| From the Macon (Ga.) Telegraph |
| |
| September 5, 1862 |
| |
| Southwestern Railroad Company |
| President's Report |
| Macon, Aug. 11th, 1862 |
| 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. |
| The Cash and Bills Receivable in the Treasurer's
hands, as per his balance sheet, amount to |
|
$96,074.63 |
| The sum due the Company for uncollected earnings
-- chiefly due by Government, is |
$83,531/05 |
|
| Deduct amount due by the United States, heretofore
reported as unavailable |
12,998.49 |
71,432.56 |
| Making total cash and available funds |
$167,507.19 |
|
| 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. |
| The amount which we have to
provide, during the current year, for the payment of the |
| Bonds of the Company |
$48,500.00 |
| And to finish the Road |
63,000.00 |
|
$111,500.00 |
|
| will be provided for by issuing new bonds. |
| 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." |
| Now, the Balance Sheet, on 1st
inst., shews the combined Capital Stock and Bond debt of the Company
to be $3,585,400.00. If to that sum be added $63,000 yet required to
finish the Road into Eufaula, including the depot at that place, we
have the sum of $3,648,400 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
shews 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. |
| 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 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 $49,000.00 now due by Government. |
| 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 for the year
just closed. |
| 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. |
| R. R. Cuyler, President |
| |
|
Statement of Bonded Debt of the Company |
| When Due |
Amount |
| 1862 |
April 1 |
$1,000 |
|
August 1 |
33,000 |
|
September 1 |
14,000 |
| 1863 |
June 1 |
500 |
|
August 1 |
1,000 |
|
September 1 |
6,500 |
|
November 1 |
1,000 |
|
December 1 |
2,500 |
| 1864 |
January 1 |
3,500 |
|
February 1 |
500 |
|
April 1 |
500 |
|
May 1 |
5,500 |
|
June 1 |
500 |
|
July 1 |
1,000 |
|
August 1 |
2,000 |
|
September 1 |
1,000 |
|
October 1 |
3,000 |
|
December 1 |
1,000 |
| 1865 |
February 1 |
3,000 |
|
March 1 |
2,500 |
|
May 1 |
4,000 |
|
June 1 |
3,000 |
| 1867 |
August 1 |
500 |
| 1877 |
November 1 |
1,000 |
|
December 1 |
3,000 |
| 1878 |
January 1 |
2,000 |
| |
February 1 |
1,000 |
|
April 1 |
2,000 |
|
May 1 |
1,000 |
| 1878 |
July 1 |
2,000 |
|
August 1 |
1,000 |
|
September 1 |
1,000 |
|
October 1 |
5,000 |
|
November 1 |
8,000 |
|
December 1 |
5,000 |
| 1879 |
January 1 |
2,000 |
|
February 1 |
5,000 |
|
March 1 |
4,000 |
|
April 1 |
2,000 |
|
May 1 |
3,000 |
|
June 1 |
1,000 |
|
July 1 |
8,000 |
|
August 1 |
9,000 |
|
September 1 |
11,000 |
|
November 1 |
8,000 |
|
December 1 |
13,000 |
| 1880 |
January 1 |
15,000 |
|
February 1 |
52,000 |
|
March 1 |
10,000 |
|
April 1 |
7,000 |
|
May 1 |
50,000 |
|
June 1 |
9,000 |
|
July 1 |
9,000 |
| 1881 |
January 1 |
15,000 |
|
June 1 |
10,000 |
|
December 1 |
14,000 |
| 1882 |
January 1 |
28,000 |
| Total Bond Debt |
$409,000 |
|
|