| From the Western Democrat (Charlotte,
N.C.) |
| |
| February 17, 1863 |
| |
| Annual Meeting of the Stockholders in the
A., Tenn. & O. Railroad Company |
| In accordance with previous
notice the Stockholders in the A., Tenn. & O. Railroad Company in
North Carolina, convened in Charlotte on Thursday last, Feb. 12th,
when Rev. W. W. Pharr of Statesville was called to the Chair, and M.
L. Wriston and J. Daniels requested to act as Secretaries. The
Secretaries were appointed a committee to verify proxies, and reported
a majority of the stock represented. |
| The
President and Treasurer then submitted their Reports, which were
received and adopted, and ordered to be published in the Western
Democrat and Iredell Express. |
| A committee was appointed to
nominate a Board of Directors for the ensuring year, who reported and
the following were duly elected: Wm Johnston, Jno A. Young, B. W.
Alexander, Geo F. Davidson, Robt I McDowell, C. A. Carlton, and J. W.
Stockton. |
| M. L.
Wriston, E Nye Hutchison, and C. L. Summers were appointed a committee
of Finance. |
| At a
subsequent meeting of the Directors, William Johnston was unanimously
re-elected President. The former Treasurer, M. L. Wriston, having
resigned, Mr. J. Daniels was appointed to fill the vacancy. |
| The
Board of Directors were authorized to provide themselves with a code
of By-Laws for their government. The meeting then adjourned. |
| |
| President's Report |
| To the
Stockholders of the Atlantic, Tennessee & Ohio Railroad Company in
North Carolina |
| Your
President and Board of Directors respectfully submit the following
Annual Report of the progress of the Road and its operations to the
1st of January 1863. |
| On the
31st day of December last, terminated the third fiscal year since the
organization of your Company. At that time track laying had extended
beyond Kerr's Branch, when its progress was stayed, on account of the
unfinished grading. In the spring it was resumed, and with slight
interruptions extended to Third Creek. The bridge across this creek
has caused much greater delay than was anticipated. The difficulty in
getting materials and the failure of parties to comply with their
contracts for the iron and castings produced in a great degree the
delay in the completion of the work. In order to cross this stream a
bridge 540 feet in length and 93 feet above the surface water of the
creek had to be erected with a trestle work commencing at the northern
abutment at an elevation of 62 feet and extending over 600 feet to
near the summit of the hill. This is one of the most important
structures of the kind in the State, whether considered as to its
elevation or length. The bridge rests upon two abutments of
substantial masonry erected by Messrs. Henderson & Martin with a
span of 180 feet between each. The frame work has been constructed by
Davie Renno, Esq., and will compare favorably with any similar work in
the Confederacy. The structure is so far completed as to enable the
trains to pass safely over it; and the track of the road is extended
to within one mile of the depot at Statesville, where the passengers
are now received and delivered. Within a short period the balance of
the track will be completed -- thus enabling the trains to run through
from Charlotte to Statesville. |
| Depots
have been erected at all important stations on the line, and the one
at Statesville will be finished this spring, as soon as the weather
will permit. This will be a brick building of the same style and
dimensions as the warehouse of the W. N. C. R. R. {Western
North Carolina RR}, situated at one end
of it, and extending at right angles to it, 112 feet, presenting an
end to one track, and a side to the other, thus making it convenient
to receive from or deliver freights or passengers to either Road, or
exchange freights with the connecting depot. This arrangement will be
more readily comprehended when it is recollected that the two tracks
at this point cross each other nearly at right angle, and that both
depots are connected at the angle of intersection. |
| From the
account current of your Treasurer it will appear that he has received
during the year from all sources -- including $17,300.64, balance on
hand the first of January last -- the sum of $300,206.27, and that he
has disbursed during the same period the sum of $278,736.34, leaving a
balance on hand of $21,469.93. By a reference to his account you will
see the various sources whence this sum has been delivered. Not the
least gratifying to the stockholders will be the earnings derived from
the operations of the Road. The receipts from the transportation of
passengers have been $15,431.90, from freights $11,541.72, from mails
$989.01, making the total income $27,962.63. This result exceeds the
most sanguine expectation of your Directors for the past year, with
the road completed 30 to 40 miles and a single train running only
three or four trips per week. As the same train has been used in the
construction and repairs of the track that transported the passengers
and freights, it is impossible to state definitely what has been the
operating expenses as distinguished from those of construction. It may
however safely be assumed that the operating expenses will not exceed
$10,000 -- leaving a nett income of $16,962.62, a sum nearly equal to
the cost of two miles of your road. This income has been ab** in
general construction and has saved the necessity of issuing that
amount of Bonds -- thus diminishing the indebtedness of the Company to
that extent. All the liquidated claims against the Company except one
of about $35,000 have been paid or funded by the issuance of Bonds
endorsed by the C. & S. C. Railroad Company to the amount of
$151,000. The assents on hand and available with the income of the
road will be ample to meet all other accruing liabilities until the
Road is completed. |
| The
entire amount which has been raised by the Treasurer from all sources
since the commencement of the work amounts to $379,098.78, the whole
amount expended during the same period is $357,628.85 -- leaving a balance
in the Treasury of $21,469.93, not including $20,000 of Bands of the
town of Charlotte in the hands of your Treasurer. As you will observe,
the principal sources of receipts to your Treasury have been: From
Stockholders $132,136.79, from sale of Bonds $151,000 less discount on
the same of $6,939.55, and from the earnings of transportation
$27,062.63. |
| The
Company now owes no note in Bank or otherwise, yet there are
outstanding settlements and balances with various stockholders and
contractors which will materially add to the cost of construction.
When the Road is finished and all claims of construction liquidated,
the Treasurer's account will probably show a cost of $420,000, when
the actual cost will probably not have exceeded $410,000. The various
Bonds and Stocks sold by the Company have been at a discount of
$9,767.08; interest paid on the amount borrowed, $1,250.12; and cost
of operating the Road $4,000 -- amounting in all to the sum of
$20,018.20, which has entered into the account of the cost of the
construction, making these legitimate deductions will be that amount
less the apparent cost as the accounts are stated. In other words, the
work could have been completed for that much less had all the assets
of the Company been cash or its equivalent and the running expenses
been kept in a separate account. Deducting, however, only the
operating expenses, and it is estimated that your Road will be
completed at a cost not exceeding $410,000. This includes the cost of
the bridge, which will exceed $40,000, depots and water stations --
making it cost less than $9,000 per mile from Charlotte to
Statesville, a distance of 45 1/2 miles. If there is a cheaper Road of
the same length in the Confederacy, your Directors do not know the
fact. The Stockholders should also recollect that their road is not
complete in its outfit until it owns its own shops, cars and engines.
These it will be impossible to procure in the present condition of the
country. Upon the restoration of peace they should command the
immediate attention of the officers of the Company. |
| Your
former Superintendent having resigned, E. Hulbert, Esq., of Georgia,
was appointed to fill the vacancy. It affords pleasure to bear
testimony to the energy and fidelity of Capt. John Rhodes and the men
under his control Much of the time of his force was employed during
last summer in repairing the serious damage to the track caused by an
extraordinary freshet, besides the general repairs necessary to
maintain it in proper conditions. |
| In the
unsettled condition of the country, it would be difficult to make any
accurate estimates as to the future of your Road. You have the highest
guarantees in its past success, and must know that it is a valuable
property, dependent upon and identified with the labor, capital and
all the great material interests of the country. |
| Respectfully
submitted |
| Wm. Johnston,
President |
| |
| Note -- It is proper
to remark that $1,972.26 of the income as stated, was received from
transportation of passengers and freights last year, but was not
received by your Treasurer until since January last, and hence is
embraced in this report. |
| |
| Treasurer's Report |
| M. L. Wriston,
Treasurer, in account with the A., Tenn. & O. Railroad Company in
North Carolina |
| |
| Receipts |
| To cash, |
bal. as |
per |
Report 1st Jan., 1862 |
$17,300.64 |
| " |
received |
from |
Stockholders |
83,157.26 |
| " |
" |
" |
sale of Bonds |
151,000.00 |
| " |
" |
" |
bills receivable, bonds of town of Statesville |
13,626.30 |
| " |
" |
" |
bills payable |
5,370.20 |
| " |
" |
" |
Passengers |
15,431.90 |
| " |
" |
" |
Freights |
11,541.72 |
| " |
" |
" |
Mail pay |
989.01 |
| " |
" |
" |
all other sources |
1,783.04 |
|
|
|
|
$300,206.27 |
| Disbursements |
| Gradation |
$63,986.56 |
| Freights |
9,891.72 |
| Cross-ties |
9,531.08 |
| Charlotte & S. C.
Railroad Co., on act. |
107,710.74 |
| Bills payable |
49,370.20 |
| Subsistence |
5,954.55 |
| Track-laying and
Engineering expenses |
6,892.55 |
| Bridge structure |
5,287.02 |
| Salary, including
expenses |
3,495.47 |
| Damages |
3,015.30 |
| Depots |
1,870.17 |
| Discount and interest |
9,457.92 |
| Sundry accounts |
738.29 |
| Commissions |
116.36 |
| Capital stock |
50.00 |
| Real estate and road
crossings |
168.86 |
| Equipment |
97.00 |
| Coupons on Bonds |
580.48 |
| A. H. Martin, Agt,
balance due Jan 1, '62 |
541.77 |
|
$278,756.34 |
| Balance in hands of
Agents $7,747.65 |
|
| Balance in hands of
Treasurer 13,702.28 |
21,449.93 |
|
$300,206.27 |
|
| Respectfully
submitted |
| M. L. Wriston,
Treasurer |
| {Some numbers are
blurred on the microfilm copy and may have been incorrectly stated.} |
|