| Annual Report of the Macon & Brunswick RR |
| as of January 1, 1864, |
| President's Report |
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| President's Report |
| Office Macon & Brunswick Rail Road Co. |
| Macon, February 4th, 1864 |
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| To the Stockholders: |
| The length of our Road, its
branch, the progress of construction and its prospects for completion,
were fully summed up in the last report, and hence, in this, we shall
refer only to such action of the Board as has been taken since that
time, and such progress as has been made in construction, working,
&c., since that time, referring to the reports of the Chief
Engineer, Superintendent and Treasurer, for the details of their
several departments. |
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The business of the Road has increased the past year
beyond all former calculations, notwithstanding the embarrassments
under which we labor for want of rolling stock. We have neglected no
opportunity to add to our stock, which has presented itself. Upon the
incursion of the enemy upon our North-western border, we obtained,
through the kindness of Mr. Hazlehurst, the President, the use of an
engine and a few cars from the Wills Valley Road. We have been much
indebted to the generosity of other connecting Roads for facilities in
this regard, and especially to the Macon & Western, whose shops
have been open to us for repairs, and spare stock used by us. We also
procured a few cars from Government, this fall past, but owing to
misdirection they have been sent on to other Roads, and given us much
trouble.
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| While our gross receipts have
been largely increased, our expenses have been also much enhanced. |
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The gross earnings for the past year have been
$82,425.82, expenses $41,790.22 -- leaving a balance nett earnings, of
$40,635.60, against $17,195.14 gross earnings, $12,521.45 expenses,
and $4,676.58 nett earnings, the previous year. While we have no cause
to anticipate less receipts for the ensuing year, our expenses must be
largely increased, owing to the fact that a renewal of timbers on the
Road will be required this year, for the first time.
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The Board of Directors, on the first of August last,
finding a balance of nett profits on hand from the operations of the
Road, and it being impossible to procure iron or other materials for
the advancement of the Road, deemed it advisable to declare a dividend
of that amount among the stockholders; and a dividend of 3 1/2 per
cent. from the nett earnings of the past six months was declared, and
paid, and finding themselves in a like condition at their last
meeting, declared another semi-annual dividend of 3 1/2 per cent. --
making a dividend of seven per cent. for the past year. This policy,
although thought to be wise and proper, under present circumstances,
would not be adopted if the surplus earnings could be appropriated to
the purchase of equipments of the Road, &c., as in ordinary times.
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It was stated in the last report that our floating debt
was $34,640.51 -- due to alien enemies, and for which they held Macon
City Bonds as collaterals, more than sufficient to pay it. This
remains in status quo. We have no other floating debt; and we
are now, and have been at all times since it fell due, prepared to pay
it, if we could have reached our collaterals, in their hands. In
accordance with the policy shadowed forth in our last report, the
Directors have caused to be issued the sum of $330,000 first mortgage
bonds, on which they have realized at par and above. Of that sum
$268,640.79 has been invested in cotton, with a view to hold until the
close of the war and exchange for iron. The investment in cotton
amounted to 1993 bales, (117 bales of which has been burned, covered
by insurance,) weighing a fraction over 1,000,000 pounds, at an
average of 26 1/2 cents per pound, upon which it is estimated that a
profit of near $400,000 could now be realized; and the Board is of
opinion that if no material change in public affairs shall occur, that
they will be able by judicious management to realize still further
profits on their capital for the present year, by securing iron upon
their cotton and other securities. The balance of the money realized
on bonds, &c., is held by the Company in interest bearing Treasury
notes.
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The Road has been completed and is now running to Dyke's
Mills, thirty-eight miles from Macon, since last meeting of the
Stockholders -- a point which has added much to the facilities of the
country and to the business of the Road; it opens up to the Macon
market the fine timbered lands of Pulaski. It is much to be regretted
that we could not obtain the rails to lay down the branch to
Hawkinsville; it would have added quite a third to our earnings.
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The Report of the Chief Engineer will show that we have
found in the final location of the line quite as favorable a line as
has been anticipated, and will also show the further progress of the
work in grading. We have not been able to add the number of hands to
the grading which we had hoped, at last meeting, but we have added
some, and we have felt bound, in justice, to advance prices, yet that
increase is more than counterbalanced by the enhanced value of our
stock. We have offered work to refugees from all parts, and have added
perhaps force enough during the past year to have finished up the
grading agreeably to our calculations and wishes, but our Mississippi
friends being offered other works, have abandoned their contracts,
recently, which subjects us to much inconvenience and loss. The
Georgians, however, are progressing steadily with their work. The
Board have much anxiety on the subject of completing the grading
during hostilities, feeling assured that they will be able to secure
the iron and equipments with their present prospective means, upon the
expiration of the war, which they have reason to hope is not very far
distant.
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The Road and its appointments are in very good order,
except that part not yet raised through the Ocmulgee Swamp, as
contemplated at the last meeting, owing to the heavy rains of last
summer, which precluded the possibility of working a force in the
swamp, and which drove us to the less desirable and more expensive use
of a gravel train, with which we are now filling and expect to
continue, until the embankment is secure against floods; doubtless
time will continue to demonstrate the necessity for more water-way.
The Board of Directors have endeavored to be active and vigilant in
the conduct of this enterprise during the terrible struggle which is
now upon us, and take the liberty of expressing the opinion to the
stockholders, that it is a source of congratulation to them all that
while most, if not all other Roads in process of construction in the
country have been compelled to suspend, ours has progressed steadily.
Our stock has steadily advanced from 60 cents to $2.00, and its
affairs are generally in better condition than before the war; and
while many other Roads, in many respects in like condition, have not
only been compelled to suspend operations, but to yield up their stock
and materials to supply the paramount demands of the Government for
public use, ours, from the peculiarity and excellence of its location,
has been enabled to make it of so much value to our country, in the
shipment of supplies to the army, and other materials to the
Government, that not only does the department decline to dismantle our
Road, but to offer us further facilities for transportation, &c.
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We will not conclude this Report without reminding our
Stockholders that they have a line equally eligible with any in the
Confederate States, that its pecuniary condition is sound and healthy,
its prospects fair, and admonish them not to sell their stock at a
sacrifice; it must still be better.
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All of which is respectfully submitted.
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A. E. Cochran
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President
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