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 |
Previous | 9 of 25 | Next |
|
small (250x250 max)
medium (500x500 max)
Large
Extra Large
large ( > 500x500)
Full Resolution
|
This page
All
|
^ALlSriSrUAL PtEFOPtTS PRESIDENT AND DIRECTORS AND THE ('Hii:r i:n(;inkkk and superinticndent OF THE Silmingtan ^ ^elijon 0., WITH THE Proceedings of the General Meeting of Stockholders, NOVEMBER i27th. 1^73. AND OF THE Special Meeting, November 20th, 1872. WILMINGTON, N. C. J. A. ENGELHAItD, STEAM POWER PRESS PRINTER, JOURNAI. BUILDINGS. 1872. of tfjc tBniber^itp of iSotti) Carolina Cntsotocb tip W^t dialectic anb Pi)ilanti)ropic ^otietiesJ 6.1 ^^isrisru^L re.EFOPLTS PRESIDENT AND DIEECTORS CHIEF ENGINEER AND SUPERINTENDEiNT OF THE ilmingtan m mtVbon E, E. ffio.. WITH THE Proceedings of the General Meeting of Stockholders, NOVEMBER Q7th, 1^73. AND OF THE Special Meeting, November 20th, 1872 WILMINGTON, N. C. : J. A. ENGELHARD, STEAM POWER PEESS PRINTER, JOURNAL BUILDINGS. 1872. Digitized by tine Internet Arciiive in 2010 witii funding from Ensuring Democracy tiirougii Digital Access (NC-LSTA) http://www.archive.org/details/annualreportsofp1872wilm OFFICERS FOR 187!2. ADMIN^ISTKATIVE DEPARTMENT. PEESIDENT R. R. BRIDGERS. :BOj^TITD of IDIPIEOTOI^S : Wm. a. Weight, George Hariuss. C. H. Brcgden, W. H. WiLLARD, Geo. Howard, W. T. Walters, B. F. Newcomer, S. M. Shoemaker, A. J. DeRosset, J, D. Cameron. J. W. THOMPSON, Secretary and Treasurer. EXECUTIVE DEPARTMENT: J. F. Divine, General Superintendent. J. A. Parker, Master of Transportation. John F. Divine, Master of Machinery. John Barry, Master of Road. E. F. Cason, Master of Supplies and Storekeeper. Charles Flanner, Auiitor. A. Pope, General Freight and Ticket Agent. .CftKi sum (^.fi^^iim^ THA^3.a av"; lOQlKi 'f~'>'~r r~:) '-! >-( T :>^y'(0: iflosA Jsio- ^^resitUnt mid director s Report To tlie Stockholders of tlic Wilmington and Weldon Rail Road Company : The President and Directors submit their* thirty-seventh annual ^report ; also that of the Superintendent and the financial statomeut of Treasurer : Gross Earnings S63o,870 95 Expenditures 405,037 49 $230,833 46 Th's is the best exhibit the Company has ever made ; and can be relied on for continuance m the future, as it has resulted from permanent causes. Tlie extension of the Wilmington, Columbia and Augusta Eail Koad from Sumter to Columbia, and the purchase of the Charlotte, Columbia and iUigusta Eail Eoad by the Southern Railway Security Company, has given full Sout^^ern connections which were never had before. These new con-nections have given quite an increase of business, and will in the future be much larger, as there has not been sufficient time for its development. The local business has been constantly increasing; and while a single year does not show any very great increase in the receipts, five years makes a marked difference. Those who are familiar with the country along the line of the Road, will remember six or seven handsome villages, where five years ago were only a v/arehouse and two or three stores. The general appearance of the farms in view of the Eoiid, shovv^ increasing prosperity. Whatever may be said of other portions of the South, the appearance of this section, with increased freights, from increased productions, prove beyond all contradiction that this section is recuperating and growing in prosperity ; while there may be individuals growing worse, the community taken together is improving in its financial condition., How far an all rail line can compete for the far off Southern business, with rival lines running to the coast and thtuce by sea to the Northern trade centres, remains a problem to be solved. If this experiment should not succeed we can fall back on the Port of Wilmington and command a full share of the business. The true interest of the line requires both the all rail line and the Port of Wilmington, for the purpose of enjoyinf]; all the advantages of its position. ' While this line is a little longer than some of its rivals, the increased distance is much more than overcome by the ad-vantage of light grades and fewer curves—advantages so great, that freights can be carried cheaper than on the lines with heavy grades and short curves. The increase of business requires an increase of Locomo-tives and Cars-; while the increased tonnage is rapidl}^ wear-ing out the older parts of the track, over one half of which has been relaid with new rail since the war. The purchase of new rails already made, will be sufficient to maintain the track until the Spring, when a further supply will be required. The Superintendent lecommends that the Eoad shall be ballasted as rapidly as pos-^ible, as the best means of saving the machinery and track from rapid depreciation. The lease of this Road, to the Wilmington, Columbia and Augusta Piail Eoad Company, fixes the future value of the Stock ; five per cent to be paid on the fifteenth of December, and six jDcr cent the next year, and seven thereafter in semi-annual instalments, to be paid to the Stockholders free from all taxes or other incumorances. The lease has been so arranged that no further indebtedness can be imposed on the Company. The Stockholder not only has the income of this Road as a guarranty for his future dividends, but has that of the Wilmington, Columbia and Augusta Rail Road Company; the gross incomes of which have already been increased more than sixty per cent by the extension of the Road from Sumter to Columbia. It is a just cause of congratulation that the Company has no floating debt, and can say to its Stoclc'^olders that tl'ese dividends have been secnvHd beyond all ^' ^nf-iugencies frre from all taxes or other expenses, the st-ock offers a good per-manent investment for capital. R. E. BRIDGERS, President. tenemt ^uperintendenfs ^efiort Wilmington and Weldon Kail Road Company, ) Office of General Superintendent, > Wilmington, N. C, October 1st, 1872. ) Hon. R. R. Bridgeks. President : Sir—In compliance with the general regulations, I submit my first Annual Report of the operations of this Company for the fiscal year ending September 31st, 1872 : RECEIPTS xiND EXPENDITURES. RECEIPTS. .From Through Travel $ 96,759 2* « -VVay " 131,255 86 « Freights 366,176 79 " Mails .. 24.915 00 ** Miscellaneous sources 16,784= 04 $635,870 93 expenditures. By Road Department $122,935 02 " Machinery Department 112,112 46 " Transportation " 120,176 57 « General Expenses 49,813 44 $405,037 49 Balance in favor of Receipts. . . $230,833 4o Total Receipts this year $635,870 93 " last " 579,583 53 Increase over last year $ 56,287 40 Totat Expenditures this year. . . .$405,037 49 Less sales of old Material 43,436 61 Working Expenses for this year. . $361,600 88 " « « last " . . 359,446 99 Increase over last year S 2,153 89 By reference to the Machinery Department you will observe that we have purchased during this vear, viz : 1 New Locomotive $ 10',080 00 lO New Platform Cars 5,500 00 ^^-^^^ ia our Shops $ 15,5-80 00 KOAD DEPARTMENT. The Koad has been very much improved this year by (10|) ten and one quarter miles of new rails, which reduces the amount of old rail to (80|) eighty and three quarter miles, which has been in the track (22) twenty-two years. We cannot expect this old iron to last much longer as it is very much worn. We shall require for the coming year (3,000) three thous-and tons of new iron. This amount may seem large, but I. am sure it will be economy to put every rail of it in the track, as the cost of keeping up the rolling stock and road will be ver3' much reduced. Arrangements are being made for the building of bridges over Smith's and Fishing Creeks, and will be completed during the coming year. I would also recommend that the work of building stone culverts to replace small trestles, be commenced at an early a day as possible and that an appro-priation be made for that purpose. The work of ballasting the road has been continued through the year, but not as rapidly as I could have desired, owing to the scarcity of Engines and cars, having but one engine for that purpose, an old worn out Locomotive and dirt cars which are not at all suitable for hauling gravel any dis-tance. I am much in hopes that by next spring, we may be better prepared and that the Avork of ballasting may be pushed forward more rapidly than ever, as I consider it a most important work. MACHINEEY DEPARTMENT. The Machinery is in good order. One new yard Engifte has been purchased during the year, at a cost of $10,080. Ten new platform cars have been built, costing $5,500. Five new postal cars are under way ; two nearly iinished and the other three will be completed during the year. We shall require soon, three new passenger oars to take the place of some of our old ones, that are old style and unfit for our regular passenger trains. We are rebuilding an Engine for freight service in our shops, which will be completed and put in service some time in December next, which when completed udll compajre favorably with any in workmanship 6r service. Two ne'vr Locomotives have been ordered, one to be delivered in October aud^the other in February next, which will not be sufficient to meet the wants oi' our Road for the coming The new through business now being received by our Road, since the opening of the Wilmington, Columbia and' Augusta Rail Road to Columbia, will require a large increase in our rolling stock. Seven new Locomotives will be required in addition to those already ordered, and about one hundred new cars. The latter we can build' from time to time as the necessity ma}^ require. Of the twenty-two Locomotives we have, sixteen can only be called good, Three small ones and the other three are not of much service and will be cut up for old material soon, so you will see that six of our Engines only count in number, while in fact, they are of but little use. Two new Engines would be of more service than all of them. TRANSPORTATION DEPARTMENT. The earnings of this Department show an increase over last year's business of $56,287 40. This increase is owing in a great extent to our through freight and passenger business, which has been much better than the previous year and vv^e have ever}^ evidence for a large increase the coming year. Preparations should be made to meet the wants in this Department before the fall business Commences another year. Inexperienced persons may think it folly to expend so much money in rolling stock to be in iise only for a short season. It would be, if there were no other outlets for the freights, but we must nov/, as others do, look upon time as money, and the route that transports the produce to market with the greatest dispatch, will certainly receive the largest amount of freights and if we can in six months earn what f'.srmerly took twelve, it will most certainly prove a good investment and enable us to build up new business during the dull season. As a general thing the Officers and Agents have been faithful and efficeni in the performance of their respective duties. Respectfully submitted, JOHN F. DIVINE, General Sii2>€ri7itendent. c4 o p iz; Eh S5 Oo So " "a .-= -^ 5 tc;" tJD .•§.9 J tJD ci 3 _ „ 0) a „ ^ o m" - - - M'."O, , . , , .5 ° a o O a> .S ° 3 o. ^H i 6 •una •B.wdiAV pnc JO,; aijiv .Kd js'o ') h5 •pnj •saJOjg •saredaa •»0 JO [QIJ 8UO oj ntu ssnw JO 'OK oj Tttii sf>iiT\r JO •ojsi; en 'X o Kt t— C^ CJ OS O — t- OV I- 'I* S I- • o in CO ^ * •* • «3 «* Cs ^ OS 5C •pooAV JO 1S00 i^iox •pooAV spjo,-) cot- 00 000 10 OS t- C^ Oi Q^ JCJ'tO-tt-THi-HG^OOt-tMCrt CO— OiCO-r«OSOC. <?iOi'J't-*-riC (:J5tOtC,:OOl-GOC)«0 0«^Ot-l— t- O O O* O T-. o o o o o o o c o o - O CO ^ Oi — w o c t-OJOCOC^iMOCOC'li-HOTt'iCCC?! t-'^OlC^CrHOiOC'lt- ^b-^cccr> > -J "^ GC' (T^ Tji no >JOi-Ot6iCQCI^iCl CD^O-tOOi'^OiiCCCfGOCC^DaOl-'-OS C0Oc*0C!5OCrtOO«iOOlCC-*C0ff(} O0m0O0l0C0O:WOOOwOOIiCMOOOOOOOOOO t—— i"MCl-—tOO^C—il^OOO'lMQfCOCli—COOGSCCii--lfCii-CHCSCl > « CO -t C5 CO — < iQOQO'^ilU:^^:6W^XCOiO ItH put? aatuajT^ *8J98a[Sas[ JO saj^CjW JO sasaadxg iB^oj, -f o o SCO o> o :i iCOir-Oi-H*t»Ci.~TH'>4C<ICCi-i-1iO O O ^ -^ =! - Oi tM— -r: -f I— t- tc i-< ii^ 1- o X t- CO i-« "^ t-C500DO»i01C'* (M T-H Ca G^ CO Oi iO OC^O«5C0»-^-C10ST-•C-^^l— eDOs «OiC010,-J^O©CQOOt-WiCOOO ^csi— 0"OOl:oo^0'^G^lCO^- occ^-:r:cs:^^t-c^^'—co-t(Nt-'^t«^ O -^iO IC T-i t- iC^OO eO^CQ QO 00 i-H t- CO WtfUUJU^ /" "X r-^ — r-.^o!»C4CJC<IC^iMcO«CCa?COCOCC«CO«0 IS^ w Q Hi o o ^ Si. oO^ f^ 7>>. 5 t 11 § ^^ c o O CO 1^ H tr '-^ 5^ P ^f c: -^ CO th T-( T-H a 'a II CO Q O '^ OM HM o ft ft < Oh so CO (3 Ph 05 rrt r^ 03 3^ ®- Eej O) 03 i« as r— Hi ^02 tH 00 O (N CO iH CO <M »0 O i^ I 02 00 1—1 « w o 1-6 O O) O rt ^ pqpnO <N <M O O^ iH C<» 03 6X) O CO 03 o oi 1^ "ifmwmm^^ m^pmjl i8r;^2. 2 Statement of the Fmancial Condition of the Wilmington and PROPERTY AND KESOURCESi ~ Railroad and appurtenances, including cost of con-struction and equipment, real estate, stations, warehouses, bridges, &c.,as per account from commencement of the work $3,094,043 70 Stock in Wilmington Railway Bridge Company . .$ 10,000 00 Stock in this Company, 39 shares, par value 3,900 00 Bonds of this Company, 39 sinking fund bonds on liand _.. 39,000 00 Stock in Steamer Vesta, paid in account 8,536 18— 61,436 18 Amount of Bills receivable 7,773 44 Amount due from Post Office Department, 6,'235 61 Amount due from other companies 7,577 73 Amount due from Individuals on account 17,768 06 Amount due fi-om Agents in service 36,773 36 Amount due from Wilmington Railway Bridge Co. 19,811 67 Amount of Suspense Account 2,065 81 Amount of cash loaned at interest 165,' 92 2 90 Cash in Bank and in hands of Treasurer 32,464 46— 296 393 04 $3,451,872 92 Weldon Bail Road Company,'on the 30th of September, 1872* CAPITAL STOCK AND LIABILITIES. Capital stock, 14,562 shares, par value, SlOO each. $1,456,200 00 FUNDED DEBT. Sis per cent, sterling bonds, payable in London in 1881, £129,740, at $5 per pound $648,700 00 Seven per cent sterHng bonds, payable in London in 1886, £44,280, at $5 per pound 221,400 00 Seven per cent, gold interest sinking fund bonds, payable in New York in 1896 749,000 00— 1, 619,100 00 FLOATING DEBT. Amount due to Individuals and other companies on account 54,072 44 Amount due on pay roUs 16,738 74 Unpaid dividends declared prior to 1862 2,684 00 Unpaid bonds for negro hire prior to 1865 3,547 03— 77,042 21 Profit and loss account 299,530 71 $3,451,872 92 J. W. THOMPSON, Secretary and Treasurer. Statement of the Business of the Wilmington d Weldon B. B. Assets at the commencement of the year as shown by report of September 30th, 1871 Amount of bills receivable $ 3 671 77 Amount due from Post Office Depart-ment jq 241 58 Amount due from Southern Express Company 1 174 2& Amount due from other Eaih-oad Com-panies ........ . . . . 13,534 gS Amount due from Individuals on account 18,968 15 Amount due from Agents in service 33' 843 52 Amount due from Wilmington Railway ' Bridge Company I7 ggO 28 buspense Account , 2 065 81 Cash in hands of Treasurer and in Bank. 24^28 24—$125 588 20 RECEIPTS. From Transportation of Through Pas-sengers $ 96,759 24 From Transportation of Way Passengers 131,255 86 From Transportation of Freight 366. 176 79- From Transportation of Mail 24,945 00 From Miscellaneous sources 16,' 734 04-$635,870 93 From sale of old iron 43 436 61 From interest on money loaned .' . .' 4 I6I 55__ 683,469 Oa Increased Debt 25 812 27 $83.4,869 56, Company^ fur the fiscal year, ending September dOth, 1872, DISBUKSEMENTS. Paid expenses of Eoad, including operating, repairs of track, bridges, machinery, &c. (see table.). . .$405,037 49 Paid interest, discount and premium on exchange, 114,042 43 Paid taxes 2,491 13 Paid overcharges on Freight, &c 3,426 42 Paid attorney's fees in tax suit 3,500 00 Paid on account of Steamer Vesta 3,365 62 Paid for J share of stock in this company 25 OQ Paid old claims not heretofore reported 2,220 07 Balance of deductions from debts due the compa-ny, settled by profit and loss 4,154 12 Paid for real estate 154 25 Counterfeit money taken by Agents and allowed. . . 60 00— $538,476 5^ ASSETS. Amount of bills receivable 7,773 44 Amount due from Post Office Department 6,235 61 Amount due from other Railroad companies 7,577 73 Amount due from Individuals on account 17,768 06 Amount due from agents in service 36,773 36 Amount due from Wilmington Railway Bridge Co. 19,811 67 Amount of cash loaned at interest 165,922 90 Cash in hands of Treasurer and iri Bank 32,464 46 Suspense account , 2,065 81— 296,393 04 $834,869 56 Increased assets this year , . . . . $170,804 84 Increased stock in this Company 50 00 Increased stock in Steamer Vesta 3,365 62 Increased property account by purchase of real estate 154 25— $174,374 71 Increased debt 25,812 2.7 Credited to profit and loss account $148,562 44 «. J. W. THOMPSON, Treasnrei\ 60 CD < cN 00 o CO o -^ t- o t-o o -^ CCOOtO-C<XO) OTl-HOOOCOtMtC-O'TCt* -ClOOOJiC(OMlCO5 OiO^CO COCOOOt—lO^iJOO t- '^ o" oTcM'o'afio'o cTcf oi" o CO «o »c in o -^ -^ -^ CO ^ o si i-H lO (N *! CO >* 05C0t--i-l00C0-*OTH 00C0t~-*Oi-l01CD>0 CO lO CO 00 (M <Ji . t-to CO t^ -* (M CO lO -"i* Oi OCOCOCOlOt^-^CDO COrHCJQOCOOCOOt^ O-JQOCDi-HOOOCOOSOO 00 00 00 t^ c~ t- o o o OOOOOOOOOOOOOOQOOO oooooooc'O (M <M (M <N CN <N <M !^^ (M (M 5^ (M »-( 1-1 00 ^O COtiOOO^ lO<MlOOOCOr-lOOC>J OOOOi—(-^tlCOlOOOCiOfl t- M03 t- 00 Oi CO to 00 CO"OC'f«a"u5(>Toc<l-<:jr COCOCOCM<M(MC)!MeO at-?' <ct! cS (M -># lO CO lO lO COOiOt-'^lOt^OCC' OCSlC-^lOCOt-lOC^ Tt<10COCO(Mi-lT-lt»t~ 05 CD CO 'tl O Oi 00 Ol 05 O i-H C5 >5 lO CD CO 05 ITS tS< 00 Ci O OS CO o oiraio oiocN-^oicDooosoo •^ aim C5 (M r-l T-l lO tH CO t~ CO OOi'Tt LOlOOOrHCSi-HOOCl i-H_00 CO CR CO (M O CD 00 O CO 1-1 OS c-Too t>oi i-To t> lo »o lo t-^ CD * (M t^ O !>•'*< lO t~ Oi tH (M 1—lOOO lOOCii-(t—ICDCOOlt-lO O t-^ CO CO 01 Ttl CO -* CD 00 lO Oo'lOi-T O'C^ t^CD^t^ l>t> C5"t> ^ O <C*<(I O0i0 0C0O r0H0 COD tOH OO l0O0 (iMO i(-M( COD ••# 1-1 Oi 00 i-( O 00 lO CO CO LO lO O'tl0O5TlCOM lIOX)COIOlOOOCOOO(CMOOCO-1-^1 ICOOC•5* CO CO «3 lO t> 1-1 rH 05 t- !>• lO C~ :.o 0!z;P >-j fn S < 1^ >^ >-3 <1 02 ^ o a ^ 05 -^^ ^^^s^rt^sS"^ 1-' O '-O t- C; i— C O '^'^'^*^ cc c^ fS iS in <^c " " " CM r-t CO • O Tt* CO tH en > O (M «0 O tMC/)l— COCOCCtMQOfM COCOCOCQCQC-SfOfOM CM O O) Ol CI 't 1^ to r— Cf: CO CO to « O »CO5-#'ftl--C01CCOC0 '3lCl'+l--.T--COi-'-^00 (m" c5" cm" c<r co" co" co' ftf oo" I- GO COTjirJi OOCOOCMi-iC Tt< •»* CO lO tH OS CO O !-< COOO 55 ^ CO ^ S Tji CM oo «o o P S " :^ b'C >.g >> (M OS -^ t-H '^o^ ^ ^^ "#1—00 OOi-HMOi oiy>'*T-iOT-ico-*oo ^.^^ _» to ?n d J dho a iCOOCZ) O O CO w M^ !0 OS OS < O O 00 tmorOnS 1*5 eot^vcoosvomos I— ^^fOOStO'^OS^^ OsffOCOCOCO-^COCOM lccoco^-oscoososo to •!-! tOlOO *! rt (N M T-iOOS(>JCOiMa001(M I CO W « O l— 00Or-( W CO CO 1-1 (JJ COCOK3COW<MeOCO{N i-it-coooini-^cot- =*! -U 1^ cc 3 ^ fc^ -5 ^ ojM d oooo t-ior>co iO T-C 0» <M IN thCOOC^OSOSOSOSC^ ocooo^oscoc^ooos iCO«OtOCO"<*b-00 .1-H OS OS OS ^ 00 <fi t»- to CJ r1 i-H- CO » CCCOtXNOOSCOtMt— iSh--^-^t-0^i-HOS >-ioto-*mooo!o iC»— (MtOlCr-^XOCO COr-irHlOOSt-T-lCOcO ^'t^COOSG^T— l^-.0 t-'^OSOOSi-.»f5Wi-l tocoo^-^codsiAco 0< oa 1- to J— O O OS -^ O-^-^tNCNtOOStNCO op o o Srt OS W OS to r-t J- 0103 do te « O 5 H o o 0) o;z;q Mo. •9)BSa^3v 1 I z: •1^401 •ABJX 'sasnodxa iBjaappui O iTs ^ CiO^OsO» r (M I— X ^ cfrcc"co" (N X X o i.*: ^ X X- -x K—<-+c<tOiX" — r.1 1:: t— -T :— o -f Oi_o_a; oc -f "^ '# w"tt" CO ^'S «0 '-C O CO 01 tc to to ^ :o 'J o C034;0 CCCC — tOtOtOOOtO 00:0 CO -*< ro ; s c« r^ cc cr; : o -^ OT ^ Ci -n T— (M>--l':-!'i.'^«<^^1-' cOJQ^Xcooxo:o r-T T-TCN T-T t-Pr-T r-Ti-T •Snisi;.TaApy •aSmutiQ puTJ 6S07 10 OJ X COCOi-" C^ iC C<1 <N IC W Cs I— cr rc rf X 1^ 1-- r— '^t'^rOTjiio-StotCTi •aona^sisqug coco o XX It—o X5-^ I- ;o X •i»;ox •auiBS JO sjreddj pan *sSiit •o-y *oj8UAV '.vv.«UHX 'nO •suot; T3;S puc saoiSna joj prt^ x^oTcT C0Ot0 7J'Tj«h-CJ^'« OOOii-i'^OCCOO -Ml i'l-'iCWtO — O t- a-. Xj^Cl^X^rt_-l^iO ^> ci "cT cT o" o"o"cTbo o^" * •"! csi to :o cs ! I- Ci cro COOi-HMXCfttO'^r-- CSiO^-rt^tO—lOOStO jj^ 'i' CO o CI o to c^ »^ (>» -* CM O O^ O 00 to X V«5'X^C•3* Xt-'J'T-fCOX ITrf 1— ts X l-ri CNt-. 00 iO 1- IC CO c<» J O »•- CO -f ^ "^ o^-towt— »tn--coo COXOiT-.xOl-*ti'-H (M X to O CO t- CO to ifl<NCOOi-OOOXX XOiOSOOlOV— 050t- OOtOC^tOX'T'OO OiOX-COfNOiXG^l— c^^T-T cT(>r co" ©^^ r-T .-T co'' •namqo^Tj^W putJ epnufj e.^,i^--.i^o_^ c^sCwO-t^oXxOoTsjiCOCOoOiS-<fcNs ccc^toX"^i-irotOT-( CXOrC-Oi-rtf^t^O^tTjO-^itO'--^XtXOlt-o id' 'S ic^iS iSiSiS iSiS X CO X CO -^ X CO^Tji^'* '^5 o ow H Hi \^i^i^ ,5) i *i ^^^'JM€d. IS. 18^2 SPECIAL MEETING OF THE OF THE WILMINGTON & WELDON RAIL ROAD CO. AViLMiNGTON, N. C, November 20th, 1872. In pursuance of a resolution adopted by the Board of i)i-reotors at a meeting held in Baltimore on the 24th day of May, 1872, the 'Stockholders of the Wihnington & Weldon Railroad Company convened at the office of the President in the city of Wiiminrrton, on Wednesday, the 20th day of November, 1872. On motion of Hon. E. R. Bridgers the meeting was or-ganized by calling Silas N. Mavtiu, Esq., to the Chair and appointing, J. W. Thompson Secretary. On motion of Dr. A. J. DeRosset. Geroge E. French and J. "W. Thompson were appointed a committee to verify proxies and ascertain the number of shares of the capital stock of the company represented. The committee reported that the capital stock of the com-pany consists of 14,523 shares of the par value of $100 each,- and that there were 10,788 shares represented in the meet-ing, viz., 2,889 in person and 7,899 b}' proxy, whereupon the meeting was declared to be dul}^ organized. On motion of B. F. Newcomer, Esq., the Secretary read the following extract from the minates of the Board of Di-rectors at a meeting held this da}^ : " The instrument of lease demising the property, effects and i'l anchise of this Company to the Wilmington, Columbia and Augusta Railroad Company, drafted in pursuance of the resolution of this Board, adopted on the 24th day of May last, having been read and considered by the Board;^ it was Ui,erovq)ou 13 JRc-vjJved, That said instrument of lease be approved and submitted to the stockholders of this companj^ at their meeting to be held this day, with the recommendation that the same be assented to on the part of this company." An motion of Dr. A. J. DeRosset, the meeting then pro-ceeded to consider the lease and the instrument was read by Wm. A. Wright, Esq. Mr. B. F. Newcumer then offered the following preamble and resolutions : Wheeeas, At a meeting of the Board of Directors of this Company, held on the 24:th day of May, 1872, the preamble and resolution following was adopted, that is to say : "Whereas, It is deemed that the interests of the Stock-holders of this company woald be greatly promoted by tfFecting a lease of the Eoad and its equipments and proper-ty to the Wilmington, Columbia & Augusta Railroad Com-pany, therefore, be it Resolved, That a Committee be appointed by the Presi-dent to confer with the President and Directors of the Wilmington, Columbia and Augusta Railroad Company, or a Committee of the same, to agree upon a lease of all the proj^erty of this Company to said Wilmington, Columbia and Augusta Railroad Company for a term of ninety -nine years, renewable forever upon such terms as will provide for the payment of the regular interest on all the bonded debt of this compan3% and the assumption of all its assets, includ-ing stock and interest in the Wilmington Railway Bridge Company, and the payment of all its liabilities other than its funded debt, and the payment to this :;ompany of five per cent, on its capital stock for the current year, and the further payment of six per cent, on its capital stock for the next year, and seven per cent, for each succeeding year during the continuance of the lease ; said payment to be free or ex-clusive of all taxes which are now, or may at any time here-after be imposed by the government of the United States upon any dividend or income derived by the stockholders from capital stock in this company. Arrangements are also to be made for the Lessee to provide for, and keep up, the sinking fund accoiding to the requirements of the mortgage now existing on the road, said sinking fund and all incre-ments thereof to belong to the Lessee, who is to provide for the payment and retirement of the existing mortgage debts of this company, And the Lessee to obligate itself to make 14 a consolidated mortgage bond secured by a proper mortgage on all tlie property and franchises of the company, to the extent of such sum as may be sufficient for the retirement of the funded debt in such sums and payable at such time after date as the Lessee may elect, the same to be delivered to the Lessee who is to agree, in consideration of the deliv-ery of said bonds, to provide for and take care of all the funded obligations of this company, now amounting to $1,620,000, as the same shall mature. Said lease if agreed upon on the part of the President and Directors of both companies, to be subject to the approval and ratification of the stockholders, or a majority of the stock in each company. Provision is also to be made to keep and continue the organ-ization and charter of this company. Ample provision for a betterment clause is also to be made. And whereas, in accordance with said resolution, after their conference between duly constituted committees, sev-erally appointed by the respective Boards of Directors of the Wilmington, Columbia and Augusta Railroad Company and of this Company, an instrument of a lease of the j)rop-erty and franchises of this company, as contemplated and proposed by the said resolutions, has been carefully drawn and after receiving the diligent scrutiny of the Board of Directors of this Company, is recommended for acceptance by the stockholders of this Compan}'-, and said instrument of lease having been read and considered by this meeting, in which a large majority in^ interest of the stockholders of this company is represented, it is, therefore, Resolved, That the action of the Board of Directors of this company, in the premises is hereby approved and ratified, and that the stockholders of this company assent to the lease of the railroad and other property, effects^and fran-chises of this Company, to the Wilmington, Columbia and Augusta Railroad Company on the terms and conditions set forth in the instrument of lease this day read to the stock-holders, and the Board of Directors of this company is hereby instructed to cause said lease to be duly executed and delivered in behalf of this company. A stock vote on the foregoing resolution was taken and resulted in its adoption, the vote being, ayes 10,655 and nays 125. On motion the meeting then adjourned sine die. SILAS N. MARTIN, Chairman. .J. W. Thompson, Secretary FROoEEiDirvra-^ OF THE THIRTY-SETEHTH ANNUAL' MEETINS OF THE STOCKHOLDER^ ¥. & W. E. E. COMPANY, Wilmington, N. C, November 27th, 1872. The thirty-seventh annual meeting of the stockholders of the Wilmington and Y/eldon Railroad Company convened at the office of the Pi'esident of the Company in the city of Wilmington, at 11 o'clock A* M.,"on Wednesday, the 27th day of November, 1872. On motion of Hon. E. E. Briclgers the meeting was organ-ized by calling Donald MacRae, Esq., to the Chair, and ap-pointing J. W. Thompson Secretary. The Secretary and Patrick Murphy, Esq., were appointed a Committee to examine proxies, and to report the amount of stock represented. The Committee after examining reported 10,855 shares of the stock represented. Hon, R. R. Bridgers, President of the'Company read his annual report, and submitted the reports of the Superinten-dent and Treasurer, which several reports were on motion of C. H. Brogden, Esq., received. The meeting proceded to ballot for a President and ten Directors of the Company for the ensuing year vv'hich result-ed in the unanimous re-election of Hon. R. R. Bridgers for IG President, and the following as Directors, viz.: Wm. A. Wright, A. J. DeKosset, George Harriss, W. H. Willard, George Howard, Curtis H. Brogden, W. T.:;Walters, B. F. Newcomer, S. M. Shoemaker and J. T>. Cameron. On motion, it was then i Resolved, That the next annual meeting be held in Wil-mington on the Wednesday next succeeding the third Mon-day in November, 1873. After a vote of thanks to the Chairman and Secretary the meeting adjouned. DONALD MacEAE, Chairmnru J. W. Thompson, Secretary. 00032731189 FOR USE ONLY IN THE NORTH CAROLINA COLLECTION
Object Description
Description
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. |
Date | 1872 |
Subjects |
Wilmington and Weldon Rail Road--Periodicals Railroads--North Carolina--Periodicals Slavery Transportation Reconstruction (U.S. history, 1865-1877) |
Place |
Wilmington, New Hanover County, North Carolina, United States North Carolina, United States |
Time Period |
(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 |
Type | text |
Language |
English |
Format |
Annual reports |
Digital Characteristics-A | 1501 KB; 42 p. |
Digital Collection |
Ensuring Democracy through Digital Access, a North Carolina LSTA-funded grant project North Carolina Digital State Documents Collection |
Digital Format | application/pdf |
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 |
Audience | All |
Pres File Name-M | pubs_edp_annualreportswilmingtonweldon1872.pdf |
Pres Local File Path-M | \Preservation_content\StatePubs\pubs_edp\images_master\ |
Full Text |
^ALlSriSrUAL PtEFOPtTS
PRESIDENT AND DIRECTORS
AND THE
('Hii:r i:n(;inkkk and superinticndent
OF THE
Silmingtan ^ ^elijon 0.,
WITH THE
Proceedings of the General Meeting of Stockholders,
NOVEMBER i27th. 1^73.
AND OF THE
Special Meeting, November 20th, 1872.
WILMINGTON, N. C.
J. A. ENGELHAItD, STEAM POWER PRESS PRINTER,
JOURNAI. BUILDINGS.
1872.
of tfjc
tBniber^itp of iSotti) Carolina
Cntsotocb tip W^t dialectic
anb
Pi)ilanti)ropic ^otietiesJ
6.1
^^isrisru^L re.EFOPLTS
PRESIDENT AND DIEECTORS
CHIEF ENGINEER AND SUPERINTENDEiNT
OF THE
ilmingtan m mtVbon E, E. ffio..
WITH THE
Proceedings of the General Meeting of Stockholders,
NOVEMBER Q7th, 1^73.
AND OF THE
Special Meeting, November 20th, 1872
WILMINGTON, N. C.
:
J. A. ENGELHARD, STEAM POWER PEESS PRINTER,
JOURNAL BUILDINGS.
1872.
Digitized by tine Internet Arciiive
in 2010 witii funding from
Ensuring Democracy tiirougii Digital Access (NC-LSTA)
http://www.archive.org/details/annualreportsofp1872wilm
OFFICERS FOR 187!2.
ADMIN^ISTKATIVE DEPARTMENT.
PEESIDENT
R. R. BRIDGERS.
:BOj^TITD of IDIPIEOTOI^S
:
Wm. a. Weight,
George Hariuss.
C. H. Brcgden,
W. H. WiLLARD,
Geo. Howard,
W. T. Walters,
B. F. Newcomer,
S. M. Shoemaker,
A. J. DeRosset,
J, D. Cameron.
J. W. THOMPSON, Secretary and Treasurer.
EXECUTIVE DEPARTMENT:
J. F. Divine, General Superintendent.
J. A. Parker, Master of Transportation.
John F. Divine, Master of Machinery.
John Barry, Master of Road.
E. F. Cason, Master of Supplies and Storekeeper.
Charles Flanner, Auiitor.
A. Pope, General Freight and Ticket Agent.
.CftKi sum (^.fi^^iim^
THA^3.a av";
lOQlKi
'f~'>'~r r~:) '-! >-( T
:>^y'(0:
iflosA Jsio-
^^resitUnt mid director s Report
To tlie Stockholders of tlic
Wilmington and Weldon Rail Road Company :
The President and Directors submit their* thirty-seventh
annual ^report ; also that of the Superintendent and the
financial statomeut of Treasurer :
Gross Earnings S63o,870 95
Expenditures 405,037 49
$230,833 46
Th's is the best exhibit the Company has ever made ; and
can be relied on for continuance m the future, as it has
resulted from permanent causes.
Tlie extension of the Wilmington, Columbia and Augusta
Eail Koad from Sumter to Columbia, and the purchase of
the Charlotte, Columbia and iUigusta Eail Eoad by the
Southern Railway Security Company, has given full Sout^^ern
connections which were never had before. These new con-nections
have given quite an increase of business, and will
in the future be much larger, as there has not been sufficient
time for its development.
The local business has been constantly increasing; and
while a single year does not show any very great increase in
the receipts, five years makes a marked difference.
Those who are familiar with the country along the line of
the Road, will remember six or seven handsome villages,
where five years ago were only a v/arehouse and two or three
stores. The general appearance of the farms in view of the
Eoiid, shovv^ increasing prosperity.
Whatever may be said of other portions of the South, the
appearance of this section, with increased freights, from
increased productions, prove beyond all contradiction that
this section is recuperating and growing in prosperity ; while
there may be individuals growing worse, the community
taken together is improving in its financial condition.,
How far an all rail line can compete for the far off Southern
business, with rival lines running to the coast and thtuce by
sea to the Northern trade centres, remains a problem to be
solved. If this experiment should not succeed we can fall
back on the Port of Wilmington and command a full share
of the business. The true interest of the line requires both
the all rail line and the Port of Wilmington, for the purpose
of enjoyinf]; all the advantages of its position. '
While this line is a little longer than some of its rivals, the
increased distance is much more than overcome by the ad-vantage
of light grades and fewer curves—advantages so
great, that freights can be carried cheaper than on the lines
with heavy grades and short curves.
The increase of business requires an increase of Locomo-tives
and Cars-; while the increased tonnage is rapidl}^ wear-ing
out the older parts of the track, over one half of which
has been relaid with new rail since the war. The purchase
of new rails already made, will be sufficient to maintain the
track until the Spring, when a further supply will be
required.
The Superintendent lecommends that the Eoad shall be
ballasted as rapidly as pos-^ible, as the best means of saving
the machinery and track from rapid depreciation.
The lease of this Road, to the Wilmington, Columbia and
Augusta Piail Eoad Company, fixes the future value of the
Stock ; five per cent to be paid on the fifteenth of December,
and six jDcr cent the next year, and seven thereafter in semi-annual
instalments, to be paid to the Stockholders free from
all taxes or other incumorances. The lease has been so
arranged that no further indebtedness can be imposed on
the Company. The Stockholder not only has the income of
this Road as a guarranty for his future dividends, but has
that of the Wilmington, Columbia and Augusta Rail Road
Company; the gross incomes of which have already been
increased more than sixty per cent by the extension of the
Road from Sumter to Columbia.
It is a just cause of congratulation that the Company has
no floating debt, and can say to its Stoclc'^olders that tl'ese
dividends have been secnvHd beyond all ^' ^nf-iugencies frre
from all taxes or other expenses, the st-ock offers a good per-manent
investment for capital.
R. E. BRIDGERS,
President.
tenemt ^uperintendenfs ^efiort
Wilmington and Weldon Kail Road Company, )
Office of General Superintendent, >
Wilmington, N. C, October 1st, 1872.
)
Hon. R. R. Bridgeks. President :
Sir—In compliance with the general regulations, I submit
my first Annual Report of the operations of this Company
for the fiscal year ending September 31st, 1872 :
RECEIPTS xiND EXPENDITURES.
RECEIPTS.
.From Through Travel $ 96,759 2*
« -VVay " 131,255 86
« Freights 366,176 79
" Mails .. 24.915 00
** Miscellaneous sources 16,784= 04
$635,870 93
expenditures.
By Road Department $122,935 02
" Machinery Department 112,112 46
" Transportation " 120,176 57
« General Expenses 49,813 44 $405,037 49
Balance in favor of Receipts. . . $230,833 4o
Total Receipts this year $635,870 93
" last " 579,583 53
Increase over last year $ 56,287 40
Totat Expenditures this year. . . .$405,037 49
Less sales of old Material 43,436 61
Working Expenses for this year. . $361,600 88
" « « last " . . 359,446 99
Increase over last year S 2,153 89
By reference to the Machinery Department you will
observe that we have purchased during this vear, viz :
1 New Locomotive $ 10',080 00
lO New Platform Cars 5,500 00 ^^-^^^ ia our Shops
$ 15,5-80 00
KOAD DEPARTMENT.
The Koad has been very much improved this year by (10|)
ten and one quarter miles of new rails, which reduces the
amount of old rail to (80|) eighty and three quarter miles,
which has been in the track (22) twenty-two years. We
cannot expect this old iron to last much longer as it is very
much worn.
We shall require for the coming year (3,000) three thous-and
tons of new iron. This amount may seem large, but I.
am sure it will be economy to put every rail of it in the
track, as the cost of keeping up the rolling stock and road
will be ver3' much reduced.
Arrangements are being made for the building of bridges
over Smith's and Fishing Creeks, and will be completed
during the coming year. I would also recommend that the
work of building stone culverts to replace small trestles, be
commenced at an early a day as possible and that an appro-priation
be made for that purpose.
The work of ballasting the road has been continued
through the year, but not as rapidly as I could have desired,
owing to the scarcity of Engines and cars, having but one
engine for that purpose, an old worn out Locomotive and dirt
cars which are not at all suitable for hauling gravel any dis-tance.
I am much in hopes that by next spring, we may be
better prepared and that the Avork of ballasting may be
pushed forward more rapidly than ever, as I consider it a
most important work.
MACHINEEY DEPARTMENT.
The Machinery is in good order. One new yard Engifte
has been purchased during the year, at a cost of $10,080.
Ten new platform cars have been built, costing $5,500. Five
new postal cars are under way ; two nearly iinished and the
other three will be completed during the year.
We shall require soon, three new passenger oars to take
the place of some of our old ones, that are old style and unfit
for our regular passenger trains.
We are rebuilding an Engine for freight service in our
shops, which will be completed and put in service some time
in December next, which when completed udll compajre
favorably with any in workmanship 6r service. Two ne'vr
Locomotives have been ordered, one to be delivered in
October aud^the other in February next, which will not be
sufficient to meet the wants oi' our Road for the coming
The new through business now being received by our
Road, since the opening of the Wilmington, Columbia and'
Augusta Rail Road to Columbia, will require a large increase
in our rolling stock.
Seven new Locomotives will be required in addition to
those already ordered, and about one hundred new cars.
The latter we can build' from time to time as the necessity
ma}^ require.
Of the twenty-two Locomotives we have, sixteen can only
be called good, Three small ones and the other three are not
of much service and will be cut up for old material soon, so
you will see that six of our Engines only count in number,
while in fact, they are of but little use. Two new Engines
would be of more service than all of them.
TRANSPORTATION DEPARTMENT.
The earnings of this Department show an increase over
last year's business of $56,287 40. This increase is owing
in a great extent to our through freight and passenger
business, which has been much better than the previous
year and vv^e have ever}^ evidence for a large increase the
coming year.
Preparations should be made to meet the wants in this
Department before the fall business Commences another
year. Inexperienced persons may think it folly to expend
so much money in rolling stock to be in iise only for a short
season. It would be, if there were no other outlets for the
freights, but we must nov/, as others do, look upon time as
money, and the route that transports the produce to market
with the greatest dispatch, will certainly receive the largest
amount of freights and if we can in six months earn what
f'.srmerly took twelve, it will most certainly prove a good
investment and enable us to build up new business during
the dull season.
As a general thing the Officers and Agents have been
faithful and efficeni in the performance of their respective
duties.
Respectfully submitted,
JOHN F. DIVINE,
General Sii2>€ri7itendent.
c4
o
p
iz;
Eh
S5 Oo
So "
"a .-=
-^ 5 tc;"
tJD
.•§.9
J tJD
ci 3 _ „ 0) a „ ^ o m" -
- - M'."O, , . , ,
.5 °
a o
O a>
.S °
3 o.
^H i
6
•una
•B.wdiAV pnc
JO,; aijiv .Kd js'o ')
h5
•pnj
•saJOjg
•saredaa
•»0 JO [QIJ 8UO
oj ntu ssnw JO 'OK
oj Tttii sf>iiT\r JO •ojsi;
en 'X o
Kt t— C^
CJ OS O
— t- OV I-
'I* S I- • o in CO
^ * •* • «3 «* Cs
^ OS 5C
•pooAV
JO 1S00 i^iox
•pooAV spjo,-)
cot- 00 000
10 OS t-
C^ Oi Q^
JCJ'tO-tt-THi-HG^OOt-tMCrt
CO— OiCO-r«OSOC.
> -J "^ GC' (T^ Tji no >JOi-Ot6iCQCI^iCl
CD^O-tOOi'^OiiCCCfGOCC^DaOl-'-OS
C0Oc*0C!5OCrtOO«iOOlCC-*C0ff(}
O0m0O0l0C0O:WOOOwOOIiCMOOOOOOOOOO
t—— i"MCl-—tOO^C—il^OOO'lMQfCOCli—COOGSCCii--lfCii-CHCSCl
> « CO -t C5 CO — <
iQOQO'^ilU:^^:6W^XCOiO ItH
put? aatuajT^
*8J98a[Sas[ JO saj^CjW
JO sasaadxg iB^oj,
-f o o
SCO o> o :i
iCOir-Oi-H*t»Ci.~TH'>4C |