| Annual Report of the Raleigh & Gaston RR |
| as of June 1, 1863, |
| President's Report |
| |
| President's Report |
| Office of the Raleigh & Gaston R. R.
Co. |
| Raleigh, N. C., July 2, 1863 |
| |
| To the
Stockholders of the Raleigh & Gaston Railroad Company |
| |
|
Gentlemen,
|
|
The President and Directors hereby respectfully submit for
your consideration their Thirteenth Annual Report, showing the operations
of the Company for the fiscal year ending
the 31st of May:
|
| Receipts |
| From Freights, Passengers and Mail |
$827,440.03 |
| From other sources |
25,965.41 |
| Last year's balance |
37,674.97 |
| Making a total of |
$891,080.41 |
|
The expenditures have been -- |
|
| For current and extraordinary purposes |
$249,419.60 |
|
| Sinking Fund for Co.'s Bonds |
27,200.00 |
|
| Dividends for the year |
390,000.00 |
|
| Making |
|
666,619.60 |
| Leaving a balance of |
|
$224,460.81 |
|
|
Of which $100,000.00 have been applied to the
extinguishment of a portion of the debt contracted to the State by the
exchange of bonds on account of our subscription to the Chatham Rail
Road. The balance of said debt amounting to $100,000.00, we are fully
confident we shall be able to pay during the current fiscal year.
|
|
We submit as a measure of prudent forecast, the propriety
of investing $100,000 in cotton or cotton bonds, to be employed at the
conclusion of hostilities in purchasing in Europe, materials to repair
the damages to our machinery and superstructure -- unavoidable during
the present troubles, and respectfully recommend an annual
appropriation for that purpose, should our finances justify the
expenditure.
|
|
Of the lean of 1853 there is now outstanding and unpaid
the sum of $32,000 in bonds due 1st January last. The holders of these, though
duly notified, have not yet presented them for payment. The Sinking
Fund created for their redemption now amounts to $200 more than that
sum. Under the authority granted at a former meeting forty-seven negroes
have been purchased for the sum of $80,665, being an average of $1,716
each. Regarding the prices as high, it was deemed advisable to decline
further purchases until a more favorable market is presented, or a
greater demand for labor be required by the Company. Of the fund set
apart for this purpose there remains on hand $8,435 and 800 shares of
reserved stock.
|
|
Our losses during the year have been heavy, resulting
from the death of three of our negroes -- the burning of three cars of
cotton near Henderson -- the thefts at various stations, and of
freight in transitu, owing to the unsafe, though unavoidable condition
of the cars; to which we regret to add the terrible disaster
occasioned by the collision of a gravel and passenger train near
Forestville, in October last, causing the melancholy death of several
persons and seriously injuring others.
|
|
We take pleasure in saying that our machinery and Road
are in good working condition, and will compare favorably with any
road in the Confederacy. Our business has much exceeded our
anticipation, and a corresponding and heavy deterioration in our road
and rolling stock has of course ensured. A large amount will be
required to put our road and machinery in that healthy condition in
which they were at the commencement of the war. We shall be able
to preserve their capacity for usefulness under all surrounding
difficulties and should it be your pleasure to authorize a reserve
fund in the shape of cotton, sufficient to meet our wants after the
war, it would enable us speedily to restore our Road and all its
appendages to the most healthy condition -- this we hope to do and be
able to pay to the stockholders, annually a handsome dividend.
|
|
We have had much trouble in getting our usual supply of
wood. Parties who formerly furnished it have been so much engaged on
their plantations (being deprived of more than half of their labor --
their sons and brothers being in the army) that it was impossible for
them to comply with their contracts, consequently we had from
necessity to put a large force of our own to cutting wood. This has
proved expensive and will have to be continued in order to keep a
supply of fuel and cross-ties.
|
|
We have paid for out of our Current Receipts and have on
hand an ample supply of bacon and corn to last our hands until 1st
January 1864. We are abundantly supplied with oil and grease for our
machinery for the same period, having recently received a large supply
from Florida. We have built during the year four new passenger Cars
the cost of which have been properly charged under the head of
extraordinary expenses; the increase of business requiring a much
larger passenger equipment than in time of peace. We shall now
commence the building of Freight cars and hope to be able to keep our
rolling stock to the requirements of the Road and to a respectable
standard.
|
|
The great scarcity and want of materials may render it
necessary for us to engage in the blockade running to some extent,
with your sanction and the co-operation of other roads in this State,
South Carolina and Virginia, all our immediate wants could be supplied
and on reasonable terms.
|
|
We have built new Depots at Wake and Ridgeway; the timber
for a new house at Warrenton is on the ground and the building will
soon be up. The timber for a new Depot at Littleton is being prepared.
These works will complete our Depot repairs, except at Weldon, all
being equal to new. We have deemed it prudent to make at every point
good repairs, for which it was possible to get suitable materials.
|
|
The completion of the Greensboro' and Danville Road {the
Piedmont RR}, which may be expected at no
distant day, will doubtless divert much business from ours. The loss
however will not be seriously felt when the Chatham Rail Road shall be
completed. That Road is now in progress at each end -- from Page's, 8
miles above Raleigh, and from Cheraw. It will constitute a valuable
auxiliary to our Road, and we should hail its completion as its best
friend.
|
|
For a more detailed statement of the affairs of the
Company, we refer you to the Reports of the Treasurer, and Committee
of Finance. (Tables appended.) We take much pleasure in being able to
say that the employees generally upon your Road have conducted
themselves well, and in the discharge of their respective duties shown
commendable diligence.
|
|
Respectfully,
|
|
W. J. Hawkins
|
|
Pres't.
|
|