| Annual Report of the Raleigh & Gaston RR |
| as of June 1, 1861, |
| President's Report |
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| President's Report |
| Office of the Raleigh & Gaston R. R.
Co. |
| Raleigh, N. C., July 4, 1861 |
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| To the
Stockholders of the Raleigh & Gaston Railroad Company |
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Gentlemen,
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The President and Directors hereby respectfully submit to
the Stockholders of the Raleigh & Gaston Rail Road Company, their
11th Annual Report, showing the operations for the Fiscal year ending
the 31st of May, 1861.
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| Receipts |
| From Passengers |
$89,601.80 |
| "
Freight |
147,602.40 |
| Mail and Miscellaneous sources |
10,796.90 |
| Total Earnings |
$248,001.10 |
| Expenditures |
| Operating |
$119,887.18 |
| Leaving a balance of |
$128,113.92 |
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Making the operating expenses 48 per cent., which would
have been much reduced, had our receipts been such as would have
accrued under ordinary circumstances. The causes of this decrease for
the last four months are so manifest to every one, and so severely
felt by all, I deem it unnecessary to make any explanation.
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Extraordinary Expenses for the year
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| New Shops and Foundry, Iron and land for Shed at
Weldon |
$51,620.30 |
| Paid interest on funded debt |
5,145.00 |
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Our of the receipts for the first half year, a dividend
of 4 per cent was declared, payable on 7th January last, and for the
last half year the Board has declared a dividend of 3 per cent,
payable on the 3rd Monday in July, 1861, and appropriated $8,000 to
the Sinking Fund.
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We have been under the necessity, for some time, of
reducing our expenses to the lowest possible point, and with a view to
that object have discharged many valuable hands, of whose services we
would have gladly availed ourselves, the same necessity compelled the
suspension of nearly all of our new work on the road. The depots at
Kittrells, Henderson and Franklinton, being under contract,
constitutes the only exception.
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Our new shops, with the exception of the Round House, the
walls of which have been covered and secured against weather, will
soon be in a condition to move into, which we contemplate doing at an
early day. For the present we shall be compelled to use one of our
small locomotives, as the power, which will answer our purposes until
we can build or buy a suitable engine, (for such purpose). Our
Foundry, a work long needed, is nearly ready for casting, which will
be a great saving and convenience to the company.
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The office at Raleigh, much needed and ordered to be
built, at your last Annual Meeting, is now in progress. Half of the
materials are on hand and paid for, and we expect to have it finished
by the 1st of January 1862. Land has been purchased at Weldon for a
shed; that, and the shed at Raleigh, will be put up as soon as the
finances of the Company will admit.
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In pursuance of a resolution passed at a called meeting
of the Stockholders, on the 4th day of October, 1860, we have procured
and Act of the Legislature, which is appended to this report,
authorizing our Capital Stock to be increased to $1,500,000. It is for
you to say what disposition shall be made of it.
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That the Road, with its equipment, as will be seen by the
Treasurer's Report, is worth more than $1,500,000 (a work which has
actually cost nearly a million more than that amount) and will pay a
dividend of 8 per cent on the capital thus increased, no one can
doubt.
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Not being able to sell our bonds at par, we have
purchased no negroes for the use of the Company. If it be desirable to
do so, it would be well to remove the restriction put upon the swale
of them at the called meeting alluded to, and place the entire matter
in the hands of the Directors.
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Our Board of Directors, at a meeting held on the 22d day
of March last, passed the following resolution:
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Resolved, That the President and Directors of the
Raleigh & Gaston Railroad Company, feel a deep interest in the
construction of the Chatham Railroad, and believe the said Road will
form a valuable connection, and that they will recommend to the
Stockholders of the Raleigh & Gaston Railroad Company, to make a
liberal subscription for the stock of said road, whenever a sufficient
amount of individual subscription shall be made to ensure its
completion."
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The building of that road to Raleigh, connecting with the
Raleigh & Gaston Railroad, will be of incalculable benefit, and
ought, at the proper time to be encouraged by the Stockholders of this
Company.
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Iron, Track, Depot, &c.
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During the year we have laid, including sidings, about a
mile of new iron, and have remaining on hand about 250 tons. We have
ballasted with gravel many of our wet cuts, and put in the road over
thirty thousand new Ties. We have had for some time on the road, a
ditching train, and hope by the end of the year to have the road well
ditched, which will enable us to go through the winter with a good
track. Many culverts have been repaired; eight new ones put in. There
will be some work of that kind for the next year.
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The Depots are all in good repair, except Henderson and
Franklinton, where new ones are constructing 30 by 180 feet, which
will be finished in a short time, and the old ones converted into
depots for Guano, Lime, &c. At Kittrells a new depot and passenger
shed are already completed and in use. At that point it will be
necessary to erect a water and wood shed, with the buildings for the
use of a section master and hands, and to enlarge the well to meet the
wants of the company. Our track and equipment, are in excellent
condition, as a proof of which, no accident of any note has occurred
during the year. It is desirable to make the contemplated depot at
Weldon a joint one, for the convenience and interest of the four roads
terminating at that point.
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Cars
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We have built during the year eight new box cars, at an
expense of four thousand dollars, which ought properly to come under
the head of Extraordinary Expenses. We have re-built nineteen, and
repaired and put in good condition our entire car equipment.
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Bridges
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Our bridges have all been overhauled and thoroughly
repaired, will need but little work during the next year.
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Much credit is due to the Superintendent and Master Machinist
for their zeal, fidelity, industry and efficiency, during the year
just closed. The employees generally have performed their duties with
promptness, and a degree of faithfulness highly commendable, with a
true regard to the interest of the Company and the convenience of the
public, as well as to our entire satisfaction.
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For a more detailed statement of the affairs of the
Company, and the condition of the road, we refer you to the annexed
tables, the report of the Treasurer and Master Machinist, and
Committee of Examination.
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Respectfully,
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W. J. Hawkins
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President
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