| Annual Report of the South Western RR |
| as of August 1, 1865, |
| President's Report |
| |
| President's Report
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| Macon, August 9th, 1865 |
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Eighteenth annual report of the president and directors of the
Southwestern Railroad
Company to the Stockholders:
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| By reference to the report of Virgil Powers,
engineer and superintendent, it will be seen that the gross
earnings for the fiscal year ending |
| July 31st amount to |
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$3,153,674.48 |
| From which deduct current expenses |
1,694,241.51 |
| Showing net earnings for the year |
|
1,459,432.97 |
| From which deduct interest paid on bonds |
|
6,352.50 |
| Leaving a surplus of |
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1,453,080.47 |
| The total uncollected earnings from
the late confederate government for the present fiscal year
amount to |
$1,579,767.99 |
| To which add amount uncollected for
the year ending July 31, 1864 |
124,125.66 |
| Shows amount due said government |
|
1,703,893.65 |
| In addition to the above, this
company has on hand confederate treasury notes, and treasury
notes pf the State of Georgia, payable in confederate notes,
the sum of |
247,626.56 |
| Making a total of |
|
1,952,520.21 |
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Which amount, the board regrets to say, must of necessity
become almost a total loss to the stockholders.
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At a regular meeting of the board of directors in
February last, the following resolution was adopted:
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"Resolved, That a dividend of fourteen (14)
per centum on the capital stock be, and the same is hereby, declared
payable in confederate treasury notes, when the government should pay
the amount due by it to the company for transportation up to the first
day of February, 1865. So soon as the amount due by government shall
be paid, and not before, the treasurer shall publish this declaration
of dividend and pay the same."
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As the settlement was never made, the action of the board
became null and void.
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There is due on dividends Nos. 23 and 24 seventy-one
thousand five hundred and eighty-four (71,584) dollars, which amount
has not been called for by the shareholders owning said stock. Both of
these dividends are payable in confederate treasury notes, which
accounts for the tardiness on the part of the stockholders in calling
for them.
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By reference to the balance sheet of the treasurer, the
board would call attention to the bonded debt of the company. The
bonds outstanding amount to four hundred and forty-one thousand
(441,000) dollars.
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| Of this amount there fell due in 1862 |
$20,000.00 |
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"
1863 |
7,000.00 |
|
"
1864 |
11,000.00 |
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"
1865 |
13,500.00 |
| Total |
60,500.00 |
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These bonds were not presented as they respectively fell
due, but recently a portion have been presented for payment. Owing to
the deranged state of the currency, and other difficulties which we
have to encounter, the board finds itself unable at the present time
to meet the demands made upon it as they were wont to do, but believe
in a short time that by negotiating a loan of one hundred thousand
(100,000) dollars, it will be able to pay both principal and interest,
as the latter may accrue.
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Finding much trouble and difficulty in obtaining small
change, the board, thinking it would not only enhance the interest of
the company, but prove a great convenience to the community generally,
instructed the treasurer, in June last, to issue fare tickets not
exceeding twenty thousand (20,000) dollars in amount, in small
denominations. About one-half of this sum has been issued, and the
benefits accruing from the same have been acknowledged by the public
in their eagerness to secure them in their ordinary business
transactions.
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For a detailed account of the condition of the road,
engines, cars, &c., the board would call the special attention of
the stockholders to the accompanying report of the engineer and
superintendent.
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Owing to legislative action, the breadth of land planted
in cotton is comparatively circumscribed. We. therefore, cannot expect
to realize this fall such remuneration on freights from the great
staple as we were accustomed to receive prior to the war.
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In looking to the future and considering the character of
labor to be employed in the cultivation of cotton hereafter, the board
can form but little estimate, and time alone must determine the
result.
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We know the section of country through which the line of
road passes, and that contiguous to it, is so well adapted to the
culture of cotton, and the vast territory still to be brought into
cultivation, that we cannot but express the opinion that the day is
not far distant when our enterprising citizens must and will develop
the vast resources of our great State. And, although dividends may be
temporarily suspended on account of the condition of our road, rolling
stock, &c., we doubt not that ere long the stockholders will
receive such interest upon their investment as they were in the habit
of obtaining anterior to the war.
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Respectfully submitted,
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Wm. S. Holdt
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President
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