Annual report of the Raleigh and Gaston Rail Road Company

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THE
SEVENTH ANNUAL REPORT
OF THE
RALEIGH AND GASTON
RAIL ROAD COMPANY.
JUIVE 5tb, 1S43.
RALEIGHJ
Printed by Weston R. Gales—Office of the Raleigli Register. W
THE
SEVENTH ANNUAL REPORT
OF THE
RALEIGH AND GASTON
RAIL ROAD COMPANY.
JUA'E 5tb, 1S43.
RAIEIGH:
Printed by Weston R. Gales—Office of the Raleigh Register,
1843.
Digitized by tine Internet Arciiive
in 2010 witii funding from
Ensuring Democracy tiirougii Digital Access (NC-LSTA)
http://www.archive.org/details/annualreportofra1843rale
PROCEEDINGS.
The Seventh Annual Meeting of the Stockholders of
the Raleigh and Gaston Rail Road Company, was held
at the Office of the Comptroller, in the City of Raleigh,
on Monday, the 5th day of June, 1843.
On motion, John H. Bryan, Esq. was appointed Chair-man,
and Thomas T. Twitty, Secretary.
On motion, G. W. Mordecai, John S. Eaton and P.
Hamilton, were appointed a Committee to ascertain the
amount of Stock represented at this Meeting, who re-ported
that a majority of the Stock was not represented
;
which report was, on motion, ordered to lie on the table.
On motion, Messrs, John E. Twitty, Ruffin Tucker
and R. W. Haywood were appointed a Committee, to
examine the accounts of the Treasurer, and report to-morrow.
The Meeting then adjourned, until to-morrow, 3 o^-
clock.
Tuesday, June 6.
The Stockholders met pursuant to adjournment. The
Committee appointed to ascertain the amount of Stock
represented at this meeting, again reported that a majority
of the Stock was not represented in person or by proxy.
The President then submitted his Annual Report,
which, with the accompanying statements, were read be-fore
the Meeting.
The Committee appointed to examine the accounts of
the Treasurer, made the following Report
:
REPORT.
The Committee appointed by this Meeting, to examine
the accounts of the Treasurer of this Company, have per-formed
that duty, and offer the following
REPORT:
They have examined the Way-Bills, the Ticket Books,
and Returns from the different Agents, from the 1st day
of May 1842, to the 1st day of May 1843, and compared
the same with the entries in the Books and find them all
correct, and that the receipts of the Company have been
properly accounted for.
All of which is respectfully submitted.
Signed, JOHN E. TWITTYv,
R. W. HAYWOOD,
R. TUCKER.
The undersigned, one of the Committee appointed at
the last Annual Meeting,has, in connexion with two of the
Directors, examined the Treasurer's account of Disburse-ments
on account of the Company during the past year,
and find them all supported by proper vouchers.
Signed, R. TUCKER.
The Meeting then adjourned until the 20th instant.
JN. H. BRYAN, Chairman.
Thos. T. Twitty, Secretary.
Raleigh, June 20, 1843.
At an adjourned Meeting of the Stockholders of the
Raleigh and Gaston Rail Road Company, held this day
at the Comptroller's Office in the City of Raleigh, John
H. Bryan, Esq. Chairman, being absent, John D. Hawk-ins,
Esq. was called to the Chair.
On motion, a Committee of three persons, consisting
of Messrs. W. Boylan, John S. Eaton and P. Hamilton
was appointed to ascertain the amount of Stock repre-sented,
who subsequently reported that there was not a
majority present.
The Meeting then adjourned till 4 o'clock, P. M.
4 o'clock, p. M.
The Stockholders met pursuant to adjournment.
The Committee previously appointed, was again re-quested
to ascertain the amount of Stock now represented,
who reported that there were three thousand, six hundred
and eleven shares represented in person and by proxy,
which being more than a majority of the whole number
of Shares, the Meeting w^as duly organized.
The President of the Company then submitted the
Annual Report and accompanying Statements, which
were read, together with the Report of the Committee
appointed at the Meeting on the 5th inst. to examine the
books and accounts ; all of which, on motion of Judga
Cameron, were ordered to be printed, one copy for each
Stockholder.
Mr. Downeypresented the following Resolution, which
was read and adopted, to-wit
:
6
" Resolved, That it is expedient to reduce the expenses
of this Company."
On motion, oi'dered that the said Resolution be referred
to a Committe of five persons, to inquire and report, in
what particular the expenses of the Company can or shall
be reduced.
Messrs. G. W. Mordecai, Dr. John Bragg, W. Boylan,
Ruffin Tucker, and Rich'd. Smith were appointed to form
said Committee.
Mr. Mordecai, from the Committee, appointed to in-quire
and report in what particulars the expenses of the
Company may he reduced, made the following report,
which was read and adopted, to-wit
:
The Committee, to whom was referred the Resolution
of the Stockholders, instructing them " to enquire and
report, in what particulars, the expenses of this Company
can or shall be reduced," have had the same under con-sideration,
and beg leave respectfully to submit the fol-lowing
REPORT
:
The Committee first directed their attention to the
question whether any two of the present Offices of the
Company could be properly and advantageously combined.
For the purpose of aiding them in their deliberations, the
Committee requested a conference with the President of
the Company ; from him they ascertained, that it was
impossible under the present organization of the Compa-ny,
to combine the two offices of President and Super-intendent,
as the duties to be discharged by each of those
officers, were of a character calling for qualifications en-tirely
distinct from each other, and a combination of
which, it is apprehended by the Committee, neither of
the present incumbents possess.
The next enquiry was, whether the offices of President
and Treasurer could be combined, so as to enable one
person to discharge the duties of both, without the aid of
a competent Clerk, and the Committee have come unan-imously
to the conclusion, that the duties of President
and Treasurer cannot be so combined. In connexion
with this subject, it is proper to state, that the Treasurer
now discharges the duties of Depot Agent, for both which
services, hereceives asalary of One Thousand Dollars,and
the Committee therefore report, that tho' the same might
he practicable, it would be inexpedient to combine ei-ther
of the above offices, as the same could not be effect-ed
advantageously and with a proper regard to econo-my.
The Committee were then, of necessity driven, to
the consideration of the reduction of the salaries of the
several officers in the service of the Company, and while
they take this occasion, to express their entire and undi-minished
confidence in the ability, integrity, and indefat-igable
attention which have been exercised by the offi-cers
in the discharge of their respective duties, and the
sincere regret which they would feel in parting with
either of them, yet a proper regard to the condition of
the affairs of the Corporation, and a sense of duty to
themselves and to the public, impel a majority of the Com-mittee
to recommend, that the salaries of the said officers
be hereafter fixed at the following sums, viz : that of
the President, at the sum of §1,750 ; that of the Superin-tendent,
at the sum of S 1,200 ; and that of the Treasurer,
at the sum of gSOO.
The Committee is aware, that the Stockholders have
no power dircctbj to reduce the salaries of the Superin-tendent
and Treasurer, but they are satisfied, that an ex-pression
of the opinion of the Stockholders as a body,
8
will be readily responded to by the Board of Directors
;
and they therefore submit this merely with a view, that
itmay be so reported to the Board of Directors ; and the
Committee would further suggest the propriety of recom-mending
to the Board of Directors, the reduction of the
pay of the other subordinate Agents and Officers of the
Company, as far as may be practicable, with a due re-gard
to the interests of the Corporation.
All which is respectfully submitted.
GEO : W. MORDECAI,
Chairman.
On motion of Mr. Boylan, the Meeting then proceeded
to the election of a President and five Directors for the
ensuing year. Messrs. John E. Twitty aud George Lit-tle
being appointed a Committee to conduct the election,
who reported that S. F. Patterson was elected Pres't. Wm.
Boylan, G. W. Mordecai, P. Hamilton, John S. Eaton,
and Tho. T. Twitty, Directors.
On motion of Mr. Boylan, ordered, that a Committee
of three persons be appointed to examine the Books and
Accounts of the Treasurer, and report thereon to the
next Annual Meeting. Messrs. Ruffin Tucker, George
Little, and R. W. Haywood were appointed to form said
Committee.
On motion, the Meeting then adjourned.
JNO : D. HAWKINS, Chm'n.
Tho: T. Twitty, Sec'y.
REPORT.
The Board of Directors respectfully submit to the
Stockholders the following Report, and accompanying
Statements, exhibiting the operations on the Road for the
fiscal year, closing with the 30ih day of April, 1843.
The gross receipts for transportation during the year,
amount to the sum of Fifty-eight thousand eight hundred
and forty-five dollars and ninety-three cents, (S5S,S45 93,)
and were derived from the following sources, to-wit
:
From Freight, §29,132 98
« Passengers, 22,426 05
" Mail, 7,286 90
•S58,S45 93
A comparison of the above receipts with those of the
preceding year, will show that while the receipts for
Freight have remained about the same, those for Passen-gers
have declined more than six thousand dollars. This
is attributable in part no doubt, to the increased depres-sion
in the price of Agricultural products and the conse-quent
scarcity of money, but mainly we think to the re-fusal
of other Companies with whom our line connects, to
reduce their rates of fare to a standard corresponding
with the state of the times, and so as to place this route
on a level with competing lines. Repeated efforts were
made during the past year to accomplish this object, but
without success. The Board at length determined to re-duce
the rates on our own road, an average of about thir-ty-
three and one third per cent, to take effect from the
1st instant, leaving it to others to act in the matter as
their sense of propriety and justice may dictate.
10
The expenditures during the year, properly chargeable
to transportation, amount to thirty-five thousand five
hundred and ninety-four dollars and ninety-eight cents,
($35,594 98,} which being deducted from the receipts,
shows an excess of twenty-three thousand two hundred
and fifty dollars and ninety-five cents, (^23,250 95.)
This sum has been applied in accordance with the Act of
Assembly, to the payment of the interest on that portion
of the bonds of the Company guaranteed by the State,
which have been used, except the sum of ^3,592 67,
which was attached for debt in the hands of the Presi-dent
of the Petersburg Rail Road Company, and which
was talien therefrom by the judgment of a judicial tribu-nal
in Virginia which we could not resist. It will be
observed on comparing the expenses of the last year, with
those of the year preceding, that a reduction of more
than two thousand dollars has been effected. The point at
which they now rest, (being much below that of any other
Road of the same length in the United States,) is believed
to be as low, or very nearly so, as true economy will jus-tify.
'Tis true that considerable reductions have been
made in the Depot expenses and in the amount and cost
of the force employed in repairs of Road since the 1st of
January last, but it is more than probable that this reduc-tion
will be overcome by the increased outlay for timber
during the present fiscal year.
Of the debt outstanding at the date of the last Annual
Report, there has since been paid the sum of twenty
thousand three hundred and thirty dollars and fifty-nine
cents, (^20,330 59,) leaving a balance still due at the
close of the fiscal year of seventeen thousand one hundred
and twenty-six dollars and ten cents, ^17,126 10,) exclu-sive
of interest. To pay this balance, there is more than
11
sufficient means in the shape of bonds guaranteed by the
State, which will be applied to its extinguishment when-ever
the holders of the debt shall signify their willing-ness
to receive payment in that mode, and shall comply
with the conditions of the Act of Assembly upon which
the guarantee of the State was given. In connection with
this subject however, it is proper to remark that a portion
of the debt outstanding against the Company, is for bal-ances
due on account of land damages in the County of
Wake ; and however much the Company may have rea-son
to complain of the excessive damages awarded to the
proprietors of the land in the cases referred to, yet it is
very desirable that arrangements should be made for their
payment at as early a day as practicable.
The present contract for the transportation of the Uni-ted
States Mail, will expire by its own limitation, on the
1st of July next. Proposals were invited by the Post
Office Department, to be made under seal on or before the
l3th of April last, for the transportation of the main
Northern and Southern Mail on the old Metropolitan
route. The President of the Board attended at Washing-ton
City, and submitted proposals for the contemplated
service on the Rail Road from Gaston to Raleigh. Other
proposals were submitted by responsible gentlemen for
the service from Raleigh to Columbia ; and notwithstand-ing
the combined proposals for the transportation from
Gaston to Columbia, were near sixteen thousand dollars
per annum less than the lowest proposal on the lower
route from Weldon to Charleston, the Department has de-cided
to accept the highest bid, ahd to continue the great
mail on that route. In consequence of the delay in de-ciding
between the propositions ior the great mail, no ar-rangement
has as yet been concluded for the transporta-tion
of the ordinary Mail.
12
Tl;e experience of other Companies having proved that
Engines with eight wheels are much preferable to those
witli four or six, particularly so on a track constructed as
ours is, and where the rate of speed required exceeds
eight or tea miles an hour, the Superintendent comm.en-ced
in llie early ])art of last year, the alteration of two of
our six-wheeled Engines with the view of preparing them
exclusively for the Mail and passenger service. The
cost of putting an additional pair of wheels under each,
and otherwise altering them in conformity thereto, has
not exceeded eight hundred dollars, while; the saving in
wear and tear of road, exemption from damages occasion-ed
by running off the track and otherwise, has probably
been five times that sum. Indeed, it is worthy of re-mark
in connexion with this subject, that neither of the
Engines thus altered, have ever been off the track or lost
a trip since the alterations were made; and it is also mat-ter
of gratification to those interested in the road to
know, that since the Company undertook its own trans-portation,
a period of three and a half years, not a single
accident has occurred resulting in injury even in the
sli2;l>test degree, to Passengers or their property.
Since the last Annual JMeeting, the Board of Directors
has sustained a heavy loss in the death of their highly es-teemed
fellow-member, Dr. Joseph W. Hawkins. We
feel sure that it will not be deemed invidious to say, that
no rentleman who has been connected with the Road in
any capacity, has been more zealous, efficient and untiring
in his efforts to promote its interests, and to sustain it
through all its trials and difficulties, than Dr. Hawkins.
The vacancy occasioned by his death, was tilled on the
Dlh of December last, by the appointment of Thos. T.
Twitty,Es(i. of Warren County.
13
Two of the gentlemen appointed at the last Annual
Meeting, on the Committee to examine the accounts of
the Treasurer and report thereon to this meeting, declined
to act. The remaining member of the Committee how-ever,
with the assistance of two of the Directors, has
performed that duty, and it is presumed will make due
report of his investigation.
The accompanying statements will shew in detail, the
receipts and expenditures for the last fiscal year, and
also the quantity of produce sent from, and merchandize
received at, the various Depots during the same period.
All which is respectfully submitted.
By order of the Board of Directors.
S. F. PATTERSON, Pres't.
June 5, 1843.
14
CD O <1 05 W J^
-4 rfi. O >— 00 ^ K)
K)CotO'^a>)-'OC5K)
>^
15
Received from Pasisengers, ^22,426 05
Freight, 29,132 98
Mail, 7,286 90
jg[58,845 93^58,845 93
Paid for Repairs of Road, gl2,023 84
Charges on Transportation, 5,940 54
Salaries, 5,000 00
Depot Expenses, 4,135 98
Wood, 2,141 66
Repairs Cars, &c. 2,998 45
Contingent Expenses, 220 70
jS32,461 17
AMOUNT 07 CLAIMS ON ACCOUNT.
Expenses for past yr. unpaid, ^3,133 81 jg35,594 98
^23,250 95
Excess of Receipts over expenses.
S. W. WHITING, Treasurer, .^-c.
«.
UNIVERSITY OF N.C. AT CHAPEL HILL^
0003276 510
This book must not
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