The Ouachita telegraph. [volume] (Monroe, La.) 1865-1889, 1870-11-26
Presidents REPORT.

The following Report was read at
the Stockholders meeting" held in Hall
willie, Texas, the 10Th day of October,
1870:
To tie Stockholders of tie Southern P,-
c!fc Roil,'o"H Conpopty:
GENTIEMEN: This being the adj
journcu annual meeting of the stock
holders, it is my drltyas we'll as Il pleas
urc to communicates to Nou such matters
of general interest as may pertain to
the road. For 4 detailed statement OF
its business and earnings, &C., must
refer you to the reports Of the Secretary,
Treasurer and superintendent.
The present company bought and
took possession of the road in May, lSIS.
While the sale mjGh1 appear to have
worked injury to many of the Old stock
holders, by causing them to lose their
stock, yet, in point of fact, they lost
nothing of value. Some of the mem
bcfS of the present company were the
largest owners in tl:c old one, and they
lost theirs also in common with the rest :.
Tho sales of the road were public, and
after full notice to all and every person
wanting to bid had the chance of doing
so. Moreover, the road was sold for its
full value. At the time Of the sale it
was very much in debt, and unable to
pay, and the company had no credit
either to borrow or to buy. The loco
motives and rolling stock were worn
out and unfit for use, and nearly every
tic on the road was rotten, and could
not hold the spikes. The trcStlc works
were all in the same bad condition, and
it Was very unsafe to run over The road J..
In many places it needed ditching very
much, and sometimes the trains were
as long as Il week in making :, trip.
Many had lost confidence in it, and
feared to trust their goods to it, or them
selves as passengers. There was no
such thing as could be property called
Il niacfIinc shop, and any extraordinary
wear and tear to the locomotives could
not be repaired this side of Now Or
leans. No dividends over had been
realized from the stock, and the future
prospects for any was poor--in Il word,
the stock had no market value, and
was utterly worthless. At the time OF
the purchase by this company, the fu-
turc of the road was SO gloomy, that
the stockholders of the old company
declined the liberal proposition of youl
late lamcntcd President, Col. II. B.
Hall, who proposed to turn the prr-
chase over to them, if they would pay
y
matters are referred to not invihiOusIy
or to cast rrpro,ch on amy one, but by
way of contrast, to- show the difference
between now and then, ia two short
years, and also how much and justly
you may congratulate yourselves fnr
your very signal success.
About the very first thing YOU did
after coming into possession of the road
was to reduce he charges on the trans
pOrtation of goods and mrrchamhisir.
This you did to the extent of about six
ty per cent. During thr year from May
1860 to 1866, the earnings of the road
from freight and passengers were but
$:'7 30, 3S; from 1856 to 1867, 500, 2S2
80; {; from 1867 to 1868, SIOI,l7 nS; from
1868 to 1869, $IG1 ,GS7 IS, and from 1SG!
to 1870, SIS ,I:3 Sc. The increase il
the earnings is rs great rs ever, ant
since May last the gross earnings fn,
| every month arc two-thirdS greater
| than for the corresponding periods %
| last year.
No road could have the confluence o
the public more so than ours, aud justly
too. Since our organization we hnv.
made it Hn undertaking rule to pay OFT
running expenses, repairs, &c., on stat"'
| days monthly, and the road owes nt
debts, except as | shall hereafter state
We have now two Now, large, pow
rrful locomotives, which wifi draw fifty
| loaded cars over the road, and thrr,
! others which are aS good rs new, lnt
also between forty and fifty new lrcigh
ears, and Il now bagGag" car, all bull
in ourshopS here, and which will com
pare ElvorabIN with any ON the bcS
roads. We have also two fine paSScn
ger coaches, Il large round house, black
smith and carpenter shops, and a larg
machine shop with all necessary tools
in which we can not only repair bu
rebuild an eng zinc. The road bed i
also in excellent condition, and train
could safely run over it at Il speed o
fifty and sixty miles per hour, while Il
ono time in the history of the road, nc
cidrnts, delays and trains Off the track
were the usual orders Of the day. 1t
very rare now that they ever Occur
In short, the road and its equipment
may be we'll set down as OF the first
class. In May, 1868, by the purcha4
aforesaid, you acquired Il road forty-tw
miles in length. During last summC
and fall you built fourteen miles MOI
to this place, and in Il month or 50 thcl
will he ten miles additional west of tn
to Longvicw, in UpShur County. TT
contractor has II large force at WOri
and is anxious to complete il. II
road is at present tifty-siX miles loni
- and when finished TO Longvicw viii
G sixty-six. BY the laws of this stat
! we are entitled to sixteen sections p
mile, or 1920 acres of land for cVrI
g mile of road we build. When the ro:
l. is finished to LOngVicW we will be g
8. titled to 1913, 100 acres of land under Sa
laws, and Will apply for the same. RI
L road and nnDurt Cnanccs. with lis ch;