NP, SoR 3/23/1861

From the Southern Republic (Opelika, Ala.)
 
March 23, 1861
 
President's Report
To the Stockholders in the Opelika & Talladega R. R. Co.
   Through the Blessings and Favors of an All-wise Providence, we have been able to sustain the credit of our Road, and the confidence of our subscribers for Stock, through -- or partially through -- one of the worst financial crises that has ever befallen our country. By the report of your Chief Engineer, you discover that over one third of the grading and nearly all the culverting between Opelika and Waverly, is completed. Our graders have made fine progress, considering the extreme inclemencies of the weather since our force has been operating. A number of our contractors commenced work as soon as they received their contracts; but it was not until January that we were enabled to place on the road, a full and sufficient force. About 212 hands have been employed.
   Our graders seem to be confident that they will be able to complete the grading as far as Waverly, by the first of September next. We have reliable promises of cash on subscriptions; and this, with other favorable arrangements which have been made with our very efficient and able contractors, will enable us to put the road in readiness for the superstructure as far as Waverly by next Fall.
   For a statement of the Financial standing of the Company, I refer you to the Report of your Treasurer. The City Council of Columbus have retained sixty-five thousand dollars of her subscription, which sum she designs appropriating to the purchase if Iron and Cars for our Road. When at Columbus last, I was informed by the Mayor that the Council were ready to issue bonds to that amount, whenever demanded by our Company.
   I would also refer you to the Reports of your very efficient Engineer and Treasurer, for minute details of our general condition: and shall confine myself to the probable success of our Enterprise.
The cost of our Road from Opelika to Dadeville, will be about $362,640.00
To meet this, we have in notes and bonds, to be used in grading $80,985.51
Cash Subscription not reduced to notes $65,788.65
Bonds to be applied for the purchase of Iron $65,000.00
Subscription in labor $41,700.00
Conditional Subscription $60,025.00
Grading contracted for, to be paid in Stock $99,750.00
Cash collected and paid $15,700.54
Total $428,919.70
Deduct cost to Dadeville $362,610.60
And there will remain $66,309.70
   We have, then this amount of $66,309.70 to build to Youngville. To this, add an amount of $70,000.00, the probable earnings of the road, while we are building to Youngville. The cost of the Road-bed of this portion will be about $168,000.00 which we can get done for two thirds of the amount in Cash. The out-fit will cost $82,100.90, making a total of $250,900, and leaving an additional amount of $58,360.30 to be raised, or we shall have to go in debt to that amount for our Iron.
   But when we recollect that not more than one half of our line has been thoroughly canvassed for Stock, and that our people are able, and doubtless will subscribe $200,000.00 more, we are fully confident of being able to build to the Selma road, in two years after getting to Youngville {about 50 miles}. I had the promise of $100,000.00, if Mr. Lincoln had not been elected. To this, the citizens of Columbus have promised $50,000.00 additional by private subscription, and the city council have promised $150,000,00 as soon as our Governmental difficulties are settled. If the country should become as prosperous as usual, our Company could issue its own bonds for the Iron and rolling stock, and build with our subscription as fast as we have estimated.
   There have been two very important facts settled in the public mind within the past year in reference to our road, one is that it will certainly be built, the other, that it will be one of the best paying roads in the South. It has been said by prominent railroad men, that if the country was a desert between Opelika and Tuscumbia, the through freights we would receive would pay twenty per cent. upon the cost of the road. But the very excellent farming country through which we pass, together with the abundance and great variety of mineral, will make it s very paying road.
   And though the drougth and governmental troubles have much retarded our progress, yet they have convinced the public mind of the importance of the connections which our Road is designed to make for the transporting provisions. A gentleman residing at Opelika, not long since purchased provisions sent around to Opelika via Chattanooga and Atlanta. He has been at Opelika six weeks and has not received them yet. Our road if built would have brought them through in 48 hours more, and would have saved at least two hundred miles distance in the shipment of those goods with a like reduction of freight as well as several delays in loading and reloading them. There was collected last year in Columbus, $153,000 freight on Northwestern produce, shipped by Atlanta to Columbus. All of this freight and much more, would have come over our road, if it had been built. All that is necessary for its speedy completion, is, for its friends and all interested in its completion, to do all they can, and it will then fill one of the great necessities of the age. Our road having the Savannah roads and the Mobile & Girard railroad, and the Montgomery & West Point railroad, and the Chattahoochee river at one terminus, and the Alabama & Tennessee River' railroad, the N. E. & S. W. Ala. railroad, the Central Ala. railroad, the Columbus, Miss. and Decatur railroad and the Charleston & Memphis railroad, making five roads, and the Tennessee river at Tuscumbia, connecting by steamboat with the whole Mississippi Valley, to collect and distribute freights, will make our road resemble the turning of the stems of two great funnels together, so that the freight to be sent through, must be immense, and make it one of the greatest enterprises of the present age. A large amount of merchandise and cotton has been shipped the present year from Memphis, by the North to the Atlantic, to avoid the high insurance and freights around the Florida Reefs. This will cause them to seek and Atlantic port South, provided a cheap and speedy access to one can be had. Our road will supply that, and in connection with the roads from Savannah to Columbus, will be enabled to establish a rate of through freight that will defy all competition.
   These reasons, with many others, make it our imperative duty to push our work as fast as our means will justify. Having unexpectedly been called to serve you as your President, and having been laboring over two years for the enterprise, I feel fully satisfied to continue or retire as you may deem the best interest of the road may require, and I now call on all of its many friends, as a duty they owe to themselves, their country and posterity, to come forward and assist us in completing this grand enterprise.
   With due regard, and my thanks to you and your able board of Directors for your aid and kindness to me, I subscribe myself your obedient servant,
J. R. Slaughter
President
 
Engineer's Report
Office, Opelika & Talladega Railroad Co.
Engineer's Department, March 19, 1861.
 
Col. Slaughter
President
 
Sir,
   I herewith submit the first Annual report from this Department. 
   I have during the past year located the line of your Road between Opelika and Youngville a distance of 45 miles, and made the profiles and plans and estimates of cost of construction and prepared that portion of the line between Opelika and Waverly ready to the hands of the contractors.
   The cost of preparing the Road bed between Opelika and Dadeville {25 miles}, in Clearing, Bridging and Culverts, amounts to $231,340.00
Superstruction, Iron, Rolling Stock, Depot Buildings &c., for the same $131,300.00
     Total $362,640.00
Cost of road bed between Dadeville and Youngville including Tallapoosa river bridge {16 miles}, other bridging and culverts $168,800.00
Superstructure, Iron, &c 82,100.00
     Total 250,900.00
   In pursuance of the instructions of your Board of Directors, I advertised last summer to contract for the Grading and Culverting of the Road between Opelika and Waverly. The contracts were readily taken by responsible men at very satisfactory prices to the company, and conditioned that the contractors take one-third of their pay in the capital stock of the company. We have also made satisfactory and reliable arrangements to get the major portion of Grading between Waverly and Dadeville done for stock payments.
   To fill the cash part of existing contracts and cash necessary to do the other portion of the work between Waverly and Dadeville, my estimates amount to $131,560; of this amount, work has already been done to amount to $29,015.38, and an additional amount of $14,176.89, to be taken in stock.
   The Grading was commenced on the 15th of last August, and has been steadily forwarded since that time, and today a large portion of it is in an advanced stage toward completion. All of the Culverting necessary between Opelika and Waverly, will be finished by the 1st of May next.
   I would suggest that a purchase of Iron be made in time to lay the track between Opelika and Waverly, by the 1st of November next, as the Road bed will be ready to receive it about that time. I would recommend the adoption of a pattern of inverted T rail, weighing fifty pounds to the yard -- eighty tons to the mile. Also, a Locomotive and Cars to operate that portion of the Road.
Respectfully,
A. H. Barnett
Chief Engineer
 
Treasurer's Office, Opelika & Talladega Railroad Company
Opelika, Ala. March 19th, 1861
 
Col. John R. Slaughter
President
 
Sir,
   Below you have the Financial condition of the Opelika & Talladega Railroad Company, as connected with this office since it was placed in my charge.
Treasurer in account with the Opelika & Talladega Railroad Company

Dr

To cash and assets used as cash $13,492.99
There was reported by former Treasurer, Cash collected $2,207.55

$15,700.54

Cr

By amount paid on Construction ac't

$10,036.00

 "                   "       Engineering     "

1,781.68

 "                   "       Office              "

244.90

 "                   "        Expense          "

165.16

 "                   "        Profit and Loss "

341.35

 "                   "        Right of Way

250.00

                      "        Bills Payable

24.77

Cash on hand to balance

649.13

$13,492.99

Am't paid out by him on Office account

$15.00

       "          "                  Engineering "

1,832.22

                   "                  Expense       

360.33

$15,700.54

Company's Liabilities

Bills Payable

$3,000.00

Due on construction account, cash

18,979.35

$21,979.35

Company's Assets

Cash on hand 649.13
Bonds and notes due and maturing 80,985.51
Cash subscriptions not reduced to notes and bonds $130,788.65
$212,423.29
Liabilities 21,979.35
Available cash assets $190,443.94
Subscription in labor 41,70.00
Cash subscription to be applied west of Dadeville 60,025.00
$292,168.94

Stock Account

Cash Assets, in bonds, notes and subscriptions, less cash on hand $213,374.16
Subscriptions in labor 41,700.00
Subscriptions to be applied west of Dadeville 60,025.00
Cash, and cash assets used as cash 15,700.54
Due contractors on work to be paid in stock 14,176.89
Due on salaries, to be paid in stock 5,076.66
Capital stock of the company $330,053.25
   All of which is respectfully submitted
W. G. Williams
Treasurer

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