| Annual Report of the Wilmington & Weldon RR |
| as of October 1, 1862, |
| President's Report |
| |
| President and Directors' Report |
| |
| To the Stockholders of the W. & W. R. R.
Co. |
| |
| Gentlemen, |
| We submit for your
consideration and investigation the Twenty-seventh Annual Report of the
President and Directors: |
| Since your last convention,
among those chosen to manage the affairs of your institution, we have
had to deplore the death of the President and Treasurer of your Company,
and of two of its Directors, Messrs. Potter and Bettencourt. In the
place of Capt. Potter the Board elected S. D. Wallace a Director, and
subsequently elected him President pro tem. |
| The operations of the Company
for the past year have been eminently successful, as the following
exhibit will demonstrate. |
|
Receipts |
| From Through Travel |
|
$455,845.42 |
| " Way
" |
|
178,406.93 |
| " Freight
Transportation |
|
246,348.43 |
| " Mail |
|
24,300.00 |
| " other
sources |
|
51,447.31 |
| |
|
955,348.09 |
| "
Transportation on Tarboro' Branch |
|
10,402.26 |
| Total |
|
$965,750.35 |
| The working expenses for Main Stem this year
have been |
$295,693.54 |
|
| And for the Tarboro' Branch |
3,602.59 |
299,296.13 |
| Remainder |
|
$666,454.22 |
| The interest and premium on Exchange paid this
year amounts to |
24,229.28 |
|
| During the current year three dividends, viz:
numbers 19, 20 and 21 have been declared, the aggregate of which
amount to |
$243,901.50 |
$268,130.78 |
| Balance |
|
$398,323.44 |
|
|
We refer you to the Financial Statements for additional
details. |
|
In addition to the dividends made, the Board have
declared another dividend of the profits of 11 per cent. on the
Capital Stock of the Company, which will be payable on the 1st day of
January next. This dividend will appear in the accounts to be
submitted at your next annual assemblage. |
|
Sound policy dictates that a liberal sum should be
invested in good securities as a provision for the payment of interest
due and accruing on our English debt, and for the payment of the
principal as it matures, a small portion of which is now past due.
Both principal and interest on this liability would have been promptly
paid but for the hazard of forwarding exchange, one remittance having
been made, which as yet is without acknowledgment. A like policy
should provide the means to keep in good order and condition our
Engines, Cars, and Roadway, which, for constant and heavy service,
have suffered much "wear and tear." We think such reserves gave been
made and that with the surplus of assetts remaining, the Company will
be enabled to maintain its credit and make such improvements as our
necessities may demand. |
|
Without a good road and proper equipment the shareholders
will realize comparatively small profits, while on the contrary a road
in good condition and well managed will attract patronage and prove a
good investment. With proper diligence and true economy your road may
continue in the future, as in the past, good property, notwithstanding
the extreme difficulty in procuring supplies for the purposes
indicated. The fabulous prices which all Rail Road supplies command
will greatly increase the cost of repairs and transportation the
coming year. To meet this condition of things we should keep pace, and
advance the rates of fare and tariff of freights, so as to produce
proper compensation for service rendered. |
|
We have fortunately thus far been exempt from the
incursions and depredations of the enemy. We cannot expect this good
fortune to continue, and should prepare, so far as possible, for their
visitations. To meet such emergencies shops have been erected at
Magnolia of sufficient capacity to accommodate our repairs, and
machinery to accomplish that purpose has been supplied and will soon
be in operation. It is very important that this line of road,
affording as it has, prompt facilities for the transportation of large
numbers and amount of government troops, munitions and stores, should
be preserved from falling into the possession of the enemy, as its
destruction would be a serious loss to the Confederacy; this can only
be accomplished by the presence of a sufficient military force to
repel the enemy, should he menace or attack us, and we confidently
believe that our government appreciates the importance of our
position, and will amply provide for our security. |
|
Our contract with the Post Office Department obligates us
to transport over our road, each way, daily, the great mail, at a
compensation of $24,300.00 per annum. This service has generally been
accomplished according to schedule, and in addition we have
transported all the mails offered us on our second or accommodation
train, until recently, when the terrible epidemic which prevailed here
compelled us to one train per day. Our intention is to resume our
double daily as soon as our mechanics, who have been driven by yellow
fever from their homes, shall return to their avocations -- the public
will then, as formerly, be furnished with the mail facilities
heretofore enjoyed. The receipts in the months of October and
November, for the present fiscal year, will no doubt show a great
declensions, as compared with corresponding months of the past year,
in consequence of the epidemic alluded to, business having been
generally suspended. May God in his mercy spare us from a like
calamity. |
|
S. D. Wallace |
|
President pro tem |
|