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[Cover Image]
[Title Page Image]
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.
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.
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.
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
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
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
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
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.
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 |
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 |
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 |
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 |
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 |
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 |
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.
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.
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.
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
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.
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
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.
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.
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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.
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