| Annual Report of the Western North Carolina
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| as of July 1, 1863, |
| President's Report |
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| Report of the President in Behalf of the
Board of Directors |
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| Office of the W. N. C. Rail Road Company |
| Salisbury, August 27th, 1863 |
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To the Stockholders of the Western N. C. Rail Road Company:
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| Gentlemen, |
| We have the honor to submit
to you, the following report of the operations of the Road for the
fiscal year ending 30th day of June, 1863. and, in so doing, And, in
so doing, have observed the rule heretofore pursued, in keeping the
accounts of Construction and Transportation separate, which is
attended with much trouble, and leaves a great many items of expense
to the arbitrary adjustment of the officers. As, for instance, the Car
and Engine account, and the salaries of the officers has been charged
to the construction, and very justly too, in the first years of our
operations; but now, we think the greater portion of these items
should be paid by transportation. With a view to the blending of the
two accounts in one amount, to which we can see no reasonable
objection, would suggest that such legislation be asked at the next
session of the General Assembly, as will remove the last vestige of
the sectional feature of our Charter. On the first day of July, 1862,
we gad remaining in the Treasury to the credit of Construction
account, the sum of $33,683.55, all of which, has been applied to that
purpose, and the further sum of $21,851.03, making the total amount
expended on Construction, $57,329.33. The various items, of the
foregoing account, may be seen in the accompanying report of the
Secretary and Treasurer. |
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The receipts for freights and passengers the past year,
have almost trebbled that of the previous year, which was $33,580.56,
and for the past, $89,624.08. We have also received from Confederate
States, State of North Carolina and N. C. Rail Road, for services done
on other Roads, $66,602.19, which makes the total earnings of the
Road, $162,766.55.
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The total expense of operating the Road for same period
is $62,694.14, leaving the nett earnings, $80,040.14, being 144 per
cent. on the cost of operating. This sum will be very nearly absorbed
by the dividend of 4 per cent. declared by the Board, payable on the
21st September next.
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A most gratifying evidence of the success of the Road, is
found in the fact, that during the existence of one of the most
terrible wars, which has ever befallen a people, the business of the
Road has steadily increased, and not so much from freights and travel
on other Roads, as from the products of our own section; in fact, the
principal part of the service over other Roads, has been in
transporting the meat and bread of Western North Carolina to our brave
soldiers in the field, and with the present prospect of a bountiful
crop, we may very reasonably expect a still further increase of
Eastward freights the coming year.
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Construction
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The progress making on the grading East of Morganton,
though not so good as we might desire, is, nevertheless, under all the
circumstances, highly complimentary to the perseverance and energy of
the contractors; they will, in a very short time, have the work so far
advanced as to be ready for the crossties and iron to Hunting Creek {about
1 mile east of Morganton}, which will be about so far as we now
have iron to lay. And the difficulties that now surround us, renders
the procuring of the balance of the iron to reach Morganton a matter
of much solicitude, and we will embrace any opportunity that may
present a chance for securing the desired amount.
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The Road bed is in better condition now than a year ago.
On the first section, the old and decaying ties have been removed and
new ones, of excellent timber, put in. On the second section, very few
sills are so far decayed as to require their removal, and a very
moderate amount of new ties put in as the old ones give way, will keep
the Road bed in its present good condition. The iron rail show very
little lamitation {lamination} or wear,
even on the lower portion of the road, where it has been in use over
six years.
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Rolling Stock
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We refer you for particulars in relation to the
equipments of the Road, to the Report of the Engineer and
Superintendent, but would remark that the condition of our Cars and
Engines is at least as good as at the beginning of the war, and
although the expense of procuring supplies for the shops has been very
great, yet, the amount of labor done by our trains, and their present
secure and neat condition, fully compensates for the expenditure.
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The feeding and clothing of our hands, which, in former
years was a small consideration, has now become a very serious matter.
The past year, we purchased and fatted hogs, thereby procuring a
supply of bacon at a cost not exceeding 33 1/3 cents per pounds, and
have on hand enough to last us some three or four months yet, and also
salt sufficient to cure another year's supply of pork, if we should be
so fortunate as to find the hogs. Clothing and shoes have also become
very heavy items of expense, and very troublesome to obtain even at
high prices.
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The increased business of the Road, and the exchange of
freights with the Atlantic, Tennessee Ohio Rail Road at
Statesville, the Government Transportation account, and the accounts
with the State of North Carolina, renders the duties of the Secretary
and Treasurer exceedingly onerous, and when we consider that he is
performing the double duties of Secretary and Treasurer, with a salary
of $1250 per annum, the compensation is not at all commensurate with
his services, and we would, therefore, respectfully recommend to the
Stockholders an increase in his salary.
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In conclusion, we may well congratulate the Stockholders
on the success, and future prospects of the Road, for although
unfinished, as it is, and its progress arrester, at an unpropitious
point by this calamitous war, yet the vast resources of the country it
now penetrates, will, we feel assured, under judicious management,
make the stock remunerative, whilst in times like the present be a
convenience of incalculable value to the country, and a proud moment
to the memory of those who have made such sacrifices for its
construction.
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Before closing this report, we would ask your favorable
consideration in behalf of the different officers and employees in
charge of their various duties, while no better evidence can be given
of their efficiency than the safety and dispatch attending the
operations of the Road.
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We have the honor to be, very respectfully,
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your most obedient servant,
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A. M. Powell
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