| Annual Report of the Pensacola &
Georgia RR |
| as of April 1, 1866, |
| President's Report |
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| President's Report |
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| Eleventh Annual Report of the President
and Directors of the Pensacola & Georgia Railroad Company to the
Stockholders |
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Tallahassee, May 14th, 1866
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Retrospect of the Past
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Now that the ravages of war are over, and we have taken a
new departure, it may not be without its use, in affording us
increasing ground to be hopeful for the future, for us to take a brief
retrospect of the past, and to see what has been accomplished with the
limited means at our command. In the year 1858, when the present
Board, including the President, were first placed in office, the
immediate available resources of the Company consisted of $200 in cash
and $52,700 in Jefferson and Madison county bonds, then at a discount
of from 15 to 20 per cent., and the pressing liabilities of the
Company were in bills payable and amount due contractors, $200,054.54.
The efforts which had been made to obtain iron in Europe and at the
North had completely failed. The track was laid only as far as old
Station 3, a distance of twenty-five miles, and some of the
contractors had abandoned the work of graduation, because of the apparent
inability of the Company to meet its engagements with them, and others
had threatened a like course. Efforts were at once made to inspire
confidence, and pledges were given under which the work was resumed.
The financial agent, selected by yourselves, the late James T. Archer,
Esq., was sent to New York to negotiate for the purchase of iron, but
was enabled to procure only rails sufficient to extend the track from
the old to the new Station 3, and to lat the Monticello branch. His
untimely death, before he had an opportunity of carrying out all of
his plans and progressing very far in his negotiations, made it
necessary that the President should undertake himself the responsible
and delicate duty. By applications to individuals, which were
generously responded to, by personal pledges of the President and
Directors, in which were involved their private fortunes, and by
creating credit where none before existed, he succeeded in raising the
cash necessary to pay for the rails purchased by Mr. Archer, (as was
required by the terms of his purchase,) and in obtaining the iron
necessary to complete the road eastward to Lake City and westward to
Quincy. The union with the Central Road at Lake City was not completed
until the month of December, 1860. A few months after this the
dreadful war, through which we have passed, commenced. All foreign
commerce was suspended and the products of the country remained, or
were consumed at home for the most part, except such as were required
by the late Confederate Government for the use of the men in its
service, or for other military purposes. Although the great crisis of
the war was upon us, still the Directors did not falter, but pushed on
the extension of the road westward, and in the month of February,
1862, the sideling, depot and turn-table being completed, the Quincy
station was opened for business. The Directors also succeeded in
letting out contracts for the grading of the Georgia connection, and
in 1862 this branch road was graded, the cross-ties furnished, and the
trestling built.
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The traffic of the Road was confined to the
transportation of troops and a small internal trade. Our income,
however, was satisfactory, and had we received the earnings of the
road as they became due from the late Confederate States, we could
have declared a dividend or have invested the amount in a way to make
it available for the repair and restoration of the road on the return
of peace. As it was, however, we were obliged to apply the receipts
from private sources, after paying the Trustees of the Internal
Improvement Fund the amount due for interest, in the payment of taxes,
keeping up the road, and in paying our employees, and when we received
a large portion of the amount due by the late Confederate Government,
viz: in April, 1865, it was too late for it to be useful to the
Company or to the stockholders. Owing to this, and the refusal of the
bond holders to surrender their coupons and receive payment in the
currency taken by us, the Company may be said to have lost four years,
and at the end of the war, we had to start with a heavy debt, and with
an impaired track and crippled rolling stock. *****
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Respectfully submitted,
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E. Houstoun
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President
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