| Annual Report of the East Tennessee &
Virginia RR |
| as of November 1, 1861, |
| President's Report |
| |
| President's Report |
| Office East Tenn. & Va. Rail Road Co |
| Knoxville, November 28, 1861 |
| |
| To the Stockholders of the East Tennessee
& Virginia Rail Road Company: |
|
The Board of Directors, to whom was committed the
management of your Road for the past year, in submitting this their
Twelfth Annual Report, must remark in the outset that the twelve
months past, so extraordinary in their character, have brought with
them to you their good and evil fruit. First: You will perceive, by
reference to the report of the Secretary and Treasurer, a material
increase in you receipts. This has proceeded from the patronage
extended to the Road by the Confederate States in the transportation
of troops and freight; and, also, from the attraction existing between
all portions of the Southwest and the Army of the Potomac, inducing
unusual and unprecedented travel over the Road. Along with the good
results bestowed upon you by the new government, we have also to
report the destruction of two bridges upon the line by incendiaries;
and, while referring to this effort to destroy your road, I must be
permitted to call your attention to the heroic conduct of Jas. Keelan,
the faithful watchman at Strawberry Plains Bridge, who so nobly
periled his life against a large band of ruffians to preserve that
structure. As he has been permanently disabled and has a large family,
I think he deserves from you the most liberal pension or annuity which
the income of the Company will allow.
|
| It is not our purpose to
enter into much detail respecting the operations of the Company within
the past year, beyond what is disclosed by the reports hereunto
annexed; but some points should not be overlooked or neglected. It
will be remembered that some time after your regular meeting of last
year, Dr. McFarland, because of ill health, resigned his office as
President. To succeed him the undersigned was elected. At this time
the Company was much embarrassed, and its operations depressed by the
floating debt then outstanding, amounting to four hundred and
fifty-five thousand dollars. Since that time the earnings of the Road
have been enough to discharge so much of this floating debt, for which
directors were liable, as to induce the belief that very swoon they
will be wholly relieved from all liability whatever. This floating
debt now amounts to two hundred and forty-five thousand eight hundred
and forty-two dollars, as per statement annexed: |
|
Statement of Floating Debt of E. T &
Va. R. R. Co., October 31, 1861: |
| Bills Payable |
$301,676.16 |
|
| " Payable for
Interest |
10,336.95 |
|
| " Payable with
Coupons |
13,128.00 |
|
| " Payable in
Freight |
93.79 |
|
| Suspended Account |
22,610.82 |
|
| Amount due on Ledger Accounts |
64,883.42 |
$422,729.14 |
| Deduct for Assets |
|
|
| Bills Payable |
5,087.14 |
|
| Due on Ledger Accounts |
238,435.63 |
|
| Due from Railroads |
11,925.59 |
|
| Due from Stockholders |
19,895.24 |
|
| Due for Mail Service |
12,925.73 |
|
| Cash |
1,747.07 |
|
|
290,016.40 |
|
| Deduct bad and unavailable |
60,000.00 |
230,016.40 |
|
|
192,712.74 |
| Add est. amt. of Interest due and not charged up |
|
|
| On State Loan, due July 1, 1864 |
48,120.00 |
|
| Less, deposited in the Bank of
Tennessee |
35,000.00 |
|
|
13,120.00 |
|
| Other debts |
40,010.00 |
53,130.00 |
|
|
245,842.74 |
|
|
Sixty thousand dollars of this is due to Northern
creditors, and must be so reported to the Receiver appointed under the
Sequestration Act of the Confederate States Congress. One of the
measures proposed by you at the extraordinary meeting in Greeneville,
in April last, to reduce this floating debt, was to issue to creditors
guaranteed Stock, yielding a dividend of ten per cent. per annum, to
such extent as they were willing to receive the same in payment of
their debts. Up to this time about fifty thousand dollars of this
Stock has been subscribed, though debts have not been liquidated to
this extent, as the subscribers have not yet demanded certificates,
nor cancelled their claims against the Company to an amount exceeding
four thousand dollars.
|
|
Notwithstanding the extraordinary demand upon the Company
for the transportation of troops and freights, you will perceive, by
reference to the proper reports that the cost of operating the Road
has been comparatively less than ever before, and, hence it appears
that by the same judicious economy much may be saved in the future;
and, while this is so, it affords us pleasure to say that not a single
operative or laborer in the service of the Company can now complain
that his wages were not regularly and promptly paid to him.
|
|
Since your last meeting M. S. Temple, who was for so long
a time connected with the operations of the Company as Superintendent,
resigned his office, and the Directors were fortunate enough to secure
for that position the services of Dr. John W. Lewis, who is not only
one of the largest Stockholders in the Company, but has had long and
successful experience in operating the Western & Atlantic
Railroad.
|
|
Within the past year two of your most esteemed Directors,
Obadiah Boaz and Daniel Kennedy, have died; both of whom were with the
earliest friends of the Road, and neither of them, down to the time of
their death, wavered or faltered in their efforts to promote its
prosperity.
|
|
By amendments to your Charter it is provided that at this
your twelfth annual meeting, the Stockholders, without reference to
the amount of Stock, shall cast one vote for each share of stock
your election at this time will be conducted in conformity to these
amendments.
|
|
I must also state that, owing to the resignation of your
late Superintendent, M. S. Temple, and his successor, Dr. Lewis,
having just taken charge of the Road, you will find that we have no
report from that department, but will state that your rolling stock on
hand of every description is about the same as reported to you at your
last Annual Meeting, with an addition of four Engines and eighteen Box
Cars. This was necessary because of the increase of business on your
Road; and it affords us pleasure to say that the addition has been
made at reasonable prices.
|
|
The amount of work required to be performed during the
last six months of the year has been of a character to greatly damage
your rolling stock, which will, in the course of a short time, have to
be replaced as fast as the Company can do so.
|
|
Your road-bed and track is in good order, but during the
next year a large number of cross-ties will have to be re-laid, and a
heavy force kept on the line of Road to keep it in good order.
|
|
For a more full and detailed statement of the condition
of the Company, in reference to its finances, I refer you to the
reports herewith submitted, with the additional remark that the Bridge
over the Holston River, at Union, is to be completed, under a contract
already made, by January 24, 1862.
|
|
I cannot conclude this Report without acknowledging the
many favors extended to us during the past year by Messrs. Wallace and
Jackson, of the East Tennessee & Georgia Road, Dr. Lewis of the
Western & Atlantic Road, and Col. Tate, of the Memphis &
Charleston Road -- all of whom were ready and willing at all times to
render us any assistance that we asked.
|
|
All of which is respectfully submitted, for the
Directors,
|
|
John R. Banner
|
|
President
|
|