| From the Charleston Courier |
| |
| April 4, 1861 |
| |
| Annual Meeting of the |
| Northeastern Rail Road Company |
| |
| The annual meeting of the stockholders of
the Northeastern Rail Road Company was held at the Hall of the Bank of
Charleston on Wednesday, 3d April, 1861. |
| A majority of the stock being represented,
the meeting was organized by calling the Hon. Chas. Macbeth to the
Chair and appointing C. Williman, Jr., Secretary. |
| On motion made and seconded, |
| Resolved, that a Committee be
appointed to verify proxies and manage the election. |
| The Chair appointed Messrs. Shaw, Greig
and Graham. |
| The President then read his report and
also the Treasurer's, as follows: |
| President's Report |
| President's Office, Northeastern R. R. Co. |
| Charleston, April 2d, 1861 |
| |
| To the Stockholders of the Northeastern Rail Road: |
| Gentlemen, |
| The following Report of the Company's
operations for the Fiscal year, ending 28th February, 1861, is
respectfully submitted: |
| The Gross Earnings have been |
| From Passengers |
|
$89,045.05 |
| From Freights |
|
137,168.38 |
| From Mails and Minor Sources |
|
37,494.42 |
|
|
$263,707.85 |
| The Operating Expenses have been |
|
159,411.46 |
| Balance |
|
$104,296.39 |
|
| which is equivalent to 5 31/100 per cent. on the cost
of the Road -- $1,964,210.68, 28th February, 1861. |
| The Gross Earnings of the past year, as
compared with those of the preceding, are as follows: |
|
1859-1860 |
1860-1861 |
Decrease |
| From Passengers |
$89,428.54 |
$89,045.05 |
$383.49 |
| From Freights |
149,782.22 |
137,168.38 |
12,613.89 |
| From Mails and Minor Sources |
37,903.13 |
37,494.42 |
408.71 |
|
$277,113.94 |
$263,707.85 |
$13,406.09 |
| Total Decrease |
$13,406.09 |
|
| For the first seven months of our
Fiscal year, the Receipts of the Road had increased $20,325, or over
sixteen per cent. upon those of the same period the previous year,
while, for the remaining five months a similar comparison shows
a deficiency of $33,731, or over twenty-two per cent. The latter
result is clearly attributable to the grave political occurrences of
the past few months, the effect of which -- in diverting trade and
travel from the Road -- must be sufficiently apparent to you without
special comment from us. Under other circumstances, we are confident
that the Income of the Road would have exceeded $300,000. |
| The Current Expenses of the Road could not
be diminished with the sudden decrease in its revenue, above referred
to. To have disturbed the regular movements of our passenger, mail and
freight trains, would have diminished our earnings to a much greater
extent than our expenses. The latter cannot be varied proportionately
with the former; the safe transit with passengers -- whether many or
few -- involves a certain expenditure, and this cannot be reduced
beyond a certain point, without effecting the safety of the Road and
its Machinery. Moreover, the arrangements requisite for the present
business of the Company would suffice for large accessions to it, at
very little additional cost, and so -- by adding to the receipts,
without increasing the expenses -- the ratio between them would be
reduced to the standard of other Roads of a similar class. A
comparison between the number of miles actually run by each during
the year, and their relative cost per mile, would show his ratio
to be quite within the limit reached by the majority of these Roads,
and, if the comparison is extended to an exemption from accident and
regularity of service, few companies would appear to have been more
successful than ourselves. |
| The Cost of the Road has been increased
the past year by the sum of $60,001.63, under the head of
Extraordinary Expenses, the items of which are stated in the
Superintendent's Report. Among them are a new freight engine and
thirty-one box cars, at a cost of $27,540. These were ordered to meet
the expected increase in the Company's fall business, and it was not
apparent, until after their delivery, that their purchase, from
causes above alluded top, could have been avoided. The enlargement of
our Freight depot in this city, the erection of a Work-shop, with
additional Tools, and a Store-house for our supplies, were forced upon
us, at an aggregate cost of $11,267.25. An Engine house, for the
protection of our machinery, as also the extension of the Company's
North Wharf were, commenced, but, after an outlay of $7,888.74, their
completion was suspended. |
| The cost of the Road, inclusive of
these, with its real estate, interest, losses on sales of
bonds, &c., as shown in the Treasurer's statement, is |
$2,068,507.07 |
| From which deduct net proceeds of Transportation
for 1861, to be carried to credit of Construction account |
104,296.39 |
| And we have, as cost of Road, 28th February,
1861 |
$1,964,210.66 |
| The indebtedness of the Company is as follows: |
|
| Capital Stock |
$899,500.00 |
| First Mortgage Bonds |
700,000.00 |
| *Second Mortgage Bonds |
172,050.00 |
| *Preferred Stock |
127,959.00 |
| Bonds for Real Estate |
43,200.00 |
| Bills Payable |
106,909.93 |
| Open Accounts due by the Company |
30,124.54 |
|
$2,079,734.47 |
|
| *The amount in Second Mortgage Bonds is
$300,000, but as the Preferred Stock, to the extent of its issue, is
secured by the deposit of a corresponding amount of the Second
Mortgage Bonds in the hands of three Trustees, this liability is
expressed in the aggregate, under the above items. |
| Assets on hand applicable to above |
$2,079,734.47 |
| Second Mortgage Bonds |
$27,050.00 |
|
| Stock in Cheraw & Darlington Rail Road |
25,000.00 |
|
| Stock in Florida Steam Packet Company |
6,000.00 |
|
| Post Office dues |
3,976.56 |
|
| Florence Hotel and improvements |
20,975.31 |
|
| Bills received |
?,125.12 |
|
| Open Accounts due to the Company |
24,134.53 |
|
| Cash |
7,262.27 |
$115,323.79 |
| Which corresponds with the Cost of the
Road, as stated above |
$1,964,210.66 |
|
| Any probable deficiency in the value of
the above Assets, would be fully covered by the disposal of certain
Real Estate owned by the Company, and not embraced in this statement,
which may be estimated as worth $33,000. These, as unnecessary to the
Company's operations should be disposed of as the proper
opportunities, may offer. The Hotel at Florence, under the direction
of its attentive lessee, Mr. J. W. Gamble, has fully met the
requirements of the traveling public, and has benefitted us
accordingly. From its location at the junction of three Rail Roads,
and in a healthy section of the country at all seasons, it should
ultimately be worth nearly its cost to us. |
| We take pleasure in reporting to you the
generally good condition of the Road and its Machinery. The latter
consists of thirteen Locomotives (one under repair,) eight Passenger
Cars, five Second class, ninety-three Box, forty-six Platform, and
four Stock Cars. |
| Since your last meeting, an application
was made to your Board for the aid of this Company in the construction
of the South Carolina Central Rail Road, the proposed route of which
was from Gourdin's Station, via Manning, Sumter, Bishopville and
Lancaster, to Charlotte, North Carolina, a distance of about one
hundred and fifty miles. After carefully reviewing its advantages to
us, your Board unanimously passed the following resolutions, which
were duly presented at a meeting held (by the friends of the
enterprise) at Sumter, on the 4th July last: |
| Resolved, That this Board regards
with deep interest the efforts now being made to secure the
construction of a Rail Road from Charlotte, North Carolina, to a point
on this Road, North of the Santee River, and, if built, they hereby
pledge this Company to afford every reasonable facility in the
transportation of freights and passengers to and from said Road. |
| Resolved, That this Company do
subscribe to the capital stock of any Company duly organized to
construct the Road from Charlotte, via Lancaster, Bishopville, Sumter
and Manning, or their respective vicinities, to or in the vicinity of
Gourdin's Station, on this Road, the sum of $145,000, or $1,000 per
mile of road as completed from said point of junction, payable as
follows: $350 in transportation of material and hire of machinery for
construction; $150 as cash, and the balance, say $500, in the capital
stock of this Company. It being understood that, upon the
completion of each mile of road from the said point of junction, and
the payments, as above stipulated, having been duly made, this Company
shall then receive the amount of $1000 for every mile of road so
built, in the capital stock of the new Company. |
| Resolved, That should it be decided
to build the Road from Charlotte, vial Lancaster and Bishopville, to
Cade's Station, on this Road, that this Company will subscribe the sum
of $50,000, payable in transportation of material and hire of
machinery. |
| Resolved, That these subscriptions
are made subject to the ratification of the Stockholders of this
Company at their next annual meeting. |
| A charter for the Road in this State has
since been obtained, and measures have been taken for the organization
of the Company. If you concur in the views of your Board, as to the
importance of this Branch Road, and the extent and form of the aid
proposed, as stated in the foregoing resolutions, they would
respectfully ask your ratification of the same. |
| In conclusion, it is our melancholy duty
to report to you a vacancy in the Board of Directors, occasioned by
the death, on the 15th ulto., of the late Mr. S. Mowry, Jr. Among the
earliest friends of the Road, few were more devoted in their efforts
to promote its construction, or were more watchful of the measures and
policy which contemplated its final success. His strong counsels and
cheerful assistance were ever at your service, and were fully
recognized by his associates in the management of your affairs. |
| All of which is respectfully submitted, |
| A. F. Ravenel, President |
| |
| Treasurer's Report |
| Statement of the Affairs of the Northeastern Rail Road
Company on the 28th February, 1861 |
|
Expenditures |
|
| For Construction, Equipment, Right
of Way, Interest, Real Estate, &c. |
$2,068,507.67 |
|
On Hand |
|
| Notes secured by collaterals |
$4,125.12 |
|
| Stock in Cheraw & Darlington Rail Road |
25,000.00 |
|
| Stock in Florida Steam Packet Company |
6,000.00 |
|
| Investment in Hotel and improvements at Florence |
20,975.31 |
|
| Open Accounts |
21,134.53 |
|
| Due by Postoffice Department |
3,976.55 |
|
| Cash |
7,262.27 |
$88,473.79 |
|
|
$2,156,980.86 |
|
Receipts |
|
| From Bonds given in part payment for Real Estate |
|
$43,200.00 |
| Installments on Stock |
|
899,500.00 |
| Sale of first and second Mortgage Bonds |
|
845,000.00 |
| Notes to Banks, &c. |
|
106,909.93 |
| Preferred Stock |
|
127,950.00 |
| Gross Transportation |
$263,707.85 |
|
| Expenses |
159,411.46 |
104,296.39 |
| Open Accounts |
|
30,124.54 |
|
|
$2,156,980.86 |
|
| (Errors excepted) |
| C. Williman, Jr. |
| Treasurer |
| |
| Charleston, February 28, 1861 |
| On motion made and seconded |
| Resolved, That the various reports
be adopted, and the usual number of copies printed for the use of the
Stockholders. |
| D. B. McLaurin, Esq., Chairman of the
Committee appointed at the last annual meeting to inquire into and
report to this meeting as to the expediency of amalgamating the Cheraw
& Darlington Rail Road with this Company, read the report of said
Committee, and which, on motion made and seconded, was received and
referred to the Board of Directors to act in the matter as they may
deem proper. |
| The Superintendent then read his report,
which was adopted and ordered to be printed with the other reports. |
| The Committee appointed to conduct the
election then reported that they had performed that duty, and the
following was the unanimous result: |
| A. F. Ravenel,
President |
| Directors |
| Hon. Chas. Macbeth |
John Ravenel, Esq. |
| Hon. Mitchell King |
Edward Sebring, Esq. |
| Col. Allan Macfarlan |
John R. Dukes, Esq. |
|
| On motion, made and seconded, |
| Resolved, That we hereby ratify and
confirm the action of the Board of Directors in their subscription to
the proposed South Carolina Central Rail Road of $145,000, or $1000
per mile, for every mile of road as completed, from or near Gourdin's
Station, upon the terms and conditions expressed in the resolutions of
the Board of Directors, set forth in their report just read. |
| Resolved, That the thanks of this
meeting be returned to his Honor the Mayor for having presided over
it, and also to the Bank of Charleston for the use of their Hall on
this occasion. |
| There being no further business the
meeting adjourned. |
| C. Williman, Jr. Secretary |
|