AR, M&W 12/1/1864 P

Annual Report of the Macon & Western RR
as of December 1, 1864,
President's Report
 
President's Report
 
Macon & Western Rail Road Company
Macon, Ga., December 1st, 1864
 
To the Stockholders:
 
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 $1,558,666.33
Expenses 1,176,522.64
Net Income $382,143.69
Add balance from last Report 94,859.60
   Total $477.003.29
From this Fund has been paid:
Dividends No. 39 300,000.00
   Assets $177,003.29
Which are composed of
Negro property $51,478.35
Upson County R. R. Stock 22,158.00
Steamship Mississippi 5,150.00
J. B. Lafitte, Agent 290.00
Confederate Bonds 2,500.00
4 per cent Certificates received for old currency 95,426.94 $177,003.29
   In order to obtain a settlement with the Government of the accounts due for transportation prior to Aug. 1st, the Board agreed to receive $200,000, about two-fifths of the total amount, in 4 per cent. call certificates, which were to have been delivered promptly, but which have never been received by the disbursing officer at this place and the Company has only his certificate of indebtedness for the amount.
   The Government accounts due since August 1st, have been partially audited to the amount of $480,000, but not paid, although in accordance with instructions from the Q. M. General, we sent an Agent to Richmond to make the settlement. These last accounts are not included in the Gross Earnings this year. The delays on the part of the Government have compelled us to draw on the unclaimed Dividend fund, due to foreign Stockholders, to meet the current expenses of the Road. This fund amounted on April 1st to $183,160.00, which was, by direction of the Board, funded in 4 per cent. certificates. Of these $76,000 have been used to pay the Confederate Tax of this year.
   At date the fund amounts to $273,160, an increase of $90,000, which has been nearly all absorbed as mentioned above.
   At the last year's session of the State Legislature, a bill was passed taxing this, among other corporations, 25 per cent. on the net income over 8 per cent. on its capital, for the twelve months ending April 1st, 1864. This tax amounts to $59,544.05, and is now due, to meet which we have no assets other than claims on the Government for service performed. The Comptroller General has kindly extended the time for payment till February 15th, our condition having been explained to him.
   The Legislature also passed a bill removing the restrictions in charges, embodied in the Company's Charter, and allowing us to charge the same rates of Freights and Passage as the Central Rail Road.
   For the details of the operations of the Road, I refer you to the Superintendent's Report hereto annexed. The movements of both Armies have extended over the country through which nearly one-third of the line passes, and have entailed severe losses upon the Company in common with all other public and private interests. How far we may be able to repair these losses is yet uncertain. The military authorities have ordered the Road rebuilt to Atlanta, and furnish labor and material as far as possible, the cost of which is to be charged against the amounts due the Company for Transportation. 
   I have thus far set before you as briefly as possible the present condition of the Road. Its business must be much curtailed, and it is hardly probable that the gross receipts will even cover the working expenses for the coming year, unless the connections with the Rail Roads running into Atlanta can be established. At these Roads have suffered equally or more than this, it will be a work of time to effect the result. It is for you now to direct the Board as to what action you may deem proper under these exceptional circumstances. Whether to reduce the working force to a point where their expenses will be met by the Earnings, regardless of depreciation, or to keep the property in such condition as may enable it to resume business such as it has heretofore transacted.
   With this Report my connection with the Company as its President ceases. It would have done so earlier, had I not feared it would be detrimental to its interests. My health is feeble, and the position requires more constant attention than I am able to give it. For the kindness and confidence shown me by you during my entire connection with the Company, a period of sixteen years, I beg you to receive my sincere thanks.
Very Respectfully,
Isaac Scott.

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