| Annual Report of the Macon & Western RR |
| as of December 1, 1863, |
| President's Report |
| |
| President's Report |
| |
| Macon & Western Rail Road Company |
| Macon, Ga., December 1st, 1863 |
| |
| To the Stockholders: |
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|
Gentlemen,
|
| 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 |
|
$833,864.89 |
| Expenses |
|
489,031.63 |
| Net Income |
|
$344,833.26 |
| Add balance from last Report |
|
200,833.84 |
| " Sales real
estate |
|
6,300.00 |
|
"
" old Iron |
|
39,505.00 |
| Total |
|
$591,472.10 |
| From this Fund has been paid: |
|
|
| Dividends Nos. 36, 37 and 38 |
$487,500.00 |
|
| Purchase of Real Estate |
9,112.50 |
$496,612.50 |
| Assets |
|
$94,859.60 |
| Which are composed of |
|
|
| Negro property |
$51,478.35 |
|
| Upson County R. R. Stock |
22,158.00 |
|
| Steamship Mississippi |
5,150.00 |
|
| Baring, Brothers & Co., London |
6,900.00 |
|
| Confederate Bonds |
2,500.00 |
|
| Cash |
6,673.25 |
$94,859.60 |
|
|
The amount, $6,300.00, for sale of real estate, in the
foregoing statement, is for lands transferred to the Company in 1859
by G. J. Foreacre, which, with the approval of the Board, were
disposed of and the proceeds credited to profit and loss. The purchase
of real estate, $9,112.50, consists of 607 acres of timber land,
situated on the line of the Macon & Brunswick R. R., in Pulaski
county, which has been bought with the object of providing future
supplies of fuel and lumber requisite for the operations of the Road.
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In June last the Superintendent reported to the Board
that some immediate action was necessary to obtain such material for
Engine repairs as could not be procured in the Confederacy, and with
the approval of the Board I authorized him to arrange for its
importation, and to use the funds in the hands of Baring & Bros.
for payment of same. Thus far the entire amount expended has been
L1,322, of which L908 has been successfully imported, and L414 lost.
As the accounts have not yet been closed I have included the amount,
$6,900, in the assets as heretofore; when they are, it will be charged
to operating expenses, for further details on this subject I refer you
to his report hereto annexed. The negro account now stands $51,478.35
representing forty-one negroes, three of whom have died during the
year, and four ranaway, leaving thirty-four now in the service of the
Company.
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The operations of the road have been carried on with
success, and the general result may be called satisfactory. The
expenses have increased beyond all precedent and are still increasing.
Should they continue in the same ratio as during the past year, they
must necessarily absorb the greater part of the gross earnings,
especially as our Charter limits the road in its charges to a point
which nearly every other road in the State has long since exceeded.
The general condition of your road and appurtenances is, I think,
better than could have been expected. Many of the most necessary
articles of Railway supply have been manufactured in the Repair shops,
and no effort or expense have been spared to keep the value of the
property equal to the capital stock representing it.
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Your Officers and Agents continue faithful in the
discharge of their several duties.
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Yours, respectfully,
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Isaac Scott
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President
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