| Annual Report of the Atlanta & West
Point RR |
| as of July 1, 1862, |
| President's Report |
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| Atlanta, July 25, 1862 |
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| To the Stockholders of the Atlanta &
West Point Railroad Company: |
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| Since the last meeting of the
Stockholders, the country has been in a state of war; and though, from
this cause, the business operations of the year are marked with
peculiar features, it is believed they will be satisfactory to the
Stockholders. These operations, together with the financial condition
of the Company, on the 1st of July instant, will appear by the report
of the Superintendent, and the statement of the Treasurer, which
accompany, this report. |
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It will be seen that the receipts are $47,178.30 more
than for the preceding year, and only $20,282.29 less than those of
1860. The Superintendent has very properly reminded us, however, that,
in a time of war, comparisons with other years afford but little
indication of a healthy prosperity, as the receipts depend more upon
the temporary movement of troops and military stores, than upon the
movement of produce and the transportation and travel usually
attendant upon the peaceful wants of the country. Whilst less reliable
as a source of profit, the business of the Government is attended with
other objections very destructive to the prosperity of the Company,
for reasons stated by the Superintendent.
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| In the present disturbed
state of the country, but little calculation can be made for the
future, whilst the causes of disturbance continue. The Directors are
happy to report, however, that the prospects of future prosperity have
been greatly improved by the late completion of one important
connection, and certain provision for the early completion of another.
Since our last meeting, the line between Montgomery and Mobile has
been completed, and the line between Selma and Vicksburg will opened
during the present year. The short link between Selma and Montgomery
is also in progress, with fair prospects of early completion. The
completion of these several improvements have been deemed necessary,
to give to our Road the full advantage of its location, and it should
afford much pleasure to the Stockholders to learn that the completion
of improvements so important to their interests will not be much
longer delayed. |
| It will be seen that, on the
first of July instant, the Company had, to credit of profit and loss,
the sum of $312,414.54; and, as it owed no debt of any kind, except
$60,000 of bonded debt, due the 1st of July, long since provided for
by a sinking fund, it was deemed unnecessary to hold so large a
reserved fund, and the Board, at its July meeting, declared a dividend
to the Stockholders of 15 per cent., amounting to $185,838. This will
still leave of profit and loss, after payment of all claims against
the Company, a sum fully sufficient to meet future contingencies. As
the Company now owes no debt, either floating or funded, its entire
nett profits may be divided, or such disposition made of them as the
interest of the Company may require. The Stockholders may well be
satisfied with the past -- the future is involved in too much
uncertainty to be a subject of any reliable calculation. With the restoration
of peace, our prospect are bright and improving -- with a continuation
of war, our excellent location gives us at least equal chances, with
other similar enterprises in the country. |
| For the details of business,
reference is made to the tables annexed, and for some very appropriate
remarks on the wear and tear of stock, and the consequent increase of
future expenses, the Board refers to the report of the Superintendent.
These are difficulties which must equally threaten all Railroad
enterprizes during the existence of hostilities, and which the
officers have no power to avert or control. |
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It is to be regretted that our military authorities do
not take a different view of their power to seize and control private
property for public uses. In certain emergencies, the exercise of this
power is certainly necessary and expedient, but it is undefined in the
Constitution, and unregulated by law -- is subject to the grossest
abuses, and should never be exercised for mere temporary convenience,
but only in obedience to the most pressing public necessity. Being
arbitrary in its nature, it is regulated by no system, and submits to
no rule, but subjects all private rights to the caprice of Government
officials, thus weakening confidence in private enterprieze, and in
the security of private property.
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In peace or war, the resources of Government depend
mainly on the resources of the individual citizen, and a policy that
leads to the destruction of private enterprize, and private property,
must, in the end, dry up the resources of the Government itself. The
control lately exercised by the army over the property and operations
of Railroads must soon leave them without the means of efficient
operation, for either public or private uses. It is earnestly hoped
that the Government will take an early opportunity of revising and
regulating a practice that threatens such serious consequences, both
to public interests and private rights. With exception of one accident
referred to by the Superintendent, and for which this Company or its
officers are in no way morally responsible, the business of the past
year has been conducted with regularity and safety, and it is believed
that the officers and employees have generally performed the duties
required of them with zeal and fidelity.
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John P. King
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President
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