| Annual Report of the New Orleans, Jackson
& Great Northern RR |
| as of March 1, 1862 |
| President's Report |
| |
| 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 10/100 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 the net earnings, five hundred
and ninety-eight thousand four hundred and eighty 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.
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| This favorable result is
owning 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 payable and pay roll account $37,666.91;
bills payable, due Northern creditors or alien enemies, $174,835.81.
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|
The whole debt due and outstanding on the 28th February,
1862, including 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.
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|
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:
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| From passengers |
$519,321.14 |
|
| From freight |
550,324.30 |
|
| From mail service |
44,568.75 |
$1,114,214.19 |
|
|
The expense of operating the road during the same period
has been:
|
| For maintenance of road, renewal of bridges, new
cross-ties, 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 |
|
$598,480.90 |
| This amount is accounted for as
follows, viz: |
|
|
| Disbursed in payment of interest on first
mortgage bonds |
|
$155,061.15 |
| Disbursed in payment of interest on bills
payable |
|
59,343.22 |
| Disbursed in reduction of floating debt |
|
258,675.69 |
| Amount 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 balances due from
connecting roads, and cash in the hands of agents |
|
60,400.84 |
|
|
$598,480.90 |
|
| 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 serious 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.
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| 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 Grand Junction and Jackson, Miss.,
forwarded two 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 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,) upward 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 don without
a 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 has 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 and 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:
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| 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 |
|