| Annual Report of the Macon & Brunswick RR |
| as of January 1, 1863, |
| President's Report |
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| Office Macon & Brunswick Rail Road Co. |
| Macon, February 2, 1863 |
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| To the Stockholders: |
| The whole length of our Road
when completed from Macon to Brunswick, will be 174 miles, of which,
there has been graded at the Brunswick end, 29 miles from the
"Initial Point" of the Atlantic & Gulf Rail Road to
Hazlehurst's, a point on the Brunswick & Albany Rail Road, eleven
miles from Brunswick, over which, our trains may be run to Brunswick
upon fair terms, we are assured. So that it may be said that our road
is graded and ready for the iron to be laid down for forty miles, from
Brunswick to the Atlantic & Gulf Road. At the date of our last
report, the grading had been completed from Macon, 37 1/2 miles, to
the junction of the Hawkinsville Branch, except a little finishing up
-- since then the grading on the Hawkinsville Branch, 10 miles to
Hawkinsville has been completed, and about 7 miles more has been
recently graded on the main line, all of which added together, makes
94 miles, which taken from the length of the whole line and branch
184, leaves 90 miles yet to be graded over the easiest and cheapest
part of the whole line. |
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There is 35 miles of this, which has been completed --
from Macon to the Milledgeville Road near Mrs. Coley's eleven miles
from Hawkinsville, and a daily train running with freight and
passengers from Macon to that point.
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| The Road has been furnished
with two Locomotives, one passenger, two baggage and box Cars, and
four platform Cars, at an entire cost for the whole, including
discount on City Bonds, and interest paid on loans, of $557,194.95,
which leaves a balance in the treasury of $255,997.43. |
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The Board of Directors at their last annual meeting,
looking to the gloomy state of public affairs and the general
financial embarrassments of the country, had not expected to be able
to progress farther with the grading of the road, during the war --
but last spring, a number of gentlemen who had been driven from their
plantations on the coast by the approach of the enemy, feeling a deep
interest in the success of the enterprise, and being without
employment for their negroes, offered to put them on our road at
customary prices for grading, taking 80 per cent. of their pay in
stock of the Company, and 20 per cent. in cash, and contracts were
concluded with them to that effect, and a corps of Engineers organized
and put at once on the line, and work prepared for about 500 hands.
Messrs. Nightingale, Huger, Morris, Blue, and Hazlehurst are now
engaged in the grading in the counties of Pulaski and Telfair, and are
progressing very well. Arrangements are now being made to put on about
400 more hands in a few weeks, as soon as the work can be prepared.
Whereby it is hoped to secure the completion of the whole of the
grading within the next 12 or 18 months. It is proper here to state,
however, that in view of the enhanced cost of provisions, &c.,
since the making of these contracts, it was just and right to those
contractors to increase the cash payment from 20 to 30 per cent., and
it was done at the last regular meeting of the Board. This we regard
as an arrangement mutually advantageous to the contractors and to the
company.
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It will be remembered, that in our last annual report our
floating debt was $85,440.38 -- since3 that time, we have reduced that
debt $50,799.86, leaving a balance still due of $34,640.51 which is
due to alien enemies, in whose hands are held Macon City Bonds as
collateral security, more than sufficient to pay the debt if they
could be reached, but they are suspended in the sequestration Court;
we are able and anxious to take them up, if we could reach them, and
recover our bonds, as we have been able to do in one case. No further
floating debt has been created.
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As is known to the Stockholders, it has been the settled
policy of this Board to create no bonded or mortgage debt, until by so
doing they could secure the completion of the road, without sacrifice
to its credit.
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In July last, the Board of Directors after mature
consideration, and calculation, determined that the time had arrived
when it was expedient to issue a series of first Mortgage Bonds, for a
sum sufficient to purchase the iron and equipments for the entire
balance of the road, and complete the grading, and in accordance with
this conviction and the power vested in them by the charter and
by-laws, they ordered a series of one million dollars of first
mortgage bonds to be issued, running at twenty years, bearing seven
per cent. interest per annum, payable semi-annually, and directed
their officers to sell not exceeding $500,000, at par value or more,
$62,000 only of which have as yet been sold. These bonds will now
bring a handsome premium. But believing, the sum of one million to be
more than will be found necessary, to accomplish the purposes
contemplated, and that a reduction of the amount would enhance the
value of those issued, they will probably reduce the amount to be
issued to a sum not exceeding $700,000 in all, and they do not now
contemplate selling more than $500,000. By this the Board feel assured
that they will be able to give the fund thus raised, such direction as
will enable them to procure sufficient iron to lay down the whole road
as soon as the blockade shall be raised.
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On the 13th of February last, and before we had been able
to raise the embankment through the Ocmulgee Swamp as contemplated in
the last report, a terrible freshet, the equal of which has not been
witnessed here in twenty years, if ever, swelled the Ocmulgee and its
tributaries, so that the road bed, track and small bridges suffered
great damage, cutting the embankment in several places, and washing
off the track, more or less, for five or six miles through the swamp,
which suspended the running of the trains from that time until in May,
when the track was again opened and a daily train carrying passengers
and freight, from Macon to Phillip's Lane, 31 miles, has been running
without interruption up to this time. It was stated in the last report
that the embankment through the Ocmulgee Swamp was too low, and our
intention to raise it 2 to 2 1/2 feet. This after devoting the whole
force on the road to repairing track and bridges injured by the flood,
we set about at a late day in the summer, and have only been able
before the winter set in to raise and finish up to the desired height,
about 3 miles on the West side of the river; near the same quantity on
the East side remains yet to be raised, it being only partially raised
so that the trains pass safely over it, but which it is intended to
finish up the ensuing summer, when the track will be as secure through
the swamp as anywhere else. With the increased water ways now given,
we feel assured, that part so raised is beyond the reach of floods,
and no farther apprehensions need be had on that subject.
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The freshet also suspended the work on the
superstructure, at a point two miles below Phillip's, and it was
thought advisable to discontinue entirely, the superstructure contract
with Messrs. S. Collins & Co., which we did without loss to the
Company. So that no more iron was laid down until 1st October last, a
contract was negotiated with Mr. Nightingale to lay down the balance
of the iron to Hawkinsville Junction, and he has now completed about
two miles to Milledgeville Road at Coley's, in very good style, and
our trains run daily to that point, 35 miles from Macon, connecting
with a Hack 11 miles to Hawkinsville each trip. This is a point from
which the business of the road is much increased. We shall press the
superstructure now, as far as our iron will reach. A small portion of
it yet remains at Darien, but about 80 tons was seized some time since
by a government agent without notice to, or consultation with us, and
transferred to another road; but upon investigation of the matter, by
an intelligent Rail Road man, whom the government has fortunately in
its service, our iron has been ordered by the Chief of this military
division to be restored to us, and we hope soon to have it on the
track.
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The grading of the Hawkinsville branch has been
completed, except the bridge at Hawkinsville, which the contractors
have not pressed for the reasons that we had not, and could not
procure the iron to be laid down, because it is not to be had in our
country. The bridge will doubtless be completed as soon as the company
desire it. It will be impossible to procure the iron for that branch
until the war is over. Our road to Coley's Lane may be said to be in
very good order, generally, excepting alone, that part of the track
referred to, through the swamp which is still subject to be
overflowed.
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The business of the road is constantly increasing. It
will be remembered that in the last annual report, our estimate for
the income for the year just ended, was a fraction over $26,000; that
was based of course upon the idea of uninterrupted running, as well as
upon the hypothesis of the cotton crop being sent to market, the last
as is known, has failed, and the former has been suspended near or
quite for three months last spring. Notwithstanding all this -- the
gross income has been for the last year $17,195.04. Expense of
transportation and maintenance of way, $12,521.45, leaving a nett
income for nine months of $4,676.58, of which gross sum there has been
received from freights $8,774.62, from Passengers $8,621.61. Of the
freights, Corn, Peas, Ground Peas, Potatoes, Fodder, Fire Wood, and
Lumber, with ------ bales Cotton have formed the chief items.
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We have suffered much for want of freight cars. For the
last three months, much freight has accumulated on our hands at the
various stations, almost double the business might have been done
within that time, if we had had cars. We have sought to obtain them,
they cannot be had, none are made except for those roads which have
axels and material for wheels to furnish, and all the furniture of the
other roads is pressed on their own, or other roads for the
transportation of government supplies, so that we cannot obtain them
from that source. It will be seen that leaving out the item of cotton
contemplated in the estimate of last year, the income realized has
overrun that estimate, in the nine months run. It may be observed,
that no accident has occurred on the road the past year -- nor has any
damage been done to persons or property -- nor have we lost a single
trip, since repairing damages after the freshet in May.
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We have as yet, not been able to obtain any Mail service,
although we have offered to carry it upon the lowest terms paid any
Rail Road in the Confederacy. We are entitled to a Mail, as a post
road by law, and we shall again at the proposed re-organization of the
Mail service in the State this spring, urge our claims for the
accommodation of so large a section of the country as it will supply.
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The difference between the Company and the Treasury
Department, on the subject of duties on Rail Road iron, existing at
the last report, has been settled at last, in favor of the company.
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The Board of Directors, notwithstanding the untoward
circumstances which have surrounded them for the past year, by reason
of the troubles of the country, have anxiously and constantly kept in
view the importance and progress of this work, and have availed
themselves of every facility within their reach to press it forward,
and have been gratified at the growing appreciation of the enterprise
in the public mind, as manifested by the constantly appreciating value
of the stock.
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As the war advances, as the political elements clear
away, and the prospect of a near approach to independence brightens,
the magnitude of this enterprise to the country, and its almost
inestimable value to the Stockholders become apparent to all, and we
shall not be surprised, if in a very short period, our stock does not
sell at par value in the market, a fact seldom witnessed of an
unfinished road.
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We seen every thing to encourage the Stockholders in
their enterprise.
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The President of the Company has been also acting as
Superintendent of the road for the past year, hence the intermingling
in this report of the subject matter of both departments. Inviting
attention to the reports of the Chief Engineer and Treasurer herewith
submitted, for the matters pertaining to those departments, this
report is respectfully submitted.
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A. E. Cochran
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President
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