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

              ^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
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^^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.
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^^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.
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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\
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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