| Annual Report of the Raleigh & Gaston RR |
| as of June 1, 1864, |
| President's Report |
| |
| President's Report |
| Office Raleigh & Gaston R. R.
Co. |
| Raleigh, July 7, 1864 |
| |
| To the
Stockholders of the Raleigh & Gaston Railroad Company |
| |
|
The President and Directors of the Raleigh & Gaston
Railroad Company respectfully submit to the Stockholders their 14th
annual report. |
|
By reference to the Treasurer's Statement it will be seen
that on our receipts have been |
| From Freight |
$720,006.46 |
| " Passengers |
716,767.29 |
| " Mail |
9,700.00 |
| Total |
$1,446,473.75 |
| Expenditures current and otherwise |
685,916.75 |
| Excess of receipts over expenditures |
$760,557.00 |
| To which add balance from last year |
124,460.81 |
| |
$885,017.81 |
| Deducting the January Dividend and other payments |
300,890.00 |
| Leaving a balance on hand at the close of the
fiscal year |
$584,127.81 |
|
|
Of which a dividend of 15 per cent. has been declared
payable to the Stockholders on the 1st day of August, in 4 per cent.
Bonds or five dollar (old issue) notes at the option of the Company.
|
|
The receipts of the Company for the fiscal year just
ended have been large, leaving a net balance of more than fifty (50)
per cent. over the ordinary and current expenses. Owing to the great
difficulty, almost impossibility of obtaining suitable materials, we
have been unable to keep the road-bed and rolling stock in such state
of repairs as was desired, and we have no reasonable expectation of
being able to do so during the war; consequently, at the close of
hostilities, a large expenditure for these objects, especially for
track iron and machinery, will become indispensable. The attention of
the Stockholders is earnestly invited to this subject as of the
highest importance. The sum of $100,890.00 has already been invested
in Cotton Bonds to meet some of these contingencies, and it may be
prudent and proper to make further appropriations on this head. |
|
Our operating expenses have been very heavy. The cost of clothing
and subsistence has been more than treble that of any preceding year, and in
the present state of fluctuations in prices we are unable to foresee what sum
will be demanded for the necessary supplies of the ensuing year. The prospect
for a large grain crop is very flattering, and we are not without hope that
the prices may be much reduced. |
|
The Board has been compelled, from time to time, to
increase the tariff of rates both on freight and passengers,
notwhithstanding it is a source of gratification to know that our
rates are still below those of most connecting roads. |
|
The unprecedented and rapid increase in the prices of all
kinds of supplies as well as the necessaries of life, make it
imperative on us to do so, and also to increase the wages of the
employees. They now receive for wages more than 100 per cent. on
prices paid last year, and some of the operatives are getting more
than the highest salaried officers of the Company. Since the
completion of the Piedmont Railroad, in May, so much of the usual
travel and transportation have been diverted from our road that (as
was anticipated) our receipts have been diminished at least one-half.
We have but little doubt, however, that the loss from this source will
be more than repaid whenever the Chatham Railroad, now in progress,
shall finished and extended to Cheraw, persuaded that, in that event,
our receipts would be greatly augmented if not more than doubled. The
completion of this road, at the earliest day is, therefore, deemed of
vital importance to our Company, and we respectfully suggest that the
Board be authorized, in its discretion, to make from time to time, as
the finances of the Company may warrant, a further subscription to
said work, not exceeding in the aggregate $300,000, in addition to our
previous subscription. Of the former subscription we have already paid
to the State the sum of $150,000. |
|
We experience great and increased difficulties in getting
wood and cross ties. We still have, and shall be compelled to keep, a
large force employed in this work, with teams for hauling to the road.
The scarcity of cross tie timber on the line of your road suggests the
propriety of purchasing pine lands on the line of the North Carolina
Railroad, below Raleigh, for that purpose. |
|
Our depots have all been overhauled and repaired, and
where necessary, rebuilt, and are now in excellent condition. Our
arrangements for water are ample; the bridges and culvert in a safe
condition, and the road and machinery will compare favorably with that
of other roads. |
|
The casualties have been few, the losses not great,
considering the vast increase of business, and the open and
unavoidably exposed condition of our cars. |
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The men have been diligent and attentive and deserve much
commendation. |
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For a more detailed statement of our affairs we
respectfully refer you to the Treasurer's Report and accompanying
tables. |
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The Board, upon full consideration, are of the opinion
that a "Railway Importing and Exporting Company," composed of the
different railroads of this State, chartered by the Legislature, with
convenient and suitable powers and limitations, would be productive of
much public good and great advantage, and facilitate the operations of
our several roads by enabling them to procure from abroad needful
supplies and materials which, in the present condition of the country,
cannot be procured in sufficient quantities at home. They, therefore,
respectfully recommend that a committee be appointed to correspond
with the various railroad companies inviting their co-operation, and
also to memorialize the Legislature, asking for an act of
incorporation upon such terms as may be just to the State and
advantageous to the railroads, and at the same time impart efficiency
to the proposed measure. |
|
W. J. Hawkins |
|
President |
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