EMORY UNIVERSITY
LIBRARY
GIFT OF
Ik.U.VI.Qox
REPORTS
OF T1IE
OF THE
iffitacou & Augusta !&♦ li, (to.
TO THE
STOCKHOLDERS IN CONVENTION
OCTOBER 1st, ISOC.
AUGUSTA, GA.
STEAM JOB PKESSES OF OHKONICLE & SENTINEL.
1866.
REPORTS.
CITY HALL, I
Augusta, Oa., October 1, 1866. j
Convention met at 12£ o'clock, P. M.
The President called the Convention to order, and or¬
dered the Secretary to call the "Roll of Stockholders.
Mr. Metcalf moved that the calling of the roll be omitted,
and that a committee on proxies he appointed, and that
^Stockholders present report their stock to the Secretary,
'jpkff. Metcalf's motion was passed.
The President appointed Messrs. Foster, Sibley and "Wel-
bonrne committee on proxies.
Committee reported that there were represented by
proxy 6,513 shares. 2,468 shares were reported to the Se¬
cretary.
The President announced that a quorum was present,
and that the Convention could now proceed to business.
The Secretary read the minutes of the last meeting of
the Stockholders.
The President read the report of the Assistant Engineer,
and an approximate estimate appended thereto.
i
REPORT OF THE ASSISTANT ENGINEER.
Engineer's Office A. & M. R. R. )
Sparta, September 29, 1866. $
To Hon. John P. King, President:
Sir: I have the honor to submit the following report of
the condition and progress of the work on the Augusta and
Macon Railroad since the last meeting of Stockholders, and
the probably cost of completion.
Graduation.
According to ia ' actions work was resumed upon the
4
unfinished portion of the grading between Mayfield and
Milledgeville, in June and July last. The graduation remain¬
ing to be done consisted of rock cuttings between Mayfield
and Sparta, which will be completed by first of December,
some earth in connection with thb rock, and" about 25,000
yards of earth excavation dt the summit cut twelve miles
west of Sparta, which could not be removed with a cart
force by the former contractor, is now being worked with
cars; and about 25,000 yards of embankment at the Oconee
river in place of trestle bridging as first proposed.
Masonry.
The Masonry required for the use of the road to Mil¬
ledgeville, consisting of piers for bridge over Oconee river,
has been let to Messrs. Alexander & Co., and the work is pro¬
gressing as rapidly as circumstances will admit, and will
probably be completed in January, unless delayed by high
water.
Bridging.
The bridging, consisting of 500 feet of bridge over Oconee
river, trestle bridging over Town and Rocky Creeks, has
been let to Colonel John T. Grant, who is now getting out
the timbers.
Repairs of Road Bed.
The Road Bed is now undergoing repairs which will
be necessarily heavy, having remained for four years without
attention, the embankments washed and cuts caved in. The
repairs, however, will not delay the track laying, which can
be commenced so soon as we receive the iron, as we have con¬
tracted for ties.
"All of which is respectfully submitted.
i£. F. CAMPBELL,
Res. Engineer A. &M. R. R.
5
Statement of probable cost of work remaining to be done
between Mayfield and Milledgeville, and Milledgeville and
Macon :
Mayfield and Milledgeville.
Unfinished grading, rock cuts, &c $ 16,000
Iron..... 250,000
Track laying, repairs, &c 18,000
Spikes, chairs, &c 15,000
Ties 38,000
Oconee bridge 35,000
Trestling 10,000
Depots 13,000
Incidentals 5,000
Total $400,000
Milledgeville and Macon.
Unfinished grading, masonry and bridging..$250,000
Iron 240,000
Ties 36,000
Track laying... 15,000
Spikes and Chairs 14,000
Incidentals 5,000
Total.. $560,000
Cost between Mayfield and Milledgeville.. $400,000
Total cost between Mayfield and Macon.... $960,000
Bridge and depot buildings at Macon not included in the
above.
The President read the report of the Directors, which,
on motion of Mr. John Phinizy, Jr , was adopted:
6
REPORT OF THE BOARD OF DIRECTORS.
To the Stockholders of the Macon and Augusta Railroad :
For reasons stated in the last report of the Directors, the
Annual Convention was not held at the appointed time, in
October, 1865, but was postponed until May last. Since that
time all reasonable effort has been made to carry out the
wishes of the Stockholders as then expressed. The unfinished
rock cuts in Hancock and the Oconee bridge were immediate¬
ly placed under contract. With the call made upon the
Stockholders, and the loan authorized, it was hoped that the
road might be completed to Milledgeville without delay, and
the preliminary movements were made with a view to that
object. Satisfactory progress has been reported on the
work under contract, and collections have been made from
the Stockholders to pay the monthly estimates. The credit
of the Company has not thus far been used. In the present
political status, Southern credit is used to disadvantage, and
the Directors entertained some hope of finishing the road to
Milledgeville upon the resources of the Company, without
contracting any debt. But for the failure of the crops in
Middle Georgia, this very desirable object might probably
have been accomplished. We have an excellent stock list,
with $626,651 still unpaid, and undoubted assets to the
amount of $141,250 besides. The estimate of the engineer
is $400,000 to finish the road complete to Milledgeville. If
this estimate be correct, and these assets can be made avail¬
able, a further call of 20 per cent, and the payment of the
calls already made, would carry the road to Milledgeville,
and leave the Company clear of debt, for the work to
that point. If this be practicable it is very desirable. The
Stockholders could well afford to make some individual sa¬
crifices to raise money for ihis purpose. To build railroads on
credit is always wasteful, and lessens the value of the enter¬
prise as an investment. The Company should certainly
contract no debt bearing interest, unless by so doing the
road can be finished to Milledgeville. Short of that point,
the road would pay but little, perhaps no profits, and un¬
profitable roads cannot pay interest.
In view of the crippled condition of the country, and
the failure of the crops, some inquiries have been made in
7
illation to the use of credit if it should be necessary. It
s believed that the credit of the Company, although with an
unfinished road, is very good, and can be negotiated on
terms as favorable as that of any other Southern railroad.
It is well entitled to this credit. Tt has about a million ex¬
pended in the road at very low prices, ow-es nothing, either
funded or floating, has a good stock list, and a respectable
surplus of assets on hand. Tt is, moreover, well located and
when finished must be profitable. It is the last link of an
air line from the Capital to the Gulf. The long needed road
from Greensboro, North Carolina, to Danville, Virginia, is
finished, and the road from Augusta to Columbia direct is
ready for the iron. This road is only needed to render this
important and truly Metropolitan line complete. The enter¬
prise appeals to too many interests, public and private, to
remain unfinished long. It will be finished by somebody,
and it is to be hoped that the Stockholders who commenced
the enterprise may be able to finish it and enjoy the profits
of it.
In the present position of affairs the board would re¬
commend either :
1st. That the road be finished to Sparta on the resour¬
ces of the Company, and without incurring any interest
bearing debt, or
2d. That a loan of $300,000 be authorized on bonds at
1ft years, bearing 7 per cent, interest, payable half yearly,
and authorize a first and only mortgage to secure the pay¬
ment.
At Sparta, the road would be self-sustaining until it
could be carried further, but would not probably yield a
profit to pay interest on loans. At Milledgeville the profits
of the road would provide the interest on the loan, until the
resource^ of the company may enable it to complete the
work to Macon. Some of the stock subscriptions will prob¬
ably become unavailable from the effects of the war, and
some discount may be submitted to in negotiating the credits,
but it is believed with the aid proposed and payment of past
calls, the road may be finished to Milledgeville without
further calls upon the Stockholders, leaving the resources in
band and the unpaid stock list as a fund to finish the road to
8
Macon when the improved condition of the country may
enable the Stockholders to pay up their stock with less sa¬
crifice than at present.
In this connection, it may be observed, that short credits,
say 6, 12, 18 and 24 months have been freely offered for iron
and at very fair prices; but it would be imprudent to risk such
short credits in the present condition of the country. If
credit be resorled to at all, no credit should be asked or ac¬
cepted that may not certainly be met without embarrassment
sacrifice.
The President reports that on the faith of the call al¬
ready made, and that no time may be lost in trucklaying,
after the rock-cuts near Culverton are finished, he has or¬
dered miles of iron, to be paid for on delivery, and which
is expected in a few weeks. This iron must be provided
for, and this necessity appeals strongly to Stockholders to
pay up the calls already due. The mortgage bonds proposed,
if authorized and issued, will be of so undoubted a character,
that doubtless some of them may be disposed of at home and
at par, notwithstanding the scarcity of money. In an ordinary
state of the money market, the whole might readily be sold
at the same ra'e Should they be forced into market else¬
where, some discount will probably have to be submitted
to, but no fear is felt that they will not command a price
equal to any similar security in the market.
The Stockholders are,aware that all their troubles, delay,
and sacrifices in the building of their road have been brought
upon the company by the seizure of their iron in the second
year of the war. With a full capi'al, the iron purchased and
paid for to Milledgeville, and a heavy force at work under
energetic and responsible contractors, they had a fair pros¬
pect of completing the road, at 'east as far as Milledgeville,'
without delay and without incurring any debt. These pleas¬
ing prospects were unexpectedly blasted and the enterprise
arrested and di organized by the seizure of all the iron not
actually laid down upon the road. The loss by delay and
injury to unfinished work is of course heavy, but it is believ¬
ed that the $-100,000, which it is proposed t > borrow, will
be suflh ient to cover it. An estimate of probable cost in
detail, and an abstract of the condition and resources of the
9
Company, will be found in the report of the Assistant Engi-
aeer and the statement ot the Treasurer accompanying this
report. In behalf of the board,
JOHN P. KING, President.
Mr. Bothwell moved that the Convention proceed to the
election of a Board of Directors for the ensuing year—
which motion was passed.
The President appointed Messrs. De Graeffenreid, Wel-
borne and Turner a committee on election.
Mr. Turner offered the following.
Ordered, That the President and Directors be authoriz¬
ed to borrow, on the bonds of the Macon and Augusta Rail¬
road Company, such sums of money, from time to time, as
will be necessary to complete the road to Milledgeville at as
early a period as practicable, and to do anything necessary
to be done to effect this object.
Mr. Metcalf moved to amend by giving authority to
mortgage the road. Mr. Turner accepted the amendment,
and thus amended, the order was passed.
The President stated that he could serve no longer as
President of the Company.
Mr. Sibley moved that Mr. Heard take the chair for a
few minutes. The motion having passed, Mr. Heard took
the chair.
Mr. Dawson offered the following resolution which was
unanimously passed :
Resolved, That the Convention hear with regret the in¬
ability of Judge King to serve the Company longer as Presi¬
dent, and desire to tender him the thanks of the Convention
for his able management of the affairs of the road and ask
his consent to serve in the less onerous position of a Direc¬
tor.
The President expressed his thanks for the resolution
offered by Mr. Dawson, and consented to serve as a Director.
10
The®bommittee on elections reported the following per-;
sons elected to serve as a Board of Directors :
John P. Kino, John E. Mauley,
Geo. H. Hazlehuest, B. B. De Geaffenkied,
Thomas M. Tuknee, M. H. Welbobne,
John Fostee, John Phinizy, Jb.,
Wm. A. Ramsey, Josiah Sibley,
B. H. Wabeen, Stephen D. Heaed.
On motion of Mr. Sibley the report was received and
adopted.
On motion of Mr. Heard the Convention adjourned sine
die.
JAMES J. DAVIES,
Secretary.
11
Proceeding!; of the New Board of Directors.
Augusta, October 1st, 1866.
New Board met at 2 o'clock P. M.
Being present, Messrs. Heard, King, Sibley, Foster, De
Graeffenreid, Welborne, Turner and Phinizy, Mr. Heard in
the Chair.
On motion of Mr. Sibley, the Board proceeded to the
election of a President. Upon counting the votes it was
found that Mr. Stephen D. Heard was unanimously elected
President.
On motion of Mr. Turner, Jas. J. Davies, was appointed
Secretary and Treasuier for the ensuing year.
The following, offered by Judge King, was passed :
Resolved, That the President be authorized to issue, sign,
and negotiate, $300,000 of the bonds of the Company, coun¬
tersigned by the Secretary and Treasurer, payable in ten
years, with semi-annual interest, at seven per cent, per an¬
num, and payable at such times and places as he may think
proper.
Resolved, That to secure the payment of said bonds, a
first and only mortgage be executed upon the road, and its
appendages and franchises, in such form as to secure the ob¬
ject in view.
The following, by Mr. De Graeffenried, was passed:
Resolved, As the sense of this Board, that the road should
be pushed forward to an early completion to Milledgeville.
Mr. Welbourne moved that the proceedings of the Con¬
vention and the Board be published in pamphlet form, and
sent to the Stockholders. PasseJ.
On motion the Board adjourned.
A true extract from the minutes.
CONDENSED STATEMENT
OF THE CONDITION OF THE
Macon db Augusta Ftailroad. Company,
SEPTEMBER 30th, 1 8 66.
DR.
The Road and its Outfit
Profit and Loss—Confed. money...
Stage Coach Stock, purchas'd for.. $12,200
Sold for 9,924 20
South Carolina R. R. Bonds
City of Macon Bonds
Baldwin County Bonds
National Currency
Real Estate
940,758 34
21,266 98
2,275 80
119,250 00;
10,000 00
12,000 00
2,417 92
15,872 30
Total $1,123,841 34
CR.
Capital Stock
Iron Rails, sold $ 28,039 67
Seized by Confed. Gov'mt. 236,743 42
Interest and premium
Rent of Houses
Bills payable
$ 806,578 66
264,783 09
52,171 59
268 00
40 00
Total $1,123,841 34
13
LIST OF STOCKHOLDERS.
SHOWING THE NUMBER OF SHARES TAKEN AND
THE AMOUNT PAID BY EACH.
NAMES. No. Shares.
Ansley & Co., J. A... 5
Alexander, Thos....... 10
Anderson & Son,J. H. 10
Alexander, W. W 3
Alexander, W W.... 23
Audasr T. H 10
Alfriend & Brother... 10
Allen, Parham 5
Allen, Wm. M S . ..
Attaway, Jas. W 2
Amoss, B 5 ..
AmosB, John....; 2
Brown-James 10
Bones,Brown & Co ... 10
Bowe, R. J 10
Bones, John 50
Butt, Morris & Co 6
Baldwin, Reid & Co... 1
Barrett, Thomas 25
Baker & Caswell 10
Baker, Charles 10
Beck, R. R 2
Bloom, T. R 10
Blbunt. D. E 10
Bosiwick,A.G 3
Baldwin County 600
Brown, A. S 20 ..
Brantly, W. H 15
Berry, Thos. J 10
Bass, Milton 5
Bird, W. E 10
Berry, Jas. E 5
Burnet, W. H 2
Blount, Isaac 3
Biijdsong, E. F 5
Birdsong, J L 5
Beman, C. P. & Thos. S. 15
Butts, Jas. J 10
Butts, AS 5
Baugh, Wm. G 5
Buss, Geo. W 5
Bowen, Thos. 0 4 57.5-100.
Brcwn. E. D 16 27.5-100.
Amt Pd.
.$ 175 00
. 350 00
. 350 00
. 300 00
.. 1,150 00
. 350 00
. 350 00
.. 1T5 00
70 00
70 00
.. 175 00
70 00
. 1,000 00
.. 1,000 00
.. 350 00
.. 2,750 00
.. 17500
35 00
.. 2,500 00
.. 350 00
.. 350 00
.. 11000
.. 350 00
350 00
105 00
. .,33,000 00
.. 700 GO
... 525 00
... 350 00
... 100 00
... 350 00
50 00
70 00
... 105 00
175 30
.. 350 00
.... 625 00
550 00
.. 175 00
... 175 00
... 175 00
... 456 50
... 1,527 50
NAMES.
Kve,WmJ
tfvans, John M.
KzelVfl Q
.276,437 36
Cianton, Turner.
Craig, John
Crawford, Geo. W..
Cummine, H. H.
City of Macon.
Culver, H. C..
Coleman, Henry W..
Connell. D
Culver, W H....
Collins, Charles..
Culver & Co, H. C.... 77.82.11-100
Davies, JasW 5
Darrow, Julius 2
Dawson, James C 6
Davison, John 50
Driggers, D T 5
Dessau, A 1
Dempsey, T C 10
D'Loach, 1 5
Dickereon, David 50
Davis, George W.... 10
DeWitt, John.. * 6
DnBose, CW 6
Dickson, James M. ■. 6
Dfolaon Thomas J.. . 20
.100
. 3,500 ••
5
.. 175 ..
5
275 ..
.100
.. 10,000 ..
.50
. 2,000 ..
..5
275 ..
.. 60
.. 5,000 ..
..75
.. 2,625 ..
. 500
..28,000 ..
.25
.. 875 ..
40 41.05-100..
. 4,041 05
. 5
175 ..
. 5
17o ..
5
175 ..
.10
350 ..
. 6
175 .
. 8
340 ..
. 8
340 ..
.46.65-100 ..
. 4,665 ..
7,782 11
35
50 ..
25 ••
1,750
350 ..
175
175
Frederick, A 6
^owler, Levi.... 5
!emlng&Rowland.. 5
<a R R & Bkg Comp.2000
• ould. Artemas 50
Goodrich, WmH 20
;rier,EC 2
ranniss, EC 2
-rann .ss,E C 5
-ibson, William 3
• resham. John J 10
; ray, John H 1
uill, Alexander 5
ilbert & Phillips... .90 3.9-100
faviland, C & Co... 10t
enry Isaac 20
i.tard,Stephen D.... 48
> ubert, R W 5
iodgkins, "Walter.... 3
Karris, J M 10
!ora, Wise & Co 5
(arris, BT 40
iarley, W J 20
unt, W B 15
!unt,H A 10
' o well, Thomas N... 10
'arriss, M G 10
iowell, Mary W.... -10
lorton, A P 5
uckson, WmE
.ickson, M & V...
xkson, George T.
>nes, A H
»ssey, Jno H
<nes, J L
ing, John P 100
imar, John B 10
ittl., Smith & Co.. 3
me, A J "... 30
ane! A J 84.95.16-100.
it! le, Thomas J 5
iwrence. Seaborn 55
atimer, William... 10
atim< r.BF 10
jckett, A M & B G. 49.16.64-100.
ockett, BF 5
Killer James 10
lay & Co, Robt H 10
fustin, Eli 2
;ustin, Milton A.. 1
Koore, Henry 50
uayes, William.... 100
McElroy, Wm J.... ♦
Murray, Frank 5
icLaws, Wm R.... 6
Uix& Kirtland 3
iontour Company. 60
Medlock, M S 20 •<
Middlebrooks, J H.. 5
Martin, John T.... 5 •«
Mason,John M.... 4-J
Metcal^ Thomas S. 100
Amt.
. 1,750 •
700 ..
175 . -
.200,000 ..
. 2,760. ..:
. 700 ..
150 ..
9,003 90
350 ..
700 ..
4,800 ..
175 ..
105 ..
350 ..
175 ..
1,400 ..
700 ..
525 ..
350 ..
350 ..
350 ..
350 ..
175 ..
... 10
550 ..
... 5
175 ..
5
175 ..
...10
550 ..
.341438-100 ..
.. 3,411 38
...5
175 ..
... 4
400 ..
... 3
105 ..
... 5
100 ..
3,500
350 ..
105 ..
1,050 ..
8,495 16
175 ..
2,500 ..
550 .
350 ..
4,916 64
175 ..
70 ..
100 ..
175 ..
105 ..
2,100 ..
700 ..
175 ..
176 ..
450 ..
10,000 ..
14
NAMES. No. Share*
Nelson, John 5
Nls^at) j$.s A 25
Northern, HG 1
Oates, George A.... 5
Orr, DW..1 94.92.36-100.
Poullain, Antoine.. 10
Pearce, job J 10
Payne. AG 3
Plant, J; C 10
Peay, Henry T 16
Peay, Henry T 5
Phinizy, Sr, John.. 50
Pottle, EH, 5
Pliitnh A Lbitner.. 5
Pendleton, E M.... 5
Ruaaell, B B 1
Richards & Son, Ths 5
Reid, Robert A:.... 20
Ray, George W.... 5
Riley, Wm M. . 1
Ramsay & LaBaw . 5
Royal & Hatch.... 10
Rees & Linton ... 20
Rolf & Sims 3
Rogeri, Henry 10
Rachel, PW.... ..2
Radney, John B. .. 7
Rachel, ,Wm 5
Sibley, Josiali 25
Shear, Wm 40
Shear, Wm 5
Snead, Claiborne. . 1
Stovall, Thomas P. 5
Stovall, Pleasant.. 25
Strobecker, EL... 3
Shields, Mathew. . 3
Sparke, O G 3
So CaR R Comp'y2000
Smith, TF 30
Sherman, J & Co. 10
Scranton & Z 5
Stephens, Linton . 50
Simpson, W W... 35
Stanford, J M .... 10
175 .
9,492 36
1,500
175
6,000
1,375 .
4,000 ..
275 .
10 .
175 .
850 .
105 .
150,000 .
1,050 .
550 .
NAMES.
Stewart,.. America.
Simmons, J W. t
Sykes, John P.^.
Thew, Gc M
Tubman, Emily H
Thompson, L...
Thomps n,Asa....
Thompson, Asa....
Turner, Thomas M
Thomas, Jas.....
Tierrell, W Eliza..
Wilcox, D~H
Wilkinson &F.. .
Washington, J HR
"V^arren, B H.. ...
Wilcox, H & A
Whittle, L N ...
Welbome, M H..
No. Shares.
. Ami PcL
. 4
140 — ;
; 15^
825 —
. 10
500 —
.10
350 —
[50
1,750 —
.10
350 —
. 5
175 —
.276.38.90-100...,.
. 27,633 90
[.40
2,200 —
30
1,050 —
50
2,750 —
.10
550 —
20
1,100 —
L 5
50 —
100
5,500 —
..10
350 —
..10
350 —
10
550 —
3
105 —
2
70 —
10
50 —
25
2,500 —
2
•200 —
27
1,350 —
1
10 —
10
350 —
5
275 —
5
500 —
27.15-100 ....
2,715 —
50
5,000 —
a>d & Co, E T.
'ilkinson, T J..
.,'haley, Thomas.
Wright, D R
Wright, DR....
Watkioe, Geo W
iWbitted, Nelson.
Waller, Irvin....
Wiley, W G
Walls, Jno E....
Woolfork AS....
Woolfork, Trus¬
tee, Wm G
Total 14,045.34^100 Shares.
The following have taken the number of
shares placed opposite their names—respective¬
ly, on which no payments have been tnades
Clifford Anderson 2; John R Boon 3; Richard
Brinn 5; James H Blount 20; Jaa Cody Trus¬
tee 2; Joseph Clisby 2; A G Draper 5; J B Huff
2; Gabriel Harrison 10; HardemaB & Griffin 2;
J F Johnson 5; Adam Jones Jr 5; J Knowle 3;
W C Kennedy 1; R S LanieT 2; J A McManua
2; R P jVIcEvoy 5; A M Pritchette 30; Charles
H Rogers 2; Siniri Rose 2; W H & H S
Smith 2. Pecer C Lvwyer 5; J B Thompson
7» Philip Tracv 5; Basil A Wise 5; Wm C
Wilson 1—Total 135 share5.