Annual reports of the president and directors and the chief engineer and superintendent of the Wilmington & Weldon R.R. Co., with the proceedings of the general meeting of stockholders
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% i^. Library OF THE University of NortK Carolina This book was presented by the family of the late KEMP I'LUMMER BATTLE, '49 Presitlent of the University of North Carolina from 1876 to 1890 C3?5.l- a37?A- *^ V \ - This hook must not he taken from the Lihrary huildin^. THIS ONTH iTi:wi MAY NOT SQi-SERVlC£ BE Ct PIED O^Pili' LUNC-5M Ja 36 OP-12276 Digitized by tine Internet Arciiive in 2010 witii funding from Ensuring Democracy tiirougii Digital Access (NC-LSTA) http://www.archive.org/details/annualreportsofp1865wilm /.' / r CX—r-/ /( / Oc- c I. / V- . o - r* / r A Z. PKOCEEDISGS STOCKHOLDERS Wilmington & Weldon R. R. Co, SPECIAL MEETING, AUGUST 1st, 1865 TOGETHER W^TH THE PROCEEDINGS OF THE 30TH ANKUAL MEETING, HELD AT WILMINGTON, NORTH CAROLINA, NOVEMBER 22, 1865, \mn THE REPORTS OF THE PRESIDENT AND DIRECTORS, AXD THE CHIEF ENGINEER AND' SUPERINTENDENT. WILMINGTON: ENGELHABD & PEICE, STEAM POWER PRESS PRINTEKS. 186G. PROCEEDIl-GS ' 0? THX SPECIAL MEETING OF THE STOCKHOLDERS OF THE WILMINGTON & WELDON RAIL ROAD CO., HELD IN WILMINGTON, AUGUST 1st, 1865. Pursuant to published notices, the Stockholders of the "Wilmington and Weldon Rail Road Company convened at the commercial house of John Dawson, Esq., in Wilmington,, at 10 o'clock, A. M., on Tuesday the 1st of August, 1865. The meeting was organized by calling Mauger London, Esq., of Wilmington, to the Chair, and appointing J. W. Thompson and Walter H. McRae Secretaries. On motion of S. D. Wallace, Esq., Dr. B. F. Arrington, who held the State proxy, and the Secretaries were constituted a committee to ascertain the number of shares of the capital stock of the Company represented in the meeting. Dr. Arrington, addressing the Chairman, stated in substance, that according to instructions he had received from the Provisional Governor of North Carolina, no sto3k was entitled to representation which is not held and owned by persons who have subscribed to the amnesty oath, as prescribed in the President's amnesty proclamation of May 29th, 1865, and who do not belong to any of the fourteen classes excluded from the benefit of said amnesty unless they have received pardon. On motion of Mr. Wallace, Dr. Arrington, at his own request, was then excused from serving on the committee to ascertain the amount of stock represented, and Alfred Martin was appointed in his place. Mr. Thompson also asked to be excused from serving on the com-mittee, stating that he was not a stockholder in the Company, and was therefore unwilling to exercise the prerogative of deciding the qualifi-cations of stockholders to represent their stock according to the instruc-tions of the Provisional Governor. Col. John McRae then moved that Mr. Martin be c onstituted umpire to decide, upon consultation with the State proxy, all questions that might arise relative to the qualifications of the representatives of stock in the meeting, which motion prevailing, Mr. Thompson withdrew his request to be excused. After a careful examination of all the proxies presented, the com-mittee reported 651 shares properly represented according to the Gov-ernor's instructions, in person, and 7,697 shares by proxy. Total nnmber of shares represented 8, 348. Necessary to constitute a quorum, according to the provisions of the charter of the Company, 7,259, A large amount of stock entitled to representation, according to pro-visions of the charter, was excluded, there being no evidence to estab-lish or negative its claims to representation, according to the committee's interpretation of the instructions of the Governor. The meeting took a recess until 3 o'clock^ P, M. 3 O'clock, P. M., August 1st, 1865. The Chairman called the meeting to order. S. D. Wallace, Esq., the President of the Company, read his Report upon the condition of the finances and the property of the Company, and submitted a report of the Engineer and Superintendent, both of which Reports were received and laid on the table. Col. S. L. Fremont oflfered the following resolution, which was adopted : Resolved, That the Pi-esident and Directors be instructed to effect such loan or loans as they may deem necessary to put the roadway and its machinery in good working order as soon as practicable, thev being hereby authorized, if they find it necessary, to mortgage the property of tlie Company to' secure the paynient of such, loans. On motion of 0. G. Parsley, Esq., it was Resolved, That the Stockholder? of tb.e Wilmington and Weldon Rail Eoad Com-pany now present and participating in the proceedings of the called meeting now bemg held, do not consider or recognize the same as superceding the necessity of the regular annual meeting, as provided for by the charter, and therefore aU ap-pointments or elections of officers are made only unto the next regular annual meet-ing in November nest. On further motion of Mr. Parsley, it was Resolved, That it is the sense of this meeting that it is right and proper that the salaries of the officers of this Companv, to be fixed bv the stockholders, should be SO fixed previous to entering into the election of such"officers. On motion of H. B. Bryan, Esq., it was then Resolved, That a committee of three be appointed by the Chairman to take into consideration the salaries of the President and Secretary and Treasurer, and make a recommendation to this meeting as to tlie proper amount at which said salaries should be fixed. Pursuant to this resolution the Chairman announced Messrs. Bryan, Martin and Dr. Arrington as composing the committee, who, after a brief consultation, made the following report : "The committee appointed to name the salaries to be paid by vour Company to the President and Secretary and Treasurer, recommend that the salary of the Presi-dent be fixed at S3,000 per annum, and that of the Secretary and Treasurer, the two offices being combined, atS2,000 per annum." ALFRED MARTIN, ) H. B. BRYAN, [ Committee. B. F. ARRINGTON, ) After a protracted discussion of the subject of the recommendations contained in the foregoing report, participated in by Dr. Arrington, Messrs. Martin, Bryan, Parsley, W. L. Smith, A. E. Hall and Joha Dawson, it was Resolved, That the salary of the President of this Company, tmtil the regular att-nual meeting, be at the rate of $2,500 per annum, and that the salary of the Secre-tary and Treasurer for the same period be at the rate of $2,000 per annum. The meeting then proceeded to ballot for a President of <Jie Company, which resulted in the election of Hon. R. R. Bridgers, of Edgecombe. Dr. Arrington then officially announced the appointment by the Provis-ional Grovernor of Edward Kidder, of "Wilmington ; John Norfleet, of Tarboro', and W. T. Faircloth, of Goldsboro', as Directors of the Company in behalf of the State ; and the meeting proceeded to elect seven Directors on the part of the individual stockholders with the fol-lowing result : S. D. WALLACE, Wilmington, P. K. DICKINSON. W. A. wmaHT, ALFRED MARTIN. A. H. VANBOKKELEN, " ELI MURRAY, JOHN EVERITT, Goldsboro', Receiving the largest number of votes were declared duly elected. On motion, it was Besohed, That the office of President of this Company be filled by S. D. Wallace, Esq*, late President, and now a Du'ectorof this Company, until K. R. BridgerSj thd newly elected President, may accept and assume the duties thereof. Resolved, That the proceedings of this meeting be published in the WilmingtOft Daily Herald and the North Carolina Standard. Resolved, That the thanks of the meeting be tendered to John Dawson, Esq., for the use of his building. A vote of thanks then being tendered to the Chairman for the dignity and ability with which he has presided over the meeting, to the Secre-taries for the faithful discharge of their duties, to the State proxy and all others participating in the meeting for the harmony, general good feeling, and spirit of concession which have characterized their deliber-ations, and for the mutual courtesy and urbanity towards each other of the representatives of different interests, the meeting was declared ad* journed sine die. MAUGER LONDON, Chairmaa. J. W. Thompson, ) g-_-,f„_j„ W. H. McRae, I ^secretaries. PRESIDENT AND DIRECTORS' REPORT. To the Stockholders of the W. & W. Rail Road Company, Gentlemen : At the request of the Provisional Governor of North Carolina, and also to comply with the requisition of sundry Stockholders, made in conformity with Section 7th of the Charter of the Company, I issued a call for a meeting of this body to convene in this place on the 25th of July. Subsequently a telegram from the Governor was received, sug-gesting a postponement for certain reasons to the present date, August 1st, and accordingly public notice was given to that effect. I deem it my duty to give you an outline of the affairs of the Com-pany from the 1st of October, 1864, the commencement of the fiscal year, to the period of our suspending business. The work performed during the time named was almost exclusively for the Government known as the Confederate States, which power claimed the right to con-trol, and did control the movements of the Company in regard to the employment of its motive power and rolling stock. The receipts from all sources from the 1st of October to the period of suspension, jire (in Confederate cur-rency,) $1,275,000 00 The disbursements for the same period, as charged 877,580 38 Excess of receipts, $ 397,419 62 The debt of the Company is as follows : Bonds payable in London in sterling, bearing 3 per cent, interest, and to secure the payment of which the prop-erty of the Company has been conveyed to a trustee, $ 443,555 56 Interest due on said Bonds from July 1st, 1861, to date, 108,671 09 Bonds payable in London, in sterling, bearing 7 per cent, interest, ' 144,000 00 Interest due on same from Nov. 1st, 1861, to date, 36,960 00 Bills payable, due to parties in Northern cities, 23,181 84 Due on open account, to parties at the North, 8,709 71 Negro Bonds, payable from 1844 to 1861, inclusive, .... 10,098 48 Dividends, payable to No. 19, inclusive 5,069 00 Making, $780,245 68 Which amount is payable in coin or its equivalent. 8 ADDITIONAI^ LIABILITIES CONTRACTED DURING THE WAR, AND UNPAID. Due to sundry Individuals and Corporations, $ 72,671 40 Negro Bonds, 1862 to 1864, inclusive, , 44,333 88 Dividends Nos. 20 to 27, inclusive, 98,723 00 Due on Pay Rolls 74,106 45 Outstanding Debts, not credited, estimated at 100,000 00 Making, ". $389 , 834 73 Of this amount payment for a part can only be claimed, I think, in Confederate currency, and for the remainder at an equitable commuta-tion for specie, or currency. This, however, will be a subject for the consideration of the future Board of Directors. PROPERTY AND OTHER ASSETS OF THE COMPANY. The property of the Company consists of the Roadway, Machinery* Motive Power, Rolling Stock, Real Estate, &c., Old Iron, Wheels, Axles, &c., and Materials for Repairs, and the Stock owned in the W. & M. R. R. Co. and Telegraph Company, the value of all which I have not estimated Of the Cotton on hand as stated October 1st last, only 159 bales were saved, which I value in coin at $25,000 00 The State of North Carolina owes for transportation, 22,803 86 The remaining assets are in valueless paper, consisting principally of Bonds of the Confederate States, unsettled claims for transportation for the Confederate States, and in Confederate Treasury Notes, amount-^ ing in the aggregate to about |1, 400,000 00. The army of the United States occupied this place on the 22d of February, and Goldsboro' March 21st, at about which time the working of the Road virtually ceased, although its operations on the Northern end were continued for a short period longer. The army under Gen. Bragg in its retreat from this place, being closely pursued, destroyed the bridges over Smith's Creek and across the North East Branch of the Cape Fear River, These bridges were rebuilt by the Rail Road Construction Corps of the United States army, but being of a temporary character they will have to be replaced by superior structures. The Road from this to Goldsboro' has been, since March, and continues to be in military possession, and has been worked by that power. North of Goldsboro' the Road was rendered inoperative by the unwise destruction of track and bridges by the Confederate forces. About eight miles of the track between Goldsboro' and Black Creek was torn up and pretty effectually destroyed. The bridges over Fishing Creek and Quanky, and three locomotives and about twenty cars were burned. The Warehouses at Dudley's and Goldsboro' have also been destroyed by fire ; also the bridge on the Tarboro' Branch Rail Road. The delay in repairing has not been because the importance of the work was not appreciated, or the desire to do so was not realized, but because the authority was wanting, and the means were not at my command. 9 The Directory were of the opinion that our Bondholders in England should be heard from, and their views ascertained in relation to the debt due them and their disposition in regard to the Company before commencing repairs, inasmuch as the mortgage on the Road was for their benefit. A Director of the Company, now in New York, has been furnished with a statement of the condition of the Company, in order to lay it before an agent of the Bondholders if one should be in that city. He has caused that statement to be forwarded to London, and we are awaiting an answer. That Director, after consultation with friends in New York, is of the opinion that the Company will not be prevented from operating the road, but that facilities will be afforded to aid the work. I have also considered the possession of the Road from Golds-boro' south as essential to the economical repairs of the northern end, and think it desirable that possession should be transferred at the earliest practicable moment. I have employed a small force, chiefly for the purpose of protecting the property and for collecting and saving the materials on hand. This force has also been employed in relaying the torn up track, and about one-half of that work has been executed. An order has been given for lumber to construct Fishing Creek bridge, and a builder has been retained to attend to the work. Sufficient of necessary timber both for Fishing Creek and Quanky bridges is owned by the Company- I have assurance from the War Department, through the Quarter-master's Department at Washington, that a sufficient quantity of iron, spikes and other material will be sold us at New York prices—the Com-pany securing payment at the expiration of six months, and T think more favorable terms may be negotiated. Should directions be given to put the Road in working order, it can be rapidly done by the employment of a competent force, and the com-munication through need not be delayed till Quanky bridge is built, as a transfer of passengers and freight can be made at that point, and thus insure direct communication. Time must develope the extent of business that will offer. I am in-clined to believe it will be much greater than has been anticipated, both in travel and produce—especially on the northern end—that section having in a great degree been exempt from the presence of both armies, and has considerable produce awaiting transportation, with the prospect, as I am informed, of a fine harvest from the present growing crop The Company has the facilities to do all the transportation that may be required. We have fifteen locomotives, several of which are in good order and others can be rendered so by slight repairs, and between forty and fifty cars. One thing is certain, the work is of too much importance to the pub-lic and the stockholders to be abandoned, and as there must be a com-mencement, the sooner that is entered upon the sooner will the desired benefits be realized. We have never appreciated the true value of Rail Roads to communities until now. Having enjoyed their advantage and then being deprived of their use, we forcibly realize their worth. Very respectfully, S. D. WALLACE, President. LIST OF OFFICERS AND AGENTS Of the Company, with their salaries, on the 1st January, 1865. S. D. WaUace, President, 18,000 GO TBEASURY DEPABTMENT. J. W. Tliompson, Secretary and Treasurer, 6,000 00 William M. Poisson, General Ticket Agent and Book Keeper, 5,340 00 DEPARTMENT OF TRANSPORTATION AND REPAIRS. S. L. Fremont, Engineer and Superintendent, 10,000 00 William Smith. Assistant Superintendent, 5,340 00 A. D. Love, Superintendent's Clerk, 4,020 00 W. J. Yopp, General Freight Agent, 5,340 00 T. L. Love, Assistant Freight Agent, 4,020 00 W. H. Shaw, Assistant Freight Agent, •. 4,020 00 E. T. Love, Store Keeper, 4,020 00 A. H. Cutts, Depot Agent, 3,600 00 John Campbell, General Agent at Weldon, A. J. GaUoway, General Agent at Goldsboro', 3,720 00 W. R. Bryan, Assistant Agent at Goldsboro', 2,000 00 STATION AGENTS. D. M. Millan, Rockv Point, 120 00 J. C. Groom, Burgaw, 120 00 A. D. McDonald, Leesburg, 150 00 G. Boney, Duplin Road, 120 00 H. HoUihgsworth, Magnolia, 720 00 D. G. Morisey, Warsaw, 720 00 B. C. Bowden, Bowden's, 120 00 L R. Faison, Faison's, 360 00 L. W. Kornegay, Mount Olive, 360 00 D. Mclvinnie, Dudley, 360 00 J. J. Scott, Nahunta, 360 00 J. S. Holt, Black Creek 200 00 A. D. Farmer, Wilson, 1,000 00 W. D. Farmer, Joiner's, 400 00 J. Farmer, Rockv Mount, 1,200 00 Levi Brvan, Battleboro', 450 00 M. C. HeptinstaU, Enfield, 660 00 G. W. Owens, HaUfax, 500 00 H. B. Bryan, Tarboro', 2,000 00 REPAIRS. John Crone, Road Master Second Division, 4,800 00 Silas Bass, Road Master First Division, 3,600 00 F. A. McMillan, Master Machinist, 7,500 00 J. H. Wright, Master Carpenter, 6,000 00 S. J. Walton, Master Bridge Carpenter, 4,200 00 L. B. Garrias, Wood Agent, 2,100 00 CONDUCTORS AND ENGINEERS. John E. Ivey, Passenger Train, 4,020 00 E. D. BroA\Tiing, Passenger Train, 4,020 00 H. S. HazeU, Passenger Train, 4,020 00 Henry D. Gilbert, Passenger Train, 4,020 00 Walter H. McRao, Freight Train, 4,020 00 Asa J. Murrav, Freight^Train, 4,020 00 Robert A. Watson, Branch Road 4,020 00 J. Knight, Engineer and Conductor, 8,400 00 J. Langston, Engineer, 6,600 00 B. W. Williams, Engineer, 6,600 00 Robert Driver, Engineer, 6,600 00 D. Savage, Engineer, 6,600 00 E. Casev, Engineer, 6,600 00 M. L. Adams, Engineer, 6,600 00- H. E. Felker, Engineer, 6,600 00 L. Marble, Engineer, 6,600 00 A Duffie, Engineer, 6,600 00 J. M. Bond, Engineer, 4,200 00 W. D. Southall, Engineer Branch Road, 3,000 00 James Daniels, Yard Engineer, 4,200 00 REPORT OF THE CHIEF ENGINEER AND SUPERINTENDENT. Wilmington and Weldon Rail Road, ) Wilmington, N. C, July 26th, 1865. \ To S. D. Wallace, Esq., President. Sir :—I have the honor to submit the following statement of the affairs of the Wilmington and Weldon Railway Com-pany to the present date : There is nothing of especial interest to report from the beginning of the fiscal year to the evacuation of Wilmington. As you are aware, the largest portion of our stationary was, by order of the directory, removed to Magnolia, where tem-porary shops had been erected. To this point I repaired during the night of the 20th of February, and placed everything in as good working order as^ it was possible to do. From this point we continued to oper-ate the line after the fall of Wilmington (Feb. 22d) to the final capture of the road south of Goldsboro. The division of the Road South of Goldsboro' was surren-dered to the U. S. forces under Gen. Terry on the 19th day of March, in compliance with the enclosed order. The division North of Goldsboro' was not surrendered to the troops of the United States—they unexpectedly failing to move in that direction. I had detached (Mr. Smith) my Assistant, with some tdols and a portion of the rolling stock, early in March, to proceed and operate this division of the Road—foreseeing that our line would be cut at Goldsboro'. I had previously selected Enfield as the best point to fix his temporary repair shops. He repaired to this place and continued to operate that end of the Road, whilst myself, with some broken machinery, two broken engines and a few cars, continued to send off such supplies as the Confederate authorities could collect on the Southern division. 12 Mr. Smith reports to me that he continued to work the North €nd of the Koad until orders were sent him by Gen. Johnston to move all his machinery West beyond Raleigh. He at-tempted to do so, but was cut oif at Raleigh by Sherman's advance. He then fell back to Weldon with all the stock and tools that had been saved from destruction by the Confederate troops under Gen. Baker; From the moment the troops fell back from Kinston and uncovered the approaches to this Road, I looked upon the Northern division in quite as much danger of capture as the division South of Goldsboro', especially as a large portion of the Confederate supplies were known to be drawn from the country about Tarboro'. In this I was mistaken—though not alone mistaken, as I should judge by the wholesale destruction of Rail Road property made there by the Confederate forces. DESTROYED By the Confederate forces about seven miles of track between Goldsboro' and Wilson. The wanton destruction of the fine bridges over Tar River, near the end of the Tarboro' Branch, (for no earthly military reason.) The bridges over the Fishing and Quanky Creeks, near Enfield and Halifax, on main stem. The burning of about fifty cars, including seven passenger cars and fou7' locomotive engines at Enfield and Weldon. The engines and a portion of the cars were burned on the Hoanoke hridge. ESTIMATED Cost of immediate repairs necessary to place the railway in working order : Cost of bridges at Enfield and Halifax, and repairs of track North of Goldsboro', exclusive of materials on hand, $20,000 00. The division South of Goldsboro' is in running order. Permanent bridges near Tarboro' will cost about $10^000 00. ESTIMATE OF PERMANENT REPAIRS. Cost of permanent repairs that should be made within one and a half years from date, and the sooner the better : For 8,f)00 tons of new rails, cost besides the value of old rails, 300,000 00 Chairs or joint fastenings, 25,000 00 For four new bridges, 40,000 00 $365,000 00 13 New passenger and freight cars, 50,000 00 New Engines, 50,000 00 $465,000 00 The warehouses at Goldsboro' and Dudley were burned, and must he re-huilt at an early date, and will cost about 5,000 00 Total, (estimated in specie,) .$470,000 00 The stationary machinery is believed to be in good order, and is, with a few exceptions, ample for the present wants of the Company. It was held by myself at Magnolia until the 19th of March. The receipts for 1865 and '66 should reach $500,000 to $550,000, but to warrant this our connections must be made North and South, and our facilities for the transportation of persons and things must be ample. KespectfuUy submitted, S. L. FREMONT, Engineer and SwperintendenL PROCEEDINGS OF THE THIRTIETH ANNUAL MEETING OF THE • Stockholders of the W. & W. Eail Road Company, ON THE 22d DAY OF NOVEMBER, 1865. In accordance with the resolution of the last annual meeting, and pursuant to published notices, the Stockholders of the Wilmington and Weldon Rail Road CoQjpany convened at the Court House, in the town of Wilmington, at 10 o'clock, A. M., on Wednesday the 22d of No-vember, 1865. The meeting was called to order by the appointment of Patrick Mur-phy, Esq., of Sampson county, as Chairman, and J. W. Thompson as Secretary. On motion of Hon. R. R. Bridgers, William A. Wright, Esq., and Major J. A. Engelhard, with the Secretary, were appointed a committee to examine proxies and ascertain the number of shares of the capital stock of the Company represented. The committee reported that 8,731 shares, viz : 1,222 shares in per-son, and 7,509 by proxy were represented, whereupon the meeting was declared to be duly organized. The President of the Company, Hon. R. R. Bridgers, then submitted to the meeting the Report of the President and Directors, together with the accompanying Reports of the Superintendent and Treasurer. On motion of Major J, A. Engelhard, Resolved, That the Reports be received and referred to a committee of thi-ee persons. Pursuant to the foregoing resolution, J. A, Engelhard, Walker Meares and Dr. B. F. Arrington were announced as composing said committee. The meeting then adjourned until 3 o'clock, P. M. At 3 o'clock, P. M., the meeting re-assembled and was called to order. The committee to whom were referred the report of the President and Directors, and the accompanying reports of the Superintendent and Treasurer, submitted the following, which was adopted: 16 To the Stockholders of the Wilmington and Weldoyi Hail Bead Company • Gentlemen :—Your committee, to whom was referred the Report of the Presi-dent and Directors of the Company, together with the Eeports of the Superintend-ent and Treasurer, have had the same iinder consideration, and after as thorough an examination as the brief time allowed for its performance permitted, ask leave to submit the following report : Your committee regards the condition of the Eoad fully as pi-osperous as could be expected ; and the receipts from the time it was transferred to the officers of the Company by the United States authorities, to the end of the last fiscal year, give the most flattering evidences of future prosperity. In view of the piobable decrease in the productions of the soil, the committee de-sire to call the attention of the Stockholders to the inexhaustible forests of yeUow-heart pine along the hue of the road, to which reference has been made "by the President in his report, and the very large price lumber now commands, and re-spectfully recommend that all necessary encouragement be given to the development of this branch of business, which will not only give a large and protitable freightage to the Company, but furnish a cheap' and convenient supply of lumber for sixch building and repair's as mav require it. J. A. ENGELHARD, ) B. F. ARRINGTON, • Committee. WALKER MEAEES, ) On motion of Dr. B. F. Arrington, it was Jiesolxed, That the salary of the President be fixed for the present year at $4,500, in currency, and that of the Secretary and Treasui'er at $3,000. On motion of Major Engelhard, the meeting then proceeded to the election of officers. After counting the ballsts in each case the follow-ing gentlemen were declared duly elected : Hon. H. R. Bridgers, President. Messrs. P. K. Dickinson, W. A. Wright, S. D. Wallace, Alfred Martin, A. H. VanBokkelen and Eli Murray, of Wilmington, and John. Everitt, of Groldsbero', Directors on the part of the individual stock-holders. Messrs. Edward Kidder, of Wilmington, John Norfleet, of Tarboro', and W. T. Faircloth, of Goldsboro', were announced by the Secretary, at the request of Dr. B. F. Arrington, who held the State proxy, as having been previously appointed Directors on the gart of the State. Mr. W. A. Wright offered the following resolution, which was adopted : liesolved, That the President and Directors are hereby authorized and empowered to enter into such negotiations, and make siich connections with other Rail Roads or other Companies as they may consider wiU tend to increase the travel and general business on the line of the Eoad of this Company, and for these purposes to make 6uch investments as they deem judicious. On motion of Mr. Alfred Martin, it was Jiesolved, That the President and Directors are hereby instructed to make appli-cation to the next ensuing General Assembly of this State, asking that banking privileges be granted to this Company. On motion of Mr. W. A. Wright, it was Jiesolved, That Patrick Murphy, John D. Love and Walter H. McRae be appointed the Auditing Committee of the Company for the ensuing year. Mr. 0. Q-. Parsley offered the following resolution^ which was adopted : 17 Resolved, That the President and Directors of this Company be, and they are hereby authorized to make such subscription to the stock of the Wilmington and Manchester Eail Road as th^ may deem adrisable and advantageous to the interest of this Company. Mr. W. A Wright offered the following, which waa adopted : Resolved, That the President and Directors of this Company make appUcation to the next General Assembly of this State, asking such an amendment of the charter of this Company as -mil empower the stockholders or the Dux-ctora of this Company to elect a Yice President, who, in the event of the absence, sickness or other inabil-ity of the President to act, shall temporarily exercise the duties and powers of Pres-ident of this Company. On motion of S. D. Wallace, Esq., Resolved, That the nest annual meeting of this Campany be held in Wilmington OQ the Wednesday next succeeding the third Monday in November, 1866. On motion, the thanks of the meeting were tendered the Chairman and Secretary, whereupon the meeting adjourned. PATRICK MURPHY, Chairman. J. W. Thompson, Secretary. PRESIDENT AND DIRECTORS' REPORT. To the Stockholders of the W. (& W. Rail Road Company : The President and Directors of your Road submit the following re-port, which, with the reports of the Superintendent and Treasurer, will exhibit the condition of the Road and its business for the past fiscal year. From causes well known to you, the business of the Road has given very little income, while much of the track and nearly all of the bridges and rolling stock have been destroyed. In the last thirty-four days of the fiscal year we received 042,418 79 ; had our rolling stock been sufiicient to do the business the receipts would have been increased. Fcr several months to come we shall do a good freighting business of the accu'.nulated products of preceding years ; after that time we expect a diminution in the transportation of agricultural products. If proper encouragement is given to the manufacture of lumber from the almost inexhaustible forests of yellow-heart pine along the line of the Road, the diminution of agricultural freights can be supplied with lumber freights. The passenger bu.siness has been better than was anticipated. When the connecting Rail Roads shall have been repaired and re-stocked we think itwill compare favorably with preceding years. Our debt due in England is $587, 555 56, with four years' interest unpaid ; the debt due at home is ^63,944 43 ; in addition to this $295,493 83 is due in depreciated Confederate currency, which, re-duced to the customary standard of value, will not amount to more than $15,000; making in the aggregate, with interest, $812,499 99 of indebtedness. After the closing of the ports by blockade large investments were made in Confederate bonded securities, which are now worthless. A large quantity of cotton was bought, nearly all of which was destroyed in the closing days of the war. With much of the track destroyed, nearly all the bridges burnt, the operations of the Road were resumed with four locomotive engines, eleven box and five platform cars, and no passenger car fit for service ; several of the warehouses had been burnt and many old ones needed rebuilding. Since the close of the fiscal year $348,910 of materials for re-fitting, and re-bulilding and re-stocking of the Road has been bought, of which $298,432 falls due at various times during the year, and $50,478 67 falls due in the next fiscal year. To meet these payments we have now on hand in cash, cotton, old 20 iron and old rails that will. be taken up when the new rails are put in the track, to the value of $203,750; $25,400 due from the United States Government, and $100,000 advanced to us to be repaid in the transportation of Express freight, and as a guarantee against any risk or loss that may be incurred, making $329,150 of assets to meet pur-chases. To put the track in good condition it will require 3,000 tons of iron rail in addition to the 1,500 tons already bought ; chairs and spikes to the value of $20,000; bridge building not less than $30,000 ; stone masonry $10, -JOO, and warehouses and other necessary buildings to the value of $20,000, making not less than P00,000 that ought to be ex-pended to put the Road in good condition. But unless we can borrow money, much of this necessary work will have to be postponed to a more convenient day of payment. The Board of Directors instructed me to employ Dr. A. J. DeRosset to go to Europe to negotiate an extension of bonds and a funding of interest due, and a new loan, if to be had on reasonable terms, sufficient to refit the Road and pay off our floating debt. The debt we owe is small compared to the value of the property owned by the Company. Under ordinary circumstances there would be no difficulty in borrowing money ; but unless we can borrow, notwithstand-ing our receipts will probably run from $40,000 to $50,000 per month, it will take the entire earnings of the Road for at least two years to put it in good condition. If we could borrow a sum of money sufficient to meet the expenses of re-building and re-laying the track, we should at an early day make good dividends and restore the stock again to its par value. Respectfully submitted, R. R. BRIDGERS, President. REPORT OF THE CHIEF ENGINEER AND SUPERINTENDENT. PANT, ") !65, 3 "Wilmington and "Weldon Rail Road Company, Ofice of Engineer and Superintendent, Wilmington, N. C, Nov. 17th, 1865, Hon. R. R. Bridgers, President, Sir :—I have the honor to submit my Eleventh Annual Report of the operations of this Road (as required by the reg-ulations) for the fiseal year which terminated on the 30th of September last : The receipts and expenditures have been made in two kinds of currency, and to enable you to understand the financial condition fully it is necessary that I state the receipts and ex-penditures in each separately. Receipts and Expenditures in Confederate currency : RECEIPTS. From Through Passengers, $ 56,713 45 " Way " 672,311 19 " Freight, 504,659 03 " Mails, , 12,550 00 " Miscellaneous sources, 11,176 88 Total receipts, |1, 257,410 55 EXPENDITURES. Department of Road Repairs.— Pay of Road and Section Masters and materials for repairs $198,675 28 Department of Transportation.— Cost of repairs of engines and cars, pay of mechanics, conductors, en-gineers, hands, station agents, fuel, oil, &c $632,734 93 GENERAL EXPENSES. Salaries and incidental expenses .. $ 53,615 65 Total expenses to March 30th ... 885,025 85 Net receipts $372,384 70 22 Receipts and expenditures in the present national currency RECEIPTS. From through passengers $10,962 86 From way passengers 14,865 30 From freight 14,377 13 Frommails 1,360 00 From miscellaneous sources 853 50 Total receipts since the reopening of the road in August (34 days) $42,418 79 EXPENDITURES. Department of Road Repairs.— Pay of road and section masters, la-borers, provisions and materials, for repairs $7,137 42 Department of Transportation.— Cost of repairs of engines and cars, pay of mechanics, engineers, hands, station agents, fuel, oil, tallow, &c., 10,737 76 GENERAL EXPENSES. Salaries $1,558 30 Incidental expenses 645 49—2,203 79 Total expenditures since the reopen-ing of the road in August, (34 da|s) 20, 078 97 Net receipts for 34 days $22,339 32 It will be observed by referring to the Treasurer's state-ments that no accounts are rendered for the months of April, May, June and July. During the whole of that period, to-gether with the larger part of March and August, the track from Wilmington to Goldsboro', with a portion of the ma-chinery, were in possession of the United States military authorities. The division from Goldsboro' to Weldon had been so com-pletely crippled by the destruction of bridges and track—by the Confederate military authorities—as to render it unser-viceable. It was not until July that I received authority to attempt * 23 these repairs by raising means on the credit of the company. This was accomplished slowly ; yet, by the 27th of August, when the southern division was restored to its owners, the damages had been so far repaired that we were enabled to run a train from Wilmington to Quankey creek, near Halifax. From the reopening of the road to the end of the fiscal year we had but eight to ten freight cars, six or seven passenger cars, with three engines, nearly all in the worst possible con-dition for effective service. With these, however, and the aid of an equally dilapidated freight train, that was rented from another company, our receipts have reached the respectable sum of forty-one thousand dollars in thirty-four days. If this beginning may be taken as any indication of the future, we may look forward with confidence to a most favorable reault for the present fiscal year. From the beginning of the past fiscal year to the capture of the southern half of the road by the forces of the United States^ the company's trains were incessantly employed in army and private transportation, yielding for the six months the large sum (in Confederate currency) of $1,2.57,410 55, which, however, has perished on our hands and left us with many sniall claims unpaid. Tbe capture of Wilmington was preceded by the removal of a portion of our stationary machinery and all our service-able rolling stock to Magnolia. I found myself at this point on the 22d of February, in charge of the whole operations of the company, without ade-quate means of paying ofli" the debts due by the company to g ntractors, &c. Could means have been supplied by collec-tion of dues from the Confederate government, many claims now due would have been liquidated. Finding the United States forces were pressing the en-tire line of the road from two points on the coast, opening with the attack on Kinston, I resolved to divide the means of transportation and send Capt. Smith, the A^ssistant Superin-dant, with a portion of the rolling stock and with machinery materials for repairs to Enfield, to operate the division of the road north of Goldsboro'. This duty was performed with fidelity and with as much success to the interests of the company as it M\as possible un-der the trying circumstances in which he was placed. The destruction of the rolling stock on the evacuation of that division has reduced our means of transportation mate-rially and added considerably to the necessary outlay for cars and engines. 24 The remainder of the rolling stock and stationary ma-chinery was retained at Magnolia, on the southern divison, until the supplies had heen sent to Goldshoro', when all but the hroJcen engines and cars followed the movements of the Confederate army. On the 19th of March General Terry reached Magnolia and took possession of the shops and broken machinery re-maining there. All the supplies of provisions, iron, coal and lumber, were immediately seized upon and appropriated to public or private purposes, for the army and " construction corps." PRESENT CONDITION OF ROADWAY AND ROLLING STOCK, AND FUTURE PROSPECTS. The track is much worn and very rough ; all the bridges but two on the line of the main stem and branch were burned. The large ware house at Goldsboro' and the small one at Dudley, shared the same fate. Four engines and some fifty cars were destroyed at Weldon and vicinity. We have now ten engines that can be repaired and made serviceable. We jhave recently, under your direction, contracted for four new first class engines, and purchased three from the United States government. We have saved ten passenger cars, though in bad condi-tion, and we can make out twenty-five box cars and about ten flat cars, by repairs. We have purchased fifty flat cars from the government. We have contracted for four new first class passenger cars and fifty box freight cai*s; also purchased one second hand passenger car. This will give us, in sixty to ninety days, an equipment of 16 engines, 15 passenger cars^ 5 baggage cars, 75 box cars, 70 flat cars. The following enumeration of supplies purchased and cost of the same, is stated for information : 6 Locomotive Engines, new and second hand $103,260 50 Flat Cars, second hand from government 25,000 5 Box Cars, second hand from government 3,000 25 New Box Cars ^5,000 25 Pairs of New Car Trucks 12,500 52 New Passenger Car Seats 1,450 4 New First Class Passenger Cars 20,000 1665 Tons of New Rails 135,000 1200 Kegs Rail Road Spikes 7,500 1200 Chairs 600 Hardware Bill and Car Findings 8,000 New Tools, for shops 6,200 One Second Hand Passenger Car, from the government 1,400 $359,910 25 The track will be improved as rapidly as possible, by the addition of 1665 tons of new rails recently purchased by you, and the large number of cross-ties that have been contracted for along the line of road. So soon as we can place this iron in the track and the new stock upon the road, we shall be in a condition to do a much larger and more lucrative business than heretofore. The bridges over Smith's creek, North-East, Neuse and Tar rivers should be rebuilt during the present fiscal year, and I know of no better way, considering our financial condition, than to rebuild the lattice bridges. It is probable that a large num-ber of saw mills will be put up on the line of the road during the year, which will enable us to procure the lumber neces-sary for this work, at moderate rates and of good quality. Their construction will relieve the management from constant anxiety for the safety of trains, and at once reduce the cost of repairs of trestles now in temporary use. REPAIRING RAILS. Up to the beginning of the late war we had a very advan-tageous contract for repairing rails, by which the cost of re-pairs was reduced to about nine dollars per ton, I can now renew this contract upon a similar basis, taking into account the difierence in cost of labor. I recommend a renewal of the contract as the cheapest method of restoring to use many rails that must otherwise be sold or rerolled. In. this connection I recommend the removal of this repair shop to Goldsboro', or Wilson, where living is much cheaper and a more central point on the line, where the cost of trans-porting the rails to and from the shop will be much less. Our temporary repairs to engines and cars on the line could be done at the same shop. The "buildings at Magnolia can be removed at a small cost^ and used for these shops. I am confident that economy requires this change at an early day. We have too much crowded into the shops at this point. I was requested by the Engineer and Superintendent of the North Carolina Rail Road to contract for the rebuilding of the joint ware house at Goldsboro', which I am now about doing, to be completed in a short time. The trouble, cost of drayage and liability of loss at Golds-boro', for want of a ware house^ calls upon us most earnestly to hurry up that work. The ware house at Dudley is also much needed, as well as a passenger station house at Wilson. The above constitutes all the new buildings, except Section 26 Masters' quarters, I propose for the fiscal year, and with re-pairs at other points, will afford our customers reasonable accommodations. LUMBER BUSINESS. We shall be in a condition to haul a large quantity of sawed lumber by the first of February, and I think it is our imperative duty to encourage this business as much as possible. LABOR. The labor question is one that seems likely to give the fu-ture management of the railways in the South the most trouble and anxiety. I am unable to see a satisfactory solu-tion of the difficulty. How many negroes in one hundred will prove reliable and steady laborers, it is hardly possible to determine; but if we could believe there would be one, it would be a hopeful condition of things compared to the pre-sent uncertainty. I am confident it cannot reach two in the hundred that now inhabit this section of country. The remedy is, I think, white labor, if it can be had ; as a consequence I have authorized the employment of all the indus-trious and sober white laborers on the track, and while we do not get more than three-fourths the amount of work for each hand we formerly obtained, we pay about the same price for it. In constant trials, with patience and time, we may find a solution of this difficultv. Respectfully submitted. S. L. FREMONT, Engineer and Superintendent. 27 i-lOO 28 Statement of the Financial condition of the Wilmington and RESOURCES AND PROPERTY. Rail Road and Appurtenances, including cost of con-struction and re-construction, Real Estate, Stations, Warehouses, Bridges, &c., $3,043,577 W Stock in Wilmington and Manchester R. Road Company $106,050 00 Stock in Washington and New Orleans Telegraph Co 3,150 00 Stock in this Company pui-chased 3,850 00— 113,050 00 Amount of Bills Receivable 2,'i79 85 Amormt due by Post Office Department of the United States , 4,005 50 Amount due by State of North Carolina for transport-ation 22,803 86 Amount due by the United States for transportation 10,632 10 Amount due by individuals and other companies 384,975 48 Amount of Cotton Account 78,521 59 Amount due by Agents 11,693 23 Cash on hand 5,690 21— 520,801 82 $3,682,428 86 Consolidated Exhibit of the Business of the Wilmington and Weldon On hand at the commencement of the year, as shown per Report of September 30th, 1864, cash 1122,980 69 Amount due fi-om the Post Office Department of the United States and Confederate States 35,289 33 Bills Receivable 2,479 85 Amount due by Confederate States and State of North Carohna 1,229,730 33 Amount due by companies and individuals 54,120 61 Amount due by Agents 10,337 17 Amount of Cotton Account 78,945 74 Amovint of Confederate States Bonds 423,700 00— $1,957,583 72 RECEIPTS DURING THE YEAR. Amount received for Transportation of Passengers, Freight and Mail $1,298,469 34 Amount of Dividends received on Stock in Wilmington and Manchester Rail Road Company 26,572 50— 1,324,981 48 $3,282,565 56 29 Weldon Bail Road Company, on ZOth September, 1865, CAPITAL STOCK AND LIABILITIES. Amount received from Capital Stock _ $1,463,775 21 Mortgage Bouds payable in England $443,555 56 Sterling Bonds payable in England, issued in 1858 144,000 00 Due on BiUs Payable 24,020 00 Due on Dividends 102.662 00 Due on Pay RoUs 78,116 37 Due on Negro Bonds 53,262 36 Due Siuidry individuals and companies. .-. 88,627 53— 934,243 82 Profit andLoss account 1,284,409 83 $3,682,428 86 J. W. THOMPSON, Sec'y and Treamrer. Rail Road Company for the year ending Septemher 30<A, 1865. DISBUESEMENTS. Paid Current Expenses of the Road $905,104 82 Paid for jBeal Estate 500 00 Paid Dividend No. 27 290,330 00 Paid balance of Pi-emium and Interest Accoimt 63,539 06 Decreased debt of the Company 140,759.63— $1,400,233 51 Balance of worthless accounts closed by Profit and Loss, including "Negro Property," " Confederate Bonds," &c ... 1,381,530 23 ASSETS ON HAND. BiUa Receivable $2,479 85 Amount due by Post Office Department United States. . 4,005 50 Amount due by United States for Tran.sportation 10,632 10 Amount due by State of North Carolina for Transport-ation 22,803 86 ^ Amount due by individuals and other companies 384,975 48 Amount due by Agents 11,693 23 Amount of Cotton Account 78,521 59 Cash on hand, in currency, 5,690 21— 520,801 82 $3,282,565 56 J. "W. THOMPSON, Sec'y and Treasurer. 30 EXPLANATORY NOTES. The amount of liabilities of the Company, $934,243 82, as shown by the foregoing report, will be increased to ^1,092,993 82 by the ad-dition of accrued interest on the foreign debt, and on other debts due or contracted prior to the late war, which are unpaid. Of this amount $295,493 83 is Confederate money, consisting of the following items, viz : Balance due on Negro Bonds for the years 1862, '63 and '64, $43,803 88 ; balance due on Dividends from No. 20 to 27 inclusive, all declared since the 1st of January, 1862, $97,593 00; and "amount due on Pay Rolls " and to ' ' Individuals and other Companies," $154,096 95. Of the assets on hand, $520,801 82, as shown by report above re-ferred to, the sum of $33,945 11, embraced in debts due to the Com-pany, is due in curiency. The cash reported, $5,690 21, is in currency also. The balance of the assets are in Confederate money, except " Cotton Account," from which the amount that will be realized in currency maybe estimated at $22,000 00. From the foregoing the follo'oing exhibit is made : Liabilities in gold (foreign debt and interest,) 733,555 56 in currency, 63,944 43 " in .Confederate money,* 295,493 83 Total amount of liabilities, $1,092,993 82 Value of Asset? on hand i n currency, 61,635 32 " '* " in Confederate money .459,166 50 Total amount of assets, ...$520,801 82 *To- be paid at ita coin value, say from forty to fifty dollars in Confederate money for one in specie. 31 32 REPORT OF THE AUDITING COMMITTEE, To (lie President and Directors of the W. & IV. R. R. Co.: Gentlemen:—The undersiguer', appointed at your meeting on the 11th instant, a committee for the purpose of auditing the accounts of your company from the beginning of the cur-rent fiscal year to the 1st instant, beg leave respectfully to report, that they have made a thorough examination of the Treasurer's books and Stock account, and compared all the entries with their proper vouchers, and with the exception of a small discrepancy in the Dividend account, which lias been rectified, take j)leasure in refiorting them correct. We submit the following statement, showing the total amount of the company's liabilities on the 1st of August, 1865, to be |1, 104, 264 44, consisting of the following items: Bonds payable in England $443,555 56 Sterling Bonds payable in England 144,000 00 Bills payable 23,181 84 Due to Individuals and Companies 85,653 38 Due on Negro Bonds from 1844 to 1864 inclusive 54,432 36 Due en Dividends 102,662 00 Due on Pay Rolls 67.642 26 Due to Agents 179J37 04 $1,104,264 44 The following exhibits the condition of the afiairs of the company on the 1st of August, 1865: Liabilities of the company $1,104,264 44 Capital stock paid in 1 456 775 21 Balance of profits from the commencement of the w<nk 2,445,413 02 $5,013,45267 Cost of rail road and equipment , .$3,048,577 04 Twenty-nine shares of company's stock pur-chased and due on forfeited stock 3,550 00 Stock in W. & M. R. R. Co 106,050 00 Stock in W. & N. 0. Telegraph Co ... 3,' 150 00 Negro property 12,750 00 Cotton account 78,945 74 34 Bills receivaUe 2,479 85 Dae by the Confederate States on account 695,127 56 Confederate States bonds 602,700 00 Due by Post Offic Department of C. S 1,147 11 Due by Post Office Department of U. S 4,085 50 Due by State of North Carolina 22,803 86 Due by individuals and companies 367,159 98 Due by agents ... 2,830 04 Cash in hands of Tieaturer 61,875 99 $5,013,^ 52 67 The large amount in the statement of liabilities above pur-porting to b-i due to agents, is explained by_ your Treasurer as follTiws : After his removal from Wilmington with his books and papeis, he continued to receive and place to the credit of the agents the amount of their cash collections up to the period of the final suspension of the operations of the road. The monthly returns of these agents for the months of February and Match were put in the hands of other officers ol the company and lost, and consequently have not been charged to the agents on the books. With most of these agents it is now impossihle to make out duplicates of the lost returns, and it ap})earing that their accounts were nearly bal-anced on the 1st of February, your committee would respect-fully recommend that the Tieasurer be authorized to balance their accounts by charging them debtor to "Railroad" "for tickets sold and freight collected," with an amount equal to the respective balances to their credit, and thus balance their accounts. The account for " negro properly," and the several accounts against the " Confederate States," being worthless, your com-mittee further recommend that they be balanced by " profit and loss" account. It is further recommended also that your Treasurer be au-thorized to balance the " cash account," by charging so much of the $61,875 99 in his hands as may "be "Confederate" money to •' profit and loss," and begin a new account with the first receipts of the currency now in circulation. Your committee take pleasure in referring to the good order in which they found the books and records, and the devotion to the interests of the company shown by Mr. Thompson in 35 preserving thera, at great pecuniary sacrifice and personal inconvenience to himself, during the past^^spring. All of which is most respectfully submitted. a. L. DUDLEY, ) ^ J. D. LOVE, \ Committee. Wilmington, N. C, August 17th, 1865. ADDITIONAL KEPORT OF THE AUDITING COM-MITTEE. To the Stockholders of the W. & W. R. R. Co.: The undersigned have examined the books and vouchers of the company, since the road has been turned over by the mil-itary authority of the United States, to the 30th September (inclusive) last, the close of the fiscal year. They are mostly correct. A small error in the freight account has been cor-rected. Respectfully submitted. JOHN D. LOVE, ) ^ P. MURPHY, \ Committee. November 11, 1865. * -
|Title||Annual reports of the president and directors and the chief engineer and superintendent of the Wilmington & Weldon R.R. Co., with the proceedings of the general meeting of stockholders|
|Other Title||Proceedings of the stockholders of the Wilmington & Weldon R.R. Co. at their special meeting|
|Creator||Wilmington and Weldon Rail Road.|
Wilmington and Weldon Rail Road--Periodicals
Forests and forestry
United States--History--Civil War, 1861-1865
Wilmington, New Hanover County, North Carolina, United States
North Carolina, United States
(1860-1876) Civil War and Reconstruction
|Description||Title for 1865 varies: Proceedings of the stockholders of the Wilmington & Weldon R.R. Co. at their special meeting... together with the proceedings of the... annual meeting... with the reports of the president and directors and the chief engineer and superintendent.|
|Publisher||[Wilmington, N.C.] :The Company,1860-1872(Wilmington, N.C. :Fulton & Price)|
|Rights||State Document see http://digital.ncdcr.gov/u?/p249901coll22,63754|
|Physical Characteristics||13 v. ;23 cm.|
|Collection||Health Sciences Library. University of North Carolina at Chapel Hill|
|Digital Characteristics-A||2189 KB; 56 p.|
Ensuring Democracy through Digital Access, a North Carolina LSTA-funded grant project
North Carolina Digital State Documents Collection
|Title Replaced By||Wilmington, Columbia and Augusta Railroad Company..Annual reports of the president and directors and the general superintendents of the Wilmington, Columbia & Augusta and Wilmington & Weldon R.R. Co.'s|
|Title Replaces||Wilmington and Weldon Rail Road..Proceedings of the stockholders of the Wilmington & Weldon R.R. Co. at their... annual meeting|
|Pres File Name-M||pubs_edp_annualreportswilmingtonweldon1865.pdf|
|Pres Local File Path-M||\Preservation_content\StatePubs\pubs_edp\images_master\|
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Wilmington & Weldon R. R. Co,
SPECIAL MEETING, AUGUST 1st, 1865
TOGETHER W^TH THE
PROCEEDINGS OF THE 30TH ANKUAL MEETING,
WILMINGTON, NORTH CAROLINA,
NOVEMBER 22, 1865,
REPORTS OF THE PRESIDENT AND DIRECTORS,
CHIEF ENGINEER AND' SUPERINTENDENT.
ENGELHABD & PEICE, STEAM POWER PRESS PRINTEKS.
SPECIAL MEETING OF THE STOCKHOLDERS
WILMINGTON & WELDON RAIL ROAD CO.,
HELD IN WILMINGTON, AUGUST 1st, 1865.
Pursuant to published notices, the Stockholders of the "Wilmington
and Weldon Rail Road Company convened at the commercial house of
John Dawson, Esq., in Wilmington,, at 10 o'clock, A. M., on Tuesday
the 1st of August, 1865.
The meeting was organized by calling Mauger London, Esq., of
Wilmington, to the Chair, and appointing J. W. Thompson and Walter
H. McRae Secretaries.
On motion of S. D. Wallace, Esq., Dr. B. F. Arrington, who held
the State proxy, and the Secretaries were constituted a committee to
ascertain the number of shares of the capital stock of the Company
represented in the meeting.
Dr. Arrington, addressing the Chairman, stated in substance, that
according to instructions he had received from the Provisional Governor
of North Carolina, no sto3k was entitled to representation which is not
held and owned by persons who have subscribed to the amnesty oath,
as prescribed in the President's amnesty proclamation of May 29th,
1865, and who do not belong to any of the fourteen classes excluded
from the benefit of said amnesty unless they have received pardon.
On motion of Mr. Wallace, Dr. Arrington, at his own request, was
then excused from serving on the committee to ascertain the amount of
stock represented, and Alfred Martin was appointed in his place.
Mr. Thompson also asked to be excused from serving on the com-mittee,
stating that he was not a stockholder in the Company, and was
therefore unwilling to exercise the prerogative of deciding the qualifi-cations
of stockholders to represent their stock according to the instruc-tions
of the Provisional Governor.
Col. John McRae then moved that Mr. Martin be c onstituted umpire
to decide, upon consultation with the State proxy, all questions that
might arise relative to the qualifications of the representatives of stock
in the meeting, which motion prevailing, Mr. Thompson withdrew his
request to be excused.
After a careful examination of all the proxies presented, the com-mittee
reported 651 shares properly represented according to the Gov-ernor's
instructions, in person, and 7,697 shares by proxy. Total
nnmber of shares represented 8, 348. Necessary to constitute a quorum,
according to the provisions of the charter of the Company, 7,259,
A large amount of stock entitled to representation, according to pro-visions
of the charter, was excluded, there being no evidence to estab-lish
or negative its claims to representation, according to the committee's
interpretation of the instructions of the Governor.
The meeting took a recess until 3 o'clock^ P, M.
3 O'clock, P. M., August 1st, 1865.
The Chairman called the meeting to order.
S. D. Wallace, Esq., the President of the Company, read his Report
upon the condition of the finances and the property of the Company,
and submitted a report of the Engineer and Superintendent, both of
which Reports were received and laid on the table.
Col. S. L. Fremont oflfered the following resolution, which was
Resolved, That the Pi-esident and Directors be instructed to effect such loan or
loans as they may deem necessary to put the roadway and its machinery in good
working order as soon as practicable, thev being hereby authorized, if they find it
necessary, to mortgage the property of tlie Company to' secure the paynient of such,
On motion of 0. G. Parsley, Esq., it was
Resolved, That the Stockholder? of tb.e Wilmington and Weldon Rail Eoad Com-pany
now present and participating in the proceedings of the called meeting now
bemg held, do not consider or recognize the same as superceding the necessity of
the regular annual meeting, as provided for by the charter, and therefore aU ap-pointments
or elections of officers are made only unto the next regular annual meet-ing
in November nest.
On further motion of Mr. Parsley, it was
Resolved, That it is the sense of this meeting that it is right and proper that the
salaries of the officers of this Companv, to be fixed bv the stockholders, should be
SO fixed previous to entering into the election of such"officers.
On motion of H. B. Bryan, Esq., it was then
Resolved, That a committee of three be appointed by the Chairman to take into
consideration the salaries of the President and Secretary and Treasurer, and make
a recommendation to this meeting as to tlie proper amount at which said salaries
should be fixed.
Pursuant to this resolution the Chairman announced Messrs. Bryan,
Martin and Dr. Arrington as composing the committee, who, after a brief
consultation, made the following report
"The committee appointed to name the salaries to be paid by vour Company to
the President and Secretary and Treasurer, recommend that the salary of the Presi-dent
be fixed at S3,000 per annum, and that of the Secretary and Treasurer, the two
offices being combined, atS2,000 per annum."
ALFRED MARTIN, )
H. B. BRYAN, [ Committee.
B. F. ARRINGTON, )
After a protracted discussion of the subject of the recommendations
contained in the foregoing report, participated in by Dr. Arrington,
Messrs. Martin, Bryan, Parsley, W. L. Smith, A. E. Hall and Joha
Dawson, it was
Resolved, That the salary of the President of this Company, tmtil the regular att-nual
meeting, be at the rate of $2,500 per annum, and that the salary of the Secre-tary
and Treasurer for the same period be at the rate of $2,000 per annum.
The meeting then proceeded to ballot for a President of |
Annual reports of the president and directors and the chief engineer and superintendent of the Wilmington & Weldon R.R. Co., with the proceedings of the general meeting of stockholdersfor