| 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 |
$284,299.06 |
| The expenses of working the road and keeping up
repairs amount to |
$122,764.32 |
|
Leaving |
$161,534.74 |
| From which deduct the amount ??? paid on
the funded and floating debt |
$93,286.53 |
| And the amount of interest yet due on ????? |
$25,000.00 |
|
|
|
$118,286.53 |
| 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 |
| President |
|