| Annual Report of the King's Mountain RR |
| as of January 1, 1863, |
| President's Report |
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| To the Stockholders of the King's
Mountain Railroad Company: |
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| Gentlemen, |
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| Your President and Directors
submit their annual report, with the accompanying exhibits of the
Treasurer, showing the transactions of the company, for the year,
commencing January 1st 1861 and ending December 31st 1862. |
| Cash in hand January 1st 1862 |
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$5540 |
?? |
| Cash receipts from all sources during the year
1862 |
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23,174 |
?? |
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Total Cash |
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$28,715 |
?? |
| Paid Charlotte & South Carolina Rail Road |
$6080 |
29 |
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| Paid in Dividend |
5845 |
50 |
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| Paid on Debts of company, owing in 1st January
1862 |
3596 |
71 |
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| Paid on expenses account of 1862 |
5899 |
75 |
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| Cash in Treasury |
7293 |
50 |
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$28,715 |
75 |
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| Gross income for the year, viz |
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$21,862 |
69 |
| Freight |
$6057 |
98 |
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| Passengers |
8901 |
90 |
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| Transportation of troops |
1716 |
19 |
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"
" mail |
1175 |
00 |
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| Other sources |
4017 |
60 |
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|
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$21,862 |
69 |
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| Expenses of operating road for 1862 |
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5,899 |
75 |
| Leaving a Net income |
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$15,962 |
92 |
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| Out of which a dividend of five per cent was
declared, payable on the 1st of January 1863, amounting to |
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$10,160 |
00 |
|
Leaving a surplus of |
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$5,802 |
92 |
| Assets in Treasury, consisting of Greenville Rail
Road Bonds, arrears of mail pay, Notes accounts on freight
ledger, shop books &c |
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|
9,401 |
57 |
| Leaving a Net surplus of |
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$15,204 |
43 |
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| The Road |
| The Road is in fair
condition, with the exception of some places along the line, which
will require repairing to a considerable extent, as they appear not to
have been re-laid with new cross ties for some years past. The places
on the Road, alluded requiring repair, will have to be re-laid
entirely with new ties, & put the Road in good running order.
Since the first of January last, some 400 cross ties have been
purchased for the Road, and are being laid down, with the old ties,
that are fit for use, and arrangements are being made to increase the
number, and meet the demand during the present year. From careful
examination, I think the Road may be put in fair condition, with two
men and twenty five hundred cross ties. |
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Buildings
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The platforms at each end of the Road are very much
decayed and will require replacing during the present year. The engine
house will need some repairs, and the well house at York ??? will have
to be rebuilt in a short time. I would suggest that the Well House at
McConnellville, which seems to be abandoned, and of no use to the
Road, be removed from that place and put up at Yorkville, as it
appears to be perfectly sound.
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Locomotives
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One of your engines, the William Wright, is in good
Running order, the engine Kings Mountain, is now being repaired, and
different parts of it are being dressed over, preparatory to its being
put up. I hope to be able to have it thoroughly repaired in a short
time.
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Rolling Stock, Cars &c
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All of these are in fair running order but will require
repairing to replace the decayed parts of them. The two first class
passenger cars are in good condition, the baggage and mail car, I have
had repaired during the present year.
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Rail Road Work
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There are at work, constantly, on the Road, eight
Negroes, which are amply sufficient to keep the Road in repair. The
services of an experienced Track Layer have been procured, to take
charge of the Negroes working on the track.
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Business of the Company
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Passengers have increased in number over the Road, but
the greater part of them are carried at half the usual rates, and
therefore do not increase the income to the company.
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In conclusion I have the satisfaction of reporting to the
Company that the indebtedness of the Company is small and that all the
unliquidated debts contracted during the year 1862 have paid so far as
my knowledge extends, with the exception of some two or three small
debts.
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Respectfully submitted
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March 25th 1863
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