PROCEEDINGS OF THE FIFTH ANNUAL MEETING OF THE STOCKHOLDERS OF THE MOBILE & OHIO RAIL ROAD COMPANY, HELD IN THE CITY OF MOBILE, MONDAY, MAY 9th, 1853. Mobile: DADE, THOMPSON & CO. PRINTERS. ........ 1853. FIFTH ANNUAL MEETING. HELD AT MOBILE, MAY 9th, 1853. The Fifth Annual Meeting of the Stockholders of the Mobile and Ohio Rail Road Company, was held in the City of Mobile, on Monday, the 9th day of May, 1853. The meeting having been called to order, SIDNEY SMITH, Esq. President of the Company, read the following REPORT: To the Stockholders of the Mobile and Ohio Rail Road Company: The postponement of the Annual Meeting of the Stockholders. for three months beyond the usual period, was, in order that the Board might be enabled in this their Fifth Annual Report to state, that the basis, which it has been their constant aim to establish, was effected, and that it could be reported as complete; and it is with much satisfaction they now are enabled to state that the local work for the entire line is provided for and under contract for construction, (with the exception of some small portions purposely reserved;) and that thereupon the succeeding Board will be enabled under very favorable circumstances to effect a loan to an amount sufficient to iron and equip the whole road. Since the last Annual Meeting the Chief Engineer was duly authorized to locate and contract for the local work as fast as the local subscriptions permitted, and to open correspondence with all parties interested in Cross Roads or Branches. Suitable and judicious contracts were made for Paducah, Kentucky, the Tennessee River, and the Columbus, Mississippi, branches, or connections, and arrangements are now being made for a terminus at Columbus, Kentucky, and also for promoting reciprocal accommodations with all lines of other roads intending to cross our main trunk. The Board can now state with confidence, that the completion of the entire road bed ready for the iron is now fully secured by the local aid of private and public subscriptions, as is exhibited in the Report of the Chief Engineer, and that the local work is in the hands of able and competent Contractors, very many of whom are the wealthy and influential persons of the country. The Reports and Statements of the Secretary and Treasurer will exhibit in a tabular form— The Counties interested on the line of the Road, and amount of Subscriptions: The number of Miles under Contract: Receipts and Disbursements: The earnings and equipment of that section of the Road completed, and the items of property belonging to the Company, other than the donated lands. From these and the Reports of the Chief Engineer, the following statement will show a general summary of the cost, and the resources that can be used for construction. COST, COMPLETE-Estimated by the Chief Engineer, including Iron for one hundred and two miles of the Branch Roads, to wit: ...$4,776,576 Local work complete..... RESOURCES Total... .$11,376,576 Thirty-three miles complete, cost,...... $500,000 sissippi...... 1,944,100 Do. in Tennessee and Kentucky... 1,228,100 100,000 $4,902,200 Total resources for local construction that must be regarded as perfectly reliable. |