NP, CC 4/4A/1861

From the Charleston Courier
 
April 4, 1861
 
Annual Meeting of the
Northeastern Rail Road Company
 
   The annual meeting of the stockholders of the Northeastern Rail Road Company was held at the Hall of the Bank of Charleston on Wednesday, 3d April, 1861.
   A majority of the stock being represented, the meeting was organized by calling the Hon. Chas. Macbeth to the Chair and appointing C. Williman, Jr., Secretary.
   On motion made and seconded,
   Resolved, that a Committee be appointed to verify proxies and manage the election.
   The Chair appointed Messrs. Shaw, Greig and Graham.
   The President then read his report and also the Treasurer's, as follows:
President's Report
President's Office, Northeastern R. R. Co.
Charleston, April 2d, 1861
 
To the Stockholders of the Northeastern Rail Road:
Gentlemen,
   The following Report of the Company's operations for the Fiscal year, ending 28th February, 1861, is respectfully submitted:
   The Gross Earnings have been
From Passengers $89,045.05
From Freights 137,168.38
From Mails and Minor Sources 37,494.42
$263,707.85
The Operating Expenses have been 159,411.46
   Balance $104,296.39
which is equivalent to 5 31/100 per cent. on the cost of the Road -- $1,964,210.68, 28th February, 1861.
   The Gross Earnings of the past year, as compared with those of the preceding, are as follows:
1859-1860 1860-1861 Decrease
From Passengers $89,428.54 $89,045.05 $383.49
From Freights 149,782.22 137,168.38 12,613.89
From Mails and Minor Sources 37,903.13 37,494.42 408.71
$277,113.94 $263,707.85 $13,406.09
   Total Decrease $13,406.09
   For the first seven months of our Fiscal year, the Receipts of the Road had increased $20,325, or over sixteen per cent. upon those of the same period the previous year, while, for the remaining five months a similar comparison shows a deficiency of $33,731, or over twenty-two per cent. The latter result is clearly attributable to the grave political occurrences of the past few months, the effect of which -- in diverting trade and travel from the Road -- must be sufficiently apparent to you without special comment from us. Under other circumstances, we are confident that the Income of the Road would have exceeded $300,000.
   The Current Expenses of the Road could not be diminished with the sudden decrease in its revenue, above referred to. To have disturbed the regular movements of our passenger, mail and freight trains, would have diminished our earnings to a much greater extent than our expenses. The latter cannot be varied proportionately with the former; the safe transit with passengers -- whether many or few -- involves a certain expenditure, and this cannot be reduced beyond a certain point, without effecting the safety of the Road and its Machinery. Moreover, the arrangements requisite for the present business of the Company would suffice for large accessions to it, at very little additional cost, and so -- by adding to the receipts, without increasing the expenses -- the ratio between them would be reduced to the standard of other Roads of a similar class. A comparison between the number of miles actually run by each during the year, and their relative cost per mile, would show his ratio to be quite within the limit reached by the majority of these Roads, and, if the comparison is extended to an exemption from accident and regularity of service, few companies would appear to have been more successful than ourselves.
   The Cost of the Road has been increased the past year by the sum of $60,001.63, under the head of Extraordinary Expenses, the items of which are stated in the Superintendent's Report. Among them are a new freight engine and thirty-one box cars, at a cost of $27,540. These were ordered to meet the expected increase in the Company's fall business, and it was not apparent, until after their delivery, that their purchase, from causes above alluded top, could have been avoided. The enlargement of our Freight depot in this city, the erection of a Work-shop, with additional Tools, and a Store-house for our supplies, were forced upon us, at an aggregate cost of $11,267.25. An Engine house, for the protection of our machinery, as also the extension of the Company's North Wharf were, commenced, but, after an outlay of $7,888.74, their completion was suspended.
   The cost of the Road, inclusive of these, with its real estate, interest, losses on sales of bonds, &c., as shown in the Treasurer's statement, is

$2,068,507.07

From which deduct net proceeds of Transportation for 1861, to be carried to credit of Construction account

104,296.39

And we have, as cost of Road, 28th February, 1861

$1,964,210.66

The indebtedness of the Company is as follows:
Capital Stock

$899,500.00

First Mortgage Bonds 700,000.00
*Second Mortgage Bonds 172,050.00
*Preferred Stock 127,959.00
Bonds for Real Estate 43,200.00
Bills Payable 106,909.93
Open Accounts due by the Company 30,124.54
$2,079,734.47
   *The amount in Second Mortgage Bonds is $300,000, but as the Preferred Stock, to the extent of its issue, is secured by the deposit of a corresponding amount of the Second Mortgage Bonds in the hands of three Trustees, this liability is expressed in the aggregate, under the above items.
Assets on hand applicable to above $2,079,734.47
Second Mortgage Bonds $27,050.00
Stock in Cheraw & Darlington Rail Road 25,000.00
Stock in Florida Steam Packet Company 6,000.00
Post Office dues 3,976.56
Florence Hotel and improvements 20,975.31
Bills received ?,125.12
Open Accounts due to the Company 24,134.53
Cash 7,262.27 $115,323.79
Which corresponds with the Cost of the Road, as stated above $1,964,210.66
   Any probable deficiency in the value of the above Assets, would be fully covered by the disposal of certain Real Estate owned by the Company, and not embraced in this statement, which may be estimated as worth $33,000. These, as unnecessary to the Company's operations should be disposed of as the proper opportunities, may offer. The Hotel at Florence, under the direction of its attentive lessee, Mr. J. W. Gamble, has fully met the requirements of the traveling public, and has benefitted us accordingly. From its location at the junction of three Rail Roads, and in a healthy section of the country at all seasons, it should ultimately be worth nearly its cost to us. 
   We take pleasure in reporting to you the generally good condition of the Road and its Machinery. The latter consists of thirteen Locomotives (one under repair,) eight Passenger Cars, five Second class, ninety-three Box, forty-six Platform, and four Stock Cars.
   Since your last meeting, an application was made to your Board for the aid of this Company in the construction of the South Carolina Central Rail Road, the proposed route of which was from Gourdin's Station, via Manning, Sumter, Bishopville and Lancaster, to Charlotte, North Carolina, a distance of about one hundred and fifty miles. After carefully reviewing its advantages to us, your Board unanimously passed the following resolutions, which were duly presented at a meeting held (by the friends of the enterprise) at Sumter, on the 4th July last:
   Resolved, That this Board regards with deep interest the efforts now being made to secure the construction of a Rail Road from Charlotte, North Carolina, to a point on this Road, North of the Santee River, and, if built, they hereby pledge this Company to afford every reasonable facility in the transportation of freights and passengers to and from said Road.
   Resolved, That this Company do subscribe to the capital stock of any Company duly organized to construct the Road from Charlotte, via Lancaster, Bishopville, Sumter and Manning, or their respective vicinities, to or in the vicinity of Gourdin's Station, on this Road, the sum of $145,000, or $1,000 per mile of road as completed from said point of junction, payable as follows: $350 in transportation of material and hire of machinery for construction; $150 as cash, and the balance, say $500, in the capital stock of this Company. It being understood that, upon the completion of each mile of road from the said point of junction, and the payments, as above stipulated, having been duly made, this Company shall then receive the amount of $1000 for every mile of road so built, in the capital stock of the new Company.
   Resolved, That should it be decided to build the Road from Charlotte, vial Lancaster and Bishopville, to Cade's Station, on this Road, that this Company will subscribe the sum of $50,000, payable in transportation of material and hire of machinery.
   Resolved, That these subscriptions are made subject to the ratification of the Stockholders of this Company at their next annual meeting.
   A charter for the Road in this State has since been obtained, and measures have been taken for the organization of the Company. If you concur in the views of your Board, as to the importance of this Branch Road, and the extent and form of the aid proposed, as stated in the foregoing resolutions, they would respectfully ask your ratification of the same.
   In conclusion, it is our melancholy duty to report to you a vacancy in the Board of Directors, occasioned by the death, on the 15th ulto., of the late Mr. S. Mowry, Jr. Among the earliest friends of the Road, few were more devoted in their efforts to promote its construction, or were more watchful of the measures and policy which contemplated its final success. His strong counsels and cheerful assistance were ever at your service, and were fully recognized by his associates in the management of your affairs.
   All of which is respectfully submitted,
A. F. Ravenel, President
 
Treasurer's Report
Statement of the Affairs of the Northeastern Rail Road Company on the 28th February, 1861

Expenditures

For Construction, Equipment, Right of Way, Interest, Real Estate, &c. $2,068,507.67

On Hand

Notes secured by collaterals $4,125.12
Stock in Cheraw & Darlington Rail Road 25,000.00
Stock in Florida Steam Packet Company 6,000.00
Investment in Hotel and improvements at Florence 20,975.31
Open Accounts 21,134.53
Due by Postoffice Department 3,976.55
Cash 7,262.27 $88,473.79
$2,156,980.86

Receipts

From Bonds given in part payment for Real Estate $43,200.00
Installments on Stock 899,500.00
Sale of first and second Mortgage Bonds 845,000.00
Notes to Banks, &c. 106,909.93
Preferred Stock 127,950.00
Gross Transportation $263,707.85
Expenses 159,411.46 104,296.39
Open Accounts 30,124.54
$2,156,980.86
(Errors excepted)
C. Williman, Jr.
Treasurer
 
Charleston, February 28, 1861
   On motion made and seconded
   Resolved, That the various reports be adopted, and the usual number of copies printed for the use of the Stockholders.
   D. B. McLaurin, Esq., Chairman of the Committee appointed at the last annual meeting to inquire into and report to this meeting as to the expediency of amalgamating the Cheraw & Darlington Rail Road with this Company, read the report of said Committee, and which, on motion made and seconded, was received and referred to the Board of Directors to act in the matter as they may deem proper.
   The Superintendent then read his report, which was adopted and ordered to be printed with the other reports.
   The Committee appointed to conduct the election then reported that they had performed that duty, and the following was the unanimous result:
A. F. Ravenel, President
Directors
Hon. Chas. Macbeth John Ravenel, Esq.
Hon. Mitchell King Edward Sebring, Esq.
Col. Allan Macfarlan John R. Dukes, Esq.
   On motion, made and seconded,
   Resolved, That we hereby ratify and confirm the action of the Board of Directors in their subscription to the proposed South Carolina Central Rail Road of $145,000, or $1000 per mile, for every mile of road as completed, from or near Gourdin's Station, upon the terms and conditions expressed in the resolutions of the Board of Directors, set forth in their report just read.
   Resolved, That the thanks of this meeting be returned to his Honor the Mayor for having presided over it, and also to the Bank of Charleston for the use of their Hall on this occasion.
   There being no further business the meeting adjourned.
C. Williman, Jr. Secretary

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