FIRST ANNUAL MEETING.

HELD AT MOBILE, FEBRUARY 5, 1849.

The first annual meeting of the Stockholders of the MOBILE AND OHIO RAIL ROAD COMPANY, was held in Mobile, on Monday the 5th day of February, 1849, at 73 o'clock, P. M.

SIDNEY SMITH, Esq., President of the Company, called the meeting to order, stating that the object was to receive the Annual Report of the Board of Directors, upon the progress and prospects of the work, and to hear such suggestions as might be offered as to its future prosecution.

FRANCIS B. CLARKE, Esq., Chairman of the Committee, then presented and read the Annual Report of the Board of Directors, as follows:

REPORT.

The publication of the first Annual Report to the Stockholders, furnishes an appropriate occasion for adverting briefly to the preliminary history, and tracing the progress of this great enterprise, from its inception to the legal organization of the Company.

The first public meeting to consider the project of a Rail Road connexion between the Gulf of Mexico and the Upper Mississippi and Ohio Valleys, was held in Mobile on the evening of January 11th, 1847. The attendance was large and of the most respectable character. Although the proposition was novel, and involved an expenditure of striking magnitude, the discussion produced a profound impression upon the minds of thinking men, and a committee of influential citizens was appointed, for the purpose of obtaining accurate information with regard to the feasibility of the undertaking. By their exertions a sum was raised sufficient to defray the expenses of a reconnoisance-and a capable Engineer, LEWIS TROOST, Esq., was selected to examine the country upon the probable line of the projected road. His report, confirming

their previous impressions of the remarkable adaptation of the country for railway purposes-no time was lost in making application to the several State Legislatures for acts of Incorporation. The necessary Charters were readily bestowed, containing provisions of the most liberal and satisfactory character. [Copies of these Charters are annexed, in the Appendix, marked A.]

In pursuance of the conditions of the Charter, Books were opened by the Corporators, to receive subscriptions to the Capital Stock, in Mobile, on the 2d day of May, 1849, and continued open for twenty days thereafter. Upon closing the Books, it was found that 6,317 shares had been subscribed, amounting to 631,700 dollars. This sum was taken by 699 subscribers.

The first meeting of Stockholders for the choice of thirteen Directors, to manage the affairs of the Company for the year, was held in Mobile, on the 7th day of June, 1848, and the Board was organized soon after, by the election of SIDNEY SMITH, Esq., President, ALFRED F. IRWIN, Secretary, and Gen'l THOMAS W. McCOY, Treasurer.

One of the earliest and most important duties devolving upon the Board, was the selection of a competent Engineer, to make a thorough and accurate survey of the route. Fully impressed with the bearing which this appointment would have upon the prospects of the road, and with the necessity of securing an Engineer of the highest character for professional skill;-the matter was given in charge to a committee of three Directors; two of whom immediately proceeded to the North upon the duties assigned them. They found the best engineering talent everywhere employed, and commanding large salaries upon the various public works in progress in the Northern States; and much difficulty and delay was experienced, before they were able to fill the appointment. The Board has less reason to regret this delay, however, as it has enabled the committee to obtain the services of Capt. JOHN CHILDE, as Chief Engineer of the Company-a gentleman whose high reputation, and great and varied experience in Rail Road construction, qualify him eminently for the work, and command for his reports the highest degree of public confidence.

In view of an undertaking so important to the interests of Mobile, and the States through which the road would pass, it was considered essential that the assistance of the General Government should be obtained. A delegate was accordingly appointed to proceed to Washington, there to act with the Representative in

Congress from this District, in an endeavor to obtain from the U. States a grant of the right of way for the road, over the public lands; and, also, portions of the lands themselves, to furnish means in the hands of the Company, of carrying out its designs. It is to be regretted that a successful result of the appointment thus made, cannot be reported. The time of the application was unfavorable, being very late in the session; and the supposed difficulty of a constitutional objection to the grant applied for, was unfortunately, another controlling cause in preventing its success. The purpose, however, is not abandoned; nor is it thought that there is any reason to doubt its accomplishment at an early and more opportune period. The plans of the Directors—the direction of the road, and its importance as a line of mail and military communication, have received the attention and approval of the various Departments of the Government—and we may venture to say, that upon renewing our application, at a fitting season, we shall not be disappointed. The Bill introduced at the last session of Congress, is now with the "Committee of Public Lands," and something may possibly be yet done, to ensure its passage.

Another subject demanding the early consideration of the Board, was, the proper mode of presenting the merits of this Rail Road enterprise to the people of those portions of Mississippi, Tennessee and Kentucky, most directly interested in the completion of the work. As the best means of disseminating correct information, and enlisting active public effort in its behalf, two Commissioners were appointed, to visit the Counties between Mobile and Columbus, Kentucky, contiguous to the route suggested by Mr. TROOST; and to call public meetings, deliver addresses and appoint local Boards of Commissioners in each county, with authority to open books, and receive subscriptions for stock. For these duties the Board selected GEO. S. GAINES, Esq., of Mobile, and Hon. JOHN J. MCRAE, of Mississippi-gentlemen well and extensively known in the interior, and thoroughly appreciating the importance of the road in all its bearings.

Acting under the instructions of the Board, these gentlemen commenced their efforts in Southern Mississippi, and progressing northwardly, held public meetings at all the prominent points on the route, and explained in a clear and comprehensive manner, the nature of the undertaking, in which the people of those Counties were called upon to participate, and the benefits which would result from its accomplishment. Boards of Commissioners were