| Annual Report of the Raleigh & Gaston RR |
| as of June 1, 1862, |
| President's Report |
| |
| President's Report |
| Office of the Raleigh & Gaston R. R.
Co. |
| Raleigh, N. C., July 3, 1862 |
| |
| To the
Stockholders of the Raleigh & Gaston Railroad Company |
| |
|
Gentlemen,
|
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We respectfully submit for your information a statement
of the operations of the Road for the past fiscal year, ending on
the 31st of May, being our twelfth annual report. |
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The receipts have been: |
| From Passengers |
$152,416.03 |
|
| " Freight and Express |
212,604.62 |
|
| " Mail |
9,700.00 |
|
| Amounting to the sum of |
|
$374,720.65 |
| Expenses incurred in operating and in ordinary repairs and
materials for the same period, have been |
|
120,099.13 |
| Leaving the sum of |
|
$254,621.52 |
|
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The operating expenses have been 33 per cent. of the
receipts. |
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In December last the Board of Directors declared a
dividend of 3 per cent. of the nett earnings for the first half
year, which was paid in January, and for the last half a dividend of
10 per cent. has been declared, payable on the 14th day of July
inst. |
|
We have appropriated of the nett receipts $18,800 to the
Sinking Fund, making that fund now $80,000, leaving a balance in the
hands of the Treasurer of $37,674.97 to the credit of surplus
earnings. |
|
When we reflect that almost every article used in the
operating and repairs of the Road has advanced from one hundred to
three hundred per cent., except hand hire; and that more than
one-half of our business has been for State and Confederate
Governments, at very reduced rates, thereby increasing our expenses
and risks two fold, the results of the year's operations cannot fail
to be highly gratifying to the stockholders. |
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In accordance with a resolution passed at your last
annual meeting, we apportioned among the stockholders a stock
dividend of forty per cent., leaving 1350 shares yet to be disposed
of; it is however advisable not to divide or dispose of them at
present. |
|
Track |
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Our Track and Road-bed are in good condition,
notwithstanding the incessant and heavy rains during the past winter
and spring, and our trains have run with as much regularity and
freedom from accidents as in any former year, having had no serious
accident to any train or any passenger. This is almost miraculous,
considering the great number of troops carried over the Road. |
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Bridges and Culverts |
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Our Bridges are in good repair, having recently been
thoroughly examined and overhauled. The culverts and water ways
needed but little work during the year, and that has been faithfully
executed, leaving but little for the current year. |
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Cars
|
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Our Car equipment has deteriorated much since the date of
our last report, having lost many Cars on other Roads, which cannot
be traced or recovered, and there being on hand some, which are
hardly worth repairing. We have not had and could not get materials
for building new cars to any extent, consequently have endeavored to
keep in good condition such as we could command. Should the troubles
in the country continue, we shall have to look to the manufacturing
of materials at home for building cars. |
|
We have built two passenger cars and have another nearly
ready to come out, and have all the materials on hand for two more;
necessity compelled us to rent a portion of the equipment of the
Seaboard & Roanoke Railroad Company since the fall of Norfolk. |
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Depots, Offices, &c. |
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The Depots at Henderson and Franklinton have been
completed. Those at Littleton, Warrenton, Ridgeway and Wake need
repairs, and it is proposed to overhaul them the present year. The
office at Raleigh could not be finished for the want of lime, but we
hope to be able soon to get it. |
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In pursuance of a resolution passed at your called
meeting on the first day of April last, we subscribed for two
thousand shares of stock in the Chatham Railroad Company, and have
paid in two per cent. on said subscription. |
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We are much indebted to the Superintendent, Mr. P. A.
Dunn, and Master Machinist, Nr Albert Johnson, and all persons
employed in the transportation department, for their prudence,
discretion and judgment in the successful operations during the past
year. The many calls made upon them by the frequent running of
irregular trains, necessarily demanding extraordinary dispatch, they
responded promptly, and it is believed gave entire satisfaction.
Many of the employees well deserve a bonus as a token of our
approbation this should be bestowed according to their respective
merits. |
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For a more detailed statement of the receipts,
expenditures and financial condition of the company, I refer you to
the statements of the Treasurer herewith appended. The report of the
Master Machinist will give you the condition, number of cars and
engines, with an estimated value of materials on hand. |
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Respectfully, |
|
W. J. Hawkins, Pres't. |
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