| From the Wilmington Journal |
| |
| November 14, 1861 |
| |
| Stockholders Meeting |
| The annual meeting of the Stockholders in
the Wilmington & Weldon Railroad Company convened this forenoon in
the Court House, and was organized by calling Owen R. Kenan, Esq.,
State Proxy, to the Chair, and requesting R. Norfleet, Esq., of
Edgecombe and P. Murphy, Esq., of Sampson, to act as Secretaries. The
Secretaries, with Wm. A. Wright, Esq., were appointed a Committee to
verify proxies and ascertain the amount of stock represented. |
| There appearing on examination to be a
majority of stock present in person and by proxy, the meeting was
declared ready to proceed to business, and the report of the President
and Directors with accompanying documents, was submitted by Hon. Wm.
S. Ashe. |
| From the report of the President and
Directors submitted by Hon. W. S. Ashe, as also by the report of the
Chief Engineer and Superintendent, we learn that the gross receipts of
the road for the fiscal year ending on the 30th September, 1861, were
$571,236.24 and including the Tarboro' Branch they were $580,396.81,
showings an increase over 1860 of $71,026.67. The cost of operating
the main stem and branch was $247,106.13, leaving nett receipts for
the year $333,290.73, against $246,484.68 for 1860, showing an
increase of nett receipts this year of $86,806.10. |
| The receipts on the main stem and branch
were derived from the following sources: |
| Receipts |
from |
Thro' Passengers |
$195,238.38 |
|
| " |
" |
Way " |
139,786.46 |
|
| " |
" |
Freights |
180,143.76 |
|
| " |
" |
Mails |
44,550.00 |
|
| " |
" |
Miscellaneous sources |
11,517.64 |
|
| Gross receipts for
1861 |
|
571,236.24 |
|
" " " 1860 |
|
500,209.57 |
|
|
Increase |
|
$71,026.67 |
| To which add the
receipts from the Tarboro' Branch, as follows: |
|
|
| Receipts |
from |
Passengers |
5,368.05 |
|
| " |
" |
Freight |
3,509.78 |
|
| " |
" |
Mail |
281.94 |
9,160.57 |
| And we have total
increased income for 1861 of |
$80,187.24 |
| And total gross
receipts for 1861 of 580,398.81 |
|
|
| The operating expenses show a general
reduction although there is an increase in some particular items, as
for instance in maintaining the roadway, and also in the items of
"Oil, Tallow and Waste," occasioned by the increased price
of lubricating materials. |
| The Superintendent's report states that
with prompt repairs the machinery and rolling stock will be sufficient
for the business of the present year, with the addition, however of
thirty new box cars. The bridges are in good order as also the track,
with the exception of laminated rails, By a late arrangement with the
"Tredegar Works" at Richmond, the company will very soon be
able to remove the worst rails and lay down new ones. |
| The President's report says: |
| From the report of the Treasurer
it will be seen that our fiscal condition is good. After
meeting the annual expense of Rail Road operations, reducing
our debt $22,799.84, paying the interest on our debt, and
dividing eight per cent dividend, we yet have on hand a
surplus, which is held in Confederate States bonds, bearing 8
per cent. interest, to be hereafter appropriated to our
sinking fund. |
|
| The President's report concludes with the
following in reference to the Fayetteville Branch, authorized, or
rather chartered, by the legislature at its last regular session: |
| The Legislature, at its last
regular session, chartered a Company to construct a Rail Road
from a point on our Road North of Magnolia to join the
Coalfield Road at Fayetteville, and authorized this Company to
take stock therin, loaning us the State's credit to aid in its
construction. We are not prepared to recommend the acceptance
of the charter by this Company, as the coal may probably be
brought to Wilmington by connection with the Wilmington,
Charlotte & Rutherford Rail Road, and this connection
would impair, if not render worthless, our enterprise; but as
an act of foresight and prudence, it may be politic for our
Company to take such preliminary steps as will prevent the
forfeiture of the privileges conferred. This matter is
respectfully referred to the Stockholders for their
consideration. |
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