| Annual Report of the Macon & Western RR |
| as of December 1, 1861, |
| President's Report |
| |
| Macon & Western Rail Road Co. |
| Macon, Dec. 1st, 1861 |
| |
| To the Stockholders: |
| Gentlemen, |
|
It again becomes my duty to present to you the following
statement of the business of the Company, for the twelve months ending
yesterday, November 30th:
|
| The gross Earnings from Freights, Mails and
Passengers, amounts to |
|
$339,919.05 |
| Expenses, including Exchange paid |
|
184,014.15 |
| Net Income |
|
$155,904.90 |
| Add balance from last Report |
|
62,994.44 |
| " Net proceeds of
Engines sold |
|
20,472.00 |
| " Dividend A. A.
S. S. S. Co. |
|
1,205.76 |
| Total |
|
$240,577.10 |
| From this Fund the following disbursements have
been made: |
|
|
| Dividends Nos. 31, 32, 33 |
$135,000.00 |
|
| Iron Rails purchased |
38,755.58 |
173,755.58 |
| Assets |
|
$66,821.52 |
| Which is composed of -- |
|
|
| Post Office Department at Washington |
$3,116.28 |
|
| Steam Ship Mississippi |
5,150.00 |
|
| Confederate Government Bonds |
3,550.00 |
|
| Baring & Brother, London |
6,900.00 |
|
| Cash on hand |
48,105.24 |
$66,821.52 |
|
|
|
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The Exchange paid, included in Operating Expenses, in an amount of
$341.80, for remittance of Dividends No. 31 and 32.
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|
The item "Baring & Bro. $6,900," in the
Treasurer's balance, is the amount received by the Company for its
stock in the American Atlantic Screw Steam Ship Company. The ships
composing that line were purchased by the United States government,
and the proceeds of the same, belonging to this Company, remitted to
England.
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|
The steamship Mississippi has also been sold and
its proceeds remitted; but its account has not yet been made up, so as
to make the requisite division among its stockholders.
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In the foregoing statement, will be also seen a charge of
$38,755.58 for Iron Rails. Having an opportunity of securing a lot at
a very low rate, I, after consultation with the Board of Directors,
purchased 800 tons, which cost in this city, an average of $48.50 per
ton. This step gives us an amount sufficient for four year's renewals.
As it is yearly used, the amounts expended will be charged in
Operating Expenses and credited to Profit and Loss.
|
|
The decrease in the Gross Earnings for the year, has
proceeded from causes sufficiently obvious to all, and which it is
unnecessary to here repeat.
|
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For the first six months, the prudential foresight of our
citizens in this section, induced heavy shipments of provisions from
Tennessee and the West, to this as well as other points on your Road,
which partly compensated for the loss of business from other sources.
Since then, the decrease has been constant, and the expenses have
been, as far as possible, reduced to meet this; but the enormously
enhanced prices of all Railway supplies, has prevented a proportionate
reduction. I have, also, in view of the increasing scarcity, deemed it
prudent to lay in such quantities of the necessary articles, as would
carry us at least one third through the coming year.
|
|
The two Freight Engines purchased last year, have been
sold to the Confederate Government, for an amount, after deducting
bill of repairs, of $20,472.00, which has been credited to Profit and
Loss. The decline in business has enabled us to dispense with them,
without inconveniencing our ordinary traffic.
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At a Convention of all the Southern Rail Roads, in
Montgomery, Al., on the 25th April last, it was agreed that all
transportation of troops and supplies for the Government, should be
done at half the usual rates. I assented to this step, on the part of
this Company, believing it to be just and right, and that it was the
duty of this Company to contribute and bear its full share of the
burthens under which the Government and people are now laboring.
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On the 1st June, the Post Master General assumed the
charge of Mail transportation in the Confederacy, at which time the
balance due this Company from the United States Post Office
Department, was $3,116.28, which forms a part of the assets, as shown
in the foregoing statement. I have executed a contract with the
Confederate Post Office Department at the rate of $100.00 per mile,
yearly, for four years, commencing on the first day of July last.
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The law suits now prosecuting against the Company remain
as at date of last Report.
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By the Report of the Superintendent and Tables annexed,
the condition of your property is shown, in detail. The safety and
regularity with which the years's business has been conducted, is a
sufficient proof that it has not deteriorated.
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Your Officers and Agents have been diligent and faithful
in the discharge of their respective duties.
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Yours respectfully,
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|
Isaac Scott
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|
President
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