| Annual Report of the Western North Carolina
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| as of July 1, 1862, |
| President's Report |
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| President's Report |
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| Office of the W. N. C. R. R. Co. |
| Morganton, N. C. |
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To the Stockholders of the W. N. C. R. R. Co.:
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| Gentlemen, |
| We have the honor to lay
before you the Seventh Annual Report of the operations and business of
your Road, for the fiscal year ending June the 30th, 1862, embracing
the operations on Construction and Transportation accounts, which we
have kept as distinct and separate as practicable. Receipts on
accounts of Construction, are as follows: |
| From State of North Carolina in Bonds |
$220,000 |
| Interest
on
"
"
" |
690 |
| Sale of Lot in Salisbury |
400 |
| Received from individual Stockholders |
285 |
| Balance in hands of General Commissioners |
300 |
| Making |
221,675 |
| Disbursed on same account |
$176,928.82 |
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the different items of which may be seen by reference to Table A, of
Treasurer's Report, which leaves in his hands to credit of
Construction account, $33,683.55. The Legislature, at its extra
Session last September, passed a resolution authorizing the Governor
to cause the amount due the Western North Carolina Rail Road on the
first of April, 1861, to be paid to the Company, which was done in
December last. The usual per cent on the work done West of Morganton
prior to the order of the Board to suspend operations, was ordered to
be paid, and in most instances, has been done. The work East of
Morganton was suspended by the Administrators of the late Col. Fisher,
at the end of last year, and relinquished or formally surrendered by
them to the Board of Directors in March last, and an agreement made by
the parties, which released the estate of Col. Fisher from the
fulfillment or completion of the contract. The Board, at the same
time, ordered the President and Chief Engineer to re-let the work to
individual contractors, if possible; if not, to put a force on the
work under the control of the Company. But deeming the former the most
prudent course, we succeeded in letting the unfinished portion of the
work East of this place, to William F. McKesson, Esq., whose ability
and character for energy and perseverance gives us every guarantee
that the work will be completed within the time stipulated, namely,
the 1st of April next. There are, however, some obstacles in the way
of completion that may retard the consummation of this desirable
object to a later period. The powder for blasting and the balance of
the Iron to lay the track. Yet, we hope to be able to obtain them in
time to prevent any serious delay. The Transportation Department
presents a more favorable aspect than the best friends of the Road had
a right to expect a year ago, for although deprived almost entirely of
freight, except Government supplies, at half price, the receipts have
increased regularly the whole year. The amount received on Passenger,
Freight and Government accounts is $52,120.02. From the Confederate
States there is due us for transportation of troops and supplies over
other Roads an unsettled account of some $17,000; and from Post Office
Department, $1,628, which will make the earnings of the Road over
$70,000.
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The cost of operating for the year is $41,496, which
leaves the net earnings $29,156. It is proper to say here that the
amount paid for transportation, includes a considerable sum which was
due last year, and that the actual expenses of this year will not
amount to more than $35,000, which will be 50 per cent. on receipts.
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We take pleasure in calling the attention of the
Stockholders to the condition of the Rolling Stock and equipments as
well as the Road-bed, all of which, we think, will compare favorable
with any6 Road in the Confederacy. On that Department, you will find a
more detailed statement in the reports of the Chief Engineer.
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In conclusion, permit us to say, that we have served the
Company and the Country to our utmost ability; and if it should be
asked why we did no more, our answer is, that we have not only done
all that offered on our own Road, but when permitted, did all we could
on other Roads, thus rendering timely and important service to our
Country, and making something for the Company, that would not
otherwise been done. We cannot close this Report without asking your
favorable consideration in behalf of the Chief Engineer and
Superintendent and Secretary and Treasurer, for the faithful discharge
of their respective duties; and to the subordinate employees, we are
also much indebted for the safety and dispatch attending the
transportation of Road.
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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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