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Proceedings of the Sixth Annual Meeting of
the Stockholders of the Raleigh & Gaston Railroad Company,
Held at Raleigh, Nov. 1, 1856;
with the Reports of the President, Treasurer, &c.:

Electronic Edition.

Raleigh and Gaston Railroad Company


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(title page) Proceedings of the Sixth Annual Meeting of the Stockholders of the Raleigh & Gaston Railroad Company, Held at Raleigh, Nov. 1, 1856; with the Reports of the President, Treasurer, &c.
(cover) Sixth Annual Report of the Raleigh and Gaston Railroad Company. 1856.
Raleigh and Gaston Railroad Company
20, [1] p.
RALEIGH:
PRINTED BY HOLDEN & WILSON, "STANDARD" OFFICE.
1856.

Call number C385.1 R16s (North Carolina Collection, University of North Carolina at Chapel Hill)


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Illustration

[Cover Image]


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[Title Page Image]


PROCEEDINGS
OF THE
SIXTH ANNUAL MEETING
OF THE
Stockholders of the Raleigh & Gaston Railroad
Company,
HELD AT RALEIGH, NOV. 1, 1856;
WITH THE
REPORTS OF THE PRESIDENT, TREASURER, &c.

RALEIGH:
PRINTED BY HOLDEN & WILSON, "STANDARD" OFFICE.
1856.


Page 3

PROCEEDINGS.

        The Sixth Annual Meeting of the Stockholders of the Raleigh and Gaston Railroad Company convened at Raleigh, on Thursday the 30th day of October, 1856.

        On motion of Maj. Chas. L. Hinton, the meeting was organized by the appointment of ALFRED WILLIAMS, Esq., Chairman, and W. A. EATON and W. W. VASS, Esqrs., Secretaries.

        On motion, a committee consisting of Dr. E. A. Crudup, T. Brown Venable and W. W. Vass was appointed to ascertain the amount of stock represented in the meeting.

        Alfred Jones, Esq., appeared as the representative of the State's stock.

        When on motion of Geo. W. Mordecai, Esq. the meeting adjourned over to 3 o'clock in the evening.

THREE O'CLOCK, P. M.

        The meeting was called to order by the chairman.

        Dr. E. A. Crudup reported on behalf of the committee appointed for that purpose, that there were present 656 shares and 7295 shares represented by proxy.

        R. A. Hamilton, Esq., President, presented the report of the President and Directors to the Stockholders, which was read and adopted.

        T. Brown Venable, chairman of the committee of Finance and Inspection made a report, which on motion was adopted.

        The meeting went into the election of four Directors on the part of the Stockholders for the ensuing year. R. A. Hamilton, Geo. W. Mordecai, Dr. W. J. Hawkins and Thos. Miller were duly re-elected. Subsequently His Excellency, Gov. Bragg, reappointed Jno. G. King, Gaston H. Wilder and Allen C. Perry Directors on behalf of the State.


Page 4

        Edmund Wilkins, Esq., offered the following resolution, which was passed:

        Resolved, That at each and every annual meeting hereafter the President and Directors cause to be printed their Annual report--together with the reports of the Treasurer and Financial committee, and the same to be distributed to the Stockholders in general meeting.

        On motion, the thanks of this meeting were tendered to the Chairman and Secretaries.

        On further motion, the meeting adjourned.

ALFRED WILLIAMS, Chairman.

W. W. VASS,
W. A. EATON, Secretaries.


Page 5

PRESIDENT'S REPORT.

        The President and Directors of the Raleigh and Gaston Railroad Company beg leave to present to the Annual Meeting of the Stockholders the following Report:

        It is a source of much satisfaction to us to be able to state that, whilst nearlyevery mail brings intelligence of accidents on Railroads, attended with injury to person and property, and frequently with great loss of life, our Road has been exempt from those casualties. The enviable and deserved reputation which it has acquired, in this respect, it should be our earnest and unremitted effort to maintain unimpaired,--always bearing in mind that freedom from casualties begets too much confidence, and that it is therefore the more necessary to impress upon the minds of those in the employment of the Company the fact that, strict obedience to orders and a constant vigilance are necessary to obviate future dangers and preserve, unimpaired, the far-extended reputation of our Road for safety and comfort. It has won the confidence of the public, both near and far, and we are now beginning to realize the benefits resulting from it. In this connection, we take pleasure in commending to your favorable consideration the superintendents and subordinate officers of the Company; whose attention to their duties has been exemplary.

        We will now call your attention to the Treasurer's Annual Report of the operations of the Road for the last fiscal year ending 30th September; and, upon reviewing the entire statement, and considering the many unfavorable circumstances which have conspired to make this year one of peculiar hardship, affecting the usual sources of income, as well as involving much expenditure of an extraordinary character, we may well be satisfied.


Page 6

        It will be seen, by reference to this Report, that the entire receipts of the Road, for the year ending 30th September, 1856, have been, including the balance on hand on the first day of the present fiscal year,

        
    $253,548 86
Out of which have been disbursed: For ordinary and current expenses, $ 98,441 76  
For extraordinary and current expenses. 129,746 44 228,188 20
Leaving a balance on 1st Oct. of   $ 25,360 66

        It will be seen that there is a diminution in the receipts of the Road for the past year, both from passengers and freight. This is owing to several causes.

        During the year ending 30th Sept. 1855, there was received for transportation of Iron for the North-Carolina and Roanoke Valley Railroad Companies, the sum of $15,250; the whole of which was carried to the credit of that year, whereas a large portion was done during the present fiscal year, for which it is rightfully entitled to credit. The extreme severity of the winter (unexampled for many years past) operated very prejudicially on all Railroads in our country,--disabling engines, suspending operations on the Road beds, and diminishing travel as well as trade during its continuance. This has been succeeded by a drought and other causes, destroying crops, and rendering it, to a considerable extent, a matter of necessity to retain the wheat usually sent to market (that crop itself being a short one) to aid in furnishing food for the people at home.

        The income of the Road was very materially affected by these untoward circumstances. But, notwithstanding all this, it will be perceived that, after deducting the iron hauled for the N. C. & R. V. R. R. Co's, alluded to above, the ordinary receipts of the Road are about the same as last year. The nett profits of the Road, after deducting ordinary expenses, have been within a small fraction of 8 per cent. on the capital stock of the Company.

        The completion of the North-Carolina Railroad, so creditable to the liberality and enterprise of the State, has constituted an era in the history of such works and opened to


Page 7

the markets of the East a most fertile section of country hitherto, to a great extent, unconnected with the markets on tide water. Much of the best country penetrated by that Road has heretofore traded to Charleston and Columbia, and will now find an outlet farther North. Wheat and flour, the great staples of the Yadkin country find excellent markets by going over our Road; and merchants and others along the line of that Road will receive from New York and other Northern Cities their goods and supplies by this route. The establishment of a through ticket from Weldon by our Road and the connecting Roads between this and Augusta and Charleston, has been effected within the last few weeks, after an effort of eight or ten months to accomplish this object; and will, we doubt not, be attended with a large increase of travel and income. The higher, more healthy, and interesting region of country, through which the traveller who takes this route will pass, and the substantial manner in which these Roads are built, must commend it to the travelling public, and will ensure a fair division, if not the larger portion, of the through travel. The same facilities will, we hope, be soon extended to New York, Philadelphia and Baltimore, and to New Orleans. A through freight has also been recently established with the North-Carolina Railroad Company and with the Seaboard and Petersburg Railroad Companies, by which freight may now be carried from Petersburg and Portsmouth to Charlotte, or any other point west of Raleigh (and in the opposite direction) without transhipment. This has been in operation but a short time; and, if the contracts are fully carried out by the assenting parties, must result in great advantage to all. Taking all these things into consideration and recollecting that every pound of freight taking our Road at its Southern terminus, pays on every mile of it, or nearly so, we think we may look with confidence to the advantages to be hereafter derived from our connection with that Road.

        It is proper to state that application has been made within the last few months requesting a called meeting of the stock-holders of the Co., with the view of considering the expediency


Page 8

of authorizing a loan to pay for the improvements on the Road, and declaring a dividend as usual. The Board, after mature and respectful consideration, declined taking any action themselves in the matter.

        The Roanoke Valley Railroad, intersecting ours near Ridgeway Depot, and tapping the fertile Valley of the Roanoke River, at the junction of the Dan and Staunton, is now in operation, we are pleased to state, under the sole charge of its own officers, (our contract with them for running their Road having expired about the first of last April.) A warehouse has been erected at the junction of the two Roads at joint expense, and the produce we are receiving from that source, a large portion of which has heretofore sought its way to market down the river, makes it an important feeder to our Road.

        In response to a resolution adopted at your last meeting in regard to merging the two roads into one, we deem it inexpedient at this time to take any action.

        Having received satisfactory assurances from the President and Directors of the Petersburg R. R. Co., (into whose corporation the Greenville and Roanoke R. R. Co., has been merged since your last annual meeting) of their determination and intention to rebuild the latter Road in a permanent manner with a substantial iron rail, we have taken steps for the re-construction of the bridge over the Roanoke river at Gaston--having contracted for the timbers and irons, and also with a competent bridge-builder who has now commenced operations. When this bridge is completed, which it is proposed shall be done at the earliest moment, and the Petersburg Co. shall have finished relaying their Road with heavy iron, it will reduce the time between Petersburg and Raleigh to about 6 or 7 hours, and thus be decidedly advantageous.

        In pursuance of the recommendation (at your last meeting) of the Finance and Inspection Committee, the Board of Directors have made contracts for the filling up of the trestlework and the building of permanent bridges and culverts between Weldon and Gaston, which contracts are now being executed in a satisfactory manner; and we hope will be completed


Page 9

during the present year. Owing to the imperfect manner in which the work was done before it came into our possession, these repairs will be very expensive.

        The old timbers of the Gaston Bridge may be either sold or reserved for the purpose of rebuilding the warehouses on our line, many of which need repair, if not entire reconstruction.

        The sinking fund amounts to $15,700, of which the sum of $2,700 has been appropriated during the present year.

        There was at the time of your last annual meeting an item in your accounts of $9,224 05, as due by the N. C. R. R. Co., and considered as cash or funds available. It is proper to state that the N. C. R. R. Co., had, then, an account against this Company for upwards of $5,000--reducing, of course, the above amount by that sum. A settlement has since taken place with that Company, with the exception of two or three items in their account, which yet remain to be adjusted.

        There was on hand on 30th Sept. 7490 cords of wood--paid for.

        Your Bridges have undergone some repairs this year, and are in good condition, and should always receive that attention which their importance demands.

        We have built and repaired six Culverts, besides other masonry of a miscellaneous character. Good wood-sheds have been erected at Huntsville and Forestville Depots; also houses for the watchmen at Cedar Creek bridge and Jeffries' bridge, besides others at Weldon and the junction, for the hands of the Company, and repairs to the ware-houses, water-stations, &c. Your Road from Warrenton to Gaston is thoroughly ditched; from Warrenton to Raleigh the ditches require cleaning out.

        Efforts have been made to participate in the advantages of the Railroad shed at Weldon, but have been ineffectual.

        We have taken an exact inventory of the rolling stock of the Company on hand on 30th Sept., which is as follows: 12 Engines, viz: Alamance, Franklin, Wake, Halifax, Warren, Graham, Raleigh, Granville, Tornado, Clarksville, Tempest, and Volcano. They are all in running order, though some


Page 10

few may require slight repairs. The Raleigh, Wake, and Franklin, have been thoroughly overhauled and renewed within the last year, at an estimated cost of about $1,600 each, and made, in every respect, better than they were when they left the manufacturer's hands, as all the defects have been remedied.

        Considerable repairs have also been done to the "Graham." Eight new box cars have been built--two passenger coaches thoroughly overhauled or nearly rebuilt, as well as three mail cars and the running works of three tenders built. There are 73 (8 wheel) and 3 (4 wheel) box cars; 32 flats, 5 good passenger coaches, 3 inferior ditto, and 3 post office cars--all in running order,--20 gravel cars and 9 hand cars for the section masters on the Road.

        The following have been purchased and added to the machinery in the shops, viz: One turning lathe, one planer, and one bolt cutter.

        We have caused to be prepared a statement of the receipts at each Depot on the Road, as well as to and from the N. C. Railroad. As a large portion of the latter, however, is included in the receipts at the Raleigh Depot, this statement cannot be relied upon as embracing all the receipts from that Road.]

R. A. HAMILTON, President.

October 30, 1856.


Page 11

Receipts from Transportation for the Year, compared with the Four Years Previous.

        

1855-'56.

  Freight, Pass'g'rs. TOTAL.
OCTOBER, 10,225 95 6,674 64 16,900 59
NOVEMB'R. 6,244 08 4,510 56 10,754 64
DECEMB'R, 5,519 27 4,751 66 10,270 93
JANUARY, 3,874 23 4,219 29 8,093 52
FEBRU'RY, 5,135 81 3,073 33 8,209 14
MARCH, 11,282 29 3,925 91 15,208 20
APRIL, 11,736 07 4,184 87 15,920 94
MAY, 10,853 38 4,668 46 15,521 84
JUNE, 8,853 41 5,857 85 14,711 26
JULY, 8,527 17 6,064 05 14,591 22
AUGUST, 10,539 15 5,828 23 16,367 38
SEPT. 11,442 73 6,686 39 18,129 12
  $ 104,233 54 60,445 24 164,668 78
  Transporting Mail,   10,430 55
      $175,109 33

        

1854-55.

  Freight. Pass'g'rs. TOTAL.
OCTOBER, 9,894 20 8,994 48 18,888 68
NOVEMB'R. 6,553 72 5,318 36 11,872 08
DECEMB'R, 5,019 27 5,225 87 10,245 14
JANUARY, 7,853 83 4,461 56 12,315 39
FEBRU'RY, 8,868 74 3,099 91 11,968 65
MARCH, 11,279 43 4,222 33 15,501 76
APRIL, 10,852 32 3,958 20 14,810 52
MAY, 9,398 78 4,591 18 13,989 96
JUNE, 11,054 63 5,281 14 16,335 77
JULY, 8,547 57 5,478 68 14,026 20
AUGUST, 9,594 35 4,396 05 13,990 40
SEPT. 23,110 47 6,094 83 29,205 30
  122,027 26 61,122 59 183,149 85
  Transporting Mail,   9,990 00
      $193,139 85

        

1853-'54.

  Freight. Pass'g'rs. TOTAL.
OCTOBER, 8,117 09 6,262 13 14,379 22
NOVEMB'R, 7,009 17 4,616 83 11,626 00
DECEMBER, 4,823 24 4,442 47 9,265 71
JANUARY, 4,183 63 4,679 96 8,863 59
FEBRU'RY, 4,584 66 3,461 37 8,046 03
MARCH, 10,401 05 4,722 06 15,123 11
APRIL, 7,345 48 4,498 50 11,843 98
MAY, 8,418 91 5,242 70 13,661 61
JUNE, 7,890 62 6,207 72 14,098 34
JULY, 8,178 99 6,540 44 14,719 43
AUGUST, 8,833 94 5,817 05 14,650 99
SEPTEMB'R, 20,920 92 7,104 51 28,025 43
  $ 100,707 70 63,595 74 164,303 44
  Transporting Mail,   9,620 33
      $ 173,923 77

        

1852.'53.

  Freight. Pass'g'rs. TOTAL.
OCTOBER, 5,235 59 3,021 51 8,257 10
NOVEMB'R, 4,985 63 2,549 66 7,535 29
DECEMBER, 2,498 12 3,236 62 5,734 74
JANUARY, 3,159 48 2,866 20 6,025 73
FEBRU'RY, 4,237 50 1,997 40 6,234 90
MARCH, 7,252 08 3,711 39 10,963 47
APRIL, 5,288 53 2,650 94 7,939 47
MAY, 6,164 97 3,739 14 9,904 11
JUNE, 4,831 66 4,808 82 9,640 48
JULY, 5,091 34 5,806 63 10,897 87
AUGUST, 6,678 03 5,615 10 12,293 18
SEPTEMB'R, 9,203 39 6,231 69 15,435 08
  64,626 32 46,235 05 110,861 37
  Transporting Mail,   8,223 16
      $119,084 53

        

1851-'52.

  Freight. Pass'g'rs. TOTAL.
OCTOBER, 1,592 53 2,164 47 3,758 00
NOVEMB'R, 1,371 03 1,562 62 2,933 65
DECEMB'R, 1,289 84 1,650 41 2,940 25
JANUARY, 701 80 1,595 59 2,297 39
FEB'RY, 1,535 87 1,894 49 2,930 36
MARCH, 2,548 89 2,462 91 5,011 80
APRIL, 2,937 29 1,590 71 4,533 12
MAY, 3,122 99 1,590 71 4,713 70
JUNE, 4,065 31 2,455 86 6,521 17
JULY, 4,413 50 2,327 86 6,741 36
AUGUST, 5,476 64 2,951 22 8,427 86
SEPT. 6,083 33 4,075 05 10,898 38
  35,879 85 25,827 09 61,707 04
  Transporting Mail,   3,770 86
      $65,477 90


Page 12

Statement of Receipts and Expenditures of the Raleigh and Gaston
Railroad Company for the year ending on the 30th Sept. 1856.

        

DR.

RECEIPTS FROM TRANSPORTATION,    
RECEIPTS FROM Freight, $104,233 54  
RECEIPTS FROM Passengers, 60,445 24  
RECEIPTS FROM Mails, 10,430 55  
    175,109 33
FROM OTHER SOURCES, TO WIT:    
FROM Capital Stock, 211 00  
FROM Interest on Sinking Fund, 481 50  
FROM Profit and loss general interest, 163 02  
    855 52
Add the balance on hand, Oct. 1, 1855,   77,584 01
    $253,548 86


Page 13

        

CR.

The Expenditures have been--Current expenses:      
For Train Wages,   $14,265 43  
For Agents and laborers,   12,000 86  
For Wood,   13,268 49  
For Oil and Waste,   4,518 04  
For Overseers and laborers,   18,931 17  
For Timber,   1,223 22
For Shop labor,   13,539 68  
For Materials for Shop and Road,   8,946 96  
For Wheels, Axels and Ties,   4,291 54  
For Salaries for President and Treasurer,   3,000 00  
For Damaged and lost goods and stock killed,   2,046 28  
For Coal,   700 80  
For Contingencies, being Director's pay, printing, advertising, stationery, postage, &c,   1,709 29  
For Extraordinary Expenses:   $ 98,441 76  
For New machinery,   11,488 09  
For New Cars,   7,861 03  
For Construction, pd. Pet. R. R. Co.,   603 00  
For Ditching.   2,746 92  
For Buildings,   2,233 60  
For Interest on funded debt,   6,165 00  
For Bridging and Culverts,   2,692 75  
For Reconstruction Gaston Bridge--Lumber for,   2,000 00  
For Culvert masonry between Weldon and Gaston, $11,230 77    
For Foundation, Excavation, 515 12    
For Engineering--Salaries of Engineers and Rodmen, 936 91    
For Embankment, 3,860 00    
    16,542 80  
For Connection with N. C. Railroad, cost of half Warehouse, and Iron, for track,   8,035 50  
For Dividend No. 3, payable 12th December, 1855, $57,310 00    
For Dividend No. 2, on account, 70 00    
For Dividend No. 1, on account, 108 00    
For Roanoke Valley R. R. Co. settled the amount to their credit on 1st October 1856, 4,229 75    
For Sinking Fund, amount invested, 7,700 00    
    69,417 75 129,746 44
Leaving a balance on hand on 1st Oct., 1855, of $25,360 66, consisting as follows:     228,188 20
Bank of State N. C., cash on deposits,   6,390 56  
Petersburg R. R. Co., amount due,   6,584 31  
Seaboard Roanoke Railroad Company,   3,918 81  
Roanoke Valley Railroad Company,   683 74  
Bills receivable,   4,478 41  
Cape Fear Deep River Navigation Company,   140 00  
Stage Company,   134 75  
Agents, in transitu.   3,030 08  
      25,360 66
      $ 253,548 86

W. W. VASS, Treasurer.


Page 14

Exhibit of the Raleigh and Gaston Railroad Co., on the first day of October, 1856.

        
Dr.   Cr.  
To Capital Stock of the Company, $973,300 00 By cost of old Road from Raleigh to Gaston, $400,000 00
To Coupon Bonds, due in 1862, sold and applied to reconstruction, 100,000 00 By cost of reconstruction and equipment, 572,263 97
To Profit, applied to reconstruction, 97,545 85 By cost of connection from Weldon to Gaston, 175,000 00
  $1,170,845 85    
To Interest on Sinking Fund, to be invested, 812 25 By connection with N. C. Road at Raleigh, to date, 23,581 88
Dividends uncalled for, to wit:      
On No. 1, $120 00     $1,170,845 85
On No. 2, 462 00   By Stock subscriptions, still due, 1,821 74
On No. 3, 1,080 00 1,662 00 By Stock held in the R. V. R. R. Company, 7,700 00
To Am't of floating debt, estimated at 17,482 39    
To Net balances, as follows:   By Sinking Fund, invested, 15,700 00
Invested in S'k'g Fund, $15,700.00   Balances due from other Companies, Agents, Banks, and Bills receivable, per Treasurer's statement, 25,360 66
Invested R.V.R.R.St'k, 7,700.00    
Am't unappropriated, 7,225.76 30,625 76  
  $1,221,428 25   $1,221,428 25

W. W. VASS, Treasurer.


Page 15

REPORT OF COMMITTEE OF FINANCE AND
INSPECTION.

        The Committee of Finance and Inspection of the Raleigh and Gaston Railroad Company submit the following report to the meeting of the Stockholders:

        That they have examined the state of the Road, the bridges and culverts from Raleigh to Weldon and find the track of the road in fine working order.

        All the bridges between Raleigh and Gaston are in good order and perfectly safe, having been thoroughly repaired during the last year. Indeed these bridges having been constructed when the engines used on this road were much lighter and of less power than those we now have; were not built as strong as those of the present day and of course required constant bracing and repairs to keep them in safe order, and this fact may account for the amount which is required to be expended, yearly on their repairs, that otherwise might be regarded as extravagant. The contractor who has undertaken to build the Gaston Bridge has commenced work and expects to complete it within some three or four months, and your committee from the investigation which they have been able to give the subject are of the opinion, that if the contract is properly carried out this will be a good and safe Bridge, and built on the most satisfactory terms.

        The repairs between Gaston and Weldon which the Directors were instructed, at the last meeting of this company to have made, are progressing well. The most of the Trestle work on tnis part of the Road has been filled in with a strong embankment of earth and made perfectly secure. Stone piers, where needed, have been commenced and are now nearly completed.


Page 16

        Culverts of hewn stone of sufficient size to carry off the water and protect the embankment, have been built in a strong and permanent manner. And your committee can but congratulate the stockholders, that when these repairs are completed they will have one of the most perfect and best built roads in this country; and though the cost may come some what heavily upon the company now; yet the value in future will be much enhanced both in the payment of Dividends and the capacity of the road for carrying heavy freights. Wood houses have been erected at many of the Depots, and Depots repaired besides a large Depot at the Clarksville junction built in connection with that road; all of these were required to be done in order that the road might accommodate its increasing trade.

        In order to present to the stockholders a full view of the working of the road for the previous year your committee have required the Treasurer to furnish a full statement of the receipts at each Depot on the road, which statement is appended to this report.

        From this statement it will appear that the Roanoke Valley Railroad is becoming a most important feeder to our road. It already brings more of freight and passengers to this Road than any Depot belonging to the road except Raleigh, although the freights are in most cases only carried to Gaston over our road. By a comparison with the previous year it will show an increase of near One Hundred per cent. In view of these facts your Committee would recommend that every facility should be extended to that company in carrying on their business. No definite information could be obtained by your Committee as to amount of freight and passengers obtained from the North Carolina Railroad, nor could they obtain any certain data, upon which they could form the opinion as to the value of this connection. But from all the information they have been able to get they are decidedly of the opinion that unless the schedules and tariffs of those roads in connection with ours, towards the sea coast is altered materially, that we can receive but little produce from the North Carolina Railroad. Your Committee would therefore


Page 17

recommend that the President and Directors of this road should represent this fact to the Seaboard and Petersburg roads so that at least the rates of freight per ton, per mile should not exceed those on the road in direct competition with them.

        By reference to the annual report of the Treasurer the receipts of the road for the last Fiscal year will be,

  $175,964 85
From which deduct ordinary expenses, 98,441 76
Leaving a profit made by road--this year, $77,523 09

        This statement is made according to the usual and most approved method of stating the accounts of Railroad companies and which has obtained on this road heretofore--and according to this statement will show a profit of more than 7 per cent. on the capital stock of the company. And if there had have been no debt due from other years and no extraordinary repairs required to be put upon the road, then this sum would properly have been sufficient to have paid a handsome nett-dividend to the stockholders.

        From the fact appearing from the Treasurer's report that there remained only a balance in the Treasury after paying these ordinary and extraordinary expenses of $25,360 66, your committee were led to enquire as to the items that constituted these extraordinary expenditures--and find that many items of the extraordinary expenditures were payments for contracts of previous years for construction account and for new machinery and cars for the use of the Road--and the other large items was for the repairs ordered to be made by the last meeting of the stockholders. Your committee also find that there is what is termed a floating debt by the Treasurer, of some 17,000--which is for supplies mostly for the next year which are not now due and will be properly chargeable to the ordinary expenditures of the next year. So that the balance of $25,360 66--reported by the Treasurer may be regarded as a nett balance (deducting the previous dividend due and not paid out amounting to some $16,62 00) after paying all the debts due by the company.


Page 18

        Your committee also enquired into the value of the floating stock of the road consisting of engines, cars, &c. which they find to be valued at

  $157,570 00
and that there is now on hand of material for next year and paid for the amount of near $12,000 00
and of wood already paid for, $8,400 00

        In view of the whole matter connected with the management of the road for the last twelve months and the state of the Finances, your committee would report, that they have examined the whole of the accounts and are of the opinion that the President and Directors have managed the affairs of the company in a prudent and judicious manner, both in paying off all the out standing liabilities of the company and in the prudent contracts made in carrying on the extensive repairs required.

        Indeed your committee see nothing discouraging in the financial condition of our road--but on the contrary can but congratulate the stockholders on its success thus far. For what raad is there that has paid dividends so soon after it started into operation and has steadily progressed towards completion on the most permanent secure plan and has only relied on its ordinary receipts for furnishing the means, without having incurred a large floating debt for construction. Our own road has only borrowed $100,000 to complete its equipment, has a sinking fund of over $15,000--towards the payment of that debt has increased the value of its rolling stock to $157,510; has some $20,000 worth of material and wood already paid for on hand--a balance of $25,360 66--besides having expended such large sums of money in completing the structure of the road.

        With these facts before us your committee can but recommend that the same safe and prudent management be still followed out by those who may have the control of the affairs of the company in future. This balance in the Treasury heretofore alluded to, it is for the stockholders to say whether it shall be applied to the payment of the repairs already ordered to be put upon the road and thereby leave the company free of debt and hereafter able to pay bona fide dividends to


Page 19

the stockholders from the earnings of the road or whether it shall be divided to the stockholders and money borrowed for the purpose of completing the road thereby creating a debt which may every year decrease our means of paying dividends. All of which is respectfully submitted.

T. BROWN VENABLE, Chm'n Com.


Page 20

STOCK ACCOUNT. --Oct. 1, 1856.

        
DR.   CR.  
TO CAPITAL STOCK SUBSCRIBED--   BY CASH--  
By Individuals and Corporations, $ 398,300 00 From Individuals & Corporations, $ 396,478 26
By State of North-Carolina, 400,000 00 Amount due from individuals, 1,821 74
By Seaboard & Roanoke Railroad Company, and State of North Carolina, 175,000 00 From Seaboard and Roanoke Railroad Company, and State of N. Carolina (for Weldon and Gaston Connection,) 175,000 00
    From State of N. Carolina, (Value of old Road,) 400,000 00
  $ 973,300 00   $ 973,300 00

W. W. VASS, Treasurer.


Page [21]

A Detailed Statement of Transportation Receihts, for the Fiscal Year Ending September 30th, 1856.

RALEIGH.

        
  October, November, December, January, February, March, April, May, June, July, August, September,  
FREIGHT. $3,445 40 2,250 58 2,285 36 1,533 22 2,178 02 5,100 80 5,357 13 2,692 43 2,719 15 2,294 18 2,016 82 3,026 49 $34,899 58
PASSENGERS. $1,186 77 924 54 953 87 815 79 767 69 1,112 25 1,602 27 1,241 03 1,763 25 1,245 75 1,718 25 1,637 87 $14,969 33
TOTAL. $4,632 17 3,175 12 3,239 23 2,349 01 2,945 71 6,213 05 6,959 40 3,933 46 4,482 40 3,539 93 3,735 07 4,664 36 $49,868 91

HUNTSVILLE.

        
  October, November, December, January, February, March, April, May, June, July, August, September,  
FREIGHT. $285 83 291 26 163 90 55 03 14 02 150 85 39 88 136 94 19 44 37 48 96 33 94 16 $1,385 12
PASSENGERS. $14 75 10 00 11 25 6 00 3 00 11 35 9 00 10 75 17 85 27 00 21 50 7 25 $149 70
TOTAL. $300 58 301 26 175 15 61 03 17 02 162 20 48 88 147 69 37 29 64 48 117 83 101 41 $1,534 82

WAKE.

        
  October, November, December, January, February, March, April, May, June, July, August, September,  
FREIGHT. $360 01 206 54 164 17 148 43 132 39 317 47 567 30 279 30 79 45 112 78 135 97 335 06 $2,838 87
PASSENGERS. $249 75 153 75 226 50 51 65 53 65 61 00 96 50 68 75 151 40 71 75 102 25 120 00 $1,406 95
TOTAL. $609 76 360 29 390 67 200 08 186 04 378 47 663 80 348 05 230 85 184 53 238 22 455 06 $4,245 82

FRANKLIN.

        
  October, November, December, January, February, March, April, May, June, July, August, September,  
FREIGHT. $1,205 55 663 23 413 96 278 16 369 06 1,084 90 996 39 906 20 631 15 619 04 846 97 943 76 $8,958 37
PASSENGERS. $733 12 309 90 353 50 292 47 174 25 318 62 164 61 317 75 354 12 409 12 311 74 375 11 $4,114 31
TOTAL. $1,938 67 973 13 767 46 570 63 543 31 1,403 52 1,161 00 1,223 95 985 27 1,028 16 1,158 71 1,318 87 $13,072 68

HENDERSON.

        
  October, November, December, January, February, March, April, May, June, July, August, September,  
FREIGHT. $1,373 24 763 40 694 61 392 05 566 76 1,420 79 1,551 18 1,988 35 1,540 91 1,208 40 2,005 74 1,700 63 $15,206 06
PASSENGERS. $384 14 384 50 283 88 263 12 178 00 267 00 171 37 356 75 358 12 306 00 340 37 375 00 $3,668 25
TOTAL. $1,757 38 1,147 90 978 49 655 17 744 76 1,687 79 1,722 55 2,345 10 1,899 03 1,514 40 2,346 11 2,075 63 $18,874 31

RIDGEWAY.

        
  October, November, December, January, February, March, April, May, June, July, August, September,  
FREIGHT. $749 51 271 23 285 36 171 95 405 95 457 09 384 26 640 56 830 05 443 83 722 13 600 23 $5,962 15
PASSENGERS. $298 75 122 37 147 25 71 50 39 00 77 00 59 12 94 50 123 12 149 00 132 24 135 12 $1,448 97
TOTAL. $1,048 26 393 60 432 61 243 45 444 95 534 09 443 38 735 06 953 17 592 83 854 37 735 35 $7,411 12

WARRENTON.

        
  October, November, December, January, February, March, April, May, June, July, August, September,  
FREIGHT. $682 18 433 43 280 35 243 16 239 72 605 53 995 50 1,292 25 653 70 624 77 903 86 823 10 $7,777 55
PASSENGERS. $661 25 517 74 434 62 390 88 269 11 221 24 338 24 375 25 481 37 468 73 629 87 724 62 $5,512 92
TOTAL. $1,343 43 951 17 714 97 634 04 508 83 826 77 1,333 74 1,667 50 1,135 07 1,093 50 1,533 73 1,547 72 $13,290 47

MACON.

        
  October, November, December, January, February, March, April, May, June, July, August, September,  
FREIGHT. $253 25 72 08 58 66 55 65 90 68 176 84 108 58 462 36 351 04 209 46 450 11 305 76 $2,594 47
PASSENGERS. $78 00 58 75 39 00 26 00 34 25 17 75 17 00 24 50 60 25 48 50 39 00 31 75 $474,75
TOTAL. $331 25 130 83 97 66 81 65 124 93 194 59 125 58 486 86 411 29 257 96 489 11 337 51 $3,069 22

LITTLETON.

        
  October, November, December, January, February, March, April, May, June, July, August, September,  
FREIGHT. $178 45 129 07 82 34 29 39 52 07 202 68 215 41 338 13 261 02 263 58 177 68 142 93 $2,072 75
PASSENGERS. $72 00 41 63 57 87 40 25 39 88 27 25 50 25 63 50 71 23 80 00 67 25 45 87 $656 98
TOTAL. $250 45 170 70 140 21 69 64 91 95 229 93 265 66 401 63 332 25 343 58 244 93 188 80 $2,729 73

GASTON.

        
  October, November, December, January, February, March, April, May, June, July, August, September,  
FREIGHT. $4 56 40 00 49 34 9 30 159 86 31 22 108 48 39 37 57 80 50 30 41 78 19 66 $611 67
PASSENGERS. $87 50 95 25 95 49 44 62 17 00 40 50 30 25 49 75 46 87 71 49 83 74 81 75 $744 21
TOTAL. $92 06 135 25 144 83 53 92 176 86 71 72 138 73 89 12 104 67 121 79 125 52 101 41 $1,355 88

WELDON.

        
  October, November, December, January, February, March, April, May, June, July, August, September,  
FREIGHT. $226 34 144 13 193 39 116 81 49 77 330 64 44 46 98 83 39 00 207 72 158 34 79 61 $1,689 04
PASSENGERS. $1,866 20 991 77 927 10 1,218 15 665 41 913 31 997 87 1,274 01 1,427 02 2,289 18 1,518 10 2,238 40 $16,326 52
TOTAL. $2,092 54 1,135 90 1,120 49 1,334 96 715 18 1,243 95 1,042 33 1,372 84 1,466 02 2,496 90 1,676 44 2,318 01 $18,015 56

R. V. R. R.

        
  October, November, December, January, February, March, April, May, June, July, August, September,  
FREIGHT. $1,461 63 979 13 847 83 841 08 877 51 1,403 48 1,367 50 1,978 66 1,670 70 2,455 38 2,317 34 1,553 92 $17,754 16
PASSENGERS. $346 56 344 19 426 39 304 71 299 94 327 62 144 74 256 12 269 50 277 00 253 87 277 88 $3,528 52
TOTAL. $1,808 19 1,323 32 1,274 22 1,145 79 1,177 45 1,731 10 1,512 24 2,234 78 1,940 20 2,732 38 2,571 21 1,831 80 $21,282 68

KITTRELL'S

        
  October, November, December, January, February, March, April, May, June, July, August, September,  
FREIGHT. $                 .25     $ .25
PASSENGERS. $79 25 16 37 41 25 40 75 28 50 47 50 24 25 29 75 22 75 35 25 34 50 31 75 $431 87
TOTAL. $79 25 16 37 41 25 40 75 28 50 47 50 24 25 29 75 22 75 35 50 34 50 31 75 $432 12

WAY BILLS

        
  October, November, December, January, February, March, April, May, June, July, August, September,  
PASSENGERS $616 60 539 80 753 70 653 40 503 65 483 52 479 40 506 05 711 00 585 27 575 55 545 55 $6,953 49

JUNCTION.

        
  October, November, December, January, February, March, April, May, June, July, August, September,  
FREIGHT. $                     .25 $ .25
PASSENGERS. $                     58 47 $58 47
TOTAL. $                     58 72 $58 72

N. C. R. R.

        
  October, November, December, January, February, March, April, May, June, July, August, September,  
FREIGHT. $ Included at Included at Included at Included at Included at Included at Included at Included at Included at 666 08 1,817 17 $2,483.25
PASSENGERS.   Ral. Depot. Ral. Depot. Ral. Depot. Ral. Depot. Ral. Depot. Ral. Depot. Ral. Depot. Ral. Depot. Ral. Depot. Ral. Depot. Ral. Depot.  
TOTAL. $                   666 08 1,817 17 $2,483 25

MONTHLY TOTALS.

        
  October, November, December, January, February, March, April, May, June, July, August, September,  
FREIGHT. $10,225 95 6,244 08 5,519 27 3,874 23 5,135 81 11,282 29 11,736 07 10,853 38 8,853 41 8,527 17 10,539 15 11,442 73 $104,233 54
PASSENGERS. $6,674 64 4,510 56 4,751 66 4,219 29 3,073 33 3,925 91 4,184 87 4,668 46 5,857 85 6,064 05 5,828 23 6,686 39 $60,445 24

MAIL.

        
  October, November, December, January, February, March, April, May, June, July, August, September,  
TOTAL. $133 21 2,487 37 203 40       79 29 4,746 60   466 38 2,314 30   $10,430 55

W. W. VASS, Treasurer.