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fTFTH A^XIAI. REPORT
^5 THE RALEIGH AND GASTON^:
JUNE 7th, 18 11>
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FIFTH AIVJ^UAI. REPORT
THE RALEIGH AND GASTON
JUNE 7th, 1841.
PRINTED AT THB OFFICE OF THE RALEIOH REQISTfiR.
Digitized by tlie Internet Arcliive
in 2010 witli funding from
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PROCEEDINGS OF THE STOCKHOLDERS
RAIL ROAD COMPANY.
The fifth Annual Meeting of the Stockholders of the
Raleigh and Gaston Rail Road Company was held at the
Treasurer's Office, in the City of Raleigh, June 7th, 1841.
On motion of D. Cameron, Hon. Wm. H. Battle
was appointed Chairman, and Geo. Little, Secretary.
On motion of G. W. Mordecai, ordered that a Com-mittee
of two persons he appointed to ascertain and
report the number of Shares of Stock represented at the
meeting; whereupon, Messrs. Patterson and Morde-
-cAi were appointed said Committee, who reported that
there were represented by persons present 790 Shares,
and by proxy 2081, making in all 2871 Shares, which is
not a majority of the Stock.
On motion of Mr. Cameron, the President read the
Annual Report for information, and submitted the accom-panying
On motion of Jxo. D. Hawkins, the meeting adjourn-ed
'till 5 o'clock, P. M.
At 5 o'clock, the meeting was called to order, and a
majority of Stock not being represented, the meeting
adjourned until Tuesday morning, at 8 o'clock.
Tuesday, 8 o'clock, the meeting was called to order
number of Shares represented in person 1007, and by
proxy 2434, total 3441 ; being a majority of the Stock.
4 HALEIGH AND GASTON RAIL-ROAD COMPANY.
On motion of Mr. Cameron, the meeting proceeded
to the election of Officers for the ensuing year. And
Messrs. Bosher and Dewey were appointed a Commit-tee
to receive the ballots.
The Committee reported that there were given for
President, for Samuel F. Patterson 1237 votes; for
Directors, for Duncan Cameron, Wm. Robards, Joseph
W. Hawkins, G. W. Mordecai and William Boy-lan,
On motion of Mr. Cameron, Messrs. Ruppin Tucker,
Geo. Simpson and J. Brown, were appointed a Com-mittee
to examine and report upon the accounts of the
On motion of Mr. Cameron, the Report of the Presi-dent,
with the accompanying statements, were ordered
to be printed, and a copy delivered to each of the Stock-holders.
On motion of Mr. Cameron, the meeting adjourned
until Wednesday morning, at 8 o'clock.
Wednesday morning, the meeting was called to order.
The Committee appointed to examine the account of
the Treasurer, made their report, which was read and
On motion of Mr. Mordecai, the Report was ordered
to be printed with the other papers.
On motion of Mr. Mordecai, Ruppin Tucker, Geo.
Simpson and Jesse Brown, were appointed a Commit-tee
to examine the accounts of the Treasurer, and report
to the next Annual JMeeting.
The meeting then adjourned, sine die.
WM. H. BATTLE, Cha'n.
Geo. Little, <S'ec'y.
The Board of Directors on presenting their Report at
the last Annual Meeting, had the satisfaction of announc-ing
to the Stockholders the completion of the important
work committed to their charge. This was true, in re-gard
to the line of Road itself, but many of the appenda-ges
and necessary fixtures were then unfinished. The
Smith-shop, Ware-house, Offices, &c. at the Raleigh Depot,
are yet but partially completed ; and, in some respects,
the original design of the improvements at this point has
been for the present abandoned. The embarrassments
of the Company, and the total want of means applicable
with propriety to such a purpose, induced the Board to
prosecute these improvements no further than was abso-lutely
necessary to preserve the buildings, and to fit them
in some degree for their intended objects. Some slight
improvements, however, have been made on the Road
within the last fiscal year. A water station at the head
of the Gaston plane, and a turn out at Stanton's have been
constructed, both of which were rendered necessary to
the successful operations on the Road, particularly under
the existing arrangement for the transportation of the
United States Mail. The first to afibrd a supply of water
to the Engines, after ascending a heavy grade of three
miles ; and the latter, to afibrd the means for the upward
and downward mail trains to pass each other at the pro-per
meeting point, without any delay. In addition to
these, several small but substantial buildings have been
put up on the Road, at convenient points for the accom-modation
of the Overseers and hands employed on the
6 EALEIGH AND GASTON KAIL-EOAD COMPANY.
Road, and for the residence of Bridge Watchers, one of
whom is stationed at each of the Bridges across Neuse
and Tar Rivers, and Cedar Creek, and whose duty it is
to pass over their respective Bridges immediately after
the crossing of every train, to extinguish the sparks or
coals that may have fallen upon them. These men, be-ing
also engaged in mechanical employments, are obtain-ed
at very low wages, and the buildings which they
occupy, as well as those erected for the use of Overseers
and hands, have been constructed out of the refuse railing
upon the line, at a very trifling cost to the Company.
Several hands are now employed in erecting at the Raleigh
Depot, a suitable Carpenter's Shop, with a view to the
manufacture of our own Freight Cars, which we hope in
future to do at a much less expense than to procure them
from abroad. We yet need, however, some additional
machinery in the Work-shop to enable us to execute
fully all the necessary repairs to the Engines, some of
which for the want of this machinery, we are now com-pelled
to have done elsewhere at an increased expense.
In organizing a force for the repairs of the Road during
the year 1S41, and in arranging the superintendence of
the Depots on the line, the strictest regard has been paid
to economy, compatible with the objects to be attained.
In some instances, particularly in regard to those Depots
of a more unimportant character, a considerable saving
has been effected by a reduction in the salaries of the
Agents, and by otherwise placing the Depots upon a
different footing from the arrangement of last year, while
no inconvenience or detriment to the business has been
occasioned thereby. The number of laborers employed
on the Road the present year is forty-nine, being thirty-six
less than were employed for the year 1840. And,
RALEIGH AND GA3T0^' RAIL-ROAD COMPANY. 7
although we have had a most unpropitious Winter &nd
Spring for keeping the Road in repair, yet the force em-ployed
has been found sufficient for that purpose, except
at a few points where the nature of the ground is such as
to render it impossible with almost any amount of force,
in such an extraordinary wet season, to keep the cuts so
free from water as to maintain a firm foundation for the
superstructure of the Road. These places, however, have
improved rapidly for the last few weeks, and with a con-tinuation
for a short period of the efforts of the Over-seers,
with favorable weather, will soon be in their usual
condition. A different plan from that of last year has
been adopted for provisioning and clothing the laborers
upon the Road. By that arrangement, the owners of
the slaves who mostly lived near the Road were required
to furnish them with clothes and provisions, for which,
including their services, we paid the sum of ^150 00
each per annum. Experience proved that under this
plan much time was lost by the hands in procuring their
provisions and clothes. By the existing mode, we fur-nish
them with those articles, allotting to each Overseer,
at stated periods, a specific quantity, and making him
responsible for the faithful and proper distribution of it.
As the laborors are hired the present year at prices rang-ing
from $10 to ^90, and the price of provisions and
materials for clothing are lower than usual, we think a
considerable saving will be effected by the change. For
a comparative view of the expenses paid and estimated,
of the years 1840 and 1841, we respectfully refer to the
accompanying statement, marked A.
On reference to the tabular statement herewith sub-mitted,
shewing the amount of receipts from transporta-tion
for the years 1839-40 and 1840-41, it will be seen
8 RALEIGH AND GASTON RAIL-ROAD COMPANY,
that the Increase of the latter over the former is iSl 7,52a
94, being about 33§ per cent, advance upon the receipt*
of the fiscal year, ending on the 1st of May, 1840.
The whole amount of receipts for the fiscal
year, ending 1st of May 1841, being - ^69,340 15-
The expenses of transportation for same
period, paid and estimated, are - - 38,000 00
Excess of Receipts over Expenditures ^31,340 00
This excess would have been greatly increased, but for
the almost total failure of the Cotton and Wheat crops of
last year, as we could have done a much larger transpor-tation
with the same force, and without any increase of
expenditure. This exhibit, though not as flattering as
we could wish, is nevertheless, far from being discour-aging.
For, although the amount of receipts is small,
compared with some other Roads of older date and more
commercial locations, yet it will be perceived that the
expenses are also small, and bear a less pro]>ortion to the
amount of receipts than any other Road of similar con-struction
and length, the reports of which we have had
an opportunity to examine. This fact, we believe, is ta
be attributed in a great measure to the superiority of the
Engines used on the Road, and the care and vigilance
observed by the Superintendent of transportation in their
management, preservation and repair, whereby the ex-penses
usually incident to this department, are much
lessened. Indeed, we think it doubtful whether an in-stance
can be found in the history of Rail Road opera-tions,
where so large an amount of transportation has
been done with the same number of Engines, at so small
an expense for repairs—the whole during the year, not
exceeding the sum of ^2,016 00.
RALEIGH AND GASTON RAIL-ROAD COMPANY. 9
The mode of conducting our transportation, in connex-ion
with the Greensville and Petersburg Roads, which
was in use at the date of the last Annual Report, still
continues; no permanent arrangement of a different
character having as yet been adopted. Indeed, we are
not sure that any other plan would work better than the
one now used, if it were fairly and in good faith carried
out. The indiscriminate use of the Freight Cars of the
different Companies on all the Roads, with a distinct un-derstanding
that each shall be furnished at all times with
its due proportion, as near as may be, will save the trou-ble,
expense and risk of the transhipment of produce and
goods at Gaston, and will also tend to facilitate greatly
their passage both ways. There are, nevertheless, objec-tions
on our part, to this plan, some of which were point-ed
out in the last Annual Report, and may be briefly
recapitulated. Our Road and Cars being new, there is
less liability of damage and loss, either to Cars, Goods
or Produce, in passing over it, than over one which
has been several years in operation. Another difficulty
is in ascertaining with certainty in case of Goods or Pro-duce
being lost or damaged, on which of the Companies
the responsibility should rest. This, however, has been
in some degree obviated, by our stationing an Agent
at Gaston ; who, in conjunction with the Agent of the
Petersburg Company, examines every Car when passing
that point, compares its contents with the bill of lading,
and certifies the result. Another plan which tends great-ly
to the protection and security of light and valuable
packages, is the introduction of Box Cars—several of
which have been constructed by the Petersburg <^ompa-ny,
and are so arranged with bars and locks, as to make
it almost impossible to abstract Goods from them. The
10 RALEIGH AND GASTON RAIL-ROAD COMPANY.
locks are all of the same kind, and each Agent at the
Depots is furnished with a key, so that on the arrival of
the Cars, he can unlock them, and take out such articles
as are intended for his Depot, lock them again, and for-ward
them to the next designated point.
You are already aware that the successful completion
of the Road was accomplished, in some degree, by the
great personal exertions, and to some extent, the person-al
responsibility of those then charged with its construc-tion
and management—though not without the impera-tive
necessity of creating a heavy debt on the credit of
the Company. To pay this debt, and at the same time
maintain the operations on the Road unimpaired, pre-sented
a question of the deepest importance, and most
serious concern to the Board. It became apparent, soon
after the adjournment of the last Annual Meeting, that
the Road could not be sustained and the debt paid, with-out
aid from some quarter. The general embarrassments
of the country, precluded all hope of obtaining this aid
from the Stockholders, or by additional subscriptions for
Stock. Under this view of the subject, the President
was directed to call a general meeting of the Stockhol-ders,
on the 15th of October last. At this meeting, after
a full discussion of the question, resolutions were adopted
authorizing and requesting the Board of Directors to
apply to the ensuing Legislature of the State for aid in
such manner, and on such terms as they might deem
most expedient. In compliance with the authority thus
given, the Board, after the meeting of the Legislature,
sent in a respectful memorial to that body, setting forth
the embarrassments of the Company, and asking aid from
the State, \ay an additional guarantee of the Company's
bonds to the amount of $ 300,000. Those only, who
RALEIGH AND GASTON RAIL-ROAD COMPANY. 11
were present on the occasion, can know any thing of the
difficulties which beset us at every step of our progress
through the Legislature. Finally, however, we succeed-ed
in obtaining the passage of an Act, a copy of which
has been furnished to each Stockholder, and the provis-ions
of which, though rigorous in the extreme on the
Company, have since been complied with. We regard-ed
it as the only alternative left us, whereby we might be
enabled to pay our debts, sustain the Road, and secure
those benefits which its perpetuation is calculated to pro-duce.
That portion of the Act above referred to, which
presented the greatest difficulty to a compliance with its
terms, was the provision requiring the Stockholders, or
other solvent persons, to give their individual bonds to
the State for the loan of ^500,000 obtained on the guar-antee
of the State under the Act of 1838-9. Although
the requirements of the Act have been fairly, and in good
faith complied with; yet, owing to the limitation of the
period to four months, within which it was required to
be done, we were necessarily obliged to close the ar-rangement
in such a way as will preclude the Company
from the use of a part of the new guarantee for some time
to come. That portion, however, which can now be
made available, will, we hope, afford substantial relief not
only to the Company, but to many of our creditors, most
of whom have hitherto been exceedingly indulgent and
Notwithstanding the many difficulties with which we
have have had to contend, and the unfounded prejudices
which have sprung up in some places against the Road^
we can see no reason for despondency. On the contrarjr,
there is every reason to hope that when the present em-barrassments
of the country shall have passed by, follow-
12 RALEIGH AND GASTON RAIL-ROAD COMPANY.
ed as we believe they will be, with a reasonable degree
of prosperity in all the departments of business, the Road,
necessarily partaking of the reviving influences of that
prosperity, must become permanently established, and its
usefulness and importance universally acknowledged.
It is known to most of you, that when the Raleigh and
Gaston Road was originally planned, it was intended to
form one of the links in the great chain of inland com-munication
from North to South, and that an extension
of the Road to Columbia in South Carolina, was at the
succeeding Session of the Legislature authorized, and a
Charter obtained for that purpose. The great revulsion in
the business operations and monetary affairs of the coun-try,
which occurred almost immediately after the grant-ing
of the Charter for ihe Road to Columbia, prevented
any further prosecution of that object than merely to secure
the Charter, which required a given amount of the Stock
to be subscribed within a specified time, and the actual
commencement of the work. The vast imporance of this
Road is now becoming every day more apparent. The
lines of communication by Rail Road and Steam Boat be-tween
Augusta, in Georgia, and New Orleans, are rapidly
verging toward completion. The Road now constructing
between Columbia and Branchville, on the Charleston and
Hamburg Road, is expected to be finished the present
summer. When these Roads are completed and the Rich-mond
and Fredericksburg Road shall be extended to the
Potomac, the whole chain from Boston to New Orleans
will be perfected, except that portion between Raleigh
and Columloja, a distance of only two hundred miles.
This central Ihik, which is necessary to connect the two
ends together, and thus give permanency and increased
value to the whole, is of too much importance not to be
RALEIGH AND GASTON RAIL-ROAD COMPANY. 13
filled up. The accommodation of the travelling public
from one extreme of the Union to the other, the safe,
certain and expeditious transportation of the United States
Mail, the immense advantage which such a line of inter-nal
communication between North and South would be
to the General Government for the speedy transportation
of troops in time of War, together with the enhancement
of the value of the Stock in all the Roads forming a part
of the great line, form so strong a combination of inte-rests
in its favor as to leave no doubt of its construction
at no distant period.
The land damages in the County of Wake, which were
unsettled at the date of the last Annual Report, have
since, with two or three exceptions, been adjusted, and
a considerable portion of them paid. Measures have also
been taken for the assessment of the remainder, and we
hope in a short time to be able to close finally this hith-erto
troublesome and vexatious question. By an Act of
the last Legislature, the Company was authorized to in-crease
the rates of fare for Passengers on the Road to ten
cents per mile, which is about the average of the charges
on the main Stage lines in the Southern States. It was
deemed best, however, to make but a very slight increase
on former rates, and an average of seven cents per mile
was fixed upon. This increase, though so small as not
to be felt by the traveller, will, nevertheless, add con-siderably
to the annual receipts.
Statement C, is a transcript from the Books, shewing
the general condition of the Company on the 1st of May,
1841, the close of the fiscal year. The debt outstanding
against the Company, as shewn in this account, has been
reduced gl 10,000, by payments made in State Bonds
since the Company was authorized to issue them. Paper,
14 RALEIGH AND GASTON RAI.L-EOAD COMPANY.
marked D, exhibits the amount of Produce sent from, and
Merchandize received at the various Depots, from the Ist
May, 1840, to 1st May, 1841.
All which is respectfully submitted.
By order of the Board of Directors,
SAM'L. F. PATTERSON, Pres't.
RALEIGH AND GASTON RAIL-ROAD COMPANY. 15
Statement *1, referred to in PresidenVs Report.
Comparative estimate of the Expenses on the Raleigh and
Gaston Rail Road, for the years 1840 and 1841.
Salaries to Officers
Depot Expenses, at Raleigh,
" " at Huntsville
" Franklin, exclusive of
3 Engine men at $60 each per month -
1 Do. « at ^50 « "
4 Overseers on line at ig400 each
2 Train Conductors " ^30 each per month
1 Machinist - . . . .
3 Do, Colored - - at ^180
5 Col'd Train Hands and Firemen, ea. ^180
1 White Do. - - - - -
2 Carpenters, - - at ^20 ea. per mo.
1 Freight Train Captain part of the year
85 Slave laborers on the Road, and at De-pots,
... at ^150
Board of Engineers, Train Conductors and
Firemen, while on the Road
Oil and Spikes - - - . _
Materials for Shops at Raleigh
60,000 feet of Railing and Dressing Do.
2,000 Cords Pine wood - - at 1.25
Postage, Stationary and Contingencies, say
Losses, - - _ . say
16 RALEIGH AND GASTON RAIL-ROAD COMPANY.
Statement A, continued.
Salaries to Officers - - -
Depot Expenses at Raleigh, - say
" " at Huntsville -
" " at Forestville -
" " " Franklin inc'dinghands
" " " Henderson, exclusive of
" " " Ridgway
" " " AVarrenton -
" " " Macon
" " " Littleton
Agent « " Gaston
3 Engine men, at ^60 each per nrionth -
1 Do. " at ^50 - - -
4 Overseers on line, at $400
2 Train Conductors, at §30 ea. per mo.
1 Machinist - - _ _ _
1 Blacksmith - . - . _
3 Colored Do. - - - - at $
2 Col'd Train Hands, and 4 Firemen -
49 Slave laborers on line, and at Depots
Feedingandclothing46 hands,sayat^45 ea.
2 Col'd <^'l White Carpenter cutting in Rails
Board of Engineers, Train Conductors,Fire-men,
&c. while on the Road
Oil, Spikes and Tools
Materials for Shops in Raleigh
100,000 feet of Railing and Dressing -
2,000 Cords Pine Wood - - at 1.25
Postage, Stationary and Contingencies, say
Losses, - - - . gay
Estlnidte for 1840, $41,935 00
" " 1841, 37,733 00
Difference in favor
of 1841, $4,20200
HALEIGH AXD GASTON RAlt-ROAD COMPANV. 17
O QD O GO
JC >— ti^i _ 1—1 i-j
63 to ^
w 05 ao *o to — 1--
OSQDt— COaDtCiO?'-ii-30i>— M>
8,460 8,968 34,381
18 RALEIGH AND GASTON RAIL-ROAD COMPANY.
Statement C, referred to in President's Report.
Receipts and Expenditures to May 1st, 1841.
Received on account of
Capital Stock 681,596 18
Bills payable (outstand-ing)
Bonds Ditto 122,562 22
State Loan issued 417,000 00
Freight 62,728 41
Passengers 49,165 61
U. S. Mail 12^33 64
Paid on account or
^ Excayat'n AEmb'km't S
Tar Hiver Do.
Cedar Creek Do.
Nense River Bo.
Crab Tree Do.
Iron and Spilies
Profit and I.0S8
rr't on Iron Timber, etc.
34,533 471,113,698 9?
6,998 47 149,730 55
Depots,Water Stations, etc. 39,260 74
Cars, Engines, etc. 62,755 80 102,018 54
Salaries 10,000 00
Depot Expenses 7,772 56
Wood 3,449 SB
Charges on Transportat'n 10,651 98
Repairs, Cars, Engines, etc. 3,270 83
Repairs of Road 22,135 73 57,281 01
Bills Receivable 9,108 63
Stage Company 51,456 59
Interest on State Loan 19,025 0s
Cash Account 268 58
Balance Treasurer's Acc't 0,007 la
Petersburg R. R. Company 7,967 38
S. W. WHITING,
iVw •' snperlntcndence," rend Snp«ntTactare>
RALEI€H AND GASTON RAIL-KOAD COMPANY. 19
20 EALEIGH AND GASTON RAIL-KOAD COMPANY.
The account herewith submitted, marked C, shows
the total amount of Receipts and Expenditures to JNIay
1st, 1841. There is yet due from the Stockholders, the
sum of 1^18,403 82 ; not more than one fourth can be con-sidered
as available. A part of the delinquent Stock has
been sold by order of the Board, but no measures have
been taken to enforce the collection of the balance re-maining
due, after applying the proceeds of their Stock.
Of the guaranty of the State for ^500,000, there has
been issued and applied to the use of the Company ^417,-
000. The balance ^83,000, has been placed in the Bank of
the State, as collateral security for loans obtained.
The Expenditures on account of construction, may be
considered nearly at an end, though some additional im-provements
at the Depot in Raleigh, and olher points on
the Road, prevent the accounts from being closed.
It will be seen, on reference to the account, the expen-ditures
properly chargeable to Transportation, have been,
to the first of May inst. §57,281 01, and the receipts
during the same period ^124,227 66, shewing a balance
of §66,946 65—which will, however, be reduced three
to four thojusand dollars, by outstanding claims for ne-gro
The property of the Stage Company ha? been dispos-ed
of, and that account is yet to be credited with the pro-ceeds
of the sale.
Of the Bills receivable on hand, about one half may
be considered available at the present time, though I be-iieve
the whole amount to be ultimately good.
KALEIGH AND GASTON RAIL-ROAD COMPAMY. 21
The balance appearing against the Petersburg Compa-ny
on the 1st May, has been since realized, and applied
to the payment of Land Damages, and other pressing
claims against the Company.
Statement B, is a comparative view of the Transpor-tation,
for the years ending May 1st, 1840 and 1841.
From this, it will be seen that the receipts from pas-sengers,
have nearly doubled, while the increase in freight
has been less.
This is owing, no doubt, in a great measure, to the in-crea?
ed charges for Transportation on the Petersburg
Rail Road, which have withdrawn freight from both
Roads, v/ithout adding to our receipts for what we have
carried. It must be recollected that this Road was open-ed
the whole extent, but a small portion of the first
fiscal year, and that a portion, therefore, of the largely
increased receipts must be ascribed to this fact. From a
careful estimate which I have made, the proportionate
increase does not vary but little from 55 per cent, and
the receipts from freight alone during the month of April,
exceeds by a thousand dollars, that of any other month
since the opening of the Road.
The increased charge on passengers has been in opera-tion
hardly long enough to test its propriety; but, so far,
the effect has been to increase the receipts, without re-ducing
the number of passengers.
S. W. WHITING, Treasurer, ^-c.
22 RALEIGH AND GASTON RAIL-KOAD COMPANY.
Raleigh, 8th June, 1841.
The undersigned Committee, appointed at a meeting
of the Stockholdei-s of the Raleigh and Gaston Rail Road
Company, to examine the Accounts of the Treasurer of
said Company, entered immediately on the discharge
of the duty assigned them, and now beg leave respect-fully
That we carefully examined every entry and voucher,
from 1st May, 1 840, to 1st May, 1841, on account of
disbursements made for the Raleigh and Gaston Rail
Road Company ; and we feel a pleasure in stating that
we find them all correct, and that every charge is sup-ported
by a proper voucher.
To have examined into all the details of the receipts
for the last year, would have required more time than the
Committee had allowed them ; but, we examined several
months, and we feel no hesitation in saying, that we be-lieve
all the accounts to be correctly kept; and much
ability is manifested through the whole, by those to whom
the business is confided*
All which is respectfully submitted.
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