| Annual Report of the New Orleans, Opelousas
& Great Western RR |
| as of January 1, 1862 |
| President's Report |
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| Tenth Annual Report of the New Orleans,
Opelousas & Great Western Railroad Company |
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Gentlemen,
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| The President and Directors
respectfully state that on 12th November last, they made a Report to
the Governor, on the affairs of this Company, accompanied by one from
the Chief Engineer. That on 7th December following, they made answers
to interrogatories propounded by a Joint Committee of the Legislature
"to investigate the affairs of the Railroads in which the State
is a Stockholder," a report of which has been made by the
Committee. |
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These papers furnish information to their respective
dates, and the President and Directors now presenting their annual
report to the Stockholders, as required by the Charter, beg leave to
have them received as part of the same, adding thereto the account of
the Treasurer of receipts and expenditures, the annual report of the
Vice President, and other matters to the present date.
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The statement of the Treasurer gives, under appropriate
heads, the toal receipts and disbursements of the Company, from its
organization to the 31st December, 1861. The amount of Bills Payable
is therein stated to have been, at that date, $553,130.07, which is
$248,366.60 more than on 31st December , 1860. The cause of this
increase is explained in the report to the Governor, -- being mainly
the construction of about 65 miles of road bed, the swamp work near
Berwick, and the purchase of rails, and this without being able at the
time to effect sales of either our bonds or lands. Recently we have
made large sales of Bonds, and there being now an active demand for
them, the floating debt will be rapidly paid off. It has been reduced
$111,602.72, since the 1st instant, and we have on hand $163,692.68 in
cash, available for same object. We decline, of course, any new loans,
are paying all obligations as they mature, and discount such as can be
procured of those not yet done.
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For full information relative to the business operations
of the Company, special reference is made to the annual report of the
Vice President and Superintendent, in which will be found comparative
statements for the year 1860 and 1861 -- an inventory of the rolling
stock, &c., &c. Under the able direction of this officer, the
track has been kept in perfect order, the movement of the trains
marked by the most exact regularity -- strict discipline maintained --
no collisions have occurred on the road, nor injury done to passengers
in any instance.
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A telegraph line has been established between Algiers and
New Iberia, to connect with another line extending to Texas, and both
will soon be in full operation.
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A Company having been recently incorporated for the
purpose, there is now a fair prospect of an early construction of a
road from New Iberia to the Sabine, which when in operation must add
greatly to our revenues.
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The Legislature, as authorized by an Ordinance of the
late Convention, has passed an Act, (copy herewith) for the payment in
bonds, of the balance of its subscription to the Stock of this
Company, say $550,000. This is a very important measure, as it adds
about half a million to the available Capital of the Company, and will
prove highly advantageous to the State, as is clearly shown in the
Convention Statement herewith. With this fund for the purchase of
iron, we can go on with our present means, as fast as realized, in
preparing the road bed for the rails, about 65 miles beyond our
completed road being now ready. These resources are the remaining
bonds of the Company, balances yet due and unpaid on stock
subscriptions, and some 700,000 acres of very valuable lands.
Applications are now on file for a large amount of these lands, and as
we progress with the construction of the road through them, they will
be rapidly disposed of.
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The affairs of the Company are now in the best condition,
and the prospects for the future very encouraging.
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| New Orleans, 27th January, 1862 |
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William G. Hewes
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| President |
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