Annual reports of the president and directors and the chief engineer and superintendent of the Wilmington & Weldon R.R. Co., with the proceedings of the general meeting of stockholders

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A1STNXJA. L REJPORTS
OF THE
PRESIDENT AND DIRECTORS
AND THE
GENERAL SUPERINTENDENT
OF THE
ittttittgfuit Je wlfott
RAIL ROAD COMPANY,
WITH THE
PROCEEDINGS OF THE GENERAL MEETING OF STOCKHOLDERS,
November 16th, 1880.
WILMINGTON, N. C.
THE MORNING STAR STEAM- POWER PRESSES.
I88O.
( 879)
. ANNUAL REPORTS
OF THE
PRESIDENT AND DIRECTORS
AND THE
GENERAL SUPERINTENDENT
OF THE
^ AIL DAD COMPANY,
WITH THE
PROCEEDINGS OF THE GENERAL MEETING OF STOCKHOLDERS,
November 16th, 1880.
WILMINGTON, N. C.
THE MORNING STAR STEAM- POWER PRESSES.
l880.
(, 879)
OFFICERS FOR 1880,
Wilmington & WeMon Rail Road Company.
ADMINISTRATIVE DEPARTMENT :
HON. R. R. BRIDGERS,
President.
B » F. NEWCOMER, Esq.,
Vice- President.
BOARD OF DIRECTORS:
THOMAS C. JENKINS, W. T. WALTERS,
B. E. NEWCOMER, S. M. SHOEMAKER,
II. B. PLANT, DONALD MacRAE,
A. J. DkROSSET, E. B. BORDEN,
GEORGE HOWARD, . W. H. WILLARD.
J. W. THOMPSON, Secretary and Treasurer,
EXECUTIVE DEPARTMENT :
JOHN F. DIVINE, General Superintendent.
A. POPE General Ticket Agent.
SOL. II A AS, General Freight Agent.
JAMES KNIGHT, Master of Transportation,
JOHN BISSET Master of Machinery.
JOHN BARRY, Road Master.
E. F. CASON, Storekeeper.
JOHN R. LATTA, Auditor.
Yo
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PROCEEDINGS
OF THE
FORTY- FIFTH ANNUAL MEETING OF THE STOCKHOLDERS
OF THE
Wilmington & Weldon Rail Road Company,
Held at the Office of the Company, in " Wilmington, on
Tuesday, the 16th day of November, 1880.
Wilmington, IS". C, November 16th, 188o.
At 1 1 o'clock A. M. the Stockholders convened, and the
meeting was called to order by appointing H. B. Plant, Esq.,
of New York, Chairman, and J. W. Thompson, of Wilming-ton,
Secretary.
Messrs. B. F. Newcomer and George C. Jenkins, of Balti-more,
with the Secretary, were appointed a committee to verify
proxies and report the number of shares of the capital stock
represented.
The committee reported 3,086 shares represented in person,
and 6,658 by proxy, making a total of 9,744 shares, being a
large majority.
Hon. R. P. Bridgers, President, then read his annual report,
which, on motion of Gov. C. H. Brogden, was accepted and
approved.
On motion of Donald MacPae, Esq., the reading of the
Superintendent's report was dispensed with, inasmuch as it was
printed and copies of it in the hands of all the Stockholders
present.
Col. J. W. Atkinson read the report of the Auditing Com-mittee,
which, on motion, was received and adopted.
Mr. B. F. Newcomer offered the following, which was
adopted :
Whereas, £ 129,740 Sterling: of the bonded debt of this Company,
represented by 499 bonds of £ 200 each, and 499 bonds of £ 60 each,
will mature on the 1st day of July, 1881,
Resolved, That the whole subject of providing for the extension,
renewal or payment of said indebtedness be referred to the Board
of Directors, with full power to act, and the Board be and it is
hereby authorized to make arrangements with the holders of said
Bonds, to extend the payment of the principal to such future time
as may be agreed upon ; Provided, such extension can be made at
a rate of interest not exceeding five per cent, per annum ; or to
sell so many of the Consolidated Mortgage Bonds of the Company,
at best obtainable prices, as may be necessary to pay off said Sterl-ing
Bonds maturing the 1st of July, 1881 ; And further, that they
be authorized, if in the opinion of the Counsel of the Company it
is practicable and legal so to do, to have said Consolidated Mort-gage
Bonds prepared and issued bearing interest at the rate of six
per cent, or less, instead of seven percent, per annum, as was orig-inally
provided for.
The following preambles and resolutions offered by Mr.
Newcomer, were also unanimously adopted :
Whereas, Many influential citizens of Halifax County, in this
State, have applied to this Company to construct a branch of its
Road from a point on its main line, between Fishing Creek and the
Town of Halifax, to some point at or near Clarksville, in said
County, and have proposed to furnish, at their own expense, the
right of way, the grading of the track, and all necessary cross- ties,
and to donate the same to this Company, provided the Company
will complete said branch, and furnish the necessary equipments,
be it therefore
Resolved, That the subject be referred to the Board of Directors,
with power to act, if, in their judgment, the construction of such
branch would be promotive of the true interests of this Company ;
and that they be authorized to adopt such measures to raise the
necessary means for the purpose as in their judgment will best
accomplish it.
Whereas, Application has been made by several parties along
the line of the Road to lease old rails for the construction of rail-road
tracks for the purpose of transporting timber and other
freights to the main line of the road, be it
Resolved, That the Board of Directors be and they are hereby
authorized to adopt and use the powers conferred on the Company
by its Charter to construct independent branches wherever, in
their judgment, it be necessarj' to do so.
Resolutions were adopted ratifying and confirming the action
of the Wilmington Railway Bridge Company in extending the
payment of the principle of its Mortgage Bonds, endorsed by
this company, at seven per cent, interest, and ordering the same
entered on the minutes of this meeting.
The meeting then proceeded to elect a President and ten
Directors for the ensuing year.
Col. J. W. Atkinson nominated Hon. R. R. Bridgers for
President, and moved that a ballot be dispensed with, whereup-on
R. R. Bridgers was unanimously elected viva voce.
A ballot was then had for ten Directors, which resulted in
the unanimous election of Thomas C. Jenkins, W. T. Walters,
B. F. Newcomer, and S. M. Shoemaker, of Baltimore ; H. B.
Plant, of New York; A. J. DeRosset, and Donald MacRae, of
Wilmington ; George Howard, of Tarlforo'; E. B. Bordon, of
Goldsboro', and W. H. Willard, of Raleigh.
J. W. Atkinson, A. Branch and D. G. Worth were nomina-ted
for Auditing Committee and unanimously elected.
It was resolved that the next Annual Meeting be held in
Wilmington, on the first Tuesday after the third Monday in
November, 1881.
A vote of thanks was tendered the Chairman and Secretary,
and the meeting adjourned.
H. B. PLANT,
J. W. THOMPSON, Chairman.
Secretary.
Irfsibent's Import
Wilmington, N. C, November 16th, 1880.
To the Stockholders of the Wilmington & Weldon Rail Road
Company
:
The President and Directors submit their forty- fifth an-nual
report, showing the operations of the Road for the year
ending 30th of September, 1880, and the financial condition of
the Company; also reports of the Superintendent, Treasurer,
and Auditor, giving details in their respective departments.
From these it will appear that the gross receipts have increas-ed
$ 97,240.10, with an increased net of $ 46,047.60. During
the year 1,501 ^ Tons of steel rail and 64,493 cypress and pine
cross- ties have been put in the track. There remains now
about seven ( 7) miles of old chair rail which must be taken out
during the year. To do this about 1000 tons of steel rail will
be required for the current year. Front Street Bridge, con-necting
the passenger depot with Front Street, has been built
of iron. At no distant day bridges will have to be built across
Smith's Creek and Rock Fish ; all of which will more fully
appear from the report of the Superintendent. On full con-sideration
the Board decided that it was necessary to build a
round- house and wood- shops, the round- house to occupy the
ground of the old wood- shops. New wood- shops are nearly
completed, which will give additional facilities in doing car
work and repairs with considerable saving to the company.
Much of the material for the round- house has been collected
and the same will be completed by the coming summer. The
machine shops will soon have to be renewed, the cost of which
10
will not be very great. The policy of using steel rails every
year becomes more apparent and begins to diminish the quan-tity
required for annual renewals.
The crops along the line of the Road have been unusually
good and have yielded a large business, for the past two months,
more than we could conveniently transport. Our receipts
would have been larger but for scarcity of cars. There seems
to be a deficiency of cars, not only with this, but connecting
companies. The roadbed and machinery are in excellent con-dition,
and their improved condition, with improved shops and
round- house will enable ns to operate with more economy.
With a view to reduce expenses and to stop rebating and cut-ting
rates, an arrangement has been made between the Atlantic
Coast Line, Richmond & Danville, and Seaboard Air Lines,
to have one General Freight, and one General Passenger Agent
in common for these systems of roads.
Application has been made by several parties to lease old
rails for tramroads for the purpose of bringing timber to the
Road, Several large bodies of very valuable timber might be
made available by such trams, and give the Road a very profit-able
business. This company has the right to build separate
branches, with separate capital stock, and in order to keep abso-lute
control of the old rails, it would be better to permit the
parties leasing the rail to use this power for independent
branches, which, financially, will be, in all respects, separate
from this company, and for which the company will be in no
respect liable, beyond what they specifically undertake to do.
The sterling debt of £ 129.740, or $ 648,700.00, bearing six
per cent, interest, falls due next July. Arrangements will
have to be made to meet it. With the high credit of the com-pany
there will be no difficulty in placing their first mortgage
bonds to pay it — it can probably be done at a diminished rate
of interest.
With the round- house, wood- shops and bridges completed
there is no reason why the dividends of the company hereafter
shall not be increased.
During the year the road has been remarkably free from ac-cidents,
in great measure due to the good condition of the pro-
11
perty and the prompt and efficient discharge of the duties of
the employees of the various departments.
K. R. BRIDGERS,
President.
Wilmington and Weldon Rail Road Company,
General Superintendents Office,
Wilmington, N. C, November 16th, 1880.
Hon. R. R. Bridgers, President Wilmington & Weldon Rail
Road Company:
Sir:— I respectfully submit my ninth annual report of the
operations of this Company for the fiscal year ending Septem-ber
30th, 1880.
The receipts have been :
From Through Passengers, $ 86,314 45
" Local " 91,937 49— 178,25194
" Through Freight 182,009 52
" Local " 183,496 78— 365,506 30
" Express 8,573 95
" U. S. Mails, 38,564 00
" Government Transportation, 19 86
'• Telegraph 47 32
" Minor Sources, 12,211 90
Total Receipts, $ 603,175 27
The Expenditures
:
By Conducting Transportation,.! 77,665 99
" Motive Power, 81.859 62
" Maintenance of Cars, 53,587 14
" Maintenance of Roadway, 155,998 28
" General Expenses, 12,366 04— 381,477 07
" Amount expended on account
Building new Shops, 22,355 10
" Amount expended on account
Building Iron bridge at Front
Street Depot, 10,417 93— 32,773 03— 414,250 10
Leaving balance in favor of receipts, $ 188,925 17
Equal to 68 2- 3 per cent, cost of operating Road.
13
There appears in the above statement of Expenditures the
following amounts which properly belong to Improvement
account viz
:
Amount Paid for Building Stone Culverts at various
points on Road, $ 5,100 00
" " Iron Bridge over Contentnea Creek,
including: Masonry 5,453 60
" " Rip- rapping Piers to North- East Riv-er
Bridge 3.841 36
Wharf Extension in Wilmington 4,044 07
Total Amount paid for Improvements, $ 18,439 03
This amount deducted from the actual Operating Expenses
$ 381,477.07, leaves a balance in favor of receipts of $ 240, 137.23.
Equal to about 60 1- 6 per cent, cost of operating.
TRANSPORTATION DEPARTMENT.
I am glad to be able to report an increase in both our
through and local passenger business. The through travel
shows a gain in number of passengers carried of 1,646 and
revenue derived therefrom of $ 8,526.01. The local gain in
passengers carried is 11,216, and excess in revenue $ 12,493.65,
making a total gain from passenger travel of $ 21,019.66, over
the preceding year.
The freight business also shows considerable gain both in
through and local.
The Through showing an increase of $ 34,089.09
" Local •< " « " $ 28,561.24
Making a total increase over last year of $ 62,650.33
The express business shows a slight increase over the past
year's receipts.
The receipts from transportation of United States Mails are
$ 10,097.61, in excess of the previous year. This increase is due
to the extra facilities furnished the Post Office Department in
way of a double daily Postal Line, and improved cars. The
cars furnished by us for this service being the regular Railway
Post Office Cars, and are equal to any in the service.
Receipts from Minor Sources also show a considerable in-crease.
This is due from sales of old material, and supplies
furnished cars running on through line, which is paid month-ly
by the roads interested, and has been credited to this ac-count.
14
The expenditures show an increase over the past fiscal year
of $ 83,965.53, in the total operations of the road, and an increase
of $ 7,109.96 in this department. . This excess appears in the
car service account, which shows an increase of $ 7,702.91.
The greater portion of this amount is for mileage paid the
Pullman Palace Car Co., on their sleepers running between
New York and Savannah and Washington and Wilmington.
The cause of increase in the other departments will appear
under their respective heads.
ROADWAY DEPARTMENT.
During the past year we have put in the track 1,501 ^ Tons
steel rail.
This now gives us the commencing of the present year 59^-
miles laid with steel rails, 56 lb. pattern. There is yet about
7 miles of old chair rail left in the track, which I think ad-visable
to replace with steel at as early a day as practicable.
We have also several miles of the old English fish rail, which
is beginning to show considerable wear.
For the coming year we shall require about 1,000 tons of
steel rail, and I respectfully make application for that amount.
Ballasting the track has been continued during the year, but
not on so large a scale as the past, as the train used for that
purpose has been engaged in filling in the small trestles and
culverts. I have also had several wood abutments replaced
with stone, thereby making them both safe and permanent.
I would also mention that a considerable portion of the trestle
at Tar River has been filled in. The iron bridge over Con-tentnea
Creek spoken of in my last report has been completed
and about 100 feet of trestle filled.
A new and substantial iron bridge has been erected over the
tracks at the Front Street Depot in this city at a cost of $ 10.-
417.93, and is a decided improvement.
The extension to our wharf property, commenced a few
years ago, has been completed, and is being gradually filled in.
During the past year we expended $ 4,044.07 on this improve-ment,
giving us a frontage of 858 feet, besides a slip nearly
400 feet long on the South side. This gives, when filled in, all
the necessary wharf room for the transaction of our business
15
from that quarter for many years to come. The filling is be-ing
done at a very small cost, as vessels coming to this port
with ballast, find it a very convenient place to discharge.
During the year it was found necessary ( after a thorough
examination) to rip- rap the piers at North East River bridge.
There has been used for that purpose 2743 5- 6 yards of stone,
costing $ 3,841.36
The increase in this department amounts to $ 36,190.11, and
is caused by the following expenditures, which are charged in
the regular operating expenses of the road.
Amount paid for building Stone Culverts, $ 5 100 00
" " " Wharf Extension 4,044 07
" Iron Bridge over Contentnea Cr 5,453 60
" " " " Rip- rapping North East Bridge 3,841 36
Total, $ 18,439 03
There also appears an excess of $ 22,762.14 in amount charged
to steel rail account. The Road Master reports that he has
purchased and used 64,493 cross- ties and 201,625 ft. of trestle
timber.
MACHINERY DEPARTMENT.
This department shows an increase of $ 8,350.66 and same
appears in amount expended for car repairs.
The locomotives and cars are in excellent order, repairs in
both branches of the department have been steadily carried on,
but with no increase in the number of engines or cars. We
sold one Postal Car, which was not suitable- for the present
mail service now in operation on this line.
The past three years' experience has proven to us that should
we desire to handle the business with dispatch now seeking an
outlet over our line, that we should have at least 50 more
freight cars. In fact it is often the case that we could keep
busy double that number. True the rush of freight continues
only for a few months, and then the majority of the cars might
be idle the balance of the year, nevertheless I would respect-fully
request that the freight equipment be increased at least
50 cars before the next year's rush of business begins.
Below please find statement of locomotive performances,
furnished by Master Machinist, and report of passenger and
freight equipment per Master Car Builder's report.
16
Miles ran by Passenger Engines. , 216,253
" u u Flight " 192,259
" " " Gravel " ",* 43
" " " Construction" M? oo7
" " " Switching " 30,832
Total miles run 464,494
Cost per mile for Repairs in cents 3.09
" " " " Fuel " " 3.53
" " " " Stores " " 0.56
« " Eng'eers, Fir'mn & Wipers, in cts . . .
.
4.46
" " all other expenses, in cents 2.03
( l u
Total cost per mile run, in cents 1 3.67
PASSENGER EQUIPMENT.
First Class Passenger Coaches 1
1
Second " " " 8
Mail, Baggage and Express Cars ... 3
Mail and Baggage Cars 1
Express Cars 4
Pay Master's Cars 1
Postal Cars 2
Parlor Cars 3
Total 33
FREIGHT EQUIPMENT.
Box Cars 221
Platform Cars 1 29
Gravel Cars 20
Total 370
For the coming year the expenses in this department will be
large in consequence of re- building the carpenters' shops, same
having been taken down to make room for the proposed round-house.
We have now in course of construction two shops, one
140x70 feet to be used as an erecting and paint shop. The
other 140x55 feet is intended for wood- work shops. The com-pletion
of these buildings will give accommodations for any fu-ture
wants in this line.
17
So far there has been expended on account of this work
s 22.355. IO of which amount the sum of $ 10.825.00 is for the
purchase of land.
Before concluding my report, I desire to again call your at-tention
to wooden bridges over Smith's and Rock Fjsh Creeks,
the first being simply trestle work, and the last a lattice bridge.
It will be necessary to re- build both these bridges at an early
day, and if it meets your views I think it economy to use iron
in their construction. We are very much in need of a new
local warehouse in Wilmington, the present one being so much
decayed, that it would be a useless expenditure to attempt to
make any improvement on the old building. I trust that you
will as soon as the necessary filling of the wharf in front of
the present warehouse is completed see proper to order the con-struction
of a building suitable in every respect, and in fellow-ship
with the other improvements that we have for the past
few years been making. It is with pleasure that I report the
continued freedom from accidents to any of our trains.
The employees have been faithful and attentive in the dis-charge
of their various duties.
Respectfully submitted,
JOHX F. DIAMINE,
Superintendent.
18
Statement of the Financial Condition of the Wilmington
Assets.
Rail Road and Appurtenances, including
cost of Construction, $ 3,264,933 36
New Equipment, 75,890 23—$ 3,340,223 59
Stock in Wilmington & Weldon Railroad, 3.900 00
" " Wilmington Railway Bridge Co. 10,000 00 13,900 00
Bills Receivable, 960 74
Amount due from Post Office Department 9,491 00
" " " Southern Express Co., 792 53
" " " other Companies, 19,966 60
" Individuals, 77140
" Wil. R'y B'ge Co. ( Exp) 26,397 75
" " " Agents, 5,764 67
" United States Gov.,... 3100
Cash in hand of Treasurer, 40,112 57
Cash on Deposit in Baltimore 50,464 16— 154,752 42
$ 3,508,876 01
Statement Showing the Business of the Wilmington <& Wel-
Assets at commencement of year, $ 115,154 12
Receipts.
From Freights, $ 365,506 30
" Passengers 178,251 94
" United States Mail, 38,564 00
" Southern Express Company, 8,573 95
" Government Transportation, 19 86
" Western Union Telegraph Company, . 47 32
" Minor Sources, 12,211 90— 603,175 27
Interest received 1,012 63
Mileage of Cars ( balance) 439 69
Sale of Land at Burgaw, 100 00— 1,552 32
$ 719,881 71
19
and Weldon Rail Road Company, September 30^, 1880.
Liabilities.
Capital Stock, 14,562 Shares, par value $ 100
eacl-, $ 1,450,200 00
Funded Debt.
per cent. Sterling Bonds, payable in Lon-don
in 1881, £ 129.740, at $ 5.00 $ 648,700 00
7 per cent. Sterling Bonds, payable in Lon-don
in 1886, £ 44,280 at $ 5.00 221,400 00
7 percent. Gold Interest Bonds, payable in
New York, in 1896, 749,000 00- 1,619,100 00
Floating- Debt.
Due Individuals and Companies, 19,569 12
" Wilmington Rv Bridge Co. ( Receipts) 13.060 36
" on Pay Rolls 13,792 22
" Unpaid Dividends 3,370 00— 49,79170
Profit and Loss 383,784 31
$ 3,508,876 01
JOHN K. LATTA, Auditor.
don R. R. Co., for the Fiscal Year ending Sept. 30th, 1880.
Operating Expenses.
Conducting Transportation $ 77,665 99
Motive Power, 81,859 02
Maintenance of Cars 53,587 14
Maintenance of Roadway, 155,998 28
General Expenses 12,366 04
New Shops and Round- House 22,355 10
Front Street Bridge, 10,417 93- 414,2a0 10
Interest Coupons paid 1
9?'? 9I ™
Dividend of 3 per cent, paid Nov. 21st, 1879, 43,569 00
Reduced Floating Debt, 1.44J
01
Counterfeit Money allowed Agents o* ""
Assets at close of the Year, 1. j4, < 52 4L
$ 719,881 71
J. W. THOMPSON. Treasurer.
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Mttirithtg jiommiittt's f^ pcrrt.
Wilmington, X. C, November 16th, 1880.
To the Stockholders of the Wilmington & Weldon Rail Road
Company
:
At our last animal meeting the duty was imposed on the un-dersigned
to examine and audit the books and accounts of your
Company for the fiscal year, to close on the 30th day of Sep-tember,
1880.
We beg respectfully to report that we have performed this
duty with great care, and find the books most accurately kept,
and every charge sustained by its proper voucher.
The books show that the business of the road for the past
year has been more profitable than for the year preceding, the
gross receipts from all sources being, $ 604,727 59
And for same time the outlay for op-erating
expenses, $ 414,250 10
Interest Coupons, 105,801 18— 520,051 28
Showing a net profit of, $ 84,676 31
To this profit, indeed, might be added $ 32,773- 43 ? expended
during the past year for permanent improvements, viz: in the
construction of new shops and round- house, and Front Street
iron bridge, which sum is charged among the operating ex-penses
of the year.
While on the whole, therefore, the present exhibit is most
gratifying, there is one matter which we deem it proper to call
22
attention to, viz ; the expense attending the employment of
Passenger Soliciting Agents, appears to us inordinately high,
being about ten per cent, of the gross receipts from this source.
JOHN WILDER ATKINSON,
A. BRANCH,
WM. L. SMITH,
Committee.
UNIVERSITY OF N. C. AT CHAPEL HIL
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