| Annual Report of the South Western RR |
| as of August 1, 1864, |
| President's Report |
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| President's Report
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| Macon, August 12th, 1864 |
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Report of the President and Directors of the South-Western Railroad
Company to the Stockholders:
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| It will be seen by the
accompanying report of Virgil Powers, Chief Engineer and
General Superintendent, that the Company has earned for the
year ending |
| 31st ultimo |
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$2,361,724.68 |
| And that the current expense has
been |
1,149,696.52 |
| Leaving net |
|
$1,212,028.16 |
| This amount of
$1.212.028.16, has been disposed of as follows, viz: |
| Nine per cent. Dividend, 11th February, 1864 |
$287,631.00 |
|
| Paid Tax of 1863 |
54,425.52 |
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| Paid interest |
10,284.16 |
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| Appropriated for Tax of 1864 |
200,000.00 |
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| Appropriated for Chattahoochee Bridge |
75,000.00 |
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| Appropriated for loss and depreciation of
Rolling Stock |
200,000.00 |
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| Eleven per cent. Dividend, declared today |
351,824.00 |
$1,179,164.68 |
| Leaving a surplus of |
|
$32,863.48 |
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This surplus will, with the appropriation of $200,000.00
this day made to cover the loss and depreciation on rolling stock,
probably enable us to place the rolling stock of the Company in as
good condition as it was at the beginning of the war. If the war shall
continue beyond the present year, there will be required a large sum
to make the Road as good as it was in 1861.
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Considering the state of public affairs, and the
necessity of granting all the aid possible to the Government, the
Board has determined again to pay the tax imposed by the Confederate
Congress, respectfully protesting that the Confederate authorities
have no power to impose any tax on the Company. It is believed, on
high legal authority, that the only tax to which we can be subjected,
is the one-half of one per centum on the net income of the Company,
which tax is regularly every year paid to the State of Georgia.
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The contractor for building the bridge over the
Chattahoochee, having failed to comply with his contract, it became
necessary for the Board to make immediate provision for the completion
of that structure. Hence the appropriation of $75,000 for this
purpose. The people of Eufaula had claims on this point, which there
was no disposition on the part of the Board to disregard. It is
believed that the trains will run across the River before the end of
this year.
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It is not possible, in times like the present, to form
any opinion as to the future revenues and expenses of the Company
during the war. The Board will seek to keep up the Road and its
machinery, so as to meet the public demands, and to give to the
stockholders as much as possible.
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Respectfully submitted,
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R. R. Cuyler, President
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