| Annual Report of the Wilmington & Weldon RR |
| as of October 1, 1864, |
| President's Report |
| |
| Report of the President and Directors |
| |
| To the Stockholders of the Wilmington & Weldon Rail Road
Company |
| |
| Gentlemen, |
| The charter of the Company
requires "that the President and Directors shall render distinct
accounts of their proceedings and disbursements of money to the Annual
Meeting of the Stockholders, and at such other times when the Company
shall require it," we therefore submit the following as our
twenty-ninth annual report: |
|
Receipts |
| The receipts from Transportation of Passengers,
Freight and Mails this year, have been |
|
$2,966,603.32 |
| From sales of old iron |
|
43,436.65 |
| Making |
|
$3,010,039.07 |
| Received also from Subscriptions to Capital
Stock of Tarboro' Branch Rail Road |
|
2,289.30 |
| Received from Interest |
|
25,259.23 |
| Received Dividends from Wilmington & Manchester
Rail Road |
|
26,633.25 |
| Received from sale of uncurrent money |
|
383.25 |
| Total receipts |
|
$3,064,605.00 |
| Disbursements |
| Expenses, operating the Road this year |
$1,777,738.35 |
|
| Confederate States Tax paid |
86,486.00 |
|
| Appropriated to Dividends |
435,245.00 |
|
| Paid for Real Estate and construction of
Warehouses |
12,267.50 |
|
| Money lost, sent to pay for brick |
1,700.00 |
|
| Extra pay to employees, ordered by Stockholders |
26,496.67 |
|
| Loss by discount on currency |
12,911.85 |
|
| Cost of Bacon, Lard and Tallow destroyed by the
enemy |
36,889.00 |
|
| Cost of Cotton lost at sea |
2,696.55 |
|
| Loss on purchase and sale of Cotton |
10,331.45 |
|
| Loss by counterfeit money taken |
100.00 |
2,402,862.37 |
| Balance |
|
$661,742.63 |
| Assets |
| The Company had on the 30th September, 1864 -- |
|
|
| Cash |
|
$122,980.69 |
| Bills receivable |
|
2,479.85 |
| Due from Post Office Department |
|
35,289.33 |
| Due from Confederate States and from North
Carolina |
|
1,229,730.33 |
| Due from other Companies and from Dividends |
|
54,120.61 |
| Due from Agents |
|
10,337.17 |
| Cost of Cotton in possession |
|
78,945.74 |
| Confederate States Coupon Bonds, 8 per cent.
interest |
|
2,000.00 |
| Confederate States Registered Bonds, 8 per cent.
interest |
|
84,400.00 |
| Confederate States Registered Bonds (fifteen
million loan) |
|
10,000.00 |
| Confederate States Coupon Bonds, 7 per cent.
interest |
|
1,000.00 |
| Confederate States Registered Bonds, 4 per cent.
interest |
|
227,300.00 |
| Confederate States Cotton Bonds, (66) cost |
|
99,000.00 |
| Amount |
|
$1,957,583.72 |
| Assets of like character, on 30th September,
1863 |
|
987,154.21 |
| Increase during the
year |
|
$970,429.51 |
| The debt of the Company has increased this year |
|
308,686.88 |
| Which deducted, leaves a net
increase of |
|
$661,742.63 |
| A sum corresponding with the
balance, as above stated |
|
|
| In addition to the above sum of |
|
$1,957,583.72 |
| The Company has stock in Railroads and other
Companies |
|
125,800.00 |
| And Negro property which cost |
|
12,750.00 |
| Making assets amounting
to |
|
$2,096,133.72 |
| The Company's debt is |
|
1,075,003.45 |
| Leaving an excess over the debt of |
|
$981,130.27 |
|
|
Besides our Roadway, Machinery, Station Buildings. &c., &c., provided
the securities should eventually command par. |
|
Roadway, Iron, &c. |
|
A constant cause of anxiety is a knowledge of the fact
that our rails are gradually wearing out, and the means of renewal
cannot at this time be relied on with any certainty. This
consideration has counseled us to resort to every aid and appliance
which would retard deterioration, and lengthen the period of
durability. We, therefore, determined to run our trains at a low rate
of speed, as a preservative both to the track and machinery, and most
decided have been the results in favor of this policy. We are
satisfied that the rapid waste of former years have been considerably
arrested, and that extended durability will be secured by this
movement. The object in view has also been benefitted by keeping the
road bed in proper condition, solid and dry. Appreciating this, we
have caused an extensive renewal of cross-ties to be laid down, and
proper drainage to be effected, so that through the winter months
there will be but little necessity for operations in that department.
The repair furnaces have been kept constantly at work, and the iron
repaired has materally improved our condition. We have secured two
hundred tons of iron, nearly as good as new, which is being received
and laid down, and which will enable us to keep the track in good
working order this year, but it is very desirable that a large
quantity in addition should be obtained, in order that the track may
be put in the best condition. |
|
Bridges and Tresle Work |
|
These are reported to be in sound and safe condition, and
are immediately in charge of a master carpenter, with sufficient
force. One bridge, (Prince George,) has been rebuilt during the year.
The strictest vigilance in this department has been enjoined. |
|
Rolling Stock |
|
The greater part of the past year our rolling stock was
taxed to its utmost capacity to perform the service required, and
consequently became much worn, so that for a period it was only by
great exertion transportation was effectively executed. Subsequently,
the relaxation of business afforded the opportunity to improve the
condition or our machinery, which has been done; and we are now able
to perform all the work required. Our coaches and cars show the
effects of this heavy service, and yet need considerable repair,
especially do we need wheels and axles to enable us to put in use many
cars now lying idle. These we are receiving from time to time, but not
as rapidly as our demands require. |
|
The pressure of the war is felt in our mechanical
departments with as much force as elsewhere. The want of proper
materials prevents that rapid execution of work otherwise attainable,
and the substitution of improper materials often renders the work,
when performed, less satisfactory and durable. Labor of an inferior
class is in many cases forced upon us, and these drawbacks are only
fully realized by those in charge of the work, and who, with every
disposition to remedy them, find themselves often unable, from the
force of circumstances, to do so. |
|
Buildings |
|
A large and commodious warehouse has been constructed at
Weldon, which facilitates our business at that point. A passenger
house and ticket office, and a shed for the preservation of engines
and cars, has been erected at Tarboro', and it is designed to erect a
warehouse there at an early day, as our business much requires it. At
various points the wood and water stations have been enclosed by
suitable structures uniting comeliness and effort with economy. This
work, as well as the general repairs, incidentally necessary, has been
performed by a competent workman who has in charge a small force, and
we think that the arrangements for business along the line are better
than ay any previous time in the company's existence. |
|
Dividends |
|
Two dividends have been declared he past fiscal year, the
first of twenty, and the second of ten per cent. As compared with the
value of coin, the amount is a very small return to the stockholders,
but in view of the condition of our affairs we doubt not will be
satisfactory. |
|
Taxation |
|
It will be observed that the sum of $86,486 has been paid
as a tax to the Confederate States. This was done after much
hesitation, and, finally, under protest, as it was believed that by
the provisions of our charter the company and its property is exempt
from taxation of every nature and kind, and equally so, whether levied
by the Confederate States, or levied by the State of North Carolina.
This view has been confirmed by eminent legal opinion, subsequently
obtained, and acting in conformity therewith, the President of the
company has been instructed not to pay any taxes hereafter. |
|
The Prospects |
|
The occupation of the Petersburg and Weldon Road by the
Federal army has already operated very injuriously to the interests of
this company. We estimate that our receipts would have been greater by
$800,000 the past year, but for this cause; and while the cause
continues we may expect diminished receipts. The bulk of through
business destined to and from Petersburg and Richmond will necessarily
pass over the most direct route, and that portion which passes over
this road will leave it at Goldsboro'. We have found it necessary
already to limit the accommodation for passengers between Goldsboro'
and Weldon to one train daily, and to carry most of the freight
between those points by that train. |
|
On the return of business, and as occasion may demand it,
the usual facilities will be resumed, and we hope soon to be fully
employed in transporting agricultural productions in that section. We
think that sufficient business between this place and Goldsboro' will
offer to employ the usual number of passenger and freight trains. With
this uncertainty as to the extent of business, we do not think that
the expenses can be materially reduced. The irresistible pressure of
necessity will demand that a full organization be maintained, in order
that we may be prepared for any emergency, and consequently, supplies
and labor must be accumulated with a view to that end. Time alone can
determine the policy to be pursued, and our action will have to be
governed by circumstances. |
|
It is hardly necessary to add, what is so well known,
that prices are still in the ascendant, and that we have no
alternative but to submit to the ruling prices for all necessary
articles of consumption. |
|
The report of the Engineer and superintendent and the
accounts of the Treasurer, with the accompanying tabular statements,
is also herewith submitted. |
|
Our thanks are due to officers, agents and employees, for
efficient discharge of duties. |
|
Very respectfully, |
|
S. D. Wallace |
|
President |
|