| Annual Report of the Central (of Georgia) RR |
| as of December 1, 1862 |
| President's Report |
| |
| President's Report |
| Savannah, Dec. 4th, 1862 |
| |
| The Report of the General
Superintendent, George W. Adams, for the year ending 30th ultimo, is
herewith submitted: |
| The earnings of the Road have been |
|
$1,310,021.42 |
| The ordinary current expense has been |
$456,848.31 |
|
| The extraordinary expense has been |
20,532.48 |
|
| The rent of the Augusta & Savannah Railroad
has been |
42,583.33 |
519,964.12 |
| Showing net amount earnings to be |
|
$790,057.30 |
|
The cash paid into Bank from the Railroad for
the year amounts to |
|
$1,289,415.09 |
| The payments made at Bank for R. R.
for the year amount to |
508,611.07 |
| Showing net for road |
|
$780,804.02 |
| The expense, as shown by Superintendent, is |
$519,964.12 |
|
| The same as shown above at Bank |
508,611.07 |
|
| The difference |
$11,353.05 |
|
|
Is explained thus: |
|
|
| Whole amount of extraordinary expenses |
20,532.48 |
|
| Taken from Road earnings, Dec. 2, 1862 |
9,179.43 |
|
|
Taken from appropriation for Depot building, 3d June, 1862 |
11,353.05 |
$20,532.48 |
|
3d June, 1862, appropriation stood |
$59,849.73 |
|
|
Reduced as above |
11,353.05 |
|
|
It now stands, as per balance sheet |
$48,496.68 |
|
|
The amount received during the year from Bank operations has
been |
$267,031.33 |
|
|
Paid Bank expenses and interest |
20,554.26 |
|
|
Showing net for Bank |
|
$246,477.07 |
|
Showing net for Road and Bank |
|
$1,027,281.09 |
|
And the sum of $1,027,381.09 has been disposed
of, as follows, to-wit: |
|
|
Dividend June, 1962, 10 per ct. |
$466,680.00 |
|
|
" Dec., 1862,
6 " " |
280,008.00 |
|
|
Appropriated for Road |
212,195.85 |
|
|
Carried to reserve fund |
68,397.24 |
$1,027,281.09 |
|
| From the above statement it
will be readily seen that the Banking operations authorized the
declaration of an extra dividend of 5 per cent. by the Board in June
last. |
| In the last annual report,
the Board, whilst avoiding the expression of an opinion as to the then
future profits of the Road, took occasion to say that the expenses of
the Company would, until the renewal of business, be more reduced.
Accordingly, soon after the report, a considerable reduction was made
in salaries and wages. It was soon found, however, that the operations
of the Company could not be carried on with such reduction, and,
therefore, the former pay was restored. During the months of December,
January,, February and March last, there was a very great falling off
in the receipts of the Road, as will be clearly seen on reference to
Table No. 3, appended to the Superintendent's Report. The Company
found it necessary, in common with all the other Railroads throughout
the Confederate States, to put up the rates of freight. Railroad
supplies and all the necessaries of life, ran up so rapidly to such
extravagant and unheard of prices, that this increase in rates of
freight was a matter of necessity, and it became a matter of common
justice to the operatives of the Company, as soon as the earnings of
the Company warranted, to increase salaries and wages. The Board took
pleasure in making an increase on wages and salaries, beginning on the
first of November last, an increase which will amount during the
current year, to about forty thousand dollars. |
|
Beginning with the month of April last, the receipts of
the Road, as will be seen by Table No. 3, increased rapidly. The great
increase, however, has been in the passenger traffic. The receipts
from that source during the year just closed, have amounted to
$699,247.64, against $294,740.10, for the preceding year. The general
reduction of expense during the past year, is shown in the
Superintendent's Report. The current expense of the year was
$456,848.31, upon earnings of $1,310,021.42. The reduction grew out of
two facts -- first, the increase of travel, which does not cost as
much as the carriage of freight; and, second, that, by reason of the
utter impossibility, during the war, of obtaining the necessary
supplies, the Railroad has not been furnished and kept up as it would
have been under ordinary circumstances. The Board is happy to know
that no railroad in the country has been preserved than the Central.
But if the war continues much longer the Road and its machinery and
rolling stock will run down. Looking this difficulty in the face, the
Board has appropriated, from the earnings of the past six months, the
sum of $212,195.85, towards placing the Road and its outfit in as good
condition they were eighteen months ago. The sum standing at the
credit of appropriation for depot buildings, viz: $48,496.68, is ample
for the purpose. It will, as far as necessary, be applied as soon as
the state of the country will justify the expenditure. The restoration
of the Road and its equipment is the most important subject which can
engage the attention of the Board, and the stockholders may rest
assured that the work will be begun and prosecuted at the very first
moment in which supplies -- even at extravagant prices -- be obtained.
The appropriation for this purpose -- $212,195.85 -- large as it may
appear, will not be sufficient to accomplish the purpose intended; but
the Board contemplates, at the stated periods for dividends, to add to
it, not doubting its ability to do so to the necessary extent, without
depriving the stockholders of any part of their accustomed semi-annual
dividend of five per centum.
|
| In the last annual report it
was said: |
| "In the item,
"Stocks in other Companies," contained in the Cashier's
Statement, there is included the sum of $360,935.62, being the amount
invested by the Company in Steam Ship Operations. We have advices of
the winding up of the Companies in which the investments were made,
and of the remittance to England, on our account, of sums which, with
the premium, we are likely to receive on Sterling Bills, will more
than cover the aforesaid sum of $360,935.62. The realization of this
large amount of money comes at an opportune moment, and will much
facilitate the operations of the Banking Department." |
|
Only part of the above has been received, namely: the sum
of $75,173.77 from the Atlantic Screw Steamship Company. The affairs
of the New York and Savannah Steamship Company, and of the ships
Mississippi and Star of the South have not been closed. It has been
found impossible to procure any written statement from Mr. Mitchell,
the President, nevertheless, this Company has been informed, and does
not doubt, that the entire fund, for the safety of all concerned, was
long ago remitted to London and placed in safe banker's hands,
(probably at a very low rate of interest,) at the credit of the
President, to await the return of peace, when distribution is to be
made among the stockholders. If we could realize our share at the
present time, so high is the rate of sterling exchange, the accounts
on our books would be much more than paid. When the day of realization
shall come, the rate of sterling may not be so high as to make the
accounts good, but no considerable loss is looked for in any event.
The other investments of the Company, set forth in the Cashier's
Statement, are worth, at this day, from three to four hundred thousand
dollars more than they stand at on the books, allowing ten thousand
dollars to cover all the items which may prove of no value.
|
| The Company subscribed the
sum of $1,000 to the sufferers by fire in Charleston, and $100 per
month, afterwards, during the war, for the benefit of the families of
soldiers. It also subscribe $5,000 towards the gunboat, and, recently,
has presented 1,000 yards of cloth to the committee charged with
furnishing clothes to the army in Virginia. Such expenditures, being
out of the usual course, are now mentioned, in the expectation that
they, as well as any further amounts which the Board may think proper
to give, during the course of the war, will meet the approbation of
the stockholders. |
| In the month of March last,
the Company agreed with the Augusta & Savannah Railroad, to lease,
during charter, the last mentioned road, and to pay as rent for the
same, the sum of seventy-three thousand dollars per annum, payable
semi-annually. Possession of the road and its machinery and outfit was
given to this Company on the first day of May last. In the
Superintendent's Table No. 3, will be found a statement of the
receipts from the road,. The Board does not doubt making over the
annual rent of this work, but it was not with a view to such profit
that the Board agreed to rent it. The Augusta & Savannah Railroad
is intimately connected with the upper portion of the Central Road,
whilst it also gives to Savannah a line of direct connection with
Augusta. In view of the railroad now being built from Warrenton by way
of Sparta and Milledgeville to Macon, the possession of the line from
Millen to Augusta seemed to be indispensable to the interest of this
Company. As this Company was willing to forego all efforts to build a
railroad from the Central Road by way of Sparta to Union Point, and to
see established and maintained a fair and reasonable rate of freight
between Macon and Augusta, it hoped, and had reason to believe, that
the Directors of the Warrenton Company would stop their work at
Sparta, but the Warrenton Company determined to carry their road to
Macon, and place it under contract. That road is intended to control
the business between Macon and Augusta, against the interest of the
line from Macon by way of Millen to Augusta, and this Board is of the
opinion that, with the possession and control of the Augusta &
Savannah Railroad, and with the connection and interests now existing
between the Central and South-Western Companies, any competition of
the Warrenton line may be successfully met and counteracted. It is the
desire and aim of this Company to furnish for the people of Augusta, a
safe, speedy and sure communication with Macon, as well as well as
with Savannah, on reasonable and just terms as to the transportation
of freight or passengers. |
| There has been very little
cotton carried over the road during the past year. Such as has been
carried, was cotton from Macon to Augusta, and from Savannah to
Augusta. There are, at this time, but few bales in Savannah. |
| Respectfully submitted |
| R. R. Cuyler |
| President |
|