AR, A&S 1/1/1862 P
Annual Report of the Augusta & Savannah RR
as of January 1, 1862
President's Report
 
Report of the President and Directors to the Stockholders of the Augusta & Savannah Rail Road
Savannah, Jan. 1st, 1862
 
   The Earnings of the year 1861 were:
From Passage Sales $63,626.88
From Freight 85,241.05
From Mails 9,133.23

Total Earnings

 $158,001.16
   The Expenses were:

For Transportation
Salaries and Labor $10,021.42
Agents' Way Stations 1,800.00
Printing, Stationery and Advertising 784.59
Conductors and Train Hands 4,188.16
Loss, Damage and Overcharges 195.39
Stock Damage 1,603.36
Incidentals 2,194.29
$20,787.21

For Motive Power
Salaries and Labor $4,159.61
Fuel and Water 4,466.36
Engineers and Firemen 6,858.38
Materials 981.59
Oil, Tallow and Waste 1,387.31
Incidentals 184.11
$18,037.36

For Maintenance Cars
Salaries and Labor $1,864.52
Materials 2,095.81
Oil, Tallow and Waste 796.97
Incidentals 147.67
$4,904.97

For Maintenance Way
Salaries and Labor $11,713.13
Materials for Buildings, &c. 777.53
Rails, Spikes and Chairs 173.33
Ties and Stringers 4,605.57
Provisions and Clothing 3,512.12
Incidentals 159.41
$20,941.09

Total Operating Expenses

 $64,670.63
Leaving Nett Earnings $93,330.53
Add Interest received 2,481.46

Total Income

 $95,811.99
Deduct Interest on Bonds 9,474.87

Balance

 $86,.337.12
   The operating expenses amount to nearly forty-one per cent. of the receipts, and the resulting balance or profits to a fraction more than twelve and a half per cent. on the Capital Stock.
   Our expenses were not increased by reason of the greatly enhanced value of provisions and all Rail Road supplies, as in anticipation of the rise in price, we were fortunate enough to purchase in advance, at low prices, almost everything we needed, and in quantities sufficient to last during the year.
   These supplies are getting low in quantity, and we may therefore expect that the expenses of the current year will compare unfavorably with those of the year just closed.
   We regret not to be able to report a larger reduction of the Bond debt, but owing to the deranged business of the country, and the apprehensions felt by capitalists in regard to investments generally, the holders of our Bonds, from the fact that we are paying them, have declined to sell, though we have offered par and interest for them.
   The reduction during the year amounts to Forty-six Thousand Dollars, which leaves One Hundred and Thirteen Thousand Five Hundred Dollars outstanding.
   We have in Cash Fifty-eight Thousand Dollars, and in available "Bills Receivable," Twenty-four Thousand Dollars -- in all, Eighty-two Thousand Dollars, which might be applied to the reduction of the debt.
   Not being able to do this, the Board will endeavor to get interest upon the money, provided it can be loaned safely and with the certainty of its prompt return when needed.
   This fund enables us to say with much confidence that even with a very greatly reduced business, we shall be able to discharge our entire Bond debt before its maturity.
   We have been exempt from serious accidents, though on the 23d of May we lost One Hundred and One bales of cotton by fire, communicated from the woods, to a passing train loaded with cotton on platform cars. The loss in money amounted to Five Thousand Six Hundred dollars, besides the loss of three platform cars, in the place of which we have built three new ones.
   The accident was no doubt the result of carelessness modified perhaps by the want of experience in similar circumstances.
   Save the unavoidable wear of an occasional rail the  Road is believed to be in as good condition as at any previous time.
Respectfully submitted
By order of the Board
Francis T. Willis
President

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