| 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 |
|