AR, M&W 12/1/1863 P

Annual Report of the Macon & Western RR
as of December 1, 1863,
President's Report
 
President's Report
 
Macon & Western Rail Road Company
Macon, Ga., December 1st, 1863
 
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 income from Freights, Passengers, Mails and interest, amounts to $833,864.89
Expenses 489,031.63
Net Income $344,833.26
Add balance from last Report 200,833.84
   "   Sales real estate 6,300.00
   "           "        old Iron 39,505.00
   Total $591,472.10
From this Fund has been paid:
Dividends Nos. 36, 37 and 38 $487,500.00
Purchase of Real Estate 9,112.50 $496,612.50
   Assets $94,859.60
Which are composed of
Negro property $51,478.35
Upson County R. R. Stock 22,158.00
Steamship Mississippi 5,150.00
Baring, Brothers & Co., London 6,900.00
Confederate Bonds 2,500.00
Cash 6,673.25 $94,859.60
   The amount, $6,300.00, for sale of real estate, in the foregoing statement, is for lands transferred to the Company in 1859 by G. J. Foreacre, which, with the approval of the Board, were disposed of and the proceeds credited to profit and loss. The purchase of real estate, $9,112.50, consists of 607 acres of timber land, situated on the line of the Macon & Brunswick R. R., in Pulaski county, which has been bought with the object of providing future supplies of fuel and lumber requisite for the operations of the Road.
   In June last the Superintendent reported to the Board that some immediate action was necessary to obtain such material for Engine repairs as could not be procured in the Confederacy, and with the approval of the Board I authorized him to arrange for its importation, and to use the funds in the hands of Baring & Bros. for payment of same. Thus far the entire amount expended has been L1,322, of which L908 has been successfully imported, and L414 lost. As the accounts have not yet been closed I have included the amount, $6,900, in the assets as heretofore; when they are, it will be charged to operating expenses, for further details on this subject I refer you to his report hereto annexed. The negro account now stands $51,478.35 representing forty-one negroes, three of whom have died during the year, and four ranaway, leaving thirty-four now in the service of the Company.
   The operations of the road have been carried on with success, and the general result may be called satisfactory. The expenses have increased beyond all precedent and are still increasing. Should they continue in the same ratio as during the past year, they must necessarily absorb the greater part of the gross earnings, especially as our Charter limits the road in its charges to a point which nearly every other road in the State has long since exceeded. The general condition of your road and appurtenances is, I think, better than could have been expected. Many of the most necessary articles of Railway supply have been manufactured in the Repair shops, and no effort or expense have been spared to keep the value of the property equal to the capital stock representing it.
   Your Officers and Agents continue faithful in the discharge of their several duties.
Yours, respectfully,
Isaac Scott
President

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