| Annual Report of the Mobile & Girard RR |
| as of June 1, 1866, |
| President's Report |
| |
| Report |
| |
| To the Stockholders of the Mobile &
Girard R. R. Co.: |
| Having failed to procure a
representation of a majority of the stock of the Company at our last
annual meeting, held in obedience to the charter, no regular report
was read, though each officer had prepared and had ready a full
statement of his particular department at that time. ***** A short
synopsis of the report for 1865, showing the earnings and financial
condition of the Company at that time, will not be out of order: |
| The gross earnings of the Road from all sources,
for the fiscal year, ending the 31st May, 1865, were |
$432,272.80 |
| Expenses for the same time, were |
323,760.20 |
| Net earnings for the
year |
$108,512.60 |
| Loses sustained by the Confederate States -- |
|
| Amount due at the time of the surrender of the
armies under General Lee |
$98,235.95 |
| Amount held at same time in bonds |
85,000.00 |
| Bills on hand |
35,841.26 |
| Total Loss |
$219,077.21 |
|
|
The net earnings of the Road, up to the 31st May, 1865,
were sufficient to have paid off the entire indebtedness of the
Company of every grade and description, and have left on hand a
balance of over $50,000. This entire amount is, of course, lost to the
Company; and to this heavy loss, may be added the damage done by the
Federal army in its passage through Columbus -- being, by burning, the
depot buildings, machine shop, car shop, and machinery in both
buildings, stationary engine, a new passenger car, together with a
full train of freight cars -- the whole amounting to not less than
$60,000.
|
| ***** |
|
Before the commencement of hostilities, we had contracted
debts with several parties in Philadelphia and Baltimore for
machinery. With these we have settled, by giving bonds of the Company
at par, to wit:
|
| M. W. Baldwin & Co., Philadelphia, for two
engines and other machinery |
$26,500 |
| Bement & Dougherty, Philadelphia, for
machinery |
2,500 |
| Poole & Hunt, Baltimore, for machinery |
2,500 |
| A. C. Saunders, for Railroad supplies |
500 |
|
$32,000 |
|
|
*****
|
|
The question is often asked, when will the Road be
extended beyond Union Springs? We have near 30 miles graded beyond
that point, into Pike county, and the moment the political status of
the late Confederate States has been settled upon a firm basis,
business resumed and credit re-established, the Road will move
forward. *****
|
|
When will the bridge across the river be finished? is
another question daily repeated in our streets. As long as we could
hope for nothing but a local business, while its completion would be a
convenience, it could not have added a single passenger or a dollar of
freight to our income. This being the case, it would have been the
madness of folly in our present condition to have incurred such an
amount of debt without the barest hope of any return in the shape of
increased business. *****
|
|
W. H. Mitchell
|
|
President
|
|