| Annual Report of the Upson County RR |
| as of July 1, 1861, |
| President's Report |
| |
| Report of the Board of Directors of the
Upson County R. R. Company |
| |
| To the Stockholders |
| |
| Gentlemen, |
|
The earnings of your Road for the period of fourteen
months, ending yesterday, (June 30th) has been as follows:
|
| From |
Passengers |
$1059.77 |
| " |
Mails |
$933.34 |
| " |
Freights |
$12570.70 |
| " |
Interest Received |
$592.54 |
|
|
$15,156.35 |
|
From which deduct expenses |
|
| For |
Maintenance of Way |
$7512.22 |
| " |
Rolling Stock |
$1254.89 |
| " |
Operating Trains |
$3443.71 |
| " |
Loss and Damage |
$109.31 |
| " |
Miscellaneous |
$411.26 |
|
|
$12,731.39 |
|
Leaving Net Earnings |
$2424.96 |
|
From which a Dividend of 5 per cent has this day
been declared equal to |
$2000.25 |
|
Leaving a Surplus of |
$424.71 |
|
| Of which $101.33 balance due on Mail pay
is owed by the old United States Government, and will not probably be
collected. |
|
On taking possession of the Road, on the first of May
1860, it was found to need heavy expenditures in all departments to
put it in good condition, and for the purpose of providing the means.
At a meeting of Stockholders held at Thomaston on 9th of May 1860, it
was resolved in addition to the 1000 shares of $30.00 each, of which
the Capital Stock then consisted, to issue 667 additional shares,
thereby fixing the Capital Stock at $50,000. On this new Stock an
Installment of $15.00 per share has been called, and as shown in the
Balance sheet appended the Capital Stock stands at present $10,005 of
this amount $10005.00 there has been expended $5451.90 which has been
charged to construction account. The items are,
|
| For |
Passenger Car |
$850.00 |
| " |
Buildings at Thomaston |
$1078.88 |
| " |
Iron bought from Central
{(of Georgia)} RR |
$1406.63 |
| " |
"
"
" M. & W. {Macon
& Western} RR |
$1612.50 |
| " |
Cotton Scales at Thomaston |
$57.92 |
| " |
Reps. of Engine Monterey |
$445.97 |
|
|
$5,451.90 |
|
|
The heavy expense attending a stringer track rendered it
advisable to relay the Road with T rail on cross-ties only as far as
circumstances would allow, and by arrangements with the Central R. R.
we were permitted to select from their old Rails sent to the Rolling
Mill at Atlanta such bars as would answer our purpose on the track,
and a distance of 14898 feet or nearly 2 7-8 miles has thus been
relaid, the flange iron taken up being exchanged pound for pound with
the T rail, and the excess in weight paid for in cash. This step has
much increased the permanency of your Road, and should if possible be
continued until the entire track is re-laid.
|
|
In the operating expenses have been included the amounts
paid for cross-ties and stringer timber sufficient to relay four miles
of track or in detail,
|
| Stringer Timber |
122472 |
feet B. M. |
$1540.45 |
| Cross-ties |
416898 |
" |
$2314.40 |
|
539370 |
|
$3854.85 |
|
|
Which two amounts are charged to the account Maintenance
of Way.
|
|
The cost of the Engine Monterey $1003.00 is also included
in the expenses under the head "Rolling Stock."
|
|
The Earnings of the Road have fully equaled all
anticipations notwithstanding the partial failure of last years crop,
which, while it decreased the number of bales of cotton usually
seeking a market over your road from 6168 bales in 1859, to 3568 in
1860, yet caused a large increase in the amount of grain and
provisions generally transported from the West into the interior,
thereby partially compensating for the loss of the cotton. Should the
disturbed condition of the country not effect the business of your
Road more seriously than it has yet done, the earnings may reasonably
be expected with a good crop to remain as much as at present, while
the expenses after a year or two, if the flange iron is gradually
replaced with a heavier pattern should decrease to the proportion of
the other Georgia Roads, or about one half of the Gross Earnings. In
such case your property will be sufficiently remunerative to answer
all reasonable expectations.
|
|
The business of the Road has been satisfactorily carried
on, and without serious accident. All of which is respectfully
submitted.
|
|
Isaac Scott, President
|
|
Thos. F. Bethel, Director
|
|
John C. Drake, "
|
|
A. J.
White,
"
|
|
Isaac Cheney, "
|
|
Balance Sheet, July 1st, 1861
|
| Construction Account |
35,451.90 |
Capital Stock |
40005.00 |
| Expenses |
12,731.39 |
Earnings |
15156.35 |
| Assets |
7,161.30 |
Liabilities |
123.24 |
|
55,284.59 |
|
55,284.59 |
|
|