Railroad and Steamboats

From "Selma; Her Institutions, and Her Men" by John Hardy, pub. 1879:

Notwithstanding the gradual approach of hard times Hugh Ferguson, Esq., never ceased in his efforts to shove on the work on the Selma and Tennessee Railroad. As certain as the day arrived, every year Mr. Ferguson would have a meeting of the stockholder. On the first Monday in March 1839, a meeting of the stockholders of the company was held and the following Board of Directors elected: Hon. E. Pickens, Gen. John Brantley, J. M. Calhoun, Esq., Capt. W. W. Fry, Rev. J. C. Sharp, T. B. Goldsby, Esq., A. A. Dexter, Maj. Geo. Bowie, Col. Wm. Waddill, jr. Judge Pickens, at a subsequent meeting of the Board on Tuesday, was unanimously elected President. The trade of the fall of 1839, was considered good, and the business men generally done well, notwithstanding an almost entire shinplaster currency was used. The steamboats, "Avalanche, "commanded by Capt. D. T. Dupree, and the "Jewess," commanded by Capt. Pollock, belonging to Selma, made their appearance during this season. Col. R. R. Nance, Cashier of the Real Estate bank, made the following exhibit or the condition of the Bank:

REAL ESTATE BANKING COMPANY OF SO. ALABAMA

Selma, April 18, 1839,

     At a meeting of the Board of Stockholders and Directors on the 6th inst., a resolution was adopted requiring an Exhibit of the conditions of their institution to be published--in compliance therewith the following is respectfully submitted;
Condition of the Real Estate Banking Company of south Alabama at Selma,
up to 18th April 1839

ASSETS. Notes discounted . . . . $61,587 44 Bills of Exchange . . . 31,320 00 Expense Account . . . . 5,983 79 Protest Account . . . . 128 00 CASH Circulat’n Notes On hand . . 65,325 00 Other Funds . 4,150 82 ------------- 69,145 82 $168,495 05

Liabilities. Capital Stock paid in . . $28,635 25 Circulation Account . . 112,889 00 Individual Depositors . . 3,564 46 Special Deposits . . . 5,885 00 Partial Payments . . . . 13,237 99 Discounts rc’d . 2,929 50 Exchange . . . 1,403 81 Commission . . 35 61 Interest . . . . 9.43 Protest . . . . 14 00 ------------ 4,392 36 ----------- $168,495 05

     Amount of Notes in circulation . . . . . . . . . .                    $52,825 00
For the redemptin of which we have--
     Notes discounted, matured and running to maturity,                     48,994 45 
     Bills of Exchange past due . . . . . . . . . . . .                     31,320 00
     Part of an installment of 10 pre cent. on stock
           called in and yet unpaid                                          8,085 00
                                                                            ---------  87,854 45

In addition to the above, there are 3135 shares of stock, $1000 per
share secured by deeds of trust on real estate, duly executed, 
at a fair cash valuation, to double the amount of stock 
subscribed.                                                                          313,500 00 
                                                                                     -----------

R. R. NANCE, Cashier.

Jeffery, Lawley & Co., were among the new mercantile firms this fall; W. S. Ritchie, of Delaware, opened an office as a civil engineer and surveyor, and died August 16th, 1840, of billious fever; 1840 was a remarkable year in the annals of Selma. It was the most sickly and fatal of any ever experienced, and the excitement in regard to the Presidential and other elections, was never surpassed.

<- PREVIOUS PAGE    |   INDEX    |    NEXT PAGE ->



site by Com'See