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Of 1 f
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OL. 12.- NO. 40.
WILMINGTON, N. C, WEDNESDAY, NOVEMBER 20, 18f2.
WIIOLE NUMBER 3,421
ft II
I I E m X
PRESIDENT AND DIRECTORS' REPORT.
President's Office, W. & M. R. R. Co.,
Wilmington, C, 2Cth Nov., 18C2.
To the Stockholders: ' '
The President and Directors 'submit for the consideration
of the Stockholders the FifleenthAnnual Report upon the
A. &
affairs of the Company for the fiscal year closing with the 30th
of September last.
Annexed will be found the usual Abstracts of Receipts 'and
Expenditures, as also the Tabular Statements.
, The Abstract of Receipts will show that the earnings for
' the year have been a follows, from the following sources:
Through Travel, 207,2 13
Way Travel,... 103,842
Freight and minor sources, 225,200
Mails,. 31,051
;.
15
58
Total,...- $057,307
As compared with the same sources for the previous year, it
will exhibit a gain from
Through Travel,. . $108,080 16
Way Travel, . . , 45,980 37
Freight and minor sources, 43,577 97
$197,050 50
Total,...
A loss from Mails of $13,800 77. This loss is owing to the
diminished compensation paid for carrying a single daily mail
under the contract entered into with the Confederate Govern
ment, in lieu of that paid for carrying a double daily mail
under the former contract. The new contract having taken
- effect from the 1st July, 1801, and consequently embracing a
small portion only of the previous fiscal year, thereby pro
ducing receipts for a greater portion of that year under the
former compensation.
The Abstract of Expenditures shows that tho total cost of
operating tho Road for tho year has been $230,955 91, leaving
a net revenue amounting to $426,351 07 being for operating
35:13 per cent, of total receipts.
This is a very considerable reduction the per centum of
- cost in this respect, much below what it has heretofore cost to
operate this Road, and much below what it costs to operate
railroads generally. Fifty per centum of receipts is regarded
as an economical average cost of operating. This ratio, how
ever; for this year must not be considered as one thM can be
maintained in ordinary times. ,For though the prices of all
Railroad supplies have greatly increased, and we have had to
pay these high prices for what we have purchased, yet there
were many things which it was desirable to purchase and
much needed, but they could not bo procured. Had they been,
the proportion of operating expenses would have more nearly
reached the above indicated standard.
The foregoing shows an increase of gross receipts for the
past over the previous year of $183,813 73. An increase of
net receipts, under a like comparison, of $167,410 07.
The net earnings have been 17.14 per cent, upon the entire
cost of the Road. After deducting interest paid they have
been 15.88 per cent Upon the Capital Stock they have been
37.27 per cent. Deducting interest paid they have been 34.53
.per pent upqnjtho Capital Stock. ;
The number of ThToughPasseFgefs carried duringthe year
has been 67,359. The' number of Way Passengers has been
05,105. -
The Roadway is in good order. There have been a number
of new ditches cut during the year, on either side, for drainage,
and the old ones cleaned out and renewed.
The Track has become somewhat worn. At the close of the
previous year it was reported that three hundred tons of new
rail would be wanted in order to maintain track thoroughly.
A contract was made for the delivery of one hundred and
fifty tons of English rail in exchange for old. This has& been
received and netirly all laid down during the year. It will
be desirable to procure the remainder needed for laying
down during the coming year.
The Bridges are all in good order. At the close of the last
year a new side track had been constructed at Lynch'a Creek
and arrangements made for replacing the former bridge at
that point A new bridge Howe Truss has been erected
there resting upon permanent foundations of piling, on which
there are abutments of granite masonry. The span is 130 feet
long. It is enclosed mth weather-boarding and covered with
juniper shingling. This bridge is built in a very superior
manner, the dimensions cf the material used being more than
ordinarily substantial, and will altogether prove a durable
structure. The bridge at Green Swamp will probably need
considerable repairs during the course of the year, and, per
haps, may require to hate to bo entirely renewed or replaced.
The Trestles havo been kept in good order also, being
repaired and renewed where required by substituting new
timbers in place of old ones. That at Pee Dee, the most J m
portant one on the line of tho Road, is now in as. good order
as it has been at any time since its completion. It will be
remembered that at the last meeting it was. reported that a
considerable portion of this trestle had been filled in, that
portion of it con tiguous to the western bank of the river
swamp. This filling has remained firm, saving a slight natu
ral and expected shrinkage which has been adjusted by
redressing. It has undergone a severe . trial from the ex
traordinary freshets whi-'.h inundated .the swamp during the
last spring, covering it with water many feet deep, and re
maining there for several weeks. But it caused no breaks in
the embankments and no detriment to the-work.
There has been anew Water Tank erected at Mullins'
Station. Also the' one at rlemington entirely renewed, an d
in conjunction with it two Wood Sheds inw in progress
of construction 30 by GO feet each.
In the early part of the year, finding a demand for housing
freight which was being offered . at Pee Dee Statron by
Planters, which had been heretofore carried outwardly to
Charleston, it was deemed expedient to erect a Warehouse at
that place, and accordingly one was built a wooden house,
30 by 00 in dimensions, set upon a trestle work foundation.
" The necessity for a commodious Warehouse at Wilmington
is urgent and indispensable, it would have been built but
for tho present condition of the country forbidding it. And
there is also a like necessity for suitable Passenger sheds and
offices at the same point, being delayed by similar causes.
Attention will be directed to these at the earliest day that it
can bo properly done.
, There have been 30,472 Cross Ties renewed, and 390,000
feet of timber consumed in reconstructions and renewals.
The Motive Power of the Road, as was to bo expected, from
the amount of transportation which has employed it and from
inability to procure tho requisite materials for repairing and
replenishing it, has become worn. Tho existing 'war de
priving us of tho means of procuring supplies from those
sources whence they have- been heretofore mostly derived, and
the blockade cutting us off from obtaining them from abroad,
it will require tho most vigilant and active exertions on our
part to collect materials for this -purpose.'
In addition to this, we have been visited with epidemic
yellow fever in its most virulent form for the past two months
or more, which deprived us of the aid of our Mechanics in the
Machine Shops and Carpcnter'Shops, who at all times and
under the most favorable circumstances are essential to the
proper maintainance of the equipments of a Railroad.
We have been exempted from the occurrence' of any serious
accident during the year, saving one. which happened to
several ot the employees ot the Koad during the last winter,
1 1 , 1 f . n . '
winch resulted, irom an uniortunato want ot precaution on
their part in running upon a hand car, at night, at a rapid
speed and coming in collision with a train which was backiug
out from tho Depot. Since the close of tho year, within a few
days-past, the boiler of an Engine, which had been in use upon
a gravel train, was exploded at Florence Station, killing
several persons and disabling seriously tho Engineer. The
causoof the. explosion has not yet been explained, owing to the
disabled condition of the Engineer. But there has been no
accident to life or limb to any passenger travelling upon the
Road. - '
The Treasurer's Exhibit will' show that the entire amount
which has passed through his hands for tho fiscal year has
heen . . .'.$929,167 24
It will be observed that tho amount paid for interest fall
largely short of what it has heretofore been. This- is owin;
to the fact that on the breaking out of hostilities tho intere
falling dno upon much the larger portion of the Company
Bonds, which had been usually paid at the Bank of toe U
public at New York, most of these Bonds being held by alic
enemies or foreigners, was .stopped, and notice given in tl
public prints that thereafter -tho coupons would, bo paid o
presentation by the Treasurer at the Company'g office in Wi
inin'gton. .
The coupons of such Bonds as were held by citizens of tl
Confederacy were generally presented and paid here, and
small amount held by citizs of Maryland were sent in an
upon proper assurances being given that they were character
ized by: a Itona Jiila ownership ot our own citizens and not a
alien ownership, they were also promptly paid. Some of ou
Bonds, and we think a considerable amount, are held in Enj
land, Germany. and Switzerland. In the beginning of tl
war, communications were received from several foreign hob
ers making inquiry as to how, where and when tho coupon
as they fell due, would bo met. Replies were mado to tl
effect as above stated, that tho customary stipulated place c
paymenfc being .within enemy's territory, was transferred t
this point, and that it was desirable that tho coupons of Bom1
held by them should bo presented for payment, as tho con
pany were, as they had theretofore'becn, prepared and desirow
of taking them up as they matured. They havo not, howeve
heen presented, so that the interest due upon theso and tl
others referred to remain unpaid. This interest has now bee
accumulating since June, 1801. It amounts to $05,000.
The indebtedness of the Company is as follows:
First Mortgage Bonds, $390,000 C
Second " .. 200,000 X
Income " 164,000 (
Bonds seemed by hypothecation of stock in Wil
mington and Woldon Rail Road Company,.. 75,000 C
Bills Payable, . 601 1
Othefc liabilities, (see Treasurer's Acc't Current,) -22,830 i
His Disbursements have been $452,593 52
Assets in hand at close of the year, 476,573 72
$929,167 24
These disbursements are composed of the following items:
Operating expenses of Road for the year,. . . . . . . .230,955 91
Balance of Interest paid, 31,250 87
Amount of Debt reduced for the year,. 32 699 52
Interest on anticipated payments on Capital Stack
. paid in Stock, ....... . 8,473 6 1
Amount paid on account of Construction, 1 932.61
Amount paid on account of filling Trestle,. .. .... 6305 75
Counterfeit money received, . 265 00
Amount paid on account Dividend No. 1 .. 95 009 00
Amount paiu on account Dividend No. 2, 45,641 25
Aggregate disbursements for the year, ....452,593 52
To which add assets ou hand, .. ..470,573 72
Total, .......... 929,1 67 2 1
The Capital Stock of the Company has been increased this
year to the amount of $a,702 05 ; ot this $8,473 61 has been
paid in accrued interest on anticipated payments on account
of Capital Stock. The remainder, $223 44, has been paid in
cash. . -
The amount charged f to construction has been absorbed
towards the erection of the Warehouse at Peo Deo and a
temporary Work Shop at Sumter. "
$1,058,432 (
The finances of the Company are in good condition. Tl
aggregate revenue has amounted to $657,307 58, bein
$183,813 73 in excess of any annual revenue for any previoi
year, or equivalent to 38.82 per cent, upon the highest Tl
expenses being much less, leaves a net revenue of $420,351 6
against $258,941 60 for the net revenue of 1861, this latt
being tho largest up to that period. The President and D
rectors declared, two dividends during the year ; one of 9
cent., payable on tho 1st November, d861, and another of 4
per cent., payable on tho 1st May, 1862. Since the close (
the fiscal year they havo declared tho third dividend of tl
Hoad of 10 per cent., payable 22d November; just past. Th
last, of course, will not fall within tho accounts of tho yea
but be emhraced in those of tho current one. . From theavai
alio means at command it may probably bo thought that tl
dividend lately declared inigh,t havo been judiciously mac
larger. Possibly it might, but they to whom you have conf
ded the management of your affairs, through-abundant cai
t ion and what they considered a prudent discretion; deemc
it proper to retain an amount sufficient to meet any futui
contingencies, now unforeseen, but which may eventually o
cur. The floating debt of the Company has been extinguishes
excepting a nominal sum, which could not bo reached. Whe
ever the obligations of the Company could bo paid, it has bee
done, in order to reduce its indebtedness jas much as possibl
HI! ii !. . t it 1 Art.t iaa m
iuu ruaucuon in mis respect lor mo year nas oeen ?oi,oyj o
It is in fact some five thousand dollars or moro larger, th
sum having been sent to tho Exchange Bank of Virginia, i
Norfolk, for tho settlement of negro bonds payable there, ft
which tho Treasurer holds the Cashier's acknowledgement, bt
owing to the capture of the city, by the eneray, the Bond
which doubtless have been paid, could not bo returned. Th
IncorneBond indebtedness has bcen diminished by ten thou
sand dollars, constituting part of the above.
Tho large item of $180,384 65, charged as duo from th
Confederate Government, thus stood at the close of the yea
but since that time tho most of it has been paid. In consc
qnence ot the great pressure ot business upon the Qurtermas
ter's Department at which we havo been having our account
audited, there was some delay in obtaining certificates upoi
the treasury prior to the close ot our nscal year, lor the res
pective amounts for which those accounts were approved
But it is hoped that this will not hereafter occur. There ha
been seventy-five thousand dollars (75 Confederate Bonds"
set aside as a sinking fund, ten thousand dollars of 'Which ha?
already been devoted to the purpose for which it was iateuded.
the remaining sixty-nvo thousand is still held by the Treas
In view of the rapidly autjmentin'j prices of all material
and supplies used by Railroads, it may become necessary t
raise tho rates of fare and freights, ia order to preserve a con
siderate and aafe proportion between receipts and expenditures
The stock held by this Company in the Cape Fear and
Ocean qamship Navigation Company (one hundred and fil'ty
sliares,) has been disposed of. It was sold at its par value
of one hundred dollars per share, the payment made, and the
transfer executed to the purchasers. .
The General Superintendent of the Company, Mr. Robert
son, was taken sick the first of August last. He was pros
trated by a loDg and enervating attack of typhoid fever; went
into the up country for the restoration of his health, and wa
only able to return to tho Road on j estcrtfay.- ;xhis will
account for the absence of a Report from. him. '. '.
THOS. V. WALKER,
: ' .- President.
i