| Annual Report of the Alabama & Florida
(of Florida) RR |
| as of May 1, 1861 |
| President's Report |
| |
| Report |
| To the Stockholders of the Ala. &
Fla. R. R. Company, of Florida |
| Office of the Ala. & Fla. R. R. Co. of
Fla. |
| Pensacola, May 6th, 1861 |
| |
| Gentlemen, |
|
At any time the completion of a line of rail road
connecting Pensacola with Montgomery, Alabama, and with the great
country lying around and beyond that important political and
commercial centre, would call forth the congratulations of those who
have been engaged in the work; but I am sure that I express the
sentiments of every stockholder, present or absent, of the Alabama
& Florida Road, in Florida, when I say that at this particular
time they feel that they have especial cause for congratulation and
thankfulness in this, that the completion of their road has added an
important link to the great chain of rail roads extending over the
Confederate States, from Florida, embraced by the Atlantic Ocean and
the Gulf of Mexico, to Kentucky, reposing in the arms of the Ohio
River; and from the Chesapeake to the Sabine. It is indeed, gentlemen,
a matter of thanksgiving that our company, in union with our sister
company in Alabama, is able to offer to the Confederate States a new,
sure, and rapid communication between their great naval arsenal at
Pensacola, and almost every important point within their limits. And I
am confident that I express the sentiments of yourselves and of your
absent associates, when I declare those which I entertain, and say
that if, of the considerable sums of money I have expended towards the
accomplishment of a rail road from Pensacola to the interior, I shall
have received not a cent back; or if the city of Pensacola, in which I
hold considerable property, shall not have been benefitted, in its
material interests, one jot or one tittle, still I shall have been
more than compensated in the fact of the completion of the road to
Montgomery from Pensacola at this critical period in the affairs of
the Confederate States, by which so much facility of transportation of
troops, supplies, and mails; and so much additional strength to the
defences of the country have been afforded. Gentlemen, this is the
sentiment of our individual stockholders as well as of the corporation
of the city of Pensacola which owns the largest portion of the
stock.
|
| In this connection, I truly
represented the wishes of your company in the late Rail Road
Convention, assembled at Montgomery at the request of the Post Master
General, when I voted to receive, without material modification, the
propositions of that functionary to carry the mails over our road,
receiving compensation for the same in bonds of the Confederate
States. And I am happy to say that this was also the unanimous vote of
the convention; as well as also that of accepting the terms of the war
department for carrying troops and freights, and to receive
compensation in bonds. |
| The road was opened to the
State line of Alabama on the 20th August 1860; and the whole line was
finally opened on the 3d day of May 1861, by the completion of the
track lying at a point in Conecuh county, sixty-six miles from
Montgomery. |
| Thus, then, this great and
important rail road communication, commenced at Montgomery on the {blank}
, and at Pensacola on the 12th of April 1856, is now opened and
offered to the public under very interesting political as well as
commercial aspects. The history of our section of it in Florida is
familiar to you. It is filled with records of difficulties which your
patience, perseverance, and liberality have honorably overcome; and it
is especially due to the corporation of Pensacola representing the
citizens thereof, who are the largest stockholders, to acknowledge the
enlightened liberality extended constantly in support of the
construction of the road -- submitting, as they have done, to heavy
taxation in raising means for its maintenance. Without these means the
road could not have been commenced, or, at least, prosecuted to
completion. The wise councils prevailing in the premises will very
soon be acknowledged by all. Already the increased and assured
valuation of the real estate within the limits of the city is placed
beyond doubt; and the inhabitants are now more than compensated for
their contributions towards the good work, whilst the future promises
an increasing prosperity which will be due alike to the favorable
locations of their ancient city -- to their enterprise -- to its
capacious harbor -- and to our rail road system. |
| In response to the confidence
reposed in the Board of Directors, they have labored to avoid
extravagance of expenditure whilst they have secured sufficiency of
construction, and efficiency in administration. And the Board now with
honorable pride exhibits to you ample evidence that not a dollar has
been expended wastefully or fraudulently; and it desires that a
committee of your members should be appointed to examine critically
every branch of construction, repair, and disbursement in order to
afford satisfaction on these points not only to yourselves, but to the
bond-holders and the public at large to whom such investigation is
due, as well as to your Board of Directors for the past year. |
| The completion of the road
was delayed by various causes , among which was that of unfavorable
weather, and of the pressure in the money market. To the latter cause
the Board of Directors are grieved to say, that the non-payment of the
interest coupons on the bonds of the company, on the 1st of January
m1861, must be ascribed. Had the road been opened to Montgomery early
in the fall of 1860, the increased traffic and transit of freight and
passengers would have enabled the interest to be paid even in thee
face of the financial pressure. |
| Impressed with these as the
true causes of the temporary failure of the company to pay its
interest; and guided by a liberal policy, the bond holders have
forborne exercising the power conferred upon them y the first mortgage
securing their bonds. And the Board of Directors are authorized by
estimates of future income of the road to say that not only the lapsed
interest will be paid up very soon, but the floating debt will be
speedily extinguished, leaving no debt but that which is funded with
ample means for the payment of the semi-annual interest, and for the
sinking of the debt in 16 years. |
| The fiscal condition of the
affairs of the company are accurately and admirably exhibited by the
accomplished Secretary, Geo. W. Hutton, Esq., in his official report,
which cannot fail to commend itself to the approval of the skillful
book-keeper, and to the able financier. Its exhibits fidelity in the
past, and good promise for the future. The condition of the department
of engineering and superintendence is exhibited in the Report of O. M.
Avery, Esq., general superintendent, to whom the company is so much
indebted for the zeal, perseverance, and skill displayed in the
construction, repair, and general management of his department. I take
pleasure in thus being able to speak and give testimony to the merits
of the two most worthy servants of the company. And in justice to
them, and as a matter to be honorably recorded in our annals., I will
say that, if just such services and the measure thereof had not been
rendered by them or by others, the completion of our road would now be
a matter of doubt, and not of certainty -- which it happily is. |
| The duties of the Treasurer,
C. L. LeBaron, Esq., have been performed promptly and faithfully; and,
indeed, every employee of the company, in the discharge of all duties,
deserve the thanks of the Board of Directors, now tendered to them,
and your approbation. |
| As for my own services as
President, although secondary to my associates, I may without
assumption be permitted to say that they have been rendered at home
and abroad in moralising a sentiment in favor of our work, by
representing its condition and prospects honestly and fairly, and the
great good its complete existence will bring to Pensacola and to the
country at large. And for the Board of Directors, I can also say, what
your judgment in the late election has already decided, that they have
been good and faithful servants -- always keeping in view the best
interests of the company, and discarding all selfish considerations. |
| It is proper to mention that
the Board of Directors have held the road subject to the promptest
movement of troops and supplies that the means at their disposal would
admit. No serious delay has occurred. Although the accommodations
afforded have not been as comfortable as the Board could have desired
-- still many a weary step of our noble and gallant soldiers has been
saved by the existence of the road. Upwards of 8600 troops with their
baggage, munitions and materials, have been transported over the road
since the commencement of military operations concentrating in the
harbor of Pensacola. |
| Trusting that, with the
acknowledgment of the independence of the Confederate States, and the
establishment, on a firm basis, of amicable relations with the nations
of Europe, and the neighboring States of America, peace, plenty, and
the security of our people, will be accorded to our land by a good
Providence. I now submit this Report and accompanying documents to
your consideration. |
| By order of the Board of Directors |
| Wm. H. Chase |
| Pres't. Ala. & Fla. R. R. Co., of Fla. |
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