| Annual Report of the Alabama & Florida
(of Alabama) RR |
| as of July 1, 1861 |
| President's Report |
| |
| To the Stockholders of the
Alabama and Florida Rail Road Company: |
| Your annual meeting has been
delayed longer than I desired, but I considered it important before I
called you together, to have all the outstanding accounts settled up
and entered on the books of the Company, so as to lay before you a
full statement of its condition, and to enable me to do this, I
postponed it from the usual time in August, until to-day {September
10, 1861}. |
| I now respectfully submit for
your consideration, my Report of the operations of the Road for the
year ending the 30th day of June, 1861 -- of the condition of the Road
and outfit, and of the financial condition of the Company on that day. |
| The receipts of the Road for the
year were -- |
| From Passengers |
$83,529.95 |
| " Freight |
62,985.16 |
| " Mail Pay |
15,022.73 |
| Total |
$161,537.84 |
| The expenses of operating the Road and keeping
up repairs amounted to |
91,310.03 |
| Leaving a nett income of |
$70,227.81 |
| The amount of interest paid within the year on
the funded and floating debt of the Company amounted to |
$86,239.04 |
| Which was provided for by the nett income to the
extent of |
70,227.81 |
| and the deficiency of |
$16,011.23 |
| was provided for out of the sales made within
the year of the bonds of the Company. |
|
|
| I congratulate you on the
result of the year's work which has been very much better than I had
at one time any reason to hope for. The Road was worked under every
disadvantage and at increased expense until the connection was made at
Garland, on the 3d of May, and nearly one-third of the entire earnings
of the Road for the whole year was in the months of May and June. |
| So little aid was given at
your called meeting on the 9th January last, that I made up my mind I
should be forced to the ruinous necessity of withdrawing all the
contractors and abandoning the work; and from doing so the Company was
only saved by the liberality and public spirit of Messrs. William M.
Marks, and William B. S. Gilmer; they came forward to my assistance,
investing a large portion of the proceeds of their cotton crops in the
bonds of the Company. With the twenty-five thousand dollars obtained
from them, for which they are entitled to the thanks of every
Stockholder, I was enabled to sustain the credit of the Company and
struggle on with the work until some time in February, when the
necessity of a speedy completion of the Road for military purposes
warmly enlisted our efficient and estimable Gov. Moore in our favor,
and the Legislature loaned the Company $30,000 for three years at
eight per cent. interest. With this aid, and with the advance made by
the Confederate Government of $15,000 to the Company, to be paid back
in transportation of troops and provisions, the Road was opened
through to Pensacola on the third of May. |
| From the settlements to be
made with the Government for transportation up to the 1st of
September, we shall be enabled to repay the amount advanced. |
| For the details of expenses
and for the condition of the Road and outfit, I refer you to the
Report of S. G. Jones, the Chief Engineer and Superintendent; he has
most ably and faithfully served you, and the very highest compliment I
can pay him in the estimation of Rail Road men, I do, in saying that
he has built your Road under the most discouraging circumstances,
within his original estimate of the cost of it, and I most fully and
heartily endorse his high opinion of his Principal Assistant, Mr. W.
P. Garland, who is destined to be one of the most valuable men
connected with the Rail Road service of the South. |
| For the details of Receipts
and Expenditures, and for the financial condition of the Company, I
refer you to the accompanying statement of the Treasurer, Mr. John E.
Baker. |
| By examination of Statement No. 4, you will find
that the Road, 115 1/2 miles in length, has cost |
$1,871,436.39 |
| The outfit consists of: |
|
| 11 Locomotives, now valued at |
$94,000.00 |
| 90 Cars, valued as per inventory, at |
54,230.00 |
| Depot Buildings and Shops in Montgomery |
25,750.95 |
| Materials are on hand in the Machine Shop and
Car Factory, valued at |
19,532.47 |
| Land and Lots in and near the city of Montgomery
have been bought at a cost of |
14,595.77 |
| And the total amount expended on Road, outfit
and property is |
$2,079,545.58 |
| Which has been provided for: |
|
| By subscriptions to Capital Stock |
$750,287.46 |
| " proceeds of sales of
Mortgage Bonds |
938,000.00 |
| " debts now due in Bills,
Notes and open Accounts |
391,258.12 |
|
$2,079,545.58 |
|
| This large floating debt was
contracted before there was any apprehension of war between the North
and South, and judging from my past experience I apprehend no
difficulty in providing for it from a sale of Bonds of the Company,
aided by the surplus earnings of the Road. |
| As long as the war continues
but a very small amount can be expected from the earnings of the Road;
if these will pay current expenses and provide for the prompt payment
of interest, we should be very well satisfied. If the credit of the
Company can be sustained by providing promptly for the interest on the
outstanding debts during the war, I have no doubt upon its
termination, sales of an additional amount of Bonds may be made so as
to fund the whole outstanding debt. So far we have been exceedingly
fortunate in the sale of those already issued, having sold only about
$50,000 out of the 938,000 below par; but I have no hope that any
future sales can be made at as good rates, and believing that every
opportunity should be taken to settle up the outstanding floating debt
with Bonds, at such rates as would be entirely satisfactory to the
creditors of the Company, and give them liberal interest on what is
due to them. |
| If the whole debt of the
Company could be funded in ten year eight per cent. Bonds, the total
amount of the debt would not exceed the sum of $1,500,000; the
investment would be a safe one beyond all doubt, and it could be
easily managed and provided for. |
| The receipts of July and
August of this year have shown such a satisfactory increase upon the
receipts of the same months of the last year, and relying upon the
completion of the Mobile & Great Northern Rail Road by the 1st day
of January, to increase the business of the Road, I do not feel much
hesitation in estimating the receipts of the year to end with June,
1862, even if the war continues, at $250,000. This would give us a
nett income of $120,000, fully providing for interest and expenses;
and if the war should close with the year 1861, the receipts would
probably reach $300,000. |
| With the lands of the Company
but very little has been done during the past year. |
| In the month of March I
closed up the office of the Land Agent at Greenville, and dispensed
with the services of the Land Value, so as to reduce as much as
possible the expenses of the Department, retaining only in service Mr.
Walter L. Coleman as Register and Clerk. |
| I submit for your consideration his Report: |
|
| By it is shown that within the past year there
has been sold only |
2606 acres |
| There was sold previously |
8984
" |
| --- Making the total number of acres sold since
the opening of the Land Department 11,590, for the sum of` |
$38,960.51 |
| --- On which there has been collected in cash
and paid over to me the sum of |
14,672.73 |
| --- Leaving due, which is in notes bearing
interest, secured by a mortgage on the lands with a power of
sale |
$24,287.78 |
| --- Of which but a very small amount can b e
collected until the peace and independence of the Confederate
States has been conquered. |
|
| With the amount paid over to me |
$14,672.73 |
| I have paid the expenses of the Land Department
including fees for services of Land Agent at Washington, of
Attorneys and all Officers $7,356.45 |
|
| --- And have purchased the endorsed Bonds of the
Company for 6,500.00 |
$13,856.45 |
| --- Thereby reducing the bonded debt of the
Company this amount, and have now on hand to be applied to the
same purpose the balance of |
$816.28 |
|
| I acknowledge with great
pleasure the faithful services of the Treasurer Mr. John E. Baker, and
of all the officers and employees of the Road in my department. |
| Charles T. Pollard |
| President |
|