AR, A&F(AL) 10/1/1865 P

Annual Report of the Alabama & Florida (of Alabama) RR
as of October 1, 1865,
President's Report
To the Stockholders of the Alabama & Florida Railroad Company:
   I do not consider it necessary, in submitting a statement of the receipts and expenditures of your company, to go back beyond the restoration of the road by the military authorities after the close of the war. The report of the superintendent, herewith submitted, gives all the information necessary with regard to the condition of the road and outfit, and I will there fore only report on the financial condition of the company. To do this, and show you the losses sustained by the destruction of depot buildings, materials, and outfit, it will be necessary to refer to the statement prepared for your annual meeting in November, 1864, but not submitted because a quorum of stockholders was not in attendance.
   On the 1st of October, 1864, the condensed statement of the condition of the company shows as follows
Cost of road $1,912,575.41
Cost of outfit, cars locomotives, and materials 272,695.76
Cost of depot buildings and shops 37,675.57
Cost of property held by and debts due the company 803,271,67
Making total value road, property, and debts 3,026,017.41
To which may be added the estimated value of 370,000 acres at $1.50 per acre 555,000.00
Making the total value of property and assets 3,581,017.41
   The obligations of the company were:
Capital stock paid in $951,300
Due on bonds of the company 1,233,000
Due on coupons past due and interest on notes 200,000
Due on open acts, bills, and notes 351,852.66
Total liabilities 2,736,152.66
And showing a surplus of assets and property over all debts of 844,864.75
   In the year 1862, finding there were but few applications for the purchase of land I closed up the land office. Since that time about one thousand acres have been sold at prices fixed by the land value of the company, Mr. P. S. Miller. There is yet unsold about 370,000 acres.
Charles T. Pollard