AR, W&W 6/1/1865 P

Annual Report of the Wilmington & Weldon RR
as of June 1, 1865,
President's Report
 
President and Directors' Report
 
To the Stockholders of the W. & W. Rail Road Company
 
Gentlemen,
   At the request of the Provisional Governor of North Carolina, and also to comply with the requisition of sundry Stockholders, made in conformity with Section 7th of the Charter of the Company, I issued a call for a meeting of this body to convene in this place on the 25th of July. Subsequently a telegram from the Governor was received, suggesting a postponement for certain reason to the present date, August 1st, and accordingly public notice was given to that effect.
   I deem it my duty to give you an outline of the affairs of the Company from the 1st of October, 1864, the commencement of the fiscal year, to the period of our suspending business. The work performed during the time named was almost exclusively for the Government known as the Confederate States, which power claimed the right to control, and did control the movements of the Company in regard to the employment of its motive power and rolling stock.
The receipts from all sources from the 1st of October to the period of suspension, are (in Confederate currency) $1,275,000.00
The disbursements for the same period, as charged 877,580.38
     Excess of receipts $397,419.62
     The debt of the Company is as follows:  
Bonds payable in London in sterling, bearing 6 per cent. interest, and to secure the payment of which the property of the Company has been conveyed to a trustee $443,555.56
Interest due on said Bonds from July 1st, 1861 to date 108,671.09
Bonds payable in London, in sterling, bearing 7 per cent. interest 144,000.00
Interest due on same from Nov. 1st, 1861 to date 36,960.00
Bills payable, due to parties in Northern cities 23,181.84
Due on open account, to parties at the North 8,709.71
Negro Bonds, payable from 1844 to 1861, inclusive 10,098.48
Dividends, payable to No. 19, inclusive 5,069.00
     Making $780,245.68
     Which is payable in coin or its equivalent.  
Additional Liabilities Contracted During the War and Unpaid
Due to sundry Individuals and Corporations $72,671.40
Negro Bonds, 1862 to 1864, inclusive 44,333.88
Dividends Nos. 20 to 27, inclusive 98,723.00
Due on Pay Rolls 74,106.45
Outstanding Debts, not credited, estimated at 100,000.00
     Making $389,834.73
   Of this amount payment for a part can only be claimed, I think, in Confederate currency, and for the remainder at an equitable commutation for specie, or currency. This, however, will be a subject for the consideration of the future Board of Directors.

Property and Other Assets of the Company

   The property of the Company consists of the Roadway, Machinery, Motive Power, Rolling Stock, Real Estate, &c., Old Iron, Wheels, Axles, &c., and Materials for Repairs, and the Stock owned in the W. & M. R. R. Co. and Telegraph Company, the value of all which I have not estimated.

   Of the Cotton on hand as stated October 1st last, only 159 bales were saved,

which I valued in coin at $25,000.00
The State of North Carolina owes for transportation 22,803.86

   The remaining assets are in valueless paper, consisting principally of Bonds of the Confederate States, unsettled claims for transportation for the Confederate States, and in Confederate Treasury Notes, amounting in the aggregate to about $1,400,000.00.

   The army of the United States occupied this place on the 22d of February, and Goldsboro' March 21st, at about which time the working of the Road virtually ceased, although its operations on the Northern end were continued for a short period longer.
   The army under Gen. Bragg in its retreat from this place, being closely pursued, destroyed the bridges over Smith's Creek and across the North East Branch of the Cape Fear River. These bridges were rebuilt by the Rail Road Construction Corps of the United States army, but being of a temporary character they will have to be replaced by superior structures.
   The Road from this to Goldsboro' has been, since March, and continues to be in military possession, and has been worked by that power. North of Goldsboro' the Road was rendered inoperative by the unwise destruction of track and bridges by the Confederate forces.
   About eight miles of the track between Goldsboro' and Black Creek was torn up and pretty effectually destroyed. The bridges over Fishing Creek and Quanky, and three locomotives and about twenty cars were burned. The Warehouses at Dudley's and Goldsboro' have also been destroyed by fire; also the bridge on the Tarboro' Branch Rail Road. The delay in repairing has not been because the importance of the work was not appreciated, or the desire to do so was not realized, but because the authority was wanting, and means were not at my command.
   *****
Very respectfully

S. D. Wallace

President

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