NP, AC 5/11/1864

From the Augusta Constitutionalist
 
May 11, 1864
 
Annual Meeting of the Stockholders of the Georgia Railroad
Tuesday, May 10th, 1864
11 o'clock, A. M. 
 
   The Annual Convention of the Stockholders of the Georgia Railroad met at their Banking House in this city at 11 o'clock this morning, and adjourned to the Masonic Hall -- Judge John P. King presiding, and Messrs. Joseph Milligan and John H. Jones, Secretaries.
   In consequence of the small attendance, the calling of the roll was dispensed with, and a committee of three, viz.: Messrs. E. Starnes, Asbury Hull, and W. H. Conyers, appointed to ascertain the number of Shares represented. The Committee reported 7,091 Shares represented, and 14,598 Shares by proxy, making a total of 21,689 Shares, and being a majority of the Shares.
   The President then read the usual Reports of the Railroad officers, which were, on motion, adopted.
   The following are extracts from the President's Annual Report, showing the receipts, resources, and present condition of the Road, &c.:
   The Directors have but little to report to the Stockholders touching the business operations of the Company for the last year, in addition to what will appear in the Superintendent's Report, and the documents appended. It appears in that Report that the Gross Earnings of the Road
have been $2,375,354.97
and the Expenses $1,916,348.00
Leaving net from Road operations $359,066.97
   The income from Banking, and in other investments received through the Bank have been
Discount, Interest, Premium and Rent $273,290.98
Dividends on Stocks 328,301.50
Gross Receipts through the Bank 601,592.48
Charged with Salaries, Incidental Expenses, and Interest on Bonds 131,892.24
Net Income through the Bank $469,669.24
   The actual receipts and disbursements of the Company for the past year may be stated thus
Receipts from Rail Road Earnings $2,154,284.52
Receipts through Bank 601,592.48 $2,755,877.00
Charged with Rail Road Expenses 1,962,738.75
And Bank Expenses 131,893.24 2,094,626.90
Net Profits from actual Receipts 661,251.01
Add Reserve Fund 1,516,218.23
Net Profits and Reserve Fund 31st March last 2,177,469.24
From this a Dividend was declared in October last of 10 per cent 415,600.00
Leaving Reserved Fund on 31st March $1,761,869.24
   The earnings of the Company, compared with last year, may be stated thus
Gross Earnings from Road for 1863 & '4 $2,375,354.97
   "          "                   "            1862 & '3 1,120,313.10
Increase of Gross Earnings of Road 1,255,941.87
Gross Earn'gs of Bank for 1863 '4 $601,592.48
     "         "             "          1762 '3 435,191.53 166,400.95
Total increase $1,424,421.82
Net Profits of Road for 1863 '4 $359,006.97
  "        "             "          1862 '3 659,476.91
Decrease net profits 1863 '4 $291,460.94
Net Earnings from Bank for 1863 '4 $469,699.24
  "          "                  "          1862 '3 302,592.18
Increase for 1863 '4 $77,107.06
Decrease from Road $291,469.94
Increase from Bank 77,107.06
Total decrease net profits $214,362.88
   Thus it will be seen that with increased gross earnings from all sources of $1,421,442.82, we have a decreased net profit for the last year of $214,362.88! This result is not at all surprising when we consider the low rates at which Government business has been done, and its destructive character to rolling stock, and that private rates have only been increased an average of about 90 per cent, while every element of the cost of working and maintaining the Road and stock has advanced an average of 3865 per cent, as will appear by a comparative statement of prices appended to Superintendent's Report.
   *****
   It will be perceived that the usual half-yearly dividend was not declared in April last. The Directors deemed it best, to reserve any disposable resources they may have, to aid the Stockholders in paying the late Tax imposed by Congress, when the amount of that Tax may be settled by the action of Congress now in session.
   It is believed that the last Congress, under the peculiar circumstances by which it was surrounded did not clearly understand the inequality and extent of the burthens they imposed, by a literal interpretation of the act.
   The Directors will here observe, that they have not considered the Stock of the Company, as a subject of taxation to any other, or greater extent, than that limited by the Charter, to which the Company owes its existence. But they have been unwilling to claim any exemptions, in the present condition of the Country, and the pressing wants of the National Treasury. The Stockholders are doubtless willing, without legal obligation, to contribute their full share, to the public burthens. It will scarcely be insisted that they are under any moral obligation to do more.
In behalf of the Directors,
John P. King, Pres't.
   It was then resolved that the Convention proceed at once to the election of a President and sixteen directors for the ensuing year.
   Messrs. Geo. W. Evans, John Davison and M. P. Stovall were appointed a committee to superintend the election; which resulted as follows:
John P. King, President
John Bones George W. Evans
James S. Hamilton William D. Conyers
Asbury Hull Elijah E. Jones
George T. Jackson Antoine Poullain
Richard Peters Benjamin H. Warren
Samuel Barnett Massillon P. Stovall
John Cunningham Edward R. Ware
Nathan L. Hutchins James W. Davies
   The total number of votes being 21,199 Shares.
   The Convention then, on motion, adjourned sine die.

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