| Annual Report of the Atlantic & North
Carolina RR |
| as of June 1, 1863 |
| President's Report |
| |
| Report of the President and Directors of
the Atlantic & North Carolina Rail Road |
| |
| Gentlemen, |
| The earnings for the year
terminating May 31st, 1863 have been as per Treasurer's Statement A, |
| The detail of the annual
operation of the Road is shown by the following: |
| For the transportation of Passengers |
$32,371.33 |
|
| For the transportation of Freight |
9,793.51 |
|
| For the transportation of Mails |
1,300.00 |
$43,965.84 |
| For transportation of troops |
55,043.93 |
|
| For the transportation of Government Freight |
31,838.23 |
|
| For the transportation of troops and freight on
other Roads |
33,052.75 |
|
| For rent of Locomotives and Cars to Government |
21,905.00 |
|
| For rent of Locomotives to other R. Road
Companies |
3,636.67 |
145,476.58 |
| For rent of Ware-house to Government at
Goldsboro |
763.89 |
|
| For Coupons Confederate States Bonds collected |
133.65 |
|
| For Nails, Stationery, &c., sold |
284.25 |
1,181.79 |
| Total amount |
|
$190,623.21 |
| Operating expenses for the same period as per
Treasurer's Statement D |
|
38,569.?? |
| Leaving as net profit for the year |
|
$152,054.14 |
| Which is an excess over the previous year of |
|
$21,122.?? |
|
| |
| The expenses for 1862 were
$49,420.79; for 1863, $38,569.14 -- being a decrease of $10,851.65. We
must admit, however, that the saving was owing entirely to our inability
to procure the material and labor necessary to keep the track and
rolling stock in that excellent order which we were accustomed to do in
former years. |
|
Under the most peculiar and disadvantageous circumstances
we have been forced to operate. The Road was continually threatened
with destruction. In August last, the section of the bridge spanning
the river Neuse was destroyed. On the same day the South West Creek
Bridge was also burned, by order of the commanding officer of our
forces. Finally, on the 14th December, after a very gallant and
stubborn resistance by our troops under Gen. Evans, against over
powering numbers, the enemy reached Kinston. All of our Locomotives
and Cars were run off previous to its capture, and the Ware-house
was only slightly injured, by a shell, during the battle, and some
of the doors knocked in by Yankee plunderers. This, with the
exception of the burning of the sleepers over one or two cattle
guards, and the detention of the trains for a few days at Goldsboro,
was all the injury the enemy inflicted upon us. Afterwards our
cavalry tore up the track remaining between Neuse River and Gum
Swamp, about 5 miles, destroyed the ties and crooked and damaged,
perhaps, a thousand tons of the rails. They also burned a number of
new cross ties which belonged to one of our contractors, and which
he had hauled out to the Road for delivery to the Company. With such
doubt and uncertainty, it has been impossible to make provision to
meet the wants of the Road, or to induce responsible persons to
contract for the delivery of wood and ties. Our contractors formerly
living along the line of the Road are nearly all in the army. In
consequence of the situation of our work, slave labor we could not
command at any price, and free negroes, with few exceptions, ran off
as fast as they were engaged. But, under all these difficulties, our
trains have been run regularly and safely throughout the year, on
our own Road, and with but a single accident on other roads, where
the damage was light to us, but, unfortunately, a soldier by it lost
his life, and three others were wounded. These trains were not
running under our direction, but such misfortunes would no doubt
happen, sometimes, under the most careful management. The large
receipts we give you is a sufficient guarantee that the few men in
our employment have not been idle; and when we inform you, that,
until recently, w have received only one-fifth for the
transportation of troops, and one-half for the transportation of
freight, on other roads, you will se we have earned for our own and
other Companies, with our trains, upwards of three hundred thousand
dollars, and we have evidence that, but for their aid, both the
State and Confederate States would have suffered for the requisite
transportation for the movement of their troops and freight. W have
also given much and timely assistance to other Rail Road Companies
in which the State is largely interested. Therefore we feel assured
that you will join us in our thanks to all the officers and
employees of the Company for their active cooperation in behalf of
your interest, and cordially endorse any substantial proof we have
given of our appreciation of their efforts to make up in zeal and
labor, for their deficiency in numbers, and for the want of that
great and necessary adjunct to all Railroads, good and convenient
shops. In one point of view the earnings are large, perhaps larger
than those of any other similar work in the State in proportion to
its length and the rolling stock employed, but they will sink into
insignificance when taken in connection with the immense loss you
have sustained. In addition to what we have already enumerated, the
wear and tear of the Road has been great. It now requires many new
ties, and before the winter sets in there should be at least 20,000
placed in the track, and a very considerable amount of other work on
the road bed. The machinery and rolling stock have been likewise
subjected to the severest test by constant running and exposure, and
have doubtless depreciated, notwithstanding its superior quality and
the indefatigable exertions of our Master Machinist, Locomotive
Engineers, Carpenters and other mechanics in our service. |
| Before the 17th April, 1863,
the compensation received from other road than our own, for Government
transportation, did not more than cover the damage to our trains engaged
in the work. Since that date the Government rates have been advanced and
trains running on other roads than their own receive one-fourth of the
receipts for troops and full rates fr the transportation of freight,
while the Road bed is paid three-fourth for troops, and for freight
one-half of full rates, in addition to the allowance made to the trains.
If this course had not been adopted and our trains used, as heretofore,
on other roads, the income from them would not meet the expenditures
required for their repairs. The past year's operations may be referred
to as a contradiction of this statement. But it must be remembered that
prior to its commencement we had taken the stitch in time, and our
rolling stock was in excellent condition, now the nine stitches have got
to be taken, or else the trains will stop. Therefore, for the public
benefit, as well as for your interest, we were gratified to learn of
this equitable action on the part of the Government, which was necessary
for the support of side line Roads, and it should, and no doubt will,
stimulate every Railroad Company and officer, to employ all the means at
their command to furnish promptly and cheerfully the transportation
required for the defense of the State and Country and maintenance of our
armies in the field. |
| Several hundred tons of our
rails from the south side of Neuse River were loaned to the Navy
Department of the Confederate States by His Excellency, the Governor of
North Carolina. Some of this iron has already been carried off and
requisition has been made upon the President of this Company for the
transportation of the balance. We now invite your attention to the
correspondence on the subject herewith laid before you. |
| The Committee, appointed at
your last annual meeting to act in conjunction with a Committee of the
Board of Directors to petition the Legislature to remit the interest on
the State Loan to this Company of $400,000, and to convert the loan into
preferred stock, failed to accomplish that object, and we have, in
accordance with the act making the appropriation, directed the payment
of the accumulated interest on the debt, which is, to May 31st, 1863,
$135,000, provided the Board of Internal Improvement would receive in
part payment the Bonds of the County o Carteret, $21,000, now in the
possession of this Company. The proposition has been made, but in
consequence of the absence of one of the members of the Board, action
was postponed to a future meeting. The following is the act authorizing
this loan: |
| An Act to provide for the
completion of the Atlantic & North Carolina Railroad: |
| Sec. 1. Be it enacted by
the General Assembly of the State of North Carolina and it is hereby
enacted by the authority of the same, That the Public Treasurer is
authorized and instructed to loan, in behalf of the State, to the
Atlantic & North Carolina Railroad Company, an amount not exceeding four
hundred thousand dollars ($400,000) to be paid in coupon bonds of the
State, bearing interest at six per cent. to be paid semi-annually and
running thirty years, on the condition that they set aside the receipts
of the road, over and above their annual expenses, as a sinking fund to
pay the said debt and interest, to be paid before the said company shall
order any dividends on the stock of the Company, and that said sinking
fund so produced shall be semi-annually paid into the Public Treasury. |
| As three successive trials
have failed to obtain any relief from our Legislature, we believe it
would be entirely useless again to make another effort. Hence we are of
the opinion that the surplus funds the Company may have in their
Treasury after reserving an amount sufficient to meet our liabilities
with our contractors and others and to defray the operating expenses of
the road, should be paid at once into the Public Treasury. We are
convinced that if we should ever sink this debt the road could be made
to pay fair dividends on its cost, if operated under circumstances not
more favorable than those we experienced previous to the war. And
certainly so far as our present prospects are concerned, if almost total
darkness be any indication of the near approach of day, and you may soon
expect to reap a harvest of dividends which was never anticipated even
by the most sanguine of its friends. The prospect, we must acknowledge,
is gloomy indeed. Most of your property destroyed, we at the time
believed, and now know, was wholly unnecessary, either for the safety of
our army or the protection of North Carolina. |
| But we do not question by
these acts the patriotic intention of our officers to serve well and
faithfully our State, and in the dark hours of our country's history we
know you will quietly acquiesce in every deed of those in authority,
whether it effects you personally or not, which is designed for the
welfare of our people and the ultimate sureness of our arms in this
unholy and unrighteous struggle with our ruthless enemy -- trusting
hereafter to the liberality of our Government to restore your property.
Let us then, for the future, hope for the best and prepare for the
worst. Let us cling to the remnant of our road as we have done
heretofore, and, with the blessing of a kind and merciful Providence, by
our own exertions again behold our trains successfully running to the
Atlantic ocean. |
| For information in detail
relative to the affairs of the Company, we refer to the accompanying
reports of our officers. |
| The Finance Committee have
examined minutely the Treasurer's books and vouchers and we presume are
prepared to give you the results of their labors. |
| All of which is respectfully
submitted, |
| John D. Whitford, President |
|