| Annual Report of the Western North Carolina
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| as of July 1, 1861, |
| President's Report |
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| Office of Western North-Carolina R. R. Co. |
| Statesville, Aug. 29th, 1861 |
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To the Stockholders of the Western North-Carolina Railroad
Company:
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| Gentlemen, |
| I have the honor, on behalf
of the Board of Directors, to submit the sixth annual report of the
operations of the company, ending 30th, 1861. |
| Balance in Treasury, July 1st, 1860 |
$98,447.99 |
| Amount received from all other sources |
333,435.76 |
| Total amount of receipts |
$431,883.75 |
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Which has been disbursed on account of grading, masonry,
iron, chairs, spikes, cars and engines and other expenses incident to
the construction of the road. A detailed statement of the same
accompanies this report in the account of the Treasurer, the vouchers
for which have been examined and verified by the Committee of Finance.
A statement of the transportation department also accompanies the
report of the Secretary and Treasurer, by which it appears that the
total amount of receipts from freight and passengers is $56,080.76.
The amount due from Post Office Department and State for
transportation of troops is about $8,000, which will make the total
receipts $64,000, which has been expended in the running and repairs
and construction of cars, &c., as set forth in statement
"B" of Treasurer's report. By reference to table
"C" it will be seen that the receipts have fallen off from
$6,837.10 for the month of April, to $3,220.20 for the month of June,
a reduction of more than one half -- a consequence, not only of the
"blockade," but the reduction of the fare for passengers to
half rates, and whether we will be able to continue transporting
passengers at those rates is questionable.
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But, engaged as we are in a war that requires the whole
means and energies of our people, with almost one half of our active
men in the military service, our ports blockaded, commerce arrested in
its usual course, and all branches of trade stagnant, it was a matter
of course that as trade became depressed, freights should suffer a
corresponding reduction. But, while it may barely pay the expenses of
running the trains and keeping up the machinery and road way, the
struggle in which our country is engaged is of such vital importance,
that we should cheerfully render every facility in our power to the
military department, if we should receive no other compensation than
the consciousness of having thus far aided in the accomplishment of
that great object -- our national independence.
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The amendment offered at the last annual session of the
General Assembly to the charter of the company, which extended the
first section of the road to the western portal of the Swannanoa
Tunnel, having been adopted by the stockholders, we proceeded, on the
last of March, to certify to the board of Internal Improvements the
amount paid by individual stockholders; whereupon the Public Treasurer
advertised bonds of the State to the amount of $220,000 to pay the
State's instalment due the company on the 16th day of May last. But
the depreciations of State securities, together with all other stocks,
in consequence of the troubled state of public affairs, induced the
Executive to withhold the bonds at that time, with the assurance that
the credit of the company should not be caused to suffer from any
delinquency on the part of the State.
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In view of the general embarrassment caused by the
failure of the State to meet the payment due on her subscription, the
Board of Directors, on the 29th of April last, ordered a suspension of
all operations west of Morganton, leaving the President and Chief
Engineer to prosecute, if possible, the completion of the road to the
latter point; and, although under very embarrassing circumstances, we
have thus far succeeded in keeping a force on the work that will, in a
very short time, enable us to run within 5 1/2 miles of Morganton; and
in the course of the coming winter reach the town of Morganton, where
we can rest at an accessible point until the affairs of our country
shall assume a more propitious aspect.
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We would ask your favorable consideration in behalf
of the Chief Engineer and the Secretary and Treasurer for their
untiring exertions in the discharge of the duties of their respective
departments; and to subordinate employees of the road we are also much
indebted for the dispatch and safety which has attended the
transportation on the road, and they are alike entitled to your
favorable notice.
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I have the honor to be, very respectfully,
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Your most obedient servant,
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A. M. Powell
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