NP, NOTP 4/20/1862
From the New Orleans Times Picayune
 
April 20, 1862
 
N. O., J. and G. N. Railroad
Tenth Annual Meeting of the Stockholders of the New Orleans, Jackson & Great Northern Railroad Company
New Orleans, April 14, 1862
 
   The stockholders met at 12 o'clock M., and, on motion,
   Mr. Benjamin Florance was appointed Chairman, and R. S. Charles Secretary.
   The annual report of thee Board of Directors was then read, and, on motion, was received and submitted, with its accompanying statements, to an investigating committee, to be appointed by the Chair; said committee to be empowered to print the usual number of copies of the report.
   The Chairman appointed on said committee Messrs J. Leisy and D. S. Bryon, and, on motion, the Chairman was added to the committee.
   On motion of Mr. Byron, it was
   Resolved, That the Board of Directors of the company be required to memorialize the Legislatures of Louisiana and Mississippi, at the earliest opportunity, to so change the law or charter of the company, that neither the said States nor the city of New Orleans shall vote upon stock held and owned by them respectively; but that the stock of each of the said States, and of the city, shall be represented by three directors each, appointed in the manner they shall direct.
   On motion of Mr. Bryon, it was
   Resolved, That the Directors be requested to memorialize the Legislature of Louisiana to change the reading of the 8th section of the charter of the company, so that instead of thirty days written notice to the defaulter, it shall suffice if a general notice shall be given requiring defaulters to pay up their subscriptions of stock on pain of cancellation and forfeiture.
   On motion of Mr. Leisy, it was unanimously
   Resolved, That the annual report of the Directors be, and the same is hereby approved, and that the thanks of the stockholders are hereby tendered to the Directors for their services during the past year.
   On motion the meeting then adjourned.
Benj. Florance, Chairman
R. S. Charles, Secretary
 
Report of the President
To the Stockholders of the New Orleans, Jackson & Great Northern Railroad Company
 
Gentlemen,
   In compliance with the requirements of the charter, I submit, on the part of the Board of Directors, the following statement, showing the receipts, expenditures and condition of the road, also its general operations and financial affairs during the fiscal year ending 28th day of February, 1862, being the Tenth Annual Report of the Company to the Stockholders:
   The total or gross earnings of the road during the year, have been one million one hundred and fourteen thousand two hundred and fourteen 19.100 dollars.
   The expense of operating the road during the same time, has been five hundred and fifteen thousand seven hundred and thirty-three 29.100 dollars, leaving net earnings, five hundred and ninety-eight thousand four hundred and eight 90.100 dollars, showing an increase of net earnings of forty-three thousand and forty-six 96.100 dollars over the preceding year, notwithstanding the falling off in receipts of the sum of one hundred and eighteen thousand four hundred and nine 45.100 dollars.
   This favorable result is owing to the rigid economy adopted by the Board of Directors and carried out by the officers of the company, notwithstanding the greatly increased price of all kinds of railroad supplies and materials necessary to keep the road and machinery in repair and the rolling stock in running order.
   From the Treasurer's report it will be seen that the whole amount of bills payable outstanding, and falling due in the years 1862, 1863 and 1864, held by citizens residing in the Confederate States, is only $88,464.07; Small notes in denominations less than $5, issued as change, not bearing interest, and receivable at all times for freight or passage and all other dues to the company, $145,330; paymaster's bills and payroll account $37,666.91; bills payable, due Northern creditors or alien enemies, $174,835.81.
   The whole debt due and outstanding on the 28th February, 1862, including on the above items, and $177,360 due on coupons on first mortgage bonds, ($100,000 of which it is estimated are held by Northern creditors,) and $220,000 loaned the company by the State of Mississippi, the first mortgage bonds due in 1886, $2,741,000 personal accounts and railroad balances, $14,676.61 less cash, and Confederate States bonds on hand $42,292.05, amounts to the sum of $3,557,041.35, showing a reduction of $258,675.69 during the year.
   To the members of the finance committee, the stockholders are indebted for the present favorable financial condition of the company, particularly to the chairman, Mr. P. N. Wood, through whose untiring exertions and financial ability the property of the company has been preserved to the stockholders, and saved from the hands of a receiver to satisfy the debts which embarrassed the company when the present Board assumed its management.
   By the General Superintendent's report, the earnings of the road for the past year have been:
From passengers $519,321.14
From freight 550,324.30
From mail service 44,568.75
$1,114,214.19
The expenses of operating the road during the same period has been:
For maintenance of road, renewal of bridges, new crossties, and filling trestle work $211,088.72
For conducting transportation, pay of agents, clerks and laborers 130,806.06
For motive power, fuel, water, pay of engineers, &c. 128,017.49
For maintenance of cars, loss and damage to freight, &c. 45,821.02 515,733.29
Showing the net earnings for the year to be $598,430.90
This amount is accounted for as follows, viz:
Disbursement in payment of interest on first mortgage bonds $155,061.15
Disbursement in payment of interest on bills payable 59,343.22
Disbursement in reduction of floating debt 258,675.69
Amounts due this company by the Confederate States and the different States of the Confederacy, for passage, freights and mails still uncollected 65,000.00
Cash on hand in bank and balance due from connecting roads, and cash in the hands of agents 60,400.84
$593,480.90
   The road has been greatly improved, nearly all the trestle work filled up with earth, the embankments widened, and several objectionable summits reduced, by which the grades have been greatly improved. The level has also been raised through the valley of the Tangipahoa and along the Pearl river valley near Jackson, Miss., placing the road above the reach of overflows. We purchased and have now at work a first-class steam excavator, which will be put to work filling the crib work between Kenner and the pine woods during the month of March next. The bridges have all been permanently repaired, and the water ways increased sufficiently to prevent any interruption in future.
   We have had but one interruption since the last annual report, and that delayed the passenger and freight trains only twelve hours. The machinery and rolling stock is in good repair, and is sufficient to transport double the amount which was moved during the current year. The war has prevented the forwarding of the great agricultural products of the country to market, and the consequent return freight and travel. When the port of New Orleans is opened, we have ample capacity for a traffic of $1,700,000 per annum, without increasing our rolling stock or machinery.
   We were ordered by the Confederate Government, last November, to furnish connecting roads with all the locomotive engines which could be spared by our road, in order to facilitate military operations, and in compliance with the requisition we forwarded one engine to the East Tennessee & Georgia, one to the East Tennessee & Virginia, two to the Memphis & Charleston, and two to the Southern Railroad -- making a total of six locomotive engines. Of these the East Tennessee & Virginia Railroad has returned one, and the Southern Railroad one; the remaining four are still in use by the roads named.
   Notwithstanding this assistance, the connecting roads have not been able to forward the freight sent them from our road. Many of our cars remain loaded at Grande Junction and Jackson, Miss., forwarded tow months ago. Even the Government freight, which has preference, has in many instances been delayed.
   We have freight at our depot in New Orleans, and on cars in the vicinity of Jackson and Grand Junction, which was received in January last and which should have been forwarded promptly had the connecting roads kept good faith with this company, in compliance with the terms of the tariff for through rates agreed upon with their Superintendents.
   The company has transported free of charge for the State of Louisiana, under a resolution of the Board of Directors, adopted on the 20th of April, 1861, freight and passengers, which at regular rates would amount to over $70,000.
   All freight and munitions of war and soldiers for the Confederate armies have been transported over all roads at half the regular rates, by orders of the government.
The total amount received from transportation from the opening of the road to the State line of Mississippi (on 16th of August, 1854,) has been $4,835,108.36
The expense of which has been 2,932,364.08
Leaving total net earnings $1,902,744.28
which has been disbursed for interest on loans and the extension of the road.
   The works on the extension of the road between Canton and Aberdeen have progressed very slowly, the contractors keeping only sufficient hands employed to preserve the partially completed embankments and excavations.
   The Aberdeen division, extending from the city of Aberdeen to the intersection of the Mobile & Ohio Railroad, is sufficiently advanced to commence the laying of the rails, which will be done as soon as the resident Engineer can get the Mobile & Ohio Railroad to forward the iron. The switch or siding has been put in by the Mobile & Ohio Railroad, and there is every prospect that arrangements will be made with that road to work it as their branch, until ours is extended from Canton to the Junction. We had transported over the road during the year, up to the last day but one, (viz: 27th February, 1862,) upwards of 130,000 passengers, without an accident of any kind, and I had hoped to have had the gratification to announce to you that it had been done without an casualty of any kind for the entire year, but on that day, (the 27th February,) by one of those fatalities which it is impossible to account for, one of the engineers who had been in the employ of the company for two or three years, and who had acquired a reputation for carefulness and attention, while in charge of a construction or repairing train, loaded with timber, left the siding at Ponchatoula in violation of the rules and against the general orders for running trains. The result was a collision with a train which contained the 7th Mississippi Regiment, by which 23 persons lost their lives and 25 were severely wounded.
   The loss to the company from damage to engines, cars and road was large, but nothing in comparison to the loss of life and injury to the passengers. The Superintendent's report attached, gives the details. The engineer of the train has been arrested, and a preliminary investigation commenced before the Recorder of the First District.
   To our officers and employees, this company and the Confederate States are much indebted. They have frequently been kept at work until two or four o'clock in the morning, and in some instances all night receiving and forwarding army supplies and munitions of war. Our General Superintendent, Mr. Williams, in addition to his constant and arduous duties, has, at times, taken charge of and run the engines in person, in order to forward troops and prevent delay. By their untiring industry and devotion, our road has been run with more regularity and efficiency than any other road in the Confederacy.
   Up to the 1st February, 1862, we continued to run two daily trains for passengers and mails, at which time, owing to requisitions from government officers for the transportation of troops and munitions, we were compelled to temporarily suspend the night train.
   The United States Post Office Department is indebted to this company for mail service to the amount of $46,844.05.
   The following documents accompany and make a part of this report:
   A -- Treasurer's Report of the Receipts and Expenditures of the Company from its organization to 28th February, 1862.
   B -- Treasurer's Report of the Receipts and Expenditures of the Company for the year ending 28th February, 1862.
   C -- Statement of Bills Payable
   D -- Statement of Loans received from the State of Mississippi
   E -- Statement of the disposition of 3000 First Mortgage Bonds
   F -- Report of the General Superintendent
   G -- General Superintendent's Statement of the Earnings of the Road for the Twelve Months, ending 28th February, 1862
   H -- Statement of the Earnings from Passage, Miles Traveled, &c
   I -- Statement of the Character, Condition and mileage of the different Locomotives
   J -- Report of the General Superintendent concerning the Collision of 27th February, 1862
   All of which is respectfully submitted.
H. J. Ranney, President
New Orleans, February 28, 1862

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