| Annual Report of the Muskogee RR |
| as of August 1, 1861, |
| President's Report |
| |
| Annual Report |
| |
| Office Muscogee Rail Road Company |
| Columbus, Ga., July 31st, 1862 |
| |
| To the Stockholders: |
| I herewith present the Report
of the Superintendent, showing in detail, the operations of your Road
for the year ending this day; also the general account and balance
sheet of the Treasurer, showing the financial condition of the
Company. |
| The receipts from all sources for the year, have
been |
|
$169,586.70 |
| Add profit and loss last Report |
|
88,491.46 |
|
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$258,078.16 |
| Which has been disbursed as follows: |
|
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| Transportation Expenses |
$64,114.75 |
|
| Repairs of Road and Bridges |
44,908.79 |
|
| Dividend No. 13 |
15,142.00 |
|
| Dividend No. 14 |
25,142.00 |
|
| Dividend on old script returned |
260.00 |
|
| Interest on preferred stock |
1,655.50 |
|
| Interest on guaranteed stock |
4,800.00 |
|
| Interest on Company's bonds |
15,637.32 |
$181,660.36 |
|
|
$76,417.80 |
| Add material on hand |
|
10,655.00 |
|
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$87,072.80 |
|
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Showing a balance of $12,073.60, against profit and loss
as compared with last report.
|
| There has been a general
falling off in the receipts of the Road, amounting in the aggregate to
$62,632.23 for the year. The receipts for the first six months
authorized the Board of Directors to declare a Dividend of $4 per
share, from the net earnings for that period. The receipts for the
last six months does not authorize the payment of any Dividend. The
Board do not approve the policy of making a Dividend out of the
surplus funds of $46,000 of the Company, which has been set apart for
the redemption of the Company's Bonds, maturing on the 1st of March
next. |
|
The causes which produced this result are too well known
to the Stockholders to require an explanation from the Board.
|
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There can be but little hopes of your Road paying a
Dividend, so long as the Southern ports continue in a state of
blockade: planters will not send their cotton to the Atlantic coast,
where there will be no chance to realize on it, and there can be no
goods transported over you Road until they can be imported into the
Confederate States. The Board therefore trusts that the Stockholders
will bear patiently until peach is declared and trade revived. Then,
and not until then, may they expect handsome Dividends. In the mean
time, it will be indispensable necessary to curtail and reduce the
expenses of operating the Road, within the amount of receipts.
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All of which is respectfully submitted for your
consideration.
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Your obedient servant,
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|
J. L. Mustian, President
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