| From the Wilmington Journal |
| November 18, 1863 |
| |
| W. & W. R. R. -- Meeting of
Stockholders |
| The stockholders in the
Wilmington Weldon Rail Road Company, convened this forenoon in
the Court House, and organized by calling T. D. Walker, Esq., to the
Chair. Messrs Whittaker and Thompson were appointed Secretaries. |
| There appearing to be a quorum
present in person or by proxy, the report of the president and
directors, with accompanying documents, was presented by S. D.
Wallace, Esq., after which the meeting adjourned until half-past two
o'clock P. M. |
| Col. S. F. Fremont holds the
proxy for the State of North Carolina. |
| From the report of the
President and Directors it appears that the receipts for the twelve
months ending the 30th September, 1863, have been -- |
| From |
Passengers |
$856,679.54 |
| " |
Freight |
480,449.52 |
| " |
Mail transportation and other
sources |
65,702.54 |
|
Total |
$1,402,831.60 |
|
The Expenditures -- |
|
| Transportation
and Road repairs Departments, including other charges incident
to the working of the Road |
593,178.93 |
|
Leaving for nett earnings |
$809,652.67 |
|
| As was anticipated, the
receipts in the month of October and November, 1862, were light in
consequence of the prevalence of the Yellow Fever. But for that cause
the summing would have been larger. |
| The losses by the several
raids of the enemy are alluded to. As these were all published at the
time, in this paper, we need not refer to them further here, save to
add, although rather anticipating, that the Chief Engineer and
Superintendent, Col. S. L. Fremont, estimates the aggregate at fully
$100,000, exclusive of the loss by interruption of business and
travel. |
| The company has purchased, on
favorable terms the right to a quarry, and entered into a contract for
quarrying stone for the purpose of building culverts and the abutments
and piers of bridges of that material, at those points where they have
not been so constructed, and it is practicable to do so. |
| The company has also secured
the use of several tracts of timbered land, and employed a force to
supply wood, cross-ties and timber, so as to do away with the
difficulty which has been experienced in procuring these indispensable
articles, notwithstanding adequate prices have been offered for them. |
| Three new locomotives have
been purchased, which, with the improvements to those already owned,
places the Company in a decidedly better condition in this department
than it was at the commencement of the year. The stock of coaches and
cars is not adequate, but it is hoped by building and repairs from
time to time, that it will be able to meet the demands for
transportation. |
| The laying of 500 tons of
comparatively new rails, with the quantity repaired at the Company's
furnaces, has maintained the track in safe working order; but a
considerable addition of new iron is required, in the obtaining of
which the assistance of the Government is confidently looked for and
expected. |
| Of other needed articles which
cannot be obtained at home, a limited supply has been obtained by
importation. To pay for these, small lots of cotton have been sent
forward as ship room could be obtained, which is done with difficulty,
as owners are less disposed to accommodate, in consequence of
Government claiming a specified tonnage of each vessel for
transportation on its own account. It is hoped that the department in
charge may be induced to consent to allow the company a small portion
of the space referred to. |
| The indebtedness of the
Company on the 30th September was -- |
| Foreign |
$587,555.56 |
| Domestic |
178,761.07 |
| Total |
$766,316.57 |
| Showing an increase during the year of |
$15,920.64 |
|
| The assets of the Company have
increased during the same period 406,140.67. A small portion of the
foreign debt is past due, and, with accumulated interest on the whole
so due is $83,000.To meet this, abundant provision has been made in
Confederate bonds and in Cotton. A correspondence has been held with
the bondholders in London to which they reply, expressing their
gratification and confidence in the Company. |
| During the year 66 Cotton
bonds valued at $99,060 have been purchased and added to the sinking
fund. |
| During the year the Board of
Directors has been deprived by death of the valued counsels of one of
its most respected members, E. P. Hall, Esq. |
| The officers and employees of
the Company have discharged the duties assigned them with commendable
zeal and ability, and this fact is brought to the attention of the
Stockholders. |
| The report of the Chief
Engineer and Superintendent gives in detail the sources of revenue and
items of expenditure for the last fiscal year. The aggregate is given
in the report of the President and Directors. The road and its
machinery is in better condition for another year's service than it
was one year ago, and the Company is every day becoming more hopeful
of maintaining the road and rolling stock in fair working order for an
indefinite period. One thousand tons of new rails are required for
repairs for the current year. Less might do, but it cannot be hoped
that much less will carry the road through the year. |
| One locomotive, two passenger
and seven Freight Cars have been burned by the enemy during the tear,
leaving twenty-four engines, nineteen passenger and one hundred and
thirty-five freight cars. Of the engines, seventeen are in running
order, or can be made so with slight repairs. |
| Reference is made to the
buildings now in progress or under contract to replace those destroyed
by the enemy. |
| Looking to the future the
Engineer and Superintendent recommends that, at the earliest
practicable time, the road be relaid with new iron of a minimum
weight of fifty-six pounds to the yard, with chairs or joint
fastenings of not less than fifteen to eighteen pounds weight. He also
thinks that the Cape Fear should be spanned by a substantial bridge,
and he then believes, that with the route South to Kingsville in good
condition, no fears need be felt on account of the opening of the much
dreaded Piedmont route. |
| The entire reconstruction of
the warehouses, track and repair shops at Wilmington, according to a
plan heretofore submitted, should be made. Attention is called to the
pay of the officers and employees that have served the company during
the past two years. In most cases their pay is entirely
disproportionate to the cost of living, and bears no proportion to
their compensation in former times. It is a very serious matter, and
one that requires immediate remedy. There is not one officer, agent,
or employee of the company paid relatively half as much as in 1860. |