| From the Yorkville (S. C.) Enquirer |
| |
| March 28, 1861 |
| |
| Tenth Annual Meeting of the Stockholders of
the Kings Mountain Rail Road Company |
| Pursuant to notice, the
stockholders of the King's Mountain Railroad Company, held their Tenth
Annual Meeting, at their office in the Depot, on Monday, 25th instant. |
| The meeting was organized by
calling Dr. Alfred Craten to the Chair. |
| Messrs. W. A. Latta, B. T.
Wheeler and John S. Ryan, were appointed a Committee to verify proxies.
The Secretary then proceeded to call the roll. |
| The Committee on Proxies
reported that a majority of the stock was represented. |
| The President submitted the
following Report, with Statements of the Secretary and Treasurer,
showing the receipts and disbursements of the Company, for the year
ending December, 1860: |
| To the Stockholders of the King's
Mountain Rail Road Co.: |
| Gentlemen: |
| Although I entered upon my
duties on the 14th of February, yet this Report and the accompanying
Exhibits of your Treasurer, embrace the transactions of the Company (for
the fiscal year) commencing on the first of January 1860, and ending on
the 31st of December 1860. |
| From the Treasurer's books it
appears the amount of cash in Treasury on the first of January
1860, was |
$6,998.24 |
| Amount of cash
collected during he year 1860, was |
46,681.65 |
| Total cash |
$53,679.89 |
| Amount paid Charlotte and S. Carolina Railroad,
1860 |
$27,011.00 |
|
| Amount paid in Dividends, 1st January and 1st
July, 1860 |
11,826.00 |
|
| Amount paid on debts of Company owing on the 1st
January, 1860 |
6,987.28 |
|
| Paid on Expense Account for 1860 |
2,278.26 |
|
| Cash assets |
5,577.35 |
$53,679.89 |
| The gross income for
the year 1860, as appears from your Treasurer's Exhibit, A., is |
$18,403.62 |
| Namely -- From Freights |
$9,285.79 |
|
|
" Passengers |
5,599.71 |
|
|
" Mail |
1,400.00 |
|
|
" Other sources |
2,118.12 |
$18,403.62 |
| Amount of expenses of operating the
Road, from 1st of January 1860, to December 31st, 1860, as
appears by my Exhibit, D., of same |
$5,526.39 |
| Or $460.53 per month, leaving a nett
income of |
$12,877.23 |
|
| From the above statement, it
appears that the nett income of the Road amounts to nearly 6 per cent on
the Capital stock of the Company, from which two dividends have been
declared -- one in July 1860, of 3 per cent.; and on the 25th January
1861, of 2 1/2 per cent. I am unable from the Exhibits of your Treasurer
-- furnished me only on yesterday -- to report the nett assets of the
Company, consisting of Greenville Railroad Bonds; arrears of Mail Pay;
Notes; Accounts on Freight Ledger, Shop Books, &c. |
| When I took charge of your
Road, I found the road-bed in bad condition. After the Annual Meeting of
the Stockholders on the 16th of April 1859, about eight miles of the
track was re-laid -- a part with new cross-ties and a portion with old
ties -- badly spiked and not properly straightened or packed. |
| On the evening of the Annual
Meeting in 1860, G. H. Lythgo, the Engineer then in charge, reported to
the Directors, the locomotives as out of repair; and said Board, at the
same meeting, ordered two machinists from Charleston, to be employed for
their repair. Said locomotives have since been repaired and both are now
in fair running order. |
| I have at this time an
Overseer and eight negroes on the road, and two in the shops; together
with a good Runner, who is a competent machinist. With this force, I am
confident your locomotives and track can be maintained in good order.
Respectfully submitted, |
| W. E. Rose, President and Superintendent |
| March 22, 1861 |
| John S. Ryan moved that the
President's Report and the accompanying Statements of the Secretary and
Treasurer be accepted; and that they be published in the Yorkville
Enquirer. The motion was seconded and adopted. |
| Resolved, That a
Committee of three be appointed to nominate candidates for President and
eight Directors. The Chairman appointed W. A. Latta, B. T. Wheeler and
Jno. S. Ryan, who retired to perform said duty. |
| The Committee made the
following nominations: W. E. Rose, President; G. R. Ratchford, James H.
White, Robert Whitesides, Dr. J. B. Withers, Dr. A. Craven, Wm.
Johnston, W. A. Latta and John S. Ryan, for Directors. |
| The meeting then proceeded to
hold an election for Officers, having appointed G. R. Ratchford, W. A.
Latta and J. S. Ryan, a Committee to receive and count the votes, who
reported that W. E. Rose was unanimously re-elected President; and that
the candidates nominated for Directors had been elected by the same
vote. |
| Mr. Ryan then introduced the
Hon. James H. White, of North Carolina, one of the Delegates of the
"Dallas and K. M. Rail Road Company," who proposed to the King's M.
Railroad, to join them in building the road from Yorkville to Dallas,
pledging Dallas to build it as far as the line. |
| It was Resolved, That a
Committee of three be appointed by the Chair, to meet at Yorkville on
the first Monday in May, to confer with the Commissioners from North
Carolina, and devise the ways and means (if advisable) to continue the
King's Mountain Railroad to the State line of North Carolina. |
| The Chairman appointed John S.
Ryan, Wm. A. Latta, and B. T. Wheeler, as said Committee. |
| There being no further
business, on motion, the meeting adjourned. |
| Alfred Craven, Chairman |
| J. H. Fayssorx, Treasurer |
| March 25, 1861 |
|