Proceedings of the ... annual meeting of the stockholders of the Atlantic & North Carolina R.R. Co.

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PROCEEDINGS
ANNUAL MEETING OF THE STOCKHOLDERS
&
Ahntit & IJottk ^bmIuui fimlwad,
© MOREHEAD CITY, N. C,
o
I L I>^ 30th, 18(is.
|B i ©
RALEIGH :
NICHOLS & GORMAN, BOOK AND JOB PRINTERS
:^J 1868.
\ J
PROCEEDINGS
ANNUAL MEETING OF THE STOCKHOLDERS
gMr*a»*a%+i»»w*y &w p^vavv%t*l»x* (vfyfwi*avv*o*liWm*i* fjfgtntfwatl,
MOREHEAD CITY, N. C,
JULY 30th, 1308.
RALEIGH :
NICHOLS & GORMAN, BOOK AND JOB PRINTER.**
1868
*
#
PROCEEDINGS.
Morehead City, July 30th, 1868.
On motion of Judge Green, Dr. M. F. Arendell was
appointed temporary Chairman, and Messrs. H. C. Pool and
Thos H. Allen were appointed Secretaries.
The Committee to verify proxies reported that seventeen
thousand and thirteen (17,013) shares were represented by
proxy—1,098 votes.
The Committee also reported that there were two proxies
produced for the County of Craven, one represented by an
appointment from the County Court dated in March last,
the other represented by an appointment from the recently
appointed Magistrates, dated in July; and the Committee
recommended that only the latter should be entertained.
John N. Washington, Esq., moved that the report of the
Committee be received except as to the latter clause.
Judge Green offered the following amendment, that the
Chair will enquire how much stock is represented by indi-viduals
present, which was adopted.
A call being made there was represented in person (957)
nine hundred and fifty seven shares held by thirty-one (31)
stockholders.
The President declared the meeting duly organized.
On motion of J. C. Waskington, Esq., the present Presi-dent
and Secretaries were requested to act as the officers of
the permanent organization.
Mr. Lehman in offering a resolution was called to a point
of order by Mr. C- C. Clark, stating "that as Mr. Lehman
was not a Stockholder therefore he was not entitled to be
heard."
Nl
C
4 ATLANTIC & NORTH CAROLINA RAILROAD.
Mr. Lehman stated that although not having any Stock
shown upon the books of the Company, still he held a right
to five (5) shares, which had not yet been transferred on
the books of the Company.
The Chair decided that the point made by Mr. Clark was
not well taken, that a person in the possession of Stock as
in Mr. Lehman's case, was entitled to its representation, to
be heard in the meeting.
Mr. J N. Washington appealed from the decision of the
Chair; the decision of the Chair was not sustained.
Judge Thomas offered the following resolution, being the
same proposed by Mr. Lehman
:
Resolved, That the following Act of the General Assembly "entitled an
Act to provide for the representation of stock owned by the State and the
Counties of Carteret. Craven and Lenoir, in the Atlantic and North Caro-lina
Kail Road Company," and ratified the JOth day of July, 1868, be, and
the same is hereby accepted, to-wit
:
AN ACT TO PROVIDE FOR THE REPRESENTATION OF STOCK
OWNED BY THE STATE AND THE COUNTIES OF CAR-TERET,
CRAVEN AND LENOIR, IN THE ATLANTIC AND
NORTH CAROLINA RAIL ROAD COMPANY.
The General Assembly of North Carolina do enact :
Section 1. That a majority of the Justices of the Peace in the Counties
of Carteret, Craven and Lenoir, respectively, be and they are hereby autho-rized
and empowered to appoint from time to time, a proxy to represent
the stock of the Counties respectively for which they have been appointed,
or may be appointed bj the Governor, or for which they may be elected in
the meetings of the Stockholders of the Atlantic and North Carolina Rail
Road Company, and also an agent to collect the dividends in such stock,
and when collected to apply the same to the payment of the bonds and
interest thereon negotiated for stock, subscribed by said Counties respec-tively.
Sec. 2. Be it further enacted, That the vote of the State in all elections
and upon all questions taken in any general meeting of the Stockholders
of said Atlantic and North Carolina Rail Road Company in which a vote by
stock may be had, shall be increased over three hundred votes, the number
fixed by the amended Charter of said Companj', in the ratio of any stock
thereafter purchased or otherwise acquired, or which may be purchased or
otherwise acquired, to the original stock owned by the State.
Sec. 3. fie it further matted, That this Act shall be in force from and after
the day of its ratification.
Ratified July 20th, 1868.
STATE OF NORTH CAROLINA,
Office of Secretary of State,
Raleigh, July 21th. 1868.
I, Henry J. Mfnninger, Secretary of State "hereby certify that the
foregoing is a true copy of the original Act on file in this office,
H. J. MENN1NGER,
Secretary of State.
PROCEEDINGS. 5
Pending which resolution, Mr. J. N. Washington moyed
that the report of the Committee to verify proxies be
received, except the latter clause.
Mr. H. B. Bryan moved to adjourn until to-morrow at 10,
A. M.
Upon this motion, Mr. E. R. Stanly called for a Stock
vote.
Mr. H. R. Bryan withdrew his motion.
Mr A. T. Jerkins moved to lay the resolution of Judge
C. R. Thomas on the table.
Mr. E. R. Stanly called for a Stock vote.
Mr. Jerkins withdrew his motion.
Judge Green moved to adjourn.
Mr. E. R. Stanly called for a Stock vote.
Judge Green withdrew his motion to adjourn.
Mr. Disosway moved to adjourn until 10, A. M., to-mor-row.
Judge Thomas offered to amend by changing time until
10, to-night.
Mr. E. R. Stanly called for a Stock vote, the call being
made, two (2) claimants to the right to cast the Graven
County vote appearing, the Chair decided that neither vote
should be counted, but the matter was open for discussion.
An appeal from the decision of the Chair was made by
Judge Thomas, and a Stock vote upon the appeal from the
decision of the Chair was called for by Mr. E. R. Stanly.
Mr. Clark moved that the further discussion of this matter
be postponed until to-morrow at 10, A. M.
Mr. Stanly called for a Stock vote, upon which Mr. Clark
withdrew his motion.
The Chair decided that the party holding the proxy of
the County of Craven under the latter appointment was
entitled to the vote of the county.
The question recurring upon Judge Thomas' resolution, a
Stock vote was called for, and resulted as follows: ayes 818,
nays 410.
Mr. E. R. Stanly moved that we now proceed to the elec-tion
of four (4) Directors.
6 ATLANTIC & NORTH CAROLINA RAtLROAt).
Mr. J. N. Washington moved to adjourn until to-morrow
at 10 A.M.
Mr. §tanly called For a Stock vote, which resulted—ayes
393, nays 814.
The question recurring upon Mr. Stanley's motion, Judge
Green called for a Stock vote, which resulted—ayes 801,
nays 400.
Mr. Osgood, moved to adjourn until to-morrow at 10
A. M.
Upon which a Stock vote was called by Mr. Stanly, re-sulting
as follows—ayes 416, nays 861.
The Chair announced the meeting in readiness to go into
the election of four (4) Directors as moved by Mr. Stanly
and appointed Messrs. J. N. Yfashington and E. R. Stanly,
as tellers to superintend the election.
Mr. E. R. Stanly, nominated Messrs. Julius A. Gray, B. F.
Parrott, Isaac Ramsey and A. G. Hubbard.
Mr. W. G. Singleton, nominated Messrs. John D. Flanner,
George Green, Jno. C. Washington and Geo. W. Dill.
The following was the result of the vote:
For J. D. Flanner, 420 For Julius A. Gray, 511
" G. W. Dill, 420 " A. G. Hubbard, 513
" Geo. Green, 419 " B. F. Parott, 515
" J. C. Washington, 418 " Isaac Ramsey, 510
Scattering, 14.
The Chair announced Julius A. Gray, A. G. Hubbard, B.
F. Parrott and Isaac Ramsey elected Directors for the ensu-ing
year.
On motion of E. R. Stanly the election of the Finance
Committee was entered upon
:
Mr. Stanly nominated Messrs. M. F. Arendell, Jas. M.
Parrott and Jno. Patterson.
Mr. Singleton nominated Messrs. B. Arendell, Council
Wooten and W. H. Oliver.
The Chair appointed Messrs. G. W. Dill and Walter
Dunn, tellers to superintend this election.
The following was announced as the vote
:
PROCEEDINGS, t
For M. F. Arendell, 859 For B. Arendell, 419
" Jas. M. Parrott, 860 - " Council Wooten, 405
" Jno. Patterson, 847 " W. H. Oliver, 406
Scattering 13.
The Chair declared Messrs. M. F. Arendell, Jas. M. Parrott
and Jno. Patterson elected for the ensuing year.
On motion of R. T. Berry the meeting adjourned until
to-morrow at 10 A. M.
SECOND DAY. .
Morehead City, July 31st, 1868.
The meeting was called to order at 10^ o'clock by the
Chairman.
On motion of Jno. N. Washington, Esq., the report of the
President, and the accompanying documents were received
and ordered to be printed with the report of the meeting of
Stockholders.
Judge Thomas called for the reading of the report of the
Finance Committee.
The Secretary commenced reading the report, when on
motion of Wm. Hay, Esq., the further reading of the report
was dispensed with.
On motion of Jno. N. Washington, Esq., the report of the
Finance Committee was received and ordered to be printed.
The Chairman appointed Messrs. Jno. A. Parrott, Bridgers
Arendell and R. T. Berry a Committee to verify proxies at
the next annual meeting of the Stockholders.
On motion of Jno. D. Whitford, Esq., the thanks of the
meeting were unanimously tendered to the Chairman and
Secretaries for the efficient discharge of their duties.
On motion of Jno. N. Washington, Esq., the next annual
meeting of the Stockholders was ordered to be held in Beau-fort,
N. C.
A. G. Hubbard offered the following resolution, which
was unanimously adopted:
Resolved, That any person who has been, or may hereafter be President
of the Atlantic and North Carolina Rail Road Company be entitled to a
8 ATLANTIC & NORTH CAROLINA RAILROAD.
free pass for himself and family ov^r the said road after his retirement
from office.
On motion of R. T. Starry, the meeting adjourned s"ine die.
M. R ARENDELL,
Henry C. Pool, , .
t< ri a r oecretaries.
Ihos. ii. Allen,
)
Presid lit.
FINANCE COMMITTEES REPORT.
To the Stockholders of the Atlantic and
North Carolina Rail Road Company
:
Pursuant to a resolution passed at the last annual meeting
of the Stockholders of this Company, the Finance Commit-tee
have made their quarterly examinations of the books of
the Secretary and Treasurer. They take pleasure in stating
that the books are kept in a most systematic manner, and
that proper vouchers were furnished for all monies disbursed
by the Treasurer.
We now present a full statement (marked Balance sheet,)
showing a list of every balance due to and by the Company
as taken from the books on the 31st of May, 1868.
As many of these balances have off-setts and some of them
have been settled since the date alluded to above, the fol-lowing
explanations are necessary to show the Stockholders
the true financial condition of the Company:
The first entry on the Debit side of the account which
requires explanation is Bills Receivable, amounting to $70,-
152, the large portion of this, say $55,000 is due by John C.
Washington, Esq , but is off-set by a credit due to Mr.
Washington of $54,936. The balance consists of various
notes due to the Company, many believed to be totally insol-vent.
The balance charged against the late Hon. Joh'i M. More-head
has been settled since the 31st of May.
C. Parmalee stands charged with $2,076.81, this is subject
to an off-set for work done in tinning a bridge, &c.
The late C. S. Primrose stands charged with $0,580.18.
We find in the office a very large amount of freight bills
unpaid during Mr. Primrose's agency, although Mr. Prim-rose
is bound to the Company for the above amount, still a
very large portion of the amount was never collected or
received by him.
The balances charged against J. H. Powell, $124.50. A. C.
Wadsworth, $500, D. W. Dill, $200, E. J. Clayton, $563.75, T.
PROCEEDINGS. 9
W. Swan, $250, E. G. Cuthbert, $100, W. P. Metts, $135, Jno.
B. Lane, $150, J. P. Thomas, $350, were on account of salaries
in Confederate money. They are all entitled to credit for
services which will off set these balances.
The balance due by W. & W. R. R. Company, viz: 9,348.74
is subject to a credit due to that Company of $7,071.19, it is
all Confederate currency.
The balance charged Jos. J. Robinson, $300 is subject to
a credit for services to the same amount.
The balance due by the Petersburg Rail Road Company is
in Confederate currency.
The balance due by William H. Harvey, viz: $661, has
been paid.
The North Carolina Rail Road Company are charged with
$3,066.94, this balance has been accumulating a number of
years (a part Confederate,) and the Company claim they
have off-sets.
The balance charged A. C. Wadsworth, viz; $608.90 is
subject to an off-set held by him.
The amount charged P. A. Wiley, viz : $11,000 was for
Confederate currency placed in his hands to purchase North
Carolina Treasurer notes to pay the indebtedness of the
Company to the State.
The amount charged to George Green, viz: $1,872 was in
Confederate money on account of sills furnished the road.
This amount has since been settled.
The credit, viz: $751.72 to Green & Stevenson has been
settled.
The following credits, viz: H. W. High, $175; C. Gris-wold,
$367; Isaac Burnum, $450; W. B. Williams, $3,172.50;
Mallett & Brown, $875; William H. Harvey, $9,984.30; C.
S. Primrose, $1,387.50, are mostly in Confederate currency.
Mr. William H. Harvey claims $1,220 of the credit to Mr.
C. S. Primrose.
The credit, viz: $10,991.13 to Henry G. Cutler, has been
settled.
The credit to John Wooten, $1,759.60 was in Confederate
currency, it has been settled.
Mr. A. T. Jerkins claims that he has paid the $14 charged
to him.
Mr. George W. Dill has settled the claim against him,
except about three hundred dollars, which amount is
alledged as due the Company in Confederate currency.
On the 31st of May, 1868, Mr. John
D. Whitford was charged on the
books with the following balances,
viz: $13,609 94
10 ATLANTIC & NORTH CAROLINA RAILROAD.
Mr. Whitford claims the following
off-sets, viz:
A credit of $6,000 being for six
Bonds delivered to Geo. W. Grice,
for whieh he holds Mr. Grice's reciept
Three bonds had been charged
to Mr. Whitford and no credit given
to him. The credit having errone-ously
been made to bills receivable
account, amount, $ 6,000 00
And an interest account on same.
Salary from November 30th, 1864 to
July 20th, 1865, as per resolution of
the Stockholders, 3,194 44
Salary from May 30th, 1868 to
July 30th, 1868, 416 66
Office rent in Goldsboro' three
years, from April 1st, 1862 to July
20th, 1865, 650 00
Voucher paid Journal of Commerce
for printing, 211 00
Vouchers paid Commercial print-ing,
124 13
Vouchers paid C. C. Clark for two
years services as Attorney for the
Company, 150 00
Traveling expenses from July 8th,
1857 to July 20th, 1865, seven years, 2, 1 00 00
Traveling expenses, first two years
including expenses of .getting up
bonds, &c. 1,160 00
Voucher paid Robt. Handrich, 55 00
Voucher paid W. H. Harvey, 74 00
$14,135 23
We have thus shown a full statement of the affairs of
the Company, as taken from the books, and have called
attention to each account which required explanation at our
han Is. We know of no off-sets to any balances except these
to which your attention has been called.
All of which is respectfully submitted,
WxM. H. OLIVER,)
B. ARENDELL, V Committee.
C. WOOTEN.
LIST OF BALANCES,
Mav 31st, 1868.
Construction, $
Int. on Stale Loan,
P. 0. Department U. S.,
D. S. Willis, •
A. T. Jerkins,
Bills Receivable,
J. G. Parker,
J. M. Morehead,
C Parmalee,
C. S. Primrose,
A. C. Wadsworth,
Hart & Brother,
R. N. Taylor,
VV. Foy,
St. Mill Howard,
D. W. Dill,
J. H. Powell,
W. & W. It. R.,
E. J. Clayton,
T.W. Swan,
E. G. Cmhbert,
Conf(1 St. Am.
W. P. Melts,
J. B. Lane,
S. H. Bell,
Confd St's Bonds,
J. H. Jackson,
J. J. Roberson,
Conf'd Si's P. 0. D.,
Pet. R R. Co.,
J. P. Thomas,
J. W. l-zzle,
Theo. Edwards,
Nat. Exp. Co.
W. II Harvey,
2,032,445 45
193,719 00
791 67
52 34
14 00
70,152 40
842 36
101,334 67
2,076 81
9,584 18
500 00
27 25
3 80
6 00
2 25
200 00
124 50
9,348 74
563 75
250 00
100 00
50,609 85
135 00
150 00
25 22
19,500 00
16 80
300 00
1,516 67
6,i::
350 00
2 20
6,971 72
525 67
661 10
Carried toward, $2,508,567 79
Stock, 81,795,224 92
Green & Stevenson, 751 72
Profit and Loss, 80,357 15
State of No. Ca., 20 13
W. H. Jones, 8 00
R. McAiister & Co., 78 18
J. S. Hill, 30 00
J. G. Brinson, 30 00
H. W. High, 175 00
Geo. W. Dill, 524 69
C. S. Primrose, 1,397 50
J. Murphy & Co., 101 28
Rankin & Mack, 486 00
Freedman In. Co., 2.839 00
Fairbanks & Co., 172 00
J. C. Washington, 54,936 10
Bills Payable, 56,6tM) 66
C. Griswold, 867 00
Isaac Burnum, 450 00
U. S. Gov't, 2,772 09
W. H. Hunnicutt, 21 00
Bill Paper, 40 00
J. II. Carrington, 368 50
N. B. Stanly, 468 00
Manhattan Oil Co., 258 50
W. C. Wbitlbfd, 48 64
A. G. Mandle & Co., 497 09
Herring & Co., 361 12
W, Mason. 126 26
R. & G. R'. R. Co., 15 56
Interest Acct. 66 52
W. II. Harvey, 9,984 30
W. 8. Mtison, 5 36
Carried forward, f2,009.672 61
12 ATLANTIC & NORTH CAROLINA RAILROAD.
Arnt. brot. forward,
Bait. St. Pk. Co.,
D. S. Ryan,
No. Ca. R. R.,
Geo. W. Mil,
W. P. Canady,
Steamer Terry,
Phil. Wil. & Bait. R. R.
N. J. R. R. & Tr. Co.,
Bost. & W. R. R.,
Bait. & A. R. R.,
Cash,
L. H. Hartsfield,
J. V. Jordan,
R. J. Powell,
J. W. Bell,
J. II. Bryan,
A. E. Rouse,
J. H. Hardy,
J. D. Whitford,
W. G. Hall,
A. C. Wadsworth,
E. A. Best,
P. A. Wiley,
George Green,
W. G. Singleton,
Town of Washington,
F. J. Gardner,
St. Johns Lodge,
J. McBrinson,
D. W. Courts,
A. Willis,
John Tull,
C. Nelson,
Stone and McDowell,
S. Masters,
R. S. Primrose,
L. Webb,
Com. of Newbern,
J. E. Berry,
R. L. & Ma. Works,
P. Cowper,
E. R. Stanly,
G. S. Stevenson,
F. T. Latham,
$2,508,567 79
101 08
455 25
3,066 94
2,485 97
327 90
10 51
, 94 55
62
12 00
24 00
112 03
491 85
75 33
256 21
44 93
20 00
71 75
126 00
13,609 94
1,043 17
608 90
14 14
11,000 00
1,872 00
39 00
54 00
5 50
61 25
23 65
250 00
3 25
1 76
3 51
TO Q9
1 6 OrJ
. 19 12
21 15
1 00
3 00
2 00
113 29
7,500 00
13 50
55 59
260 00
$2,553,000 76
Amt. brot. forward, $2,009,672 61
S. & R. R. R. Co., 50
Wm. Btyce & Co., 418 32
Pay Rolls, 3,456 92
Tredegar Co., 1,318 10
Vankleek & Co., 503 71
W. & W. R. R. Co., 7,071 19
Hughes & Philips, 87 20
J. M. Hollowell, 907 83
Transportation, 512,158 53
W. B. Williams, 3,172 50
Mallett & Brown, 875 00
John Wooten, 1,759 50
C. C. Stevenson, 4 35
Am. St. Gauge Co., 115 75
Carolina City Co., 97 50
H. G. Cutler, 10,996 13
P. A. Holt, 9 68
R. M. Brock, 72 00
E. R. Bennett, 24
J. Griffin, 81 68
J. Rouse, 107 04
Geo. W. West, 114 48
$2,553,000 76
ANNUAL REPORT
OF THE
PRESIDENT AND OTHER OFFICERS
OF THE
Ittottic §| Jlortlj ffimwlhm fiailroair,
FOR THE
Fiscal Year Ending May 31st, 1868.
RALEIGH :
NICHOLS & GORMAN, BOOK AND JOB PRINTERS,
18 68.
PRESIDENT'S REPORT.
To the Stockholders of the
Atlantic & North Carolina Railroid Company:
Gentlemen :—We have the honor to submit to you the 14th
Annual Report of the operations of this Road. By the most
extraordinary political event ever known in a free country,
the meeting was not held on the 25th of June last, agree-bly
to the Charter and By-Laws of the Company.
During the fiscal year which terminated on the 31st of
May last, the receipts and Expenditures were as follows :
Freight Receipts, $41,354 11
Passenger " ' 25,057 94
Way travel, 14,518 03
Way freight, 239 62
Irregular freight, 2,782 05
Irregular passenger, -756 11
Express receipts, 2,075 68
Govt, transpt. passengers, 8,518 70
freight, 12,692 91
" " mail, 4,750 00
Through tickets, 1,510 00
Commutation, 1,625 22
Excursions, 50 00
-Miscellaneous, 24 40
Total, $ 115,954 77
EXPENDITURES FOR TRANSPORTATION.
Pay of Conductors, Engineers,
' Firemen, Wood, &c, $ 15,156 87
Station expenses and salaries
of Agents, 9,818 34
SHOP ACCOUNT.
Repairs of Engines, Cars, pur-chase
of stock, Material,
Tools, &c., 22,195 71
* ATLANTIC AND NORTH CAROLINA RAILROAD.
Pay of Koad and Section Mas-ters,
purchase of new Cross-ties,
Supplies and repairs of
Bridges, &c, 34,892 62
General administration and pay
of Directors, 987 71
Printing, Advertising, Office
and Incidental Expenses,
Stationery, &c., 1,854 44
Lost and damaged Freight, 881 71
Subsistence, 4,331 87
President and Treasurer's Sal-aries,
4,000 00
Repairs of Depot, Machine
Shops, and salary of Super-intendent
of Repairs, 1,207 66
Errors and reductions on
Freight, 215 87
TAX ACCOUNT.
Internal Revenue, 1,125 40
Total, 96, 668 20
Net profits, $ 19,286 57
In the disbursements will be observed about ten thousand
dollars for the re-building of bridges and salary of Superin-tendent
of Bridges and Repairs, a temporary office. There-fore,
the profits over ordinary operating expenses is nearly
thirty thousand dollars for the year.
For detailed information in reference to the financial affairs
of the company, we refer you to the Treasurer's report, from
which these statements have been taken. The various and
responsible duties devolving on that officer, have been dis-charged
with such energy, capacity and fidelity as justly
entitles him to our warmest thanks.
The matters of dispute in relation to the settlement of the
contract of the late Hon. John M. Morehead, has at last been
adjusted. It was evident from the first general investiga-tion
of the subject by the arbitrators, the Hon. Thomas Ruffin
and Hon. Wm. A. Graham, to whom it was referred by the
parties interested, that it would require much time and labor
PRESIDENTS REPORT.
to make the proper award and the prosecution of the work
by these gentlemen for months, fully verify this opinion.
The award was
On Gov. Morehead's orignal contract
—
Principal money, 41,597 05
Interest for upwards 4 years, 10,861 17
Judgment August 1st, 1867, for $52,458 22
On Carolina City contract
—
Principal money, $14,578 81
Interest from 11th March, 1856,
when work was finished, 7,334 19
Judgment August 1st, 1867, for $21,913 00
Total allowed, $74,371 22
Thus with a judgment hanging over the company for such
a large amount and its enforcement and sale of the Road, only
prevented by the order of a Military Commander, we deemed
it necessary to call a special meeting of the Stockholders to
advise them of the critical condition of the company, which
was done in November last, when the President and Direc-tors
were authorized to borrow upon the mortgage of the
Road two hundred thousand dollars to liquidate the debts
created prior to that time For this purpose, on the 1st day
of January, 1868, we had issued 400 $500 8 per cent, coupon
bonds running twenty years—interest payable semi-annually
in the city ofNew York. To secure 1 he payment of the bonds
at maturity, we executed to Hon. Thomas Bragg, of Raleigh,
N. C, John F. Pickrell, Esq.. and James Bryce, Esq., of the
City of New York, as trustees, a mortgage for the entire
Road and other property of the Company. To those gen-tlemen,
for the use of their names, we are under deep obli-gations,
they having given this valuable and indispensable
assistance without expecting the usual compensation.
After making as thorough effort as the time would allow
to dispose of the necessary number of bonds, to pay the
judgment in the hands of the Administrators of Gov. More-head,
without success—to satisfy which the Road had been
advertised for sale by the Sheriffs of the counties through
6 ATLANTIC AND NORTH CAROLINA RAILROAD.
which it runs, we proposed its payment with them at eighty
cents in the dollar with interest added to the date of settle-ment.
This proposition, at first rejected, was finally accepted,
and the first day of last May agreed upon to carry it out.
But the bonds being in New York, they were not received
and paid over in time to embrace the transaction in the
annual report of the Treasurer, therefore it is with other
business of importance which has occurred since the end of
the fiscal year, now laid before you in this report.*
The total amount, principal and interest, to May the 1st,
1868, paid the legal/epresentatives of Gov. Morehead's heirs,
is $76,899 13. This sum, though it may seem large to you,
was anticipated by the company, and a comparison of the
award with the following report of a committee appointed
by the Board of Directors to settle the same account in 1861,
will show that we had no reason to expect a different result.
" The undersigned, your committee appointed to invest-gate
and report upon the matters of account between. Hon.
John M. Morehead and the Atlantic and North Carolina
Railroad Company, having investigated the same, ask leave
to report that the said John M. Morehead be paid by the
company the sum of three hundred and twenty-five thou-sand
and sixty-nine dollars, as the consideration of the
original contract, also the sum of forty-nine thousand three
hundred and five dollars and eighty-seven cents, as extra
for warehouse and iron screw piling wharf at Morehead
City, also the sum of five thousand and sixty dollars and
twenty-one cents, for construction of a water station and
platform connecting the warehouse and shell rock ; also the
sum of fifteen thousand one hundred and forty-two dollars,
for extra work done outside the original contract, making
the sum of three hundred and ninety-four thousand eight
hundred and seventy-six dollars and eighty cents, subject
to the credits on the books of the company.
Your committee would recommend, also, that a mutual
interest account between the company and Gov. Morehead
be computed and allowed.
Respectfully submitted,
C. R. THOMAS,
H. F. BOND,
L. C. DESMOND."
*The President stated to the Stockholders that if the balance of the bonds held" by the
Company, sold for 80, they would liquidate all the floating debt, except the amount of $7,000
or $8,000 due the V. S. Government, and there was no bonded debt other than the $200,000
first mortgage bonds.
PRESIDENTS REPORT. i
It will be seen the committee recommend the payment
of $394,876 80 subject to the credits on the books of the
company, and that a mutual interest account between the
parties be computed and allowed, while the Arbitrators
award $400,203 70 for the same work, subject to similar
interest and credits, the difference being a little upwards
of $5,000. But when the discount on money is taken into
consideration, the award of the Arbitrators is largely in
your favor over the report of the committee, which at the
.time it was made was rejected by the Board of Directors.
In addition to this evidence of a very intelligent com-mittee,
we are aware that the exalted characters of the
eminent and distinguished gentlemen who reluctantly con-sented
to undertake to settle this matter is a sufficient guar-antee
that justice and impartiality is the result of their
labors, and to you their decision will be entirely satisfactory.
Finding it impossible to obtain for the balance of the bonds
what we believed time and a change in our political affairs
would cause them to bring, and being hard pressed by debts,
due to our people, who were suffering by their non-payment
—
weconcluded to raise alimitedamouutof money to settle them,
notwithstanding the high rate of interest demanded, and
therefore borrowed from the Continental Bank, New York,
for four months, $35,000, at the rate of 1 \ per cent, per month,
on the Company's note, reserving the privilege of making
payments at any time and in any sums on the same, with
interest rebated at the rate of 7 per cent, per annum. Con-templating
a change in the management of the Road at the
regular annual meeting, the note was arranged to extend to
about the middle of July, and also to be renewed, that the
new Board might have ample time either to pay it or renew
it, at their option. Unexpectedly, however, our own term
of office was prolonged up to the period named ; consequently
the President of the Company recently visited New York for
the purpose of taking up the note from the sale of bonds or
of renewing it, as his judgment might dictate. On reaching
that city, he received the following statement in a communi-cation
from Messrs. McKim, Bro. & Co., Bankers, who had
8 ATLANTIC AND NORTH CAROLINA RAILROAD.
undertaken their sale: " We suppose" they remarked, "we
had found a purchaser of your bonds, and only learned to-day
that he had given up the idea of taking them. If left in our
hands, we will cheerfully continue our efforts for their dis-posal,
regarding them as an undoubted security, and a very
cheap one. The anticipated changes on Southern Railroads,
and the statement recently made that the U. S. Government
intend resuming control of such roads as had not paid the
amount due by them to the Government, though yours may
not be one of that number, affects all, and have operated
against the sale of your bonds, particularly, at your limits,
80 cents, and accrued interest." After this information, and
the inability of the President to sell at those figures, he
renewed the note for sixty days, with interest reduced to 1
per cent, per month, with the same understanding as before
stated, with regard to payments, and the rebatement of
interest. To secure the payment of the debt, eighty thous-and
dollars of the bonds of the Company are hypothecated,
which will be released on any payment in proportion to the
amount for which they are pledged. Money on Government
or other first class securities on call can be had in New York
now down as low as 4 per cent, per annum. But when time
is expected and indulgence on paper, if not renewals after it
matures, money could not be obtained for less than we paid
from a first class banking house, and in no other, in your
situation, would we risk the bonds, or a forced sale of them,
to meet the debt. This is the aggregate amount we have
borrowed, except a few thousand dollars, during the two
years of our administration of the Road.
Before leaving this subject, we will state, we regard 80 for
the bonds as quite low, and it would be at any ordinary
time, a sacrifice for such safe and desirable securities. We
also believe, after comparatively a short period, they would
command readily a higher price, as time only is requisite to
introduce and place them. At present there are so many
bonds on the market, and particularly those of the Stale of
North Carolina, which have now 15 per cent, accrued interest
due on them, that a reasonable delay in the sale of the Com-
president's report. 9
pany's should have been expected. We might have settled
a number of debts coming under the resolution of the stock-holders,
with the bonds, and did a few of them, when their
disposal in other hands did not get beyond our control; for,
in that case, we feared forced sales would be attempted,
and greatly depreciate those remaining in our possession.
Their sale was left with Mr. Pickrell, Wall Street, N. Y., one
of the trustees, with instructions.
Early in the year we authorized the Attorney to settle all
accounts or balances of the company by suit or otherwise,
as he might deem proper. But it was obvious, from the
long lapse of time since many of those balances accrued, the
death and insolvency of some of the persons whom they
were against, and the fact that a portion of the amounts at
least, are matters of controversy between the company and
the persons charged, the labor of settling them would be
protracted. It is gratifying to find, however, that the
accumulation which had constantly been going on, has been
checked, and a reduction has been made by closing some of
the largest open accounts on the books. Suits were generally
not instituted by the Attorney, as it was believed under
existing circumstances, they would result injuriously instead
of beneficially to the company's interest. One suit especially,
we feel it is our duty to refer to in consequence of its singular
termination. A citizen of the town of Xewbern, had trans-ported
over the road a lot of machinery in the month of
March, 18G6, and being unable to pay cash for the freight,
the President of the road had it delivered to him for his note
for the amount, about $600, and procured a mortgage on the
machinery as security, but failed to have the same registeied.
The matter stood in this way until a month or two ago, when
the person effected a sale of the machinery, and attempted
to leave the State, when a writ was served out and he was
required to givebail. He then applied to the Military Com-mander
at Goldsboro', who ordered the proceeding against
him withdrawn, and himself discharged, for the reason as is
alleged, that the loss to the company resulted from its own
laches. In other words, because the way the security was
10 ATLANTIC AXD NORTH CAROLINA RAILROAD.
managed it proved not to bo good, (we refer to the mortgage)
the principal (the note) should not be held responsible, and
the suit against him was dismissed. Such, however, is mili-tary
law and there is no appeal.
Having been denied the privilege of collecting by law
what was justly due from others, by military order, we made
no further effort to pay the instalments on the debt due to
the United States by this company, -which we had already
greatly reduced. We have to thank Gen. J. J. Dana of the
Quartermasters Department, Washington, for his courtesy
and leniency in respect to the collection of the Government
claim, and, also Maj. Aklrich, Quartermaster Newborn, and
his assistants for their uniform kindness and courtesy through
nearly two years. Besides, there are other officers of the
United States Army, with whom the President of this road
lias been connected in business, and to whom he feels in-debted
for confidence and respect.
The reports of the Master Machinist, Road Master and
Superintendent of Bridges and Repairs, herewith submitted,
give a detail statement of the work done ift their different
departments. The suggestions of the Superintendent in rela-tion
to the repairs of the Morehead City warehouse and the
reconstruction of the draw in the Trent river bridge, will
doubtless receive the prompt attention of the Company.
During the year these officers have, displayed in their busi-ness,
skill, energy and economy; and the admirable order of
the locomotives and cars, and the speed and care with which
they have been run, is sufficient testimony for the correctness
of this assertion. The truth is, the trains on this x*oad are
run with such regularity, and the track is generally so smooth
and the long line of bridges in such good condition, that the
belief begins to prevail that it all comes simply from the
location of the road, or some other natural cause, and the
efforts of the Master Machinist, Road Master and Superin-tendent
of Bridges and Repairs, the Mechanics, Section
Masters and men under them to keep up the Road and
machinery to this standard, are lost sight of, and they do not
get the full credit they deserve from the traveling public for
president's report 11
giving them certainly not under more favorable circum-stances
and for less cost when compared with other similar
works, transportation as safe, pleasant and rapid as that
furnished by the best railways in the country.
The Ticket Agent and Book Keeper, the Station Agents at
Newbernj Morehead City, Kinston, Mosely Hall and Golcls-boro',
have been prompt and efficient in the discharge of
their duties. The Agent at Newbern is worthy of commen-dation
for the faithful manner in which he has also filled the
office of Superintendent of Transportation. The Conductors,
upon whom the successful operation of a Kailroad much
depends, have deported themselves in a manner not to
deceive us.
The Circular of Messrs. McKim, Bro. & Co., bankers, New
York, in reference to this Company, is annexed to this report.
It gives a brief statement of the examination of the Road by
Mr. Cox, of that house, who has large experience in works
of the kind, and is accustomed to making such inspections,
north and south. The interesting facts set forth in this cir-cular
should not fail to attract your attention, as it will
certainly give the Road north, coming from such a respecta-ble
source, a position it could not otherwise have obtained^ 4* ^j<
The thousands of miles of railroads and telegraph lines
possessed by the United States presents an indication of its
advancement in power -and strength, more surprising than
any other feature of its progress. No other nation can
approximate this in this respect, and it now so far exceeds
them all that they can never occupy, in comparison, anything-more
than a secondary position. North Carolina has been
no sluggard in this race of States, being among the very
first to adopt a system of railway improvements which she
has prosecuted up to this time, with all the energy and
liberality her means would allow, without injury and oppres-sion
to her people, by excessive taxation.
It has been said the primary design of nearly all the great
lines of railway in the United States, has been to connect the
sea coast with the distant interior; to effect which object it
was necessary to cross the Alleghanies, which intersect every
12 ATLANTIC AND NORTH CAROLINA RAILROAD.
line of travel diverging to the west from the chief commer-cial
towns of the sea-board.
First, you see the rail roads connecting Portland with the
British Provinces, St. Lawrence river and the lakes with the
Western States.
Second, the Kailroads from Boston, westward, connecting
at Albany with the roads of Central New York, and by the
northern route, traversing New Hampshire and Vermont
communicating with Montreal in upper Canada.
Third, the new York and Erie Bailroad, extending from
New York City to Lake Erie, and intended to form a part of
a continuous line from the Hudson to the Mississippi. Also
the Hudson River and New York Central Railroads, now
operating as one line by consolidation ot through trains
through to Niagara and the West.
Fourth, tke Pennsylvania Central Railroad from Philadel-phia
to Pittsburg, with numerous branches to points North
and South of the general direction. This route reaches St.
Louis through Ohio, Indiana and Illinois.
Fifth, the Baltimore and Ohio railroad from Baltimore
through Maryland and Virginia, to Wheeling, on the Ohio:
At the latter point it forms a connection with the system of
roads traversing the West and North-west.
Sixth, the Norfolk and Petersburg, South- Side and Virgina
and Tennessee railroads to the Mississippi, and Seaboard and
Roanoke railroad from Norfolk through the State of North
Carolina.
Seventh, the Atlantic and North Carolina, North Carolina
and Western North Carolina railroads, fron Morehead City,
on Beaufort Harbor, on the Atlantic Coast, across the entire
length of North Carolina and Tennessee, to the Mississippi
Valley, also the Wilmington, Charlotte and Rutherford rail-road
along the Southern border of the State and West to
Tennessee.
Eighth, the several lines of railroad from Charleston and
Savannah, penetrating South Carolina and Georgia and Ala-bama,
and reaching the valleys of the Mississippi and Ten-nessee
rivers.
PRESIDENTS REPORT. lo
Ninth, the Mobile and Ohio railroads, from the Mexican
Gulf to Cairo, on the Ohio river, and thence by the Illinois
Central railroad to the lakes, a distance of more than a thou-sand
miles.
Tenth, the great Pacific railway extending across the con-tinent
and connecting with all the roads from the Atlantic
and Pacific Oceans.
This mere outline, taken from maps and reports of the gen-eral
plan of the railroad system of each State and the United
States has been rigidly adhered to by all except the State of
North Carolina, and it is now brought to your attention, that
you may learn, where one of the difficulties has heretofore
been in making this a first class through freight road, as
designed in its construction, and to take such action as you
may deem essential to aid in bringing about a result so
desirable to all interested.
It will be seen at a glance that the only obstacle in the
way of the success and prosperity of this work, is the State
herself. While all other States you observe from Maine
to Louisiana, Florida and Texas, included, in the number,
have been emptying their freight into their own seaports,
thereby daily increasing their population, wealth and com-mercial
importance, we have left our own great seaports to
languish and sink into insignificance, and in the magnanimity
and generosity of our nature, send our Western freight to
find an outlet in a neighboring city and State, Norfolk, Va.
Yes, the State has the power in her own hands for perfecting,
not by force, but by votes in their respective Boards of Direc-tors
of the Western North Carolina, North Carolina and
Atlantic and North Carolina railroads, the consolidation of
their through trains, or the making of such a through freight
arrangement, from Beaufort harbor, Newbern, Kinston,
Goldsboro', Selma, Raleigh, Hillsboro', Graham, Greensboro',
Lexington, Salisbury, Statesville, Morganton, and West as
the road is constructed, as will enable freight to be carried,
as expeditiously and cheaply as if there were but one cor-poration.
This plan would leave each company to manage
its own local business, while a general superintendent would
14 ATLANTIC AND NORTH CAROLINA RAILROAD.
direct the through business, and it is precisely such an
arrangement as is now being made by the different railroads,
four in number, between Washington city and New York,
for the cheap and rapid transportation, of freight and pas-sengers.
In addition, there could be no objection raised if
this plan were adopted, in consequence of the present con-dition
or future prospects of any one road being better than
that of another, which would be the case if an attempt were
made to consolidate the corporations. It may be contended
that we now have a through arrangement of cars without
any practicable benefit being derived therefrom by the road.
It is true, we have between the companies referred to, an
understanding in relation to running cars on the different
roads, and unless as we now suggest a through tariff be
arranged for these roads alone, to and from the cities North
of us, and particularly to and from New York, based upon
the same or less rates than now charged by the Norfolk line,
and all other roads be treated as side lines, and no charges
on freight be forwarded for them, very little good could or
would accrue from it. Even if the corporations were con-solidated,
unless this or some similar arrangement were made
respecting the transportation of freight, it would not change
its direction.
But we admit, freight should not be forced for the benefit
of stockholders, unless when all things are considered, it is
carried at as low rates as it could be by any other route. It
should be the policy as it is undoubtedly the duty of the
State Government, so to manage the Roads as to confer the
greatest good on the greatest number of people. Not only
those interested in the stock, but also in lands, in merchan-dise,
in shipping, in farming, in manufactures and in all
trades and professions. Works owned entirely by individuals
may be operated strickly for dividends, though then their wel-fare
and the welfare of the people are identical, and the
liberal management of the former will give thrift and pros-perity
to the latter. It requires the aid of all and not a few
in the country through which a Railroad passes to give it
permanent success.
president's report. 15
We have fur the past two years made every proper exer-tion
to secure a portion of the through business of the North
Carolina Railroad, and our predecessr states in the annual
report of 18G6, "whilst efforts have been made to promote
safe, expeditious, and economical through transportation, by
agreements as to through cars," "through tariff rates," and
through tickets on the part of both the North Carolina and
Atlantic & North Carolina Eailroad Companies, these efforts
have been attended with partial results. The difficulties in
the way are inherent in the management of separate corpor-ations."
We must repeat, the State herself is the principal "^
impediment in the way of making this a great and success-ful
through freight line from the Atlantic Ocean to the State
of Tennessee, if not to the Mississippi River. Beaufort Har-bor
stands unrivaled on the entire coast south of Norfolk, as
a port of refuge, as well as ot ingress and egress, for the
heaviest class ships, and the President of the Company de-monstrated,
in a published communication, by figures ob-tained
from a shipping house in Newbern, that they had
forwarded and received in two years, as much tonnage as
during the same period passed over the Seaboard & Roanoke
Railroad to and from Norfolk. Then with such excellent
facilities, and the State the owner of more than three-fourths
of the entire line in question, why. should there be a moment's
detention in makingtheproposed arrangement and tariff, an 1
in putting it at once in operation, and thereby gain the State
and individual stockholders the splendid dividends that would
certainly follow. This year's operations of the Atlantic &
North Carolina Railroad has unquestionably proven that
under the most unfavorable circumstances, its local business
will sustain it. With the country inundated with water, with
the crops a total failure, with our people under military rule,
with such stringency in the money market as never before to
them known, and with ruin and starvation actually staring
many of them in the face^and yet you will see by the annexed
report of a most respectable, experienced and disinterested
person, that the Road has been kept in good condition, and
you know the trains have been run with comparative speed
1G ATLANTIC AND NORTH CAROLINA RAILROAD.
and great safety and regularity, and a net profit out of its
operating expenses has been made of about twenty thousand
dollars. Therefore, you observe that receipts from any
source over those mentioned would be dividends to the
Stockholder?. In pressing these facts on those in authority
or managers of connecting lines, we are frequently told that
the rivalry existing between the ports of Newbern and Beau-fort,
militates against the interest of both places, and nothing
can be done until our efforts, and those of the people of
Newbern are concentrated upon Beaufort Harbor. In other
words, close the port of Newbern and make Beaufort Har-bor
the inlet and outlet of the business of that city by
Railroad, and then by united exertions, and after the lapse
of time, we may succeed in doing what the State of North
Carolina could do in sixty days—make this a paying Road.
But unfortunately for those entertaining such views, we
have no power over the merchants of Newbern, as is well
known, and such arguments are used more as a subterfuge
than to assist in building up Morehead City. However that
may be, we know the people of the city of Newbern, as well
as ourselves, entirely concur in the policy laid down by our
predecessors in the report before referred to. They there
state "two steamship lines, the one by the way of Newbern,
the other by the way of Morehead City, both from 'New York,
have contributed largely to the through freight of the Road.
These steamship lines should receive encouragement and
aid from both the North Carolina Railroad Company and
your own, because, in the opinion of the Board of Directors,
the system of through freight from New York, especially to
the interior of the State, which steam vessels will best main-tain
and build up, is that system upon which the North
Carolina Railroad, to a large degree, and the Atlantic &
North Carolina, almost entirely, must depend for future
success." With assistance to both of those cities, and par-tiality
for neither, from this Company, with praiseworthy
rivalry between the two, and with'the aid we are contending
for from the State, doubtless, both would thrive and prospe-
Bnt would it not be unreasonable, as well as unjust, to expect
president's report. 1
7
Newbern shipping merchants to give up the steamship lines.
which are sustained by the two rivers, Neuse and Trent, and
the county roads leading into the city, and not by the Rail-road,
and shut up their port and force the freight out of
Beaufort Harbor, when, with her immense interest, North.
Carolina is looking on with seeming indifference at the decay
of our own cities, and whilst those in an adjoining State are
growing rich by her Railroads. If the plan proposed is ever
adopted, in which we believe western citizens, as we know
the present efficient and energetic President of the Western
N. C. R. R. would heartily join, this Road would become one
of the most important avenues of trade in the country.
Though if the State will still adhere to her now somewhat
established policy of working for the interest of her neigh-bors,
in preference to her own citizens, we would suggest
that through freight arrangements be made at once with
the Wilmington & Weldon and Seaboard &, Roanoke Railroad
Companies, to Norfolk, and the Bay Line Steam Ship Com-panies
to Baltimore,' which would doubtless increase the
receipts of the Road for a period, at least by securing most
of the freight to and from that city. This arrangement
could be extended to New York and other Northern places,
as the interest of the Road might hereafter require. Believing
this, we some months since authorized the President to
execute with those Companies such a contract as might be
necessary to accomplish this object. This was not done, as
the period was so short before the annual meeting, it was
believed best to postpone it for the action of the incoming
Board of Directors. They can now close it or not, as they
think proper, as it is understood those Companies will, when
desired, enter into an agreement to exchange cars for the
transportation of through freight over the' respective lines,
upon as favorable terms as those concluded with other Roads.
No subject should now more engage the serious attention of
the company, for if the State will persist, we must once more
add, in abandoning her own seaports, it may become neces-sary
to resort to such means to save the capital stock, or to
run the Road with any degree of prosperity in the future.
18 ATLANTIC AND NORTH CAROLINA RAILROAD.
Moreover, the prediction may be verified that, as- steam ships
are superseding sailing vessels in the coasting business, in
consequence of the annihilation of time, notwithstanding
the additional cost of running them, so, also, will Railroads
supercede them in the same trade, both by annihilation of
time and the saving of insurance—the insurance alone saved
on very light merchandise conveyed inland by Railroad,
would more than suffice to pay, it is contended, the cost of
transit by sea. When to this circumstance is added the gain
of time effected, especially in the transportation of goods to
and from Baltimore and Philadelphia, the matter, we will
again say, is worthy of thoughtful consideration.
The steamships of Messrs. Murray, Ferris & Co., since your
last annual meeting, have made their voyages with punctu-ality
and safety to and from the city of New York to Newbern.
These gentlemen now hold themselves ready to run their
vessels in connection with the Railroad on a proper division
of freight and are entirely confident of their ability to give
transportation for the same rates as have been prevailing on
the Norfolk route, provided they could get inward and out-ward
cargoes. The marine insurance is included in this esti-mate,
and they are prepared to furnish anynumber of vessels
the trade might require to Newbern and to Morehead City.
It is needless for us to say, that we conceive the continuation
and success of this line to be of vital importance to the Road
;
hence we have given it at all times all necessary encourage-ment,
and now trust the change from the military to the civil
government will enable you. to increase the aid heretofore
extended by the company.
We are pleased to state that a contract has been made
with the President, Col. Tate, for the transportation of the
balance of the iron required for the extension of the Western
North Carolina Railroad. It will be delivered to this Road
at Morehead City, and we hope it will be the beginning of
a through freight system, which will be continued to the
mutual welfare of both corporations.
It has been suggested, that the introduction of marl, in the
T*'cs>t might become in the course of time, a source of consid-
PRESIDENTS REPORT. 19
erable revenue to the Koad, admitting it had to be transported
at very low rates. The poverty of our farmers and the change
necessary in the cultivation of their farms will cause them,
no doubt, to use the cheapest mineral manures to reclaim
their lands. Either marl or shell rock, suitable for lime, can
be found in inexhaustable quantities on the line of this road.
Whether it will bear transportation for agricultural purposes,
is yet to be tested. We mention this subject, as a number
of western farmers have at different times brought it to our
attention.
Notwithstanding the last two, have been years of unusual
severity on Railroads, more water having fallen in the same
period along the line of your road, and the streams having
risen to a greater height than ever before known, we have
passed through them with slight interruption of transporta-tion
and with trifling loss to the company. This result is
very gratifying, indeed, when it is remembered that we
were overtaken by these great freshets in the midst of the
reconstruction of our bridges, and more especially the long
and important one that spans the Neuse. But for its timely
commencement the loss by the interruption of the run-ning
of the trains would have been both harrassing and
great, for the war bridge previously erected there could
not have resisted the flood for a single day. Other bridges
throughout this line, required the most constant and careful
attention, as well as the roadway, and it is fortunate for you
that experienced and skilful officers had those works in
charge. It is with great satisfaction, that we can now say
to you that they are all as safe as works of the kind are on
the best constructed railways in the South. We think it is
a matter of very considerable doubt whether there is in this
State a road, take its road-bed, rails, bridges, machinery,
rolling stock, warehouses, machine shops, debts and affairs
generally, in a better situation than this, or one that has a
better prospect for the future. While we have declared no
dividends we have made no debts. Dividends paid for a
year or two by temporary expedients will gain the approba-tion
of the stockholders, even if afterwards a heavy debt is
20 ATLANTIC AND NORTH CAROLINA RAILROAD.
required to supply the rails and rolling stock which the
dividends should have bought. But this road has not been
operated with an effort for the success of a year or with the
danger of sapping its prospects for the future, by promises
which could not be fulfilled or debts which could not be paid.
Every move has contemplated its permanent prosperity, and
when the claims which have so annoyed us for two years
and have necessarily withdrawn from the road support which
would have increased its receipts, are settled, as they are
about to be, the wisdom of the course we have pursued will
be seen if not appreciated by those who come after us. A
work without pressing liabilities, constant fear of the inter-ruption
of travel, danger to trains by the imperfect construc-tion
of bridges, breaking down of locomotives, and cars, for
the want of repairs, and, free to enter into all kinds of freight
contracts, without the apprehension of delay and disappoint-ment,
we are now about to relinquish, and we, therefore,
must be pardoned for envying its future management.
The selection of the officers of the company by our prede-cessors
were most excellent, and hence we have made only a
few changes in them during our management of the road,
Mr. Wm. B. Duncan, we appointed Agent at Morehead City,
Mr. A. C. Wadsworth at Kinston, Mr. J. H. Hallowell at
Goldsboro', in place of the Agent resigned ; all the others,
except one or two conductors and the agent at Mosely Hall,
preceeded us on the road. Their attachment to the Road
and the faithfulness in which they labor under all circum-stances
for your interest, proves how wisely we acted in
their retention.
The constant changing of officers on Rail Roads can but
effect them injuiiously in the end. Political changes always
carry with them the hatred and rancor of political adversaries.
Both parties are liable to this charge, and in exciting politi-cal
campaigns, appointees of the kind referred to are expected
to engage actively in the political service of those from whom
they receive their appointments, and whether from this cause
or not, they neglect their duties on the work for which they
are paid to attend—a feeling of bitterness and hatred towards
c
PRESIDENTS report. 21
them is engendered that extends through persons to fam-lies,
families to communities, and then over the entire State,
wkerethey areoften traduced and slandered, and every under-handed
means taken to break down their influence, and with
it even works of the greatest importance to our people
if it is necessary to do so to reach the object of their malice.
We repeat, we know one party is as liable to this charge as
another. The party in power will reward its friends. To a
certain extent it has done so, since the State became inter-ested
in works of improvements. We certainly do not now
expect to obviate it. Our object at present is to give some
of the principal reasons, in our opinion, for the failure of your
own and other roads similarly situated, to realize in profits
the expectation of their projectors and stockholders. With
such vindictive efforts against any man or number of men,
however influential before, they are then crippled and tied
up from the very start, and at every point wherever the
interest of the corporation may carry them, they themselves
will see and feel the baneful effects of their situation. It is
perfectly immaterial whether they create debts or declare
dividends, whether the trains are run with regularity or not,
condemnation from political enemies and praise from political
friends are sure to follow—under such circumstances com-plete
success would be almost a miracle in the management
•of these roads, and no intelligent man, we will risk the
assertion, in the Legislature of North Carolina, this day
expects it. They know from the experience of other States,
under political management, improvements of this kind never
succeed, because they have not what they require, the influence
and hearty co-operation of all interested to sustain them.
We are quite convinced if it had not have been for political
changes in this Directory, no mortgage would have been
required to prevent the sale of the road or to meet the com-pany's
liabilities. The judgment for the large amount which
made this course necessary would not have been given, and.
the case would still have been in court, where it was carried
by those to whom the debt was due, or more pi-obably settled
by compromise for the company's note, and ample time taken
22 ATLANTIC AND NORTH CAROLINA RAILROAD.
to have paid it out of the receipts of the road. Including
principal and interest, nearly as large an amount was paid
the United States in three years, and there is no reason,,
except that given why the claim of Gov. Morehead could
not have been settled in the same way and thereby twenty
thousand dollars saved—loss on the bonds. The object of
the Board was never to endeavor to make one dollar by the
delay in the settlement of the debt in question, but to save
unnecessary loss to you, which would have been the result
probably of a friendly interchange of views on the subject
between the old and new Board of Directors, which political
differences would never allow. If we had had any disposi-tion
to postpone the payment of this claim, the mortgage of
the State would not have been lifted, and we would have
saved ourselves the disagreeable labor it cost-
As liberal as the act was on the part of the Legislature
of North Carolina, we must say it would have better sub-served
her interest as well as that of your own, if it had
gone still farther. Instead of taking the balance due on the
loan in stock, it should have been released. When simi-larly
situated, the State of New York, some years ago
released a loan to the New York & Erie Railroad Company,
of $3,000,000 00, which aided in its completion. No one
could doubt if the State were to release a portion of her
capital in the Road but what it would redound to her inter-est.
Four or five hundred thousand dollars of stock, worth
that amount in money or paying 6 per cent., would, we
should think, be preferred to a million or more of stock,
worth ten or fifteen dollars a share. As ably, aud as .well
managed, as the Raleigh & Gaston Railroad has been, it
could never have paid dividends on its cost. By an united
effort this reduction might be accomplished by an act of the
Legislature".
We offer no excuse, under the peculiar circumstances, for
the length of this report, and before closing, we must say
that our long connection with the Road will cause us ever
to wish for it, it matters not into whose bauds it may be
placed, that success which will make it the great highway
intended by our fathers, from the Harbour of Beaufort to
the Tennessee line.
For the Board of Directors,
JOHN D. WHITFORD,
President.
CIRCULAR.
$200,000.
FIRST MORTGAGE EIGHT PER CENT. BONDS OF THE ATLANTIC AND
NORTH CAROLINA RAILROAD COMPANY.
The entire issue, and the only debt bonded or otherwise, except
quite a small amount of the Road,—Interest payable January
and July, in New York City—Loan due in 1868.
This Road is a continuance of the North Carolina Railroad,
and runs from Goldsboro,' near the capital of the State,
through Newbern to Morehead City, near Beaufort and Fort
Macon, on the sea coast, a distance of ninety-five miles. It
was commenced in 1854 and finished in 1858. The track
was laid with the best twice inspected English T iron, 50
pounds to the yard, which gives evidence of the great ad-vantage
in selecting good material at the start, most of it
being nearly as sound and smooth to-day, as when first
used—and not only as regards material, but in construc-tion,
equipment and every other respect, it is & first class
Road—far ahead of most Southern, and capable of favor-able
comparison with the best Eastern and Northwestern
Roads.
In October, 1865, when the United States Government,
after holding and using the best part of the Road for several
years, during the war, and all of it for a number of months
after its termination, restored it to the company, every
portion of it, the track excepted, was sadly out of repair,
owing to its constant use fur transportation purposes and
utter carelessness in keeping it in anything like proper con-dition.
Since then every bridge has been rebuilt—the depot,
wharf, warehouse and workshops at Newbern, thoroughly
repaired, culverts throughout the line overhauled, switches,
turn-tables, &c, put in complete order, cross-ties relaid and
every thing done that was necessary to place the entire Road
in excellent working condition. We would state in this
connection, that the workshops, engine houses and principal
24 ATLANTIC AND NORTH CAROLINA RAILROAD.
depots are all of brick, and the culverts of solid masonry ;
erected in the most substantial and durable manner, while
the wharf property, both at Newbern and Morehead City,
affords every facility for the transfer of freight to and from
the cars shipping. At the latter place, the wharf is con-structed
of iron screw piles, at a heavy cost, which must for
years resist the tides, worms and storms, so destructive to
wooden structures of the kind, on the Atlantic coast. Some
of the locomotives and cars have been rebuilt, and are as
good as new.
The Company Shops at Newbern are fitted out with a very
fine stationary engine, and all the machinery requisite for
keeping the rolling stock in perfect repair. The rolling
stock, locomotives and cars are ample for a large increase
of business, and generally, are in excellent order. The line
of Road from Goldsboro to Newbern, 59 miles, passes through
some of the finest corn, cotton and timber land, in this sec-tion
of the State, so that in addition to being fed by the
Wilmington & Weldon and North Carolina Railroads—its
local trade, particularly in rosin, cotton, lumber and naval
stores, is very considerable, and finds ready conveyance by
water from Newbern and Morehead City, to the Eastern
markets. For the past two or three years the extra expenses
have been comparatively heavy, in consequence of the
destruction of bridges and the injury of the rolling stock
and machinery by the military, during and after the war,
while the receipts, except, perhaps, during the first of the
three years referred to, owing to the prostrate condition of
all business, throughout the South, have been lighter than
they will probably be again. But for these extraordinary
demands, caused by a combination of circumstances, there
would have been no necessity of issuing these bonds, and
the debts of the company would have been easily paid out of
its net profits. Even as it is, more than a sufficient amount
was cleared, during the fiscal year just terminated, to pay the
interest on the loan, now offered. However, from this time
out, as the trade of the South revives, this, as well as the
neighboring Roads, must show largely increased receipts.
CIRCULAR. 25
The ordinary working- expenses will, with fair management,
always be comparatively small ; as the Road has very few^
curves, none less than twelve degrees radius, on the main
line, and is free from grades, its maximum' being 26 feet
to the mile, consequently there can be little danger of wash-ing—
the country through which it passes, is very level,
while the fuel used, (pine wood) the timber needed, and
labor employed, mostly colored, can be easily and cheaply
obtained on the spot.
The present officers and directors of the Road have been
long associated with it, and are experienced business men.
Their management has been most economical and very suc-cessful,
when the difficulties with which they have had to
contend are considered.
We are not relying upon the reports of others, but make
these statements from personal observations, after having
thoroughly examined the Road, and all that belongs to it
ourselves, and unhesitatingly recommend the bonds as a first
class security in all respects.
The debt is only two thousand dollars a mile, and will
have precedence over all other claims, if there should be
any, upon the company, which is doubtful, after the receipts
from the sales of these bonds have been applied to their
liquidation. By the terms of the mortgage, bondholders
have the privilege of foreclosing within three months after the
non-payment of any six months interest, but will certainly
never have occasion for doing so, as no doubt arises of the
Road's ability to net twice sixteen thousand dollars.
McKIM, BRO. & CO.
June. 1868. Bankers, Wall Street, N. Y.
A Called Meeting of the Stockholders
OF. THE
ATLANTIC AND NORTH CAROLINA RAILROAD CO.,
HELD AT XEWBERN, N. C, NOV. 17TH, 1867.
On motion, Henry F. Bond, Esq., was requested to act as
Chairman, and Alexander Justice and Bridgers Arendell as
Secretaries.
The President, John D. Whitford, Esq., explained to the
meeting that the object in calling the Stockholders together
was to take counsel of them as to the best means of paying
off the indebtedness of the Company.
On motion of Judge Green, a committee of two were
appointed by the Chair to ascertain if a majority of the Stock
was represented.
The Chair appointed Judge Green and William H. Oliver,
Esq., the committee, who reported that 15,541 shares of
stock were represented either in person or by proxy, which
being a majority of all the shares, the meeting was declared
duly organized for business.
The following resolution was offered by E. R, Stanley, Esq.
:
Resolved, That a committee be appointed to ascertain the
indebtedness of the company, and also the available assets
of the same, and report to this meeting.
James Osgood, Esq., moved to lay the resolution on the
table.
Dr. Arendell called for the ayes and nays, and also for a
Stock vote on Mr. Osgood's motion.
Mr. Osgood withdrew his motion.
On motion of J. H. Haughton, Esq., the further consider-ation
of Mr. Stanley's resolution was postponed until after
the reading of the report of the Finance Committee.
The report of the Finance Committe was then read, and
on motion, adopted.
CALLED MEETING OF STOCKHOLDERS. 27
The question being on the adoption of Mr. Stanley's reso-lution
:
Mr. Haughton offered the following amendment: That
the Committee report at 4 o'clock this afternoon.
The amendment was adopted.
John D. Flanner, Esq., moved to lay the resolution, as
amended, on the table,
Pending which motion, Mr. John N. Washington moved
to adjourn to 3 o'clock this afternoon.
Judge Green moved to amend Mr. Washington's motion
by inserting 10 o'clock to morrow morning, instead of 3
o'clock this afternoon. Judge Green's motion was lost.
Mr. Washington withdrew his motion to adjourn.
Mr. Flanner withdrew his motion to lay Mr. Stanley's
resolution on the table.
Hon. C. C. Clark then moved to lay the resolution on the
table.
Dr. Arendell called for the ayes and nays and a Stock vote
on Mr. Clark's motion.
Ayes :—State of North Carolina, Craven County, Messrs.
Osgood, C. C. Clark, Jerkins, S. W. Hughes, Green, J. D.
Whitford, G. W. Dill, Carmer, J. H. Bryan, Flanner, J. B.
Hughes, Hay and J. C. Washington—votes 590.
Noes:—Carteret County, Messrs. M. F. Arendell, Stanley,
Ramsey, Haughton, Jackson, J. N. Washington, Bond, Jus-tice,
B. Arendell, Garner, Morehead, Bell and King—vote 266.
The motion was carried.
On motion the meeting adjourned to 3 o'clock, P. M.
The meeting was called to order at 3 o'clock, P. M.
J. H. Haughton, Esq., offered the following resolution
which was unanimously adopted
:
Resolved, By the Stockholders of the Atlantic and North
Carolina Railroad Company, in general meeting assembled,
that the President and Directors of said company be and
they are hereby authorized to borrow in this State or else-where,
a sum not exceeding two hundred thousand dollars,
28 ATLANTIC AND NORTH CAROLINA RAILROAD.
to discharge the present liabilities of said company, and to
be applied exclusively to the payment of the same; and the
President and Directors, or the President or any two Direc-tors
are hereby expressly authorized to execute a deed of
mortgage to secure the payment thereof, by which may be
conveyed all the property of every kind of said company,
real, personal or mixed, to the mortgagee or the mortgagees
as the case may be, to issue bonds to be signed by the Pres-ident
and countersigned by the Treasurer of said company
in such sums and upon such terms as will best promote the
object of this resolution. The bonds ordered to be sealed
with the corporate seal of said company.
Mr. John H. Haughton offered the following resolution,
which was lost:
Resolved, That an amount of money so borrowed sufficient
to pay off and discharge a judgment and all costs in favor of
John L. Morehead, J. Turner Morehead and Julius A. Gray,
administrators of Hon. John M. Morehead, against the
Atlantic and North Carolina Eailroad Company, lately recov-ered
in the Superior Court of Guilford County, shall be
applied in the first instance and before any other money is
paid to any other creditors.
Judge Green offered the following resolution
:
Resolved, That the Chairman appoint a committee of three
to ascertain what debts are due and owing by this company,
and to whom, and report to the next annual meeting of the
Stockholders the debts respectively due and owing, and the
evidence establishing the same. Adopted.
The Chairman appointed Messrs. William T. Dortch, J. A.
Guion and J. C. Wooten the Committee under Judge
Green's resolution.
On motion of J. N. Washington, Esq., the thanks of the
meeting were tendered to the Chairman and Secretaries.
On molion, the meeting adjourned sine die.
- HENRY T. BOND,
Cliairman.
Alexander Justice, [ Secretaries,
Bridgers Arendell,
j
TREASURER'S REPORT.
Office oe the Atlantic and No. Ca. Rail Road Company, )
New Bern, N. C, May 31st, 1868. j
To the President and Directors
Of the Atlantic and N. C. R. 11. Company:
Gentlemen—You will herewith find a report of the finan-cial
condition of the Company and its operations for the last
fiscal year.
Accompanying this report is a. list of the Stockholders
Officers and Employees of the Road,
Which is respectfully submitted,
JAS. W. CARMER,
Treasurer.
30 TREASURERS REPORT.
TREASURER'S
Treasurer's Report of the Condition of the Atlantic and JVorth Carolina
For Capital Stock,
Less amount due by individuals for Stock,. . .
.
For Transportation,
NET TRANSPORTATION RECEIPTS TO MAY
81, 1868
:
For Freight Receipts for fiscal year, $11,354 11
For Passenger Receipts for fiscal
year, 25,057 94
For Way Travel for fiscal year, 14,518 03
" Way Freight for fiscal year, ... 239 62
" Irregular Freight for fiscal year, 2,782 05
" " Passenger for Re-ceipts
fiscal year, 756 11
For Express Receipts for fiscal year, 2,075 68
" Government Transportation
Passengers for fiscal year, 8,518 70
For Gov't Transportation Freight
for fiscal year, 12,692 91
For Gov't Transportation Mail for
fiscal year, 4,750 00
For Through Tickets for fiscal year, 1,510 00
" Commutation Tickets for fiscal
year, 1,625 22
For Excursions for fiscal year, 50 00
" Miscellaneous for fiscal year,
For Profit and Loss Account,
Balance of Interest Account,
LIABILITIES OF THE COMPANY.
Bills Payable,
Due Contractors,
• " IT. S. Government for Rolling Stock and
Material purchased, .
Due upon Pay Rolls,
" other Rail Road Companies,
" upon Open Account,
$1,800,000 00
4,775 08
115,930 37
24 40
56,690 66
65,932 25
2,772 09
3,456 92
7,087 25
29,229 67
$1,795,224 92
493,091 42
115,954 77
80,357 55
66 52
165,168 84
$2,649,864 02
Neyteern, N. C, May 31st, 1868.
ATLANTIC AND NORTH CAROLINA RAILROAD. 31
REPORT.
Rail Road Company, dating from its Organization to Slay 31st, 186S.
For Construction and Equipment,
,
ACCOUNT OF TRANSPORTATION.
For Transportation Expense, including pay of
Conductors, Enginemen, Firemen, and Fur-j
chase of Wood, &c.,
]
For Station Expense and Salaries of Agents, . . I
" Shop Account, including Repairs of En-gines
and Cars, Purchase of Stock, Material,
Oil and Waste, Tools, Machinery, &c,
For Road Account, including Pay of Road and
Section Masters, Purchase of New Cross
Ties, Supplies, Repairs of Bridges, &c,
$15,156 87
9,818 34
22,195 71
34,892 62
For General Administration and Pay of Direc-tors,
For Printing and Advertising, Office and Inci-dental
Expenses, Stationery, &c. , j.
For Loss and Damaged Freight,
] " Subsistence, I
" President's and Treasurer's Salaries,
j " Repairs of Depots, Machine Shops, and
Salary of Superintendent of Repairs, &c.v .
.
For Errors and Deductions on Freight,
| " Tax Account—Internal Revenue,
$2,032,445 45
For Amount to debit of Confederate States for
Transportation,
For Amount to debit of Confederate States for
Mail Service,
For Confederate States 4 per cent. Certificates,
" " " Treasury Notes in the
hands of P. A. Wiley,
For amount paid Contractors. Account not yet
adjusted, •
For Interest paid on State Loan,
" Attorney's Fees,
" Negro Hire,
ASSETS.
Due by Agents,
" from U. S. Government for Mail Service,
" " Rail Road Companies,
" " Express Companies,
" upon Open Account,
Bills Receivable
Cash in hands of Treasurer, ,
987 71
1,854 44
881 71
4,331 87
4,000 00
1,207 66
215 Sf
1,125 40
50,609 85
1,516 67
19,500 00
11,000 00
103,411 48
193,719 00
60 00
135 00
24,512 73
791 67
18,312 32
525 67
26,391 55
70,152 40
112 03
82,063 54
14,604 66
82,626 52
297,325 48
140,798 37
$2,649,864 02
JAMES W. CARMER, Treasurer.
32 TREASURERS REPORT.
TREASURER'S
Cash Receipts and Disbursements of James W. Carnier, Treasurer of the
RECEIPTS.
For Transportation received from Agents and Con-ductors,
For Transportation for Express Company,
" Irregular Freight Receipts,
" " Passenger "
" Wilmington and WeldonRail Road Company,
" Lost and Damaged, Freight Sold,
" Drafts, &c, Negotiated,
" Excursions,
" Miscallaneous Sources,
For Balance on hand, May 31, 1867,
.
83,404 66
2,075 68
247 27
750 11
216 13
154 09
37,177 08
50 00
1,005 57 $125,080 59
447 06
$125,527 65
Neweerx, K C, May 31st, -1868.
ATLANTIC AND NORTH CAROLINA RAILROAD. 33
REPORT.
Atlantic & Vorih Carolina R. R. Co. for (be fiseal year ending TIa> 31, ISti.S.
DISBURSEMENTS.
For Transportation Expenses, Pay of Engineers,
and Firemen,
For Machine Shop and Foundry Expense, Shop
Labor, &c
For Stock Material, Oil, Waste, Coal, Lumber, &c.
" Wood
" New Cross Ties,
" Maintenance of Road and Pay of Section Mas-ters
and Bridge -Keepers,
For Printing and Advertising, Office, Incidental
Expenses and Stationery,
For General Administration, Mileage of Directors,
&c,
For Salary Accounts,
" Bills Payable,
" Subsistence,
" Interest Account,
" Amount due upon Open Account,
" Lost and Damaged Freight,
" Freight Errors and Deductions,
" Repairs of Bridges,
" " " Depots,
*' Tax Account—Internal Revenue,
" Attorney's Fees,
" Negro Hire,
" Turn Table at Morehead City,
" Pay Rolls,
Balance of Cash on hand,
$ 19,370 24
18,771 16
5,473 41
3,479 76
11,823 91
15,217 26
1,854 44
987 71
11,625 51
10,595 94
4,331 87
467 24
207 22
881 751
215 87;
7,082 83
83 40
1,125 40
60 00
135 00
992 97
10,632 73 $125,415 62
112 03
^$125,527 65
JAMES W. CARMER, Treasurer.
34 ATLANTIC AND XORTH CAROLINA RAILROAD.
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October,
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Decembei
January,
February,
March, April,
May,
36 ATLANTIC AND NORTH CAROLINA RAILROAD.
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RECEIPTS FROM TRANSPORTATION. 37
Eeceipts from Transportation—[continued.]
SUMMARY.
Morehead City, 5,819 49
Newport, 1,979 75
Newbern, 27,376 68
Kinston 12,686 19
MoselyHall, 3,079 97
Goldsboro' 10,227 26
No. Ca. Railroad,. . .
.
3,699 51
Wil. & W. R. R., 1,543 20
Way Travel, 14.518 03
Way Freight, 239 62
Irregular Freight, .... 2,782 05
Irreg' Pass'g's Rec'ts,. 756 11
JAS
Through Tickets, 1,510 00
Gov't Transportation,. 21,211 61
Express Receipts, 2,075 68
Commutat'n Tic'ts,. . . 1,625 22
Excursions, 50 00
Mail Service, 4,750 00
$115,930 37
Miscell'eous Sources, 24 40
$115,954
W. CARMER, Treasurer.
Newbern, N. C. May, 31st 1868.
!
38 ATLANTIC AND NORTH CAROLINA RAILROAD.
List of Officers and Employees
01 the Atlantic and Worth Carolina Rail Road Company, May 31st, 1868.
John D. Whitford, . .
.
James W. Carmer.. . .
Isaac Ramsey,
J. D. Flanner,
J. M. Parrott,
Council Best,
A. T. Jerkins
L. C. Desmond,
William Murdock,. . .
J. L. Morehead
J. D. Whitford,
C. C. Clark,
J. C. Washington
Dr. J. B. Hughes,....
E. J. Clavton
W. P. Metts,
J. J. Robinson,
W. G.Hall,
W. B. Duncan,
W.S.Bell,
J. V. Jordan,
A. C. Wadsworth,....
E. A. Best,
J. M. Hollowell,
H. W. High,
J. P. Thomas,
J. A. Richardson,
H. B. Lane,
Thos. Wadsworth, . .
.
E. G. Hood,
John Ferguson,
Charles Tooker, .'
John Brown,
W. Roberson,
Richard Casey,
Howell Perry,
W. H. Turrentine, . .
C. J. Bryan,
H. C.Rhodes,
R. W. Swan,
E. G. Cuthbert,
V. A. Frost,
W. A. Frost,
P. O'Donnell
T.R.Adams,
John Green,
William Lane,
W. E. Charlotte,
President,
Secretary and Treasurer, ,
Director appointed by the State,
.
Director elected by the Stockholders,
.
Pay of Directors five dollars per day at-tending
meetings.
Master Mechanic,
Road Master,
Superintendent of Bridges, &c,
General Ticket Agent,
Agent, Morehead City,
" Newport,
" Newbern,
'
' Kinston,
" MoselyHall,
" Goldsboro',
Conductor, ,
Assistant Agent, Newbern,.
" " Kinston,..
" " Goldsboro',
Watchman, Newbern,
" Kinston,
" Morehead City,,
Locomotive Engineer,
Machinist,.
Boiler Maker,
Blacksmith,
" Helper,
Moulder, ,
Painter,.
,
Per Annum
$2,500 00
i;500 00
Per Month.
100 00>
83 33
1()0 00
02 50
50 00
83 33
45 00
25 00
62 50
50 00
50 00
50 00
50 00
25 00
33 33
41 66
41 66
30 00
41 66
85 00
85 00
85 00
85 00
Per Day.
2 75
2 75
2 75
3 25
2 25
2 00
2 75
1 00
2 50
2 50
OFFICERS A>'D EMPLOYEES. 39
List of Officers and Employees.
—
Continued.
J. B. Taylor, ....
J. B. Lane,
S. J. Hunter,. . .
II. Farthing,
J. A. King,
T. A. Eobbins,...
J. L. Howland, .
W. T. Hurtt,
T. Stanly,
John Woollard,.
W. H. Croom,...
Cicero Wright,. . .
Frederick White,.
Needham Case, .
.
W. T. Bright, . .
.
Isaac S. Hill
Carpenter,
Pattern Maker, ,
Fireman and Greaser, ,
Machine Shop Apprentice,
,
Section Master,
Per Dav.
3 00
2 50
2 50
2 50
2 50
2 50
Per Month.
40 00
20 00
40 00
40 00
40 00
40 00
40 00
40 00
40 00
Eighty-three laborers (white and colored) employed as road-hands, train-hands,
firemen, and in building and repairing bridges, &c.
40 ATLANTIC AND NORTH CAROLINA RAILROAD.
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REPORT OF THE MASTER MECHANIC. 41
MASTER MECHANIC'S REPORT—[continued.]
Cos* of Material, Stores and Labor for the nse of the other departments
on the Road.
Road Department, |52i
Bridge " llOl
O ; «
Newbern Station,
Transportation,
Different Stations
Private Individual's Work,
>
c
34 54 $1,793 47 Iron and other work.
768 85, Iron work.
296 65 Extra engines shifting.
50
436 10
36 25
" " for special trains.
Oils, Kerosine, &c.
196 07, Returned toTreas'er the bills.
$3,528 07 Is the charges against the
different department.
The amount Stock and Material on Sand.
Paint, Oils and Varnish,
Paints, assorted,
Paints, Tube assorted,
Oils, Tallow, &c,
Engine Oil, - - - -
Car Oil,
Turpentine, - - - -
Waste,
Tallow,
Kerosine,
Lumber, Assorted.
Assorted Surplus.
Iron, new and old wheels
and baffles, &c., - - -
Wrought scrap, - - -
Quantity.
1 XT A ALCE.
180 gallons
360 pounds
123 gallons
123
35
150 pounds
100
60 gallons
3,000 feet.
7 tons.
$836 95
112 60
20 00
204 18
109 47
16 80,
20 oo:
10 00|
55 00|
116 OOj
4,925 00!
210 oo;
(79 5-"
415 45
116 00
5,135 00
$6,646 00 Is the amount of
Stock on hand,
year ending May
31st, 1868.
42 ATLANTIC AN'D NORTH CAROLINA RAILROAD.
MASTER MECHANICS REPORT—[continued ] '
List of Cars belonging to the Company.
1st Clas% Coaches, 4; 2d Class Coaches, 2; 2d Baggage Cars, 3 ; Box Cars, 34 ;
Flat Cars, 36 ; Gravel Tram Cars, 7.
REMARKS.
New wheels are wanted for some of the cars. All our Passenger Cars have
heen put in good order with wheels, painting, &e.
Mr. John D. Whitford,
President of the Atlantic and North Carolina R. E. Co. :
Sir: I have the honor to submit the above Report of the expenses and work
performed by engines, cars, machinery, &c, belonginging to the Company that
is under my charge. 'All the engines that I have repaired, are all in good order.
All the cars are in good order with exception of some wheels. As our rolling
.stock increases in age, as you are aware, an extra amount of labor is required
to keep it up. All the tools belonging to the Company are in gocd order, care
being taken with them to keep them so, as it requires good tools to do good
work. There has been a building put up for a saw, which has been a great
benefit to us in saving material and time. For list of tools, see last year's report.
Respectiully submitted,
E. J. CLAYTON, M. M.
ROAD MASTER'S REPORT.
Newbebbt, N. C, June 1st, 1868.
Col. John D. Whitford,
President A. & N. C. R. R. Company
:
Sir:—I respectfully submit the following report of my
Department.
The Road Bed is in fair order, with exception of a few ot
the Cuts and Ditches which need cleaning out, together
with a like proportion of the Embankments which require
some filing.
The Track is in a fair condition, a few badly worn and
bent rails require replacing; many thousand cross ties will,
be needed to keep the track in good order.
About 25,000 cross ties have been placed on the Road
during this year. .
A few of the open Culverts and Cattle Guards will require
new superstructure within a few months. A large amount
of shrubbing is absolutely necessary.
The Pumps and Water Tanks are in good order.
The Turn Table at Morehead City is entirely new, and is
also in good order.
The amount and condition of the tools are about the same
as was shown in my last report.
I would respectfully add that my Section Masters have
performed their duties well and have given entire satisfac-tion.
For the cost of maintaining my Department I would res-pectfully
refer you to the Treasurer's report.
Respectfully submitted,
W. P. METTS,
Road Master.
Keport of Sup't. of Bridges and Repairs.
Gql. Jno. D. Whitford,
President Atlantic & N. C. B. B. Co.
Sir:—I herein respectfully submit ray annual report of the
progress and condition ofthe work under my charge, as follows
:
Stony Creek Bridge, (lattice) has been thoroughly repaired,
except the roof, which requires some tin repairs.
Bear Creek Bridge, (post bridge) has been entirely rebuilt,
and is unmistakably safe.
Falling Creek Bridge (post) has also been wholly rebuilt,
and is safe.
Neuse Biver Bridge, reported in my last, has not required
one moments attention during the past year, and is safe
beyond doubt.
South-west Creek Bridge (post) has been entirely rebuilt,
most substantially.
Cabin Branch Culvert has been superceded by a post bridge
seventy feet long. This bridge relieves the embankment at
that point ot the water pressure which led to the destruction
of the culvert superceded. This bridge is safe.
Core Creek Bridge (post) has been entirely rebuilt in a
substantial manner.
Batchelors Creek Bridge (trestle) has been thoroughly
rebuilt and is as safe as such bridges can be on a sandy
foundation. I repeat the recommendation of my last report,
to rebuild this bridge, substituting the post for the trestle
structure.
Jack Smith's Creek BriJge (lattice) has been thoroughly
repaired, except as to the roof, which requires some tin work.
Trent Biver Bridge, a nineteen hundred feet long trestle,
built upon the piling driven by the federal authorities during
the war, has now been in use about nineteen months, and has
not required touching since its completion. In my last
report I recommended the construction of a new draw for
this bridge at an estimated cost of about $3,500. I renew
that recommendation, and see no reason to change my
figures. The old draw has required constant watching and
repairing during the past year to keep it safe, and no time
should be lost in rebuilding it.
Scott's Creek Bridge (lattice). This bridge has been over-hauled
and thoroughly repaired, and, as in the cases of the
other two lattice bridges on the road, has had all its unsound
timbers removed and timber of the first quality substituted.
The roof of this bridge, also, requires some tin repairs.
SlocumVs Creek Bridge (post) has been entirely rebuilt,
and is safe.
REPORT OF THE SUPERINTENDENT OF BRIDGES AND REPAIRS. 45
• Newport Bridge (post) has also been wholly rebuilt and is
the inferior of no other bridge on the road.
The Newport Slue Bridges. Of these two slue bridges, one
has been wholly rebuilt, the other thoroughly repaired, and
both are quite safe. As repeatedly recommended by me,
the cost of keeping up these bridges should be saved by
filling up the slues, there being no necessity whateverforthem.
Hull Swamp Bridge has been rendered quite safe, without
incurring the expense of rebuilding.
On the entire length of the road we now have sixteen
bridges, measuring within a fraction of four thousand running
feet. Of this, over three thousand five hundred feet have
been entirely rebuilt, and the remainder thoroughly repaired
;
and the bridges on the road are now substantially complete,
except the draw in the Trent river bridge. Of the character
of the work on these bridges it does not become me to speak,
and of the cost of reconstruction and repairs, you are re-spectfully
referred to the books in the Secretary's office.
Of the general repairs, &c, during the year, the most
notable are the new turn-table at Morehead City, and the
new water tank at the same point.
Material on hand, d'c.—The stock of material on hand con-sists
mainly of some 4,000 to 5,000 feet of lumber at Charle-ton's
Cross Eoads, and about 1(5,000 lbs. of bridge spikes at
Newbern depot. The tools on hand are reported in my last,
subject only to the usual wear and tearand ordinary casualties.
The foregoing exhibits chiefly what has been done in this
department, during the last year. Much yet, however, re-mains
to be done. In my last report I drew attention to the
condition of the Morehead City Warehouse and wharf. During
the past year, the necessity of providing for the safety of the
trains, in rendering the bridges secure, called for the full
resources of my department. But now, that the bridges are
all secure, no time should be lost in regard to the Morehead
City warehouse. The base sills of that structure are rotten,
and the building is rapidly settling down upon the iron
piling. If the needful repairs be much longer delayed, the
cost will be largely augmented. The work here required,
is of no ordinary character, and the sooner commenced the
better. Other repairs are required at Kinston, Mosely Hall
and Goldsboro', particularly to the platforms at those places.
I cannot close this report without paying a well merited
tribute to the hands under my charge. They have done
their duty faithfully, and in no instance have they been found
wanting.
Respectfully submitted,
JOS. J. ROBESON,
Sttpt. Bridges and Repairs.
LIST OF STOCKHOLDERS.
MAY 31st 1868.
IS. V. S. y.
Arendell, M F Carteret co. 1 1 Cunninggim, TV H Wake co. 5
Arendell, Bridgers do 1 1 Collier, Geo W Wayne co. 5 a
Avery, Mrs M Corinna 70 13 Cook, John II Cumb'land co. 5
Andrews, Daniel Craven co. 2 1 Disosway, Israel Craven cq. 5 n
Allen, George do 4 2 Davis, Richard do 1 1
1 Allen, Eliza S do 1 1 Duffy, Walter do 1
Ainyett, John E do 1 1 Davis; Moses H do 1 1
Agostine, J M 2 do 1 1 Dixon, George do 3
Allen, Thos H do 1 1 Delemar, Stephen do 1 1
g Bishop, Samuel do 3 o Dunn, Walter, Jr Lenoir co. 5
Bell, David W do 3 2 Desmond, Lewis C do 10 5
1 Bogey, M C do 2 1 Davis, Adam Dr do 1
Brinson, Simon S do 1 1 | Dortch, Wm T Wayne co. 5 3
1 Bishop, George do 1 1
1
Davis, John W Dr do 1
Bailey, Jonathan R do 1 1 Day, Albert do 5
Biddle, H II do 5 1 Dill, George W Carteret co. 101 1G
Biddle, S G do 10 1
1 Duncan, Wm B do 1 1
Bush, Levi do 1 1 Evans, Peter G Craven co. 100 16
Brock, Robert M do 1 1 Edwards, Theophil's Wayne. 5 3
Bryan, Richard T do 1 1 Flanner, John D Craven co 70 13
Bryan, Johnson II do 10 5 Fairbairn, Thomas, do 2 1
Barrington, S G do 1 i Fields, William Lenoir co. 3 2
Brown, Z do 1 i Foust, J H Cumberland co. 5 o
Bryan, Henry R do 1 i Foy, William Jones co. 5 .1
• Blackwell, Henry S do 1 i Fife, William W Craven co. 5 a
Blackledge, Richard B do 1 i Green, George do 3
Barrow, Reuben Lenoir co. 5 3 Gooding, Thos T do 2 1
Bond, Henry F do 5 3 Guion, II T do 3 o
Bell, Josiah F Carteret co. 1 1 Guion, John A do 1 1
Bell, Ralph do 4 2 Griffin, Joachim do 2 1
Bell, Amariah do 1 1 Gaskins, David do 1
Bell, Hiram R do 3 2 Gaskins, Thos II do 1
Baker, L S Hyde co. 1 1 Gaskins, Arthur do 1
Brinson, W G Craven co 2 1 Granger, Henry Carteret co. 1
Chapman, Julia A Craven co. 1 1 Garner, D G do 1
Carmer, Jas W do 12 6 Garner, Francis do 1
Cleve, Edward do 2 1 Garner David W do 1
Cuthbert, Emmet do 3 2 Garner, Sam M do 1
Clark, C C do 5 3 Gray, Julius A 70 13
Charlton, George TV" do 1 1 Guess, W W Orange co. 1
Cuthrell, Amos do 1 1 Gates, Thos do 1
Clark, W W do 1 1 Hyson, Thos J Craven co. *i 1
Clark, II J B do 3 2 Hay, William do l| 1
Cobb, Richard G do 3 2 Hill, Thomas do 1
Clemmons, John M do 5 3 Hill, Isaac do 1
Cobb, Fred II Lenoir co. 2 1 Hill, Miss Laura A do 1
Cox, James W do 2 1 Howard, James J do 2 1
Cox, Mary Ann do 1 1 Howard, Sam W do 5 1
Cox, Eliza II do 1| 1 Hughes, Isaac W do 96 15
Cox, James G do 1 1 Hughes, T J do 29 J 9
STOCKHOI.DEr..'-'. 47
LIST OF STOCKHOLDERS—[counted.]
Hughes, James B Craven co.
Hughes, N Collin
Hughes, John
Hubbard, A G
Hall, Win G
Harrison J M P
Haughton, J H
Hart, Horace
Hart, Charles A
Harvey, Win II
Hollister, "William
Hancock, John W
Hanff, JohnF
Hurtt, Daniel W
Hudson, Thomas J
Hilton, Daniel
Harvey, Amos
Hay, Itobert C
Hunter, N
do
do
do
do
do
do
do
do
do
do
do
do
do
do
Lenoir co.
do
do
do
8. V -l|
112 17
1
39 14
97 15
5 8
5 3
5 3
Hall, A E Cumberland co.
1 lawks, Rev F L N. Y. City.
Jerkins, A T Craven co.
Jones, Henry C do
Justice, Alexander do
Jordan, J V do
Jams, Moses W Rowan co.
Joyner, John Lenoir co.
Jackson, Jesse do
Jackson, John H do
Johnson, A H CurnbeiTd co.
King, Rich'd W Lenoir co.
Kennedy, Bright do
Kennedy, Thos J do
Kennedy, J B do
Latham, A C Craven co.
Latham, Fred P do
Latham, Sam'l W
Little, T J
Lane, Hardy B
Lewis, Julius
Lewis, Abagail B
Lane. Jno T executoi
of Obid Palmer,
Lane, W K Wayne co.
Long, "Wni S Caswell co.
Lassiter, Jesse Lenoir co.
Leete, Chas J CurnbeiTd co.
Lawrence, Geo W. do
Lutterloh, Thos J do
Moore, Wm P Craven co.
do
do
do
do
do
do
Moore, Wm P jr do
Morris, J E do
Ms.nly, M E do
Meadows, John A do
Mitchell, Alex do
Miller, Alex do
Miller, Alex jr do
Marshall, Caleb M do
11
2
2:
1
6
1
5
1
5
5
15
7
2 1
.j 3
5 31
1 1
5 3
1 1
1 1
1 11
McCoy, Frederick Craven co.
McCoy, "Wm S do
McCoy, Jesse do
Metts, Sarah E do
Mallett, E do
Myers, J D do
Morehead, J L Mecklenburg
Morehead, J Turner
Morehead, Eugene
Morehead, Mrs A E
Moore, 11 R Lenoir co.
Miller, A R do
Miller, Stephen do
Moyce, Macon Wilson co.
Murdock, Wm Rowan co.
Murdock, W A ' do
McLaurin, D ifc W Cum'land,
McRae, D G do
McKeathan. A A do
McDowell, W II N. Carolina.
J L Morehead, J T More- )
head, J A Gray, adm'r of v
J M Morehead, )
Noble, A M Craven co.
Oliver, Wm II do
Oliver, Bartholomew do
Oliver, John M do
Osgood, James . do
Outlaw, B K Duplin co.
Oglesby, L T Carteret co.
Oglesby, Levi adm'r )
T. Oglesby, dec'd, )'
Oglesby, Zemaiah
Oglesby, Levi
Perry, B L
Perry, Jj L adm'r S /
S. Becton, dec'd, )
Porter, David W do
Porter, John do
Pellitier, John W do
Piggett, Miss E J do
Piggett, II M do
Patterson R L do
Pool, S D do
Primrose, C S do
Primrose, Ann do
Primrose, Robt S do
Parrott, Benj Lenoir co.
Parrott, John A do
Parrott, James M do
Peebles, John H do
Parks, Wm J Onslow co
Pemberton, J A Cumb'land,
Pemberton, EL do *
Pender, J J B Edgecombe
Perry, Howell Craven co.
Ramsey, Isaac Carteret co.
Ramsav, Isaac E do
do
do
do
do
do
S.
2
1
1
1
5
1
70
70
70
70
1
1
4
1
34
3
5
28
V.
1
1
1
1
o
1
13
13
13
13
1
1
'>
1
10
Hi
1! 1
48 ATLANTIC AND NORTH CAROLINA RAILROAD.
LIST OF STOCKHOLDERS—[continued.]
Ramsay, David J Carteret co.
Roberto, D M do
Richardson, J H Craven co.
Riggs, Nelson do
Roberts, F C do
Roundtree, R II do
Russell, Richard A do
Rouse, John do
Roberson, J J do
Rowe, Wm do
Richardson, Hizer V do
Richardson, John A do
Richardson, N S Lenoir co.
Stevenson, Geo S Craven co.
Stevenson, Joseph do
Stanly, Edward R do
Singleton, Wm G do
Street, Nathaniel II do
Sawyer, Timothy do
Spelman. John do
Sutton, Wm Lenoir co.
Stedman & Horn, Cumb'land,
Sabiston, Nathan Carteret co.
Simmons, F G Jones co.
Street, Sam'l R Wayne co.
Stone & McDowell, No. Ca.
Taylor, Mary Craven co.
Taylor, Richard N do
Thomas, F D
Toler, Charles
Tingle, W P
Thomas, C R
Tull, John
do
do
do
do
Lenoir co.
Tull, John G Philadelphia,
Thompson, E A do
Watson, Rev A A Wilmin'ton
Whitford, John D Ciaven co.
Wade, Amos, do.
Walker, Mrs L H
V. S.
1 1
1 1
7 4
1 1
1 1
3 2
2 1
2 1
1 1
1 4
1 1
3 2
1 1
10 5
5 3
222 28
1 1
7 4
1 1
1 1
4 2
5 3
4 2
5 3
1 1
36 10
6 3
7 4
1 1
1 1
1 1
6 3
10 5
10 5
7 4
3 2
27 9
6 3
70 13
s.
Whitford, Mary J Craven 3
Whitford, Wm C do 12
Whitford, John N do 1
Williams, W J do 1
Willis Wm T do 5
Wethington, Soloman do 4
Washington, Jno N do 10
Wadswoi th. Wm B do 5
West, Geo W do 2
Willis, David S do 4
Washington J C Lenoir co. 355
Washington George do 5
Washington & Burdock do 13
Wooten, John P do 3
Wooten, Council S do 3
Wooten, John C do 5
Wooten, Shade do 5
Wooten, John do 5
Wooten, Council do 10
Wooten, R L do 2
Wooten, John F do 2
Williams, Jas M Cumberland
Williams, John D do 5
Whitfield, J E Wayne co
Willis, David Carteret co. 1
Wood, Jonathan Greene co. 1
Wiley, Sam H Rowan co. 5
Worth, Jonathan Wake co.
Yates, Thos do.
Number of shares held by
individuals, 2,787
Carolina City Company, 47
County of Craven, 1,500
County of Lenoir, 500
County of Carteret, 500
State of North Carolina, 12,666
Whole number of shares, 18,000
V.
2
6
1
1
5
3
1
2
41
3
6
2
10
150
50
56
300