| Annual Report of the Macon & Western RR |
| as of December 1, 1864, |
| President's Report |
| |
| President's Report |
| |
| Macon & Western Rail Road Company |
| Macon, Ga., December 1st, 1864 |
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| To the Stockholders: |
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Gentlemen,
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| 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 |
|
$1,558,666.33 |
| Expenses |
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1,176,522.64 |
| Net Income |
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$382,143.69 |
| Add balance from last Report |
|
94,859.60 |
| Total |
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$477.003.29 |
| From this Fund has been paid: |
|
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| Dividends No. 39 |
|
300,000.00 |
| Assets |
|
$177,003.29 |
| Which are composed of |
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| Negro property |
$51,478.35 |
|
| Upson County R. R. Stock |
22,158.00 |
|
| Steamship Mississippi |
5,150.00 |
|
| J. B. Lafitte, Agent |
290.00 |
|
| Confederate Bonds |
2,500.00 |
|
| 4 per cent Certificates received for old
currency |
95,426.94 |
$177,003.29 |
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In order to obtain a settlement with the Government of
the accounts due for transportation prior to Aug. 1st, the Board
agreed to receive $200,000, about two-fifths of the total amount, in 4
per cent. call certificates, which were to have been delivered
promptly, but which have never been received by the disbursing officer
at this place and the Company has only his certificate of indebtedness
for the amount.
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The Government accounts due since August 1st, have been
partially audited to the amount of $480,000, but not paid, although in
accordance with instructions from the Q. M. General, we sent an Agent
to Richmond to make the settlement. These last accounts are not
included in the Gross Earnings this year. The delays on the part of
the Government have compelled us to draw on the unclaimed Dividend
fund, due to foreign Stockholders, to meet the current expenses of the
Road. This fund amounted on April 1st to $183,160.00, which was, by
direction of the Board, funded in 4 per cent. certificates. Of these
$76,000 have been used to pay the Confederate Tax of this year.
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At date the fund amounts to $273,160, an increase of
$90,000, which has been nearly all absorbed as mentioned above.
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At the last year's session of the State Legislature, a
bill was passed taxing this, among other corporations, 25 per cent. on
the net income over 8 per cent. on its capital, for the twelve months
ending April 1st, 1864. This tax amounts to $59,544.05, and is now
due, to meet which we have no assets other than claims on the
Government for service performed. The Comptroller General has kindly
extended the time for payment till February 15th, our condition having
been explained to him.
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The Legislature also passed a bill removing the
restrictions in charges, embodied in the Company's Charter, and
allowing us to charge the same rates of Freights and Passage as the
Central Rail Road.
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For the details of the operations of the Road, I refer
you to the Superintendent's Report hereto annexed. The movements of
both Armies have extended over the country through which nearly
one-third of the line passes, and have entailed severe losses upon the
Company in common with all other public and private interests. How far
we may be able to repair these losses is yet uncertain. The military
authorities have ordered the Road rebuilt to Atlanta, and furnish
labor and material as far as possible, the cost of which is to be
charged against the amounts due the Company for Transportation.
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I have thus far set before you as briefly as possible the
present condition of the Road. Its business must be much curtailed,
and it is hardly probable that the gross receipts will even cover the
working expenses for the coming year, unless the connections with the
Rail Roads running into Atlanta can be established. At these Roads
have suffered equally or more than this, it will be a work of time to
effect the result. It is for you now to direct the Board as to what
action you may deem proper under these exceptional circumstances.
Whether to reduce the working force to a point where their expenses
will be met by the Earnings, regardless of depreciation, or to keep
the property in such condition as may enable it to resume business
such as it has heretofore transacted.
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With this Report my connection with the Company as its
President ceases. It would have done so earlier, had I not feared it
would be detrimental to its interests. My health is feeble, and the
position requires more constant attention than I am able to give it.
For the kindness and confidence shown me by you during my entire
connection with the Company, a period of sixteen years, I beg you to
receive my sincere thanks.
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Very Respectfully,
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Isaac Scott.
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