| From the Charleston Mercury |
| |
| April 3, 1862 |
| |
| Northeastern Railroad Company |
| President's Office N. E. R. R. Company |
| Charleston, April 2d, 1862 |
| To the Stockholders of the N. E. R. R. Company: |
| Gentlemen: |
| We respectfully submit the following
Report of the Company's operations for the fiscal year ending 28th
February, 1862: |
| The Gross Earning have been |
$251,550.15 |
| The Operating Expenses have been |
134,347.72 |
| Balance |
$117,202.43 |
|
| which is equivalent to 6 1-10 per cent. on the cost of
the Road, $1,920,896.37, 28th February, 1862. |
| The Gross Earnings, as compared with those
of 1861, shows a decrease of $12,157.70, and the Operating Expenses a
reduction of $25,063.74 -- making an actual excess in our nett revenue
of $12,906.04. |
| The deficiency in the Receipts is
explained by the suspension, to a considerable extent, of the
legitimate business of the Road, growing out of the existing war.
Although the military and commercial necessities resulting from it,
opened to us new resources of income, still, in consequence of the
lower rates at which they were taken, as compared with those for our
usual local business, they have proved inadequate to bring up our
Receipts to the standard of the past year. They would certainly have
exceeded it, had the Roads beyond us been able to move these Freights
with regularity and despatch; but the frequent and vexatious delays in
their transit, not only diminished the quantity, but, at different
periods, resulted in their desertion from us, and shipment by longer
and competing routes. This was a serious disadvantage, which, having
but one outlet, we were powerless to remedy. |
| The cost of the Road, with its Real Estate,
Interest, etc. -- as shown by the Treasurer's Statement -- is |
$2,038,095.80 |
| From which deducting Nett Proceeds of
Transportation for 1862, to be carried to credit of
Construction Account |
117,202.43 |
| And we have as Coast of Road, 28 Feb'y 1862 |
$1,920,896.37 |
|
| This further appears from the following
Review of the Indebtedness and Assets of the Company |
| To Stockholders |
|
$899,500.00 |
| To 1st Mortgage Bonds |
|
700,000.00 |
| To2nd Mortgage Bonds |
|
167,000.00 |
| To Preferred Stock |
|
183.000.00 |
| To Bonds for Real Estate |
|
43,200.00 |
| To Bills Payable |
|
77,371.41 |
|
|
$2,020,071.41 |
|
CR |
|
|
| By 2d Mortgage Bonds on hand |
$22,000.00 |
|
| By Stock in Cheraw & Darlington Railroad |
25,000.00 |
|
| By Florence Hotel and Improvements |
22,722.50 |
|
| By Bills Receivable |
6,079.76 |
|
| By Balance of Open Accounts |
17,266.54 |
|
| By Cash on hand |
5,105.24 |
99,175.04 |
| Cost of Road, as above |
|
$1,920.896.37 |
|
| The above assets may safely be assumed at
their par value, as the Company is possessed of certain Real Estate,
not included in the same, the sale of which would cover any probable
diminution in the above amount. |
| We can report to you the general good
condition of the Road and its Machinery. We have, thus far, been able
to provide for the ordinary renewal of our Rails, and the materials
required to keep up the Machinery, sufficient for our present
purposes; but, unless some means are devised by our Southern Roads,
for a prospective supply of both, in view of a continuance of the
Blockade, considerable embarrassment may be anticipated. |
| Our Machinery consists of Thirteen
Locomotives -- all in service, with the exception of two to be rebuilt
-- with one, such progress has been made, that, if the material were
at our command, it could speedily be completed; for the same reason,
no work has been expended on the other. We have Eight
Passenger Cars, Five Second Class, Forty-six Platforms, Ninety-two
Box, and Four (4) Stock Cars. For further details connected with the
Road, and its operations, you are referred to the annexed Report of
the superintendent. |
| Our having passed through the year, without
a single accident, and, with but few and trifling instances, of
detention to any of our trains, is a satisfactory comment upon the
attention and watchfulness of our officers and employees, in their
respective departments. |
| We have the pleasure of informing you that
the most active efforts are now being made to secure the Charter of
the Cheraw & Coalfields Railroad; and, if successful, the Company
will be immediately organized, and the work commenced. As an
Extension of the Northeastern, and Cheraw & Darlington Roads,
to the Coal and Iron region of North Carolina, its importance and
advantages are too obvious to require more than a brief allusion. It
will connect us, first, with the Wilmington & Rutherford Road;
secondly, place within our reach the valuable products of the
Coalfields; and, thirdly, at that point, unite us with the
projected Road from Raleigh, thus opening a new, direct and interior
route to Richmond. It will give to us other outlets than the only one
we now have by the Wilmington & Manchester Road -- enabling us, in
the event of any conflict between the interest of the two Companies,
to act independently of its policy and management -- a condition
almost essential to the ultimate success and enlarged usefulness of
this Road. |
| All of which is respectfully submitted. |
| A. F. Ravenel, President |
| |
| Statement of the Affairs of the Northeastern Railroad
Company, on 28th February, 1862 |
| Expenditures |
| For Construction, Equipment, Right of Way,
Interest, Real Estate, etc. |
$2,038,096.80 |
|
|
On Hand |
|
|
| Notes Secured by Collaterals |
6,079.76 |
|
| Stock in Cheraw & Darlington Railroad |
25,000.00 |
|
| Investment in Hotel at Florence |
22,722.50 |
|
| Open Accounts |
38,848.31 |
|
| Postoffice Dues |
5,107.13 |
|
| Cash |
6,106.24 |
$103,858.94 |
|
|
$2,141,457.74 |
| Receipts |
| From Bonds given in part payment for Real Estate |
|
$43,200.00 |
| From Instalments on Stock |
|
899,500.00 |
| From Sale of First and Second mortgage Bonds |
|
845,000.00 |
| From Notes to Banks, etc. |
|
77,371.41 |
| From Preferred Stock |
|
133,000.00 |
| From Gross Transportation |
$251,550.15 |
|
| Expenses |
184,347.72 |
117,202.43 |
| From Open Accounts |
|
26,183.90 |
|
|
$2,141,457.74 |
|
| {Errors excepted}. |
| C. Williman, jr., Secretary |
| Charleston, 28th February, 1862 |
| |
| Subscription to the Capital Stock of the Company |
|
Shares |
Amount |
| By City of Charleston |
$8,000.00 |
$240,000.00 |
| By State of South Carolina |
4,400.00 |
220,000.00 |
| By Banks of the City |
1,600.00 |
80,000.00 |
| By Individuals |
8,998.00 |
199,900.00 |
|
$17,998.00 |
$899,900.00 |
|
|
Amount |
| Received from City |
|
$400,000.00 |
| Received from the State |
|
220,000.00 |
| Received from Banks |
|
80,000.00 |
| Received from Individuals |
|
199,500.00 |
| Due by Individuals |
|
400.00 |
|
|
$899,900.00 |
|
|