| Annual Report of the South Western RR |
| as of August 1, 1862, |
| President's Report |
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| President's Report
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| Macon, August 11th, 1862 |
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To the Stockholders:
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It will be seen, in the accompanying Report of the Chief
Engineer and Superintendent, Mr. Powers, that the net earnings of the
Road, for the year ending 31st ultimo, amount to the sum of
$128,232.69.
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| To cash and bills receivable, in the Treasurer's
hands, as per his balance sheet, amount to |
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$96,074.63 |
| The sum due the Company from uncollected
earnings, chiefly due by Government, is |
$83,531.05 |
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| Deduct amount due by the United States,
heretofore reported as unavailable |
12,098.49 |
71,432.56 |
| Making total cash and available funds |
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$167,507.19 |
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The interest on bonds and cash paid annuity to the city
of Macon, for year ending 31st ultimo, is $27,465.00, which, being
deducted from the cash and available funds on hand, leaves the sum of
$140,042.19.
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The amount which we have to provide, during the current
year, for the payment of the
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| Bonds of the Company |
$48,500.00 |
| And to finish the Road |
63,000.00 |
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$111,500.00 |
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will be provided for by issuing new bonds.
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The attention of the stockholders is now respectfully
called to the Annual Report of 1860. In that Report the opinion of the
Board in relation to the condition of our affairs when the Road should
be completed, was expressed in this language: "Nevertheless, the
result will be as stated, that, at the close, if the estimates of the
Chief Engineer be sustained, the combined capital stock and debt
will not exceed $3,651,573.37. In the judgment of the Board, the
interest and dividend of ten per centum per annum can be paid
on that sum."
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Now, the balance sheet, of 1st instant, shows the
combined capital stock and bond debt of the Company to be
$3,585,400.00. If to that sum be added $63,000.00 yet required to
finish the Road into Eufaula, including the depot at that place, we
have the sum of $3,648,400.00 as the whole capital and debt at the
close. The Board believes that if the existing war had not occurred,
the Company would have shown entire ability to pay all interest on
bond debt, and ten per cent. cash dividend on the capital stock. The
war, however, has intervened, and it has pressed heavily upon us, and
baffled our expectations. Yet, notwithstanding this pressure, we have,
after paying $15,000.00 to repair the damage done by the late rains
and freshets, realized a net income of $128,232.69 on the operations
of the Road for the year ending July 31, 1862. The Engineer's Report
shows a decrease in the number of bales of cotton transported
of 134,176. It is estimated by the Board that there are now waiting
for transportation, from the region tributary to our Road, 140,000
bales of cotton. The freight on that cotton will be realized speedily
whenever peace is restored, or the blockade shall be removed.
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The Company can now sell its seven per cent. quarterly
interest bonds at a high rate of premium, to raise the funds required
to finish the Road, and also to renew the bonds falling due in the
current year. Seeing this, the Board has thought it due to the
stockholders, and, withal, prudent policy, to pay them the net
earnings which we have realized the past year. Accordingly, the Board
has this day declared a dividend of four per centum on the capital
stock -- making $127, 056.00. This dividend has been made payable on
and after the first of next month, to enable us to collect over
$49,000 now due by Government.
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In consequence of the still existing war, and the
uncertainty as to its continuance, the Board cannot venture to express
any opinion upon the probable earnings of the current year. It can,
however, venture to express the hope that the receipts and
expenditures of the current year -- to end July 31, 1863 -- will show
better than the receipts and expenses of the year just closed.
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A statement of the bonded debt of the Company is
appended, showing the dates of the maturity of our debt, and the Board
flatters itself that the stockholders will be fully satisfied with the
management of the Company's finances.
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R. R. Cuyler
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President
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