| From the Jacksonville (Ala.) Republican |
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| July 9, 1864 |
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| Ala. & Tenn. R. Railroad {Alabama &
Tennessee River RR} |
| The particular attention of the
stockholders of this road is invited to the communication of A. K.
Shepard, published in this paper. Until we saw this communication we
were not aware that any organized effort would be made to make a change
in the President and directors: nor can we see now why such an effort
should be made, at this particular juncture, except from inter?? or
speculative motives. The time has been when the stockholders were
careless and indifferent about the election of officers on account of
the involved condition of the road, and the consequent low estimate they
placed upon the value of their stock. But not so now, when under the
late able administration of its affairs, the stock has so greatly
appreciated, and promises soon to be at par and paying dividends. We
hope that before the stockholders consent to a change, to please or play
into the hands of any man or set of men, that they will remember that
when the present President took hold of the road, its affairs were very
much involved & in precarious condition: so much so indeed, that it is
said the former president resigned because he feared the road would have
to be sold out the next year for debt. The present incumbent took hold
of it in this condition, with nearly all of its available stock
exhausted, and has not only prevented the sacrifice of the stock, but
kept the road regularly running with constantly increasing profits; and
not only kept it thus running, but continued to build from Columbiana to
the Coosa, from the Coosa to the 100 mile station, and from there to
Talladega, Oxford and Blue Mountain, and now has it all graded and ready
for the iron to this place and five miles above. He has not only given
his whole time, attention and efficient energies to the road, but each
winter has worked in the Legislature, against most formidable combined
opposition, with tact, perseverance and success unsurpassed -- at one
time obtaining a load of $225,000, when even opposed by the members from
all the counties on the line of the road, we believe, except this. And
this loan has been recently paid back to the State, from the earnings of
the road. If any other Railroad President, seconded by an able and
efficient Board of Directors, has ever accomplished more, under such
great disadvantages, and in the face of formidable opposition, we have
failed to learn it. The only objection we have heard to him is, that in
the management of the road he is too economical. The gross earnings of
the road for the last year was about one million one hundred and
eighty thousand dollars, and the proportionate net profits greater
than one road in a hundred, even of the most profitable and best
managed. We have not new room to speak of the good comparative condition
of the road, its freedom from accidents as alluded to by Mr. Shepard,
and all additional proofs of appropriate management. Even if we were
sure, by a change of management of equal energy, ability and devotion,
to the interests of the road, he might still lack that practical
experience, which is such an important element of success. |
| With these and many other facts in view,
if the stockholders desire a change it is all right; but we hope that
they may be wide awake to their interest and have every dollar of stock
represented, either in person or by proxy, that no undue advantage be
taken. The convention of stockholders will take place in Talladega on
Wednesday next. |
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