| Annual Report of the Western North Carolina
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| as of July 1, 1865, |
| President's Report |
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| President's Report |
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| Newton, August 31, 1865 |
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To the Stockholders of the Western N. C. R. R. Company:
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| I have the honor to submit
the following as the Tenth Annual Report of the condition of your
affairs. |
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From the organization of the Company to the present time,
the State has subscribed and paid to the Treasurer, in its Bonds, the
sum of $1,418,000. Individuals have paid during the same time
$726,085.79. This fund has been expended upon the Construction of the
Road, in the manner proscribed by the Charter, and as shown in former
Reports made to you.
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It will be seen that individuals have paid $17,085.79 in
excess of their one-third of the aggregate; but a provision of the
Charter restricts the State Treasurer to payments of $50,000 or
upwards. Hence, we cannot collect an installment from the State until
the excess of payments by individuals is increased from $17,085.79 to
$25,000, or more.
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At the close of the last fiscal year the Construction
Account was indebted to the Transportation Department $36,173.63.
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During the past year there has been collected on account
of Construction $20,227.75, and paid out on same Account $13,562.82
which makes the present indebtedness of the Construction to the
Transportation Department $29,508.70.
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The Company are indebted to parties at the North, for
materials purchased before the war, to the amount of $19,584.67 with
interest on $3,000 of it for four years. This is all of which we have
information.
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In order to pay negro hire in advance and avoid giving
notes the first of January last, the Treasurer borrowed from the Bank
at Statesville $14,500. When the not fell due he offered to pay it,
but the money was refused. If the tender was not sufficient to relieve
us, equity will not make the Company liable for more than the value
of the money received, which would be $290.
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Advertisement has been made for persons having claims
against the Road to send them in for settlement. It was my desire to
be able to lay before you an exact statement of the local debt.
Although I am not able to do so, precisely, I feel assured in saying
it will not exceed three thousand dollars up to the 1st July last.
This does not include the Salary Account, which I have not considered
as fixed, nor the expenses incurred since in repairs.
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The Northern debt ($20,350) is not a pressing one. As
soon as communication was opened, the Treasurer went on to see the
parties, with the hope of compromising the claims, but they declined
any settlement other than payment in full -- principal and interest.
They, however, very generously agree to wait until better times for
their money, and Messrs. Norris & Sons, the principal creditors,
offer to furnish any material we may need on time.
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The amount due from the Construction Account, when
collected, will be sufficient to pay the entire indebtedness of the
Company.
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This Corporation has been a great sufferer by war. The
Road was badly run down -- iron much worn -- the ditches filled --
cross-ties rotted. The Confederate Government owed the large sum of
$177,553.87, which is a total loss. And to this may be added the
destruction, by the United States forces, of your valuable Shops and
machinery at Salisbury, together with all the buildings, two engines,
cars, tools, maps, surveys and papers there. Following the line of the
Road, they burned a train of cars two miles from Salisbury, the tank
and ??ning building at the Six Mile post, the bridges over Second and
Third Creeks, the Depot and other buildings at Third Creek Station,
all the buildings and a lot of cars at Statesville, the Station House
and cars at Icard's, the Depot and cars at the Head of the Road, and a
Steam Saw-Mill recently purchased and located five miles east of
Morganton. The Depots at Catawba, Newton, Hickory Tavern and Morganton
are standing. This destruction f property is found, by Engineer's
estimate, to amount to $110,000, at the prices before the war.
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I respectfully recommend that application be made to the
United States Government for Indemnity, since it occurred after the
surrender of General Lee and the virtual termination of the war, and,
some of it after the armistice between Gens. Johnston and Sherman.
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Counting the wear and tear for the four years of war,
during which you have worked, practically, for nothing, and the loss
by the torch at its close, your interests have suffered to the extent
of a quarter of a million of dollars -- gold value. All of the
buildings and fixtures were of the best; some of them approaching
magnificence. It will not be necessary, in my judgment, if it were
practicable, to build so extensively and expensively as before. Much
of the old material can be used in the repairs and by the judicious
use of $20,000 in money now, I think the Road can be successfully
operated. I therefore advise that this amount be raised by a loan from
the State or from individuals.
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There is due from Agents $2,565.79, of which $377.71 is
old debt -- the balance Confederate. The United States owes us $1,500
for mail service before the war, and there is supposed to be a
considerable sum due from the former Chief Engineer -- I say
"supposed to be" because there are no papers, since the
raid, relating to the investigation once had; and after careful
inquiry I learn just so much -- the Committee not making a report, I
have had no opportunity of investigating the matter myself, but
understand from Mr. Turner that he claims some credits. This matter
should be looked into and settled.
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There is an unimproved town lot in Salisbury, belonging
to the Company, which I can see no use for and think should be sold.
It is worth, perhaps, $1,000.
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Since the suspension of hostilities between North
Carolina and the U. S., say in May last, I was called to take charge
of the Road. It became necessary at once to employ a large force to
rebuild the bridges and "get up" the track. A considerable
number are yet ditching. If this is not thoroughly done before winter,
there will be great danger of the road-bed becoming impassable.
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All Agents and other employees not indispensable to the
present business of the Road were discharged and the receipts steadily
applied to the payment of the laborers employed in rebuilding.
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The Round House at Salisbury is being repaired so as to
be used for shops and shelter, and in such manner that should it
become desirable to rebuild largely, the temporary work now done will
be available. All repairs done there is after consultation with Mr.
Murdock and other of the best Railroad men in the country. Two
temporary buildings, one at Statesville, the other at the Head of the
Road, have been erected for the accommodation of passengers and
freight. Two tanks have been rebuilt. The steam Saw-Mill is again in
successful operation, and will prove a valuable auxiliary to the Road,
now that lumber is in such demand and our need so great.
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We have a field fine growing Corn at "Plott's,"
which has been cultivated by the Section hands there. A large crop of
Sorghum near Catawba Station, and a choice lot of Hogs at that place
also belong to the Road.
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The destruction of the Road and the subjugation of the
State were simultaneous -- leaving the Treasurer without a dollar of
available means. But by individual credit we were soon enable to open
the line to the public and have since run regularly, tri-weekly trips,
over the entire road. *****
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It of great importance that the remainder of the work
east of Morganton should be completed, and I see no reason why it
cannot be done. In 1861 the Board of Internal Improvements ordered the
suspension of work. Since then the contractor, Colonel Chas. F.
Fisher, died, and the Directory released his Administrators from the
contract. Soon after, the Company employed McKesson & Hunt to
finish it, but, after working awhile they, too, were released, with
payment for what they did.
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Two hundred tons of Iron will be needed for the
completion of the track to Morganton and, with the grading yet to do,
will cost about $40,000. This I think must be accomplished very soon.
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The Contractors west of Morganton were stopped by the
same order of the Board and subsequently Isaac E. Avery & Co. were
released from their contract.
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*****
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In conclusion I bear testimony to the fidelity of those
under my observation and the hearty co-operation of all.
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To the old Directory, who have displayed such confidence
in me, I desire to express my grateful acknowledgement, with the hope
that they have found no cause of regret.
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I am, Gentlemen,
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Your Obedient Servant,
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Sam'l McD. Tate, President
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