| Annual Report of the Montgomery & West
Point RR |
| as of March 1, 1862, |
| President's Report |
| |
| President's Report |
| |
| Montgomery, Ala., April 8, 1862 |
| |
| To the Stockholders of the Montgomery
& West Point Rail Road Co.: |
| I submit for your information
a statement of the operation of the Road for the past twelve months,
and it is gratifying to be enabled to report a very much better result
than we had any reason to hope for at the opening of the year. |
| The receipts have been
-- |
|
|
| From Passengers |
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$196,328.42 |
|
Freight and mail pay |
|
216,498.66 |
| Amounting to |
|
$412,827.08 |
| The expenses of operating the Road and keeping
up repairs of Road and outfit, have been |
|
206.274.60 |
| Leaving the sum of |
|
$206,552.48 |
| From which deduct balance of interest account |
|
62,557.02 |
| And the nett income for the year is shown to be |
|
$143,995.46 |
| A fraction over 9 1/2 per cent. on the Capital
Stock of the Company. Out of which a Dividend of 6 per cent.
has been declared, amounting to |
|
89,848.14 |
| And the balance of |
|
$54,147.32 |
| Is carried to the credit of Surplus Earnings,
which now amounts to |
|
$229,462.67 |
| And is invested as follows: |
|
|
| In Road and Outfit to amount of |
$60,209.02 |
|
| 1000 shares Ala. & Fla. {of
Alabama, probably} R. R. stock |
100,000.00 |
|
| 50 shares Tuskegee R. R. stock |
5,000.00 |
|
| 36 shares N. & S. Ala. R. R. stock |
3,600.00 |
|
| 65 negroes |
46,836.13 |
|
| 8000 acres of land on line of Road |
7,274.48 |
|
| Real Estate in Columbus, Ga. |
6,543.04 |
$229,462.67 |
|
|
When you take into consideration, that every article
necessary for working and keeping up the repairs of the Road and its
outfit has advanced enormously in price, and that one third of the
entire business of the Road has been for the Government, at reduced
rates, you have every reason to be well satisfied with the nett income
of the year.
|
| For details of expenditures,
and for the condition of the Road and outfit, I refer you to the
accompanying Report of the Superintendent, Mr. D. H. Cram. |
|
For details of receipts, and for the financial condition
of the Company on the first day of March, I refer you to the
statements herewith submitted by the Treasurer.
|
|
The Board regretted very much that circumstances which
could not be controlled prevented the payment of the dividend
semi-annually, as heretofore, on the first day of November. The nett
earnings of the Company were in Confederate and other Bonds, which
could not be made available without sacrifice.
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Upon reference to the amount of interest deducted from
the income, you will at once perceive that it is small for the amount
of outstanding debts: the explanation of which is, that from bonds and
debts due the Company a total amount of interest was collected within
the year of $7,630.01, which deducted from the amount of interest paid
on the funded and floating debt of the Company, $70,187.03, the
balance of $62,557.02 is left; which was deducted from income.
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Since the closing of water communications between Mobile
and New Orleans, and the heavy charges accruing on freight coming
through by the inland route, the Company has been put to serious
inconvenience to advance the large sums required. In the month of
January this Company paid to Boats, for freight and charges on Sugar
and Molasses destined for points East of Montgomery, $49,333.46. For
this amount and our freight we get no return until the middle of the
ensuing month. We have averaged for the last three months an advance
of not less than $40,000 to keep up this business. This cannot, under
the present state of things, be conveniently continued; and it has
been deemed advisable to give notice that on and after the 10th of
April this Company will not pay charges on freight coming from points
South of Montgomery.
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Since the first of January, the Road from Montgomery to
Selma has been placed under contract -- grading to be finished by the
close of the year -- and arrangements are now being made to secure the
aid proffered by the Government to complete the Road to Selma. There
is good reason to hope that this line, so important to your Road, will
be very speedily completed.
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Charles T. Pollard, Prest.
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