AR, A&WP 7/1/1862 P

Annual Report of the Atlanta & West Point RR
as of July 1, 1862,
President's Report
 
Atlanta, July 25, 1862
 
To the Stockholders of the Atlanta & West Point Railroad Company:
 
   Since the last meeting of the Stockholders, the country has been in a state of war; and though, from this cause, the business operations of the year are marked with peculiar features, it is believed they will be satisfactory to the Stockholders. These operations, together with the financial condition of the Company, on the 1st of July instant, will appear by the report of the Superintendent, and the statement of the Treasurer, which accompany, this report.
   It will be seen that the receipts are $47,178.30 more than for the preceding year, and only $20,282.29 less than those of 1860. The Superintendent has very properly reminded us, however, that, in a time of war, comparisons with other years afford but little indication of a healthy prosperity, as the receipts depend more upon the temporary movement of troops and military stores, than upon the movement of produce and the transportation and travel usually attendant upon the peaceful wants of the country. Whilst less reliable as a source of profit, the business of the Government is attended with other objections very destructive to the prosperity of the Company, for reasons stated by the Superintendent.
   In the present disturbed state of the country, but little calculation can be made for the future, whilst the causes of disturbance continue. The Directors are happy to report, however, that the prospects of future prosperity have been greatly improved by the late completion of one important connection, and certain provision for the early completion of another. Since our last meeting, the line between Montgomery and Mobile has been completed, and the line between Selma and Vicksburg will opened during the present year. The short link between Selma and Montgomery is also in progress, with fair prospects of early completion. The completion of these several improvements have been deemed necessary, to give to our Road the full advantage of its location, and it should afford much pleasure to the Stockholders to learn that the completion of improvements so important to their interests will not be much longer delayed.
   It will be seen that, on the first of July instant, the Company had, to credit of profit and loss, the sum of $312,414.54; and, as it owed no debt of any kind, except $60,000 of bonded debt, due the 1st of July, long since provided for by a sinking fund, it was deemed unnecessary to hold so large a reserved fund, and the Board, at its July meeting, declared a dividend to the Stockholders of 15 per cent., amounting to $185,838. This will still leave of profit and loss, after payment of all claims against the Company, a sum fully sufficient to meet future contingencies. As the Company now owes no debt, either floating or funded, its entire nett profits may be divided, or such disposition made of them as the interest of the Company may require. The Stockholders may well be satisfied with the past -- the future is involved in too much uncertainty to be a subject of any reliable calculation. With the restoration of peace, our prospect are bright and improving -- with a continuation of war, our excellent location gives us at least equal chances, with other similar enterprises in the country.
   For the details of business, reference is made to the tables annexed, and for some very appropriate remarks on the wear and tear of stock, and the consequent increase of future expenses, the Board refers to the report of the Superintendent. These are difficulties which must equally threaten all Railroad enterprizes during the existence of hostilities, and which the officers have no power to avert or control.
   It is to be regretted that our military authorities do not take a different view of their power to seize and control private property for public uses. In certain emergencies, the exercise of this power is certainly necessary and expedient, but it is undefined in the Constitution, and unregulated by law -- is subject to the grossest abuses, and should never be exercised for mere temporary convenience, but only in obedience to the most pressing public necessity. Being arbitrary in its nature, it is regulated by no system, and submits to no rule, but subjects all private rights to the caprice of Government officials, thus weakening confidence in private enterprieze, and in the security of private property. 
   In peace or war, the resources of Government depend mainly on the resources of the individual citizen, and a policy that leads to the destruction of private enterprize, and private property, must, in the end, dry up the resources of the Government itself. The control lately exercised by the army over the property and operations of Railroads must soon leave them without the means of efficient operation, for either public or private uses. It is earnestly hoped that the Government will take an early opportunity of revising and regulating a practice that threatens such serious consequences, both to public interests and private rights. With exception of one accident referred to by the Superintendent, and for which this Company or its officers are in no way morally responsible, the business of the past year has been conducted with regularity and safety, and it is believed that the officers and employees have generally performed the duties required of them with zeal and fidelity.
John P. King
President

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