| Annual Report of the Wilmington & Weldon RR |
| as of June 1, 1865, |
| President's Report |
| |
| President and Directors' Report |
| |
| To the Stockholders of the W. & W. Rail Road
Company |
| |
| Gentlemen, |
| At the request of the
Provisional Governor of North Carolina, and also to comply with the
requisition of sundry Stockholders, made in conformity with Section 7th
of the Charter of the Company, I issued a call for a meeting of this
body to convene in this place on the 25th of July. Subsequently a
telegram from the Governor was received, suggesting a postponement for
certain reason to the present date, August 1st, and accordingly public
notice was given to that effect. |
| I deem it my duty to give you
an outline of the affairs of the Company from the 1st of October, 1864,
the commencement of the fiscal year, to the period of our suspending
business. The work performed during the time named was almost
exclusively for the Government known as the Confederate States, which
power claimed the right to control, and did control the movements of the
Company in regard to the employment of its motive power and rolling
stock. |
| The receipts from all sources from the 1st of October to the
period of suspension, are (in Confederate currency) |
$1,275,000.00 |
| The disbursements for the same period, as charged |
877,580.38 |
| Excess of receipts |
$397,419.62 |
| The debt of the Company is as
follows: |
|
| Bonds payable in London in sterling, bearing 6 per cent.
interest, and to secure the payment of which the property of the
Company has been conveyed to a trustee |
$443,555.56 |
| Interest due on said Bonds from July 1st, 1861 to date |
108,671.09 |
| Bonds payable in London, in sterling, bearing 7 per cent.
interest |
144,000.00 |
| Interest due on same from Nov. 1st, 1861 to date |
36,960.00 |
| Bills payable, due to parties in Northern cities |
23,181.84 |
| Due on open account, to parties at the North |
8,709.71 |
| Negro Bonds, payable from 1844 to 1861, inclusive |
10,098.48 |
| Dividends, payable to No. 19, inclusive |
5,069.00 |
| Making |
$780,245.68 |
| Which is payable in coin or its
equivalent. |
|
| Additional Liabilities Contracted
During the War and Unpaid |
| Due to sundry Individuals and Corporations |
$72,671.40 |
| Negro Bonds, 1862 to 1864, inclusive |
44,333.88 |
| Dividends Nos. 20 to 27, inclusive |
98,723.00 |
| Due on Pay Rolls |
74,106.45 |
| Outstanding Debts, not credited, estimated at |
100,000.00 |
| Making |
$389,834.73 |
|
|
Of this amount payment for a part can only be claimed, I
think, in Confederate currency, and for the remainder at an equitable
commutation for specie, or currency. This, however, will be a subject
for the consideration of the future Board of Directors. |
|
Property and Other Assets of the Company |
|
The property of the Company consists of the Roadway,
Machinery, Motive Power, Rolling Stock, Real Estate, &c., Old Iron,
Wheels, Axles, &c., and Materials for Repairs, and the Stock owned in
the W. & M. R. R. Co. and Telegraph Company, the value of all which I
have not estimated. |
|
Of the Cotton on hand as stated October
1st last, only 159 bales were saved, |
| which I valued in coin at |
$25,000.00 |
| The State of North Carolina owes for transportation |
22,803.86 |
|
|
The remaining assets are in valueless
paper, consisting principally of Bonds of the Confederate States,
unsettled claims for transportation for the Confederate States, and in
Confederate Treasury Notes, amounting in the aggregate to about
$1,400,000.00. |
|
The army of the United States occupied this place on the
22d of February, and Goldsboro' March 21st, at about which time the
working of the Road virtually ceased, although its operations on the
Northern end were continued for a short period longer. |
|
The army under Gen. Bragg in its retreat from this place,
being closely pursued, destroyed the bridges over Smith's Creek and
across the North East Branch of the Cape Fear River. These bridges
were rebuilt by the Rail Road Construction Corps of the United States
army, but being of a temporary character they will have to be replaced
by superior structures. |
|
The Road from this to Goldsboro' has been, since March,
and continues to be in military possession, and has been worked by
that power. North of Goldsboro' the Road was rendered inoperative by
the unwise destruction of track and bridges by the Confederate forces. |
|
About eight miles of the track between Goldsboro' and
Black Creek was torn up and pretty effectually destroyed. The bridges
over Fishing Creek and Quanky, and three locomotives and about twenty
cars were burned. The Warehouses at Dudley's and Goldsboro' have also
been destroyed by fire; also the bridge on the Tarboro' Branch Rail
Road. The delay in repairing has not been because the importance of
the work was not appreciated, or the desire to do so was not realized,
but because the authority was wanting, and means were not at my
command. |
|
***** |
|
Very respectfully |
|
S. D. Wallace |
|
President |
|