NP, MM 11/28/1862

From the Montgomery Mail
November 28, 1862
Alabama & Florida Rail Road
   We are indebted to Mr. John E. Baker, Secretary and Treasurer of this rail road company, for a copy of the "Report of the President and Directors to the Stockholders, at their annual meeting, Oct. 7, 1862," from which we extract the very interesting report of the President, as follows:
President's Report
To the Stockholders of the Alabama & Florida {(of Alabama)} Rail Road Company:
   At the time your annual meeting should have been held, the trains were under military control, and so engaged in the movement of troops that we found it impossible to make arrangements for the transportation to and from Montgomery of each of the stockholders as reside on the line of the road. Without them, a sufficient amount of the capital stock of the company would not be represented so as to enable the convention to transact any business, and it was therefore deemed advisable to postpone your assemblage until today, with the hope that the representatives of a majority of the stock would attend.
   The time heretofore fixed for the annual meeting, the first Tuesday in August, has been objected to by many of the stockholders, and I recommend that the time be changed to the second Tuesday in November, and that the rail road year of the company hereafter close with the month of September. It is hoped that the change being to the most pleasant and healthy season of the year, and to a time when other business may call the stockholders to Montgomery, it will result in having a larger attendance.
      The receipts of the road for the year ending 30th June, 1862, have been:
From Passengers $165,790.83
    "    Freight 97,868.70
    "    Mail pay 20,639.53

Making a total of

The expenses of working the road and keeping up repairs amount to $122,764.32


From which deduct the amount ??? paid on the funded and floating debt


And the amount of interest yet due on ?????


And we ????? and above ????? $43,249.21
   ??? is a very gratifying work when you take into consideration the repeated interruptions with the usual use of the road, from high waters and other causes, and the very limited cars with which it has in ???
   For the condition of the road and the outfit, I refer you to the report of the superintendent, S. G. Jones, Esq., fully endorsing all that he says, and expressing my high appreciation of the energy and ability with which he has discharged his very arduous duties.
   Every effort will be made to purchase additional cars and paying up the debt of the road so as to make the means for transportation, but I have serious apprehensions we shall find it very difficult to do so. Materials to keep up and repair rail roads are nearly exhausted in the Confederate States, and but little progress has yet been made in establishing the necessary works to provide them. I have recently contacted with an English house to supply the company with some of our articles so much needed, to be delivered between November and March, but I have so little confidence in their being able to comply with the contract, that my efforts to procure what is needed from other sources will not be relaxed.
   I submit herewith various statements of the Treasurer, Mr. John E. Baker, showing the business of the road for the past year and the condition of the company on the 1st July, 1862. Upon reference to the statement showing the condition of the company you will find
the total amount expended on road and outfit to be $2,102,724.57
Upon reference to my last annual report you will find the amount there stated at $2,079,545.58
Showing the amount expended on the road and outfit within the year to be $23,178.99
   I availed myself of the first favorable opportunity to carry out the policy suggested in my last report, of funding the floating debt of the company. The Board of Directors authorized me on the first of July to issue $300,000 of eight per cent bonds, payable ten years after ???? by an additional mortgage upon the road, and sufficient property of the company. The credit of the company having ?????
   In the present state of the country it is useless for me to present for your consideration any estimate or calculation for the future. It the road and outfit can be kept up to a safe working condition, and the credit of the company maintained promptly providing for and meeting the ??? of your funded debt during the remainder of the war, you will have every reason to be satisfied.
Charles T. Pollard