AR, M&G 6/1/1866 P

Annual Report of the Mobile & Girard RR
as of June 1, 1866,
President's 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
   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