the surplus earnings, after debt, to the completion of the Road at the three points named. If, from the distracted state of the country and the scarcity of the requisite labor and materials, it be found impossible to begin immediately the work recommended in this Report, yet I am convinced that the best interest of the Stockholders will be consulted if the delay be no longer than is required by the now existing circumstances.
The Machinery has been subjected to constant and severe service, and as the usual wear can not be avoided, it is possible that its present condition should admit of so favorable a report as at the last annual meeting. Its efficiency, however, has not been materially lessened, and, we are confident, is not surpassed, in this respect, by that of any other Road. But the means at our command are altogether inadequate to the maintenance of any one of the departments in their original order, and, unless increased, must ultimately fail to meet necessities.
To provide against this contingency, preliminary steps have been taken which, if successful, will enable us to procure abroad such articles as are essential to the continued successful operation of the Road.
For the condition of the Road, and all details connected with the Operating department, I respectfully refer you to the report of the Superintendent, o whose careful supervision is attributable, in a large measure, the regularity of the trains, the remarkable exemption of both life and property from injury, and the general prosperity of the Road.
R. L. SINGLETARY,
OFFICE ENGINEER AND SUPERINTENDENT
CHARLESTON AND SAVANNAH R. R.,
Charleston, January 28, 1864
R. L. SINGLETARY, Esq., President:
I respectfully submit the Fourth Annual Report from this office since the completion of the Road, being for the year ending December 31, 1863.
The Earnings for the year have been derived from the following sources, viz:
The cost of Operating the Road for the same time has been:
There has also been expended during the year for Materials and Supplies, not yet used, the sum of $27,434 02--the stock on hand at present amounting to $44,360 11 against $16,926 09 at the date of the last annual report. This increase is occasioned in a great measure by the enhanced cost of railroad supplies, while the actual quantity on hand is but little in excess of the previous year. The account for Construction and Equipment has been charged with the following amounts:
As compared with the previous year, there has been an increase in the Earnings of $291,659 26, or 69 per cent.; and in the Operating Expenses of $121,919 97, or 61 per cent. By comparing this increase in the receipts and expenses for the past year, it will be observed that the advance in the rates of freight and passage which have been made from time to time, have been fully warranted by the corresponding advance in the cost of labor and material. More detailed information respecting the receipts, expenditures, and condition of the Company's property for the last year, will be found in the appended Statements.
The transportation incidental to an army present upon our line, has still continued to form the larger portion of the business of the Company--the receipts from Passenger Trains having been seriously affected by the Siege of Charleston. The want of Freight Cars has also deprived the Company of business which, from this cause, it was unable to undertake.
Ten Box Cars have been purchased during the year from the South Carolina Railroad Company, and efforts have been made to add still further to our Rolling Stock, either by purchase or through the government, which, however, were without success. The car hire paid other roads in 1863 amounted to over $17,000.
The Train Service has been conducted with remarkable immunity from accident, though, in consequence of heavy trains and inferior wood, occasional delays have been unavoidable. On the 27th of April a second passenger train was put on the Road, and discontinued on the 12th of July, when the interruption to travel through the City of Charleston rendered it no longer necessary.
I have to report but one accident to our trains--in which instance a freight train was thrown off the track by a cow, and the engine considerably damaged. Two persons, both employees of the Company, have been killed upon the Road: one, a Conductor, in attempting to get upon a train in motion; the other, a negro, while coupling a train together. On the 7th of April the first engine crossed the bridge over the Ashley river built under the authority of the Executive Council; since which time it has been of great service in the transportation of live stock, heavy guns, and other government stores, and also in supplying the wood distributed by the City Council, as the steamboat employed on our ferry could not have performed this additional service.
While the general condition of the Rolling Stock and Machinery is very satisfactory, it has been with great difficulty that the labor and material necessary for repairs have been obtained. An additional number of mechanics, and a large supply of wheels and axles, will be required during the coming year.
In the Roadway department, nothing has been attempted beyond ordinary repairs. The Track is in good order; 18,477 ties have been put in the Road during the year, leaving 1,237 on hand; 223,365 feet B. M. of timber have been used in the repairs of bridges and trestles. Arrangements have been made which, it is believed, will secure the necessary materials, provisions, and clothing for the ensuing year.
For the supply of provisions, the Company is indebted to the liberality of Wilson Ferebee, Esq., a planter on the line of their Road, who has engaged to furnish them at the prices paid by government.
An effort was made by the enemy on the 12th of September to intercept telegraphic communication between Charleston and Savannah. They had succeeded in connecting their wires to the line, when they were discovered by Mr. Burckhalter, Master of Roadway, and most of the party were captured.
In closing this Report I desire to notice, as heretofore, the satisfactory manner in which the several officers of the Road have managed their respective departments--as to them, in a great degree, must be ascribed the success which has attended the operations of the past year.
H. S. HAINES,
Engineer and Superintendent.
WM. H. SWINTON, Treasurer.
WM. H. SWINTON, Treasurer.
WM. H. SWINTON,
WM. H. SWINTON, Treasurer.
WM. H. SWINTON, Treasurer.
|ASSETS.||Dec. 31, 1862.||Dec. 31, 1863.||Increase.||Decrease.|
|Cash . . . . .||29,894 07||312,889 30||232,995 23|
|Bill Receivable . . . . .||41,000 00||. . . . .||. . . . .||41,000 00|
|Farmers and Mechanics Bank Stock . . . . .||25,000 00||. . . . .||. . . . .||25,000 00|
|King's Mountain R. R. Stock . . . . .||50,000 00||30,000 00||. . . . .||20,000 00|
|Real Estate . . . . .||52,857 00||47,357 00||. . . . .||5,500 00|
|Negro Property . . . . .||1,750 00||1,750 00||. . . . .||. . . . .|
|Open Accounts . . . . .||259,572 67||243,294 53||. . . . .||16,278 14|
|Connecting Roads . . . . .||166 26||11,567 64||11,401 38||. . . . .|
|Confederate State Bonds . . . . .||18,900 00||1,650 00||. . . . .||17,250 00|
|P. O. Department U.S . . . . .||4,324 03||. . . . .||. . . . .||4,324 03|
|P. O. Department C.S . . . . .||9,861 30||7,114 75||. . . . . 2,746 55|
|Q. M. Department C.S . . . . .||57,248 65||55,169 50||. . . . . 2,079 15|
|Due by Agents . . . . .||2,675 85||24,826 93||22,151 08||. . . . .|
|Bills Receivable, No. 2 . . . . .||86,837 92||. . . . .||. . . . .||86,837 92|
|Stores and Materials . . . . .||16,926 09||44,630 11||27,434 02||. . . . .|
|Work on Ashley River Bridge on Government account . . . . .||26,321 17||10,412 98||. . . . .||15,908 19|
|Interest Account . . . . .||210,365 48||136,723 75||. . . . .||73,641 73|
|Coat of Road, Equipments, etc . . . . .||2,972,995 50||2,965,653 92||. . . . .||7,341 58|
|343,981 71||317,907 29|
|Deduct . . . . .||317,907 29|
|Net Increase . . . . .||26,074 42|
|LIABILITIES||Dec. 31, 1862.||Dec. 31, 1863.||Increase.||Decrease.|
|To Stockholders . . . . .||963,110 00||989,360 00||26,250 00|
|Equipment Bonds . . . . .||58,000 00||. . . . .||. . . . .||58,000 00|
|State Guarantee Bonds . . . . .||448,500 00||505,000 00||56,500 00|
|Mortgage Bonds, 2d lien . . . . .||908,000 00||1,000,000 00||92,000 00|
|Mortgage Bonds, 3d lien . . . . .||7,000 00||297,000 00||290,000 00|
|Bills Payable . . . . .||502,048 82||221,277 10||280,771 72|
|Bills Payable, No. No.22 . . . . .||45,000 00||. . . . .||45,000 00|
|Bonds Payable . . . . .||119,959 00||37,425 00||82,534 00|
|Open Accounts . . . . .||302,746 84||241,570 81||61,176 03|
|Unclaimed Freight . . . . . . . . . .||654 50||654 50|
|Connecting Roads . . . . .||7,853 03||1,672 76||6,180 27|
|Miscellaneous Accounts, Pay-rolls, Salaries, and Negro Hire . . . . .||22,458 71||40,988 18||18,529 47|
|Interest on Bonds . . . . .||206,163 12||136,723 75||69,439 37|
|Income Account December 31, 1862 . . . . .||275,856 47||275,856 47|
|483,933 97||878,957 80|
|Deduct . . . . .||483,933 97|
|Net Decrease . . . . .||395,023 89|
|Net Decrease of Liabilities . . . . .||395,023 89|
|Add Increase of Assets . . . . .||26,074 42|
|Balance of Income Account . . . . .||$421,098 31|
WM. H. SWINTON, Treasurer.
|MONTHS||Charleston to Savannah.||Charleston to Way.||Way to Way.||Way to Savannah.||Savannah to Charleston.||Savannah to Way.||Way to Way.||Way to Charleston.||TOTAL.|
|January . . . . .||863 51||3,520 13||249 05||212 04||5,253 55||348 89||491 99||3,3922 96||14,332 11|
|February . . . . .||1,461 62||3,672 51||311 44||137 94||5,777 48||451 59||244 41||4,147 59||16,204 58|
|March . . . . .||884 20||5,360 20||134 09||347 68||7,182 68||365 33||189 27||5,648 30||20,111 75|
|April . . . . .||1,162 34||6,082 45||139 35||371 02||5,993 14||1,396 96||401 70||5,518 74||21,065 70|
|May . . . . .||1,636 55||3,709 11||117 25||212 84||14,390 24||1,111 17||708 70||5,016 34||26,902 20|
|June . . . . .||2,930 00||3,967 63||293 76||424 77||18,118 04||1,408 78||1,049 63||7,610 89||35,803 50|
|July . . . . .||4,193 29||3,080 89||344 38||660 87||12,335 28||1,329 48||343 32||5,235 33||27,522 84|
|August . . . . .||2,192 27||4,058 39||252 75||1,947 60||7,950 51||2,124 86||776 63||4,215 60||23,518 61|
|September . . . . .||2,358 41||3,414 31||491 17||1,549 22||15,108 70||2,247 64||509 43||4,012 75||29,691 63|
|October . . . . .||1,924 59||3,056 84||337 92||1,980 82||22,768 63||2,925 60||408 17||6,172 41||39,574 98|
|November . . . . .||1,367 94||2,731 42||652 94||2,373 14||19,425 62||5,519 54||560 35||3,968 46||36,599 41|
|December . . . . .||1,984 66||5,677 04||1,359 71||2,858 75||17,856 86||5,955 76||606 13||5,990 88||42,289 70|
|$22,959 38||$48,330 92||$4,683 81||$13,076 69||$152,160 73||$25,185 60||$6,289 73||$60,930 24||$333,617 10|
ISAAC B. DAVIS, General Freight Agent.Charleston, January 15, 1864.
|Charleston . . . . .||212,266 75||70,876 33|
|John's Island Road . . . . .||358 05||478 59|
|Rantowle's . . . . .||4,469 66||286 59|
|Glover's Mills . . . . .||2,0419 64||18,667 47|
|Adams' Run . . . . .||17,426 83||6,156 17|
|Parker's Ferry Road . . . . .||84 88||17 40|
|Jacksonboro' . . . . .||3,027 09||7,963 97|
|Ashepoo Bridge . . . . .||427 77||11,143 13|
|Green Pond . . . . .||7,454 19||7,242 80|
|Union Cross-Roads . . . . .||122 05||4,304 98|
|Salkehatchie . . . . .||1,837 88||2,440 80|
|Seller's Store . . . . .||272 57||3,132 21|
|Pocotaligo . . . . .||24,351 72||10,210 04|
|Coosawhatchie . . . . .||2,628 97||1,701 17|
|Grahamville . . . . .||9,707 63||4,086 92|
|Ferebeeville . . . . .||46 00||492 38|
|Hardeeville . . . . .||9,480 70||5,373 75|
|Savannah River . . . . .||371 18||203 54|
|Mounteith . . . . .||300 15||29 55|
|Savannah . . . . .||36,933 39||178,809 31|
|[total,] $333,617 10||[total,] $333,617 10|
ISAAC B. DAVIS, General Freight Agent.Charleston, January 15, 1864.
Stock Killed . . . . . 528 00
|DESCRIPTION.||RUNNING ORDER.||UNDER ORDER.||TOTAL.||REMARKS.|
|First-Class Coaches . . . . .||8||1||9|
|Second-Class Coaches . . . . .||2||1||3|
|Mail and Baggage Cars . . . . .||2||1||3|
|Express Cars . . . . .||3||. . . . .||3|
|Conductors' Cars . . . . .||3||. . . . .||3||One altered to Express Car.|
|Box Cars . . . . .||51||. . . . .||51||One altered to Express Car.|
|Covered Stock Cars . . . . .||2||. . . . .||2|
|Open Stock Cars . . . . .||5||. . . . .||5|
|Platform Cars . . . . .||48||. . . . .||48||Five altered to Open Stock Cars.|
|Pay Car . . . . .||1||. . . . .||1|
|Hoisting Car . . . . .||. . . . .||. . . . .||1||Condemned.|
|Sleeping Cars for Hands . . . . .||. . . . .||. . . . .||2||Condemned.|
|Overseers' Cars . . . . .||8||. . . . .||8|