|
{From the minutes of the
Directors' Meeting of the East Tennessee & Georgia RR, July 15, 1863} |
| |
| Office E Tenn & Ga RR Co |
| 15 July 1863 |
| At a called meeting of the President and
Directors of the East Tenn Ga RRC. The following proceedings were had. |
| Present President Wallace, Jno L Bridges J
H Reagan J H J Lewis Robt Snead T C Lyon J G M Ramsey W S Callaway and D
H Cummings. |
| The President presented the following re: |
| Knoxville July 15th 1863 |
| To the directors |
| As your meeting today will
probably be of more than usual importance I think best to submit in
writing the subjects for your consideration. You will see from
statements submitted that you have a surplus of $416,282.55 after paying
current expenses, dividend declared in Febry last and for engines, cars,
and interest accumulated during the year. I suggest the propriety of
dividing this surplus among the stockholders at once. I also submit
correspondence with the Quarter Master General with regard to an advance
in the price of work done for the Government. My opinion of what that
advance should be is set forth in my letter and the final result will
show that I have not demanded more for our stockholders than they are
justly entitled to -- it will not do to assume that any portion of our
surplus as shown from time to time are profits -- the question to be
considered by you is whether or not you are receiving sufficient
compensation for the waste and destruction of your property. I also
submit a letter addressed by me to the commanding Genl of this
Department and his answer thereto on the subject of the removal of your
shops to a place of more security. This removal would embrace
necessarily and properly the removal of your offices and valuable books
and papers. With this I respectfully tender you my resignation as
President of this company to take effect as soon as you can with
diligence and convenience provide a suitable successor, reserving the
right to terminate my connection with the company at any time I may deem
it right and proper for me to do so, but for the clouds that today hang
over our beloved country this act would be final and from the close of
this meeting. A mans first duty, in temporal affairs, is to his family
and especially so in my case as mine are mostly females and while I am,
I hope, as free as almost any man living from a desire to accumulate
property, I am bound by obligations the most sacred, particularly at my
time of life to try and provide something for their support more than my
daily earnings, but as my reasons for the step I now take are almost
entirely of a personal and private character I will dismiss the subject.
In conclusion let me suggest the propriety of your fixing the salaries
of your Officers for the year. The term for which those Dollars are
fixed extends as I conceive from the 1st July to the 30th June of each
year and it is due to the Officers that they should know what they are
to depend on as a support for their families at the commencement of each
fiscal year. Your Officers have almost quarterly been compelled to
advance the wages of all your operators until prices have become what in
after times may be considered fabulous. This has been done to enable
them to support their families and to keep up with prices paid by other
Rail Road companies and unless a rapid reduction in the price of
clothing and procuring occurs soon yet still further advances will have
to be made. I respectfully suggest that you appoint committees on each
of the subjects embraced in this communication. 1st On the propriety of
distributing the surplus found on hand. 2d On the propriety of an
advance in the rate of Government work. 3d On the propriety of a removal
of your shops &c. &c. 4th On the subject of resignation and the election
of a successor to the President. 5th On fixing salaries for the present
fiscal year. By thus systematizing the work before you the meeting may
not be unnecessarily extended. |
| Respectfully yours |
| C Wallace Prst |
| |
| J F I Lewis Esq offered the
following resolution: |
| Resolved That a dividend
of Thirty Dollars on each share of the stock of the Company be and is
hereby declared. To be paid in Treasury notes or bonds as the President
may elect and at such time as he may give notice. |
| Pending this Maj T. O. Lyon
offered the following substitute |
| Resolved That the Prest
of the Company is hereby instructed to invest 75 percent of the surplus
funds now on hand in the Bonds of this Company or in State bonds and he
is hereby directed to pay a premium of 25 percent if he cannot buy said
Bonds at less price. In the event he cannot make the disposition of the
surplus funds of the Company then he is directed to invest the same in
Confederate Bonds on the best terms he can. |
| Mr Lewis resolution was the
adopted. |
| Maj T C Lyon offered the
following which was adopted: |
| Resolved That the
President be authorized to make such arrangement in regard to an
increase of price for freight or transportation for the Confederate
government as he may {deem?} just to the
Company and the government. |
| Genl Reagan offered the
following which was adopted: |
| Resolved That in
addition to the resolution passed with regard to the removal of the
valuables of this Company, the President and Superintendent are hereby
authorized to remove the shops and shop tools and machinery when in
their judgment it may become necessary for their protection |
| Dr J G M Ramsey offered the
following which was adopted |
| Resolved That the board
are impressed with the importance at the present general emergency of
the present ??? retaining his present position of President in the
Company and that he is respectfully requested to withdraw the
resignation as intimidated in his report. |
| Dr Ramey also offered the
following -- adopted |
| Resolved That in
consideration of the great increase in the price of the means of
subsistence and of other supplies and in view the consideration of the
faithful and arduous duties of the President of the Company his salary
be and is hereby increased to $10,000 per annum. |
| Maj Lyon the following
adopted |
| Resolved that the salary of
the Superintendent of Transportation shall be $7,500 for the coming year
and that of the Secretary & Treasurer be $4,000 |