|From the Western Democrat (Charlotte,
|February 12, 1861
|Charlotte & S. C. Railroad
| The meeting of the
stockholders of this company was held in Columbia on the 6th. Gen. W.
H. Neil, of North Carolina, was called to the Chair. Mr. Steele and
Mr. Bouknight acted as Secretaries. The usual business was transacted
with much unanimity and good feeling. The same Board was re-elected,
consisting of the following gentlemen:
| Wm Johnston, Gen. John A.
Young, A. B. Davidson, Joseph H. White, of North Carolina; A. B.
Springs, of York; S. McAiley, H. C. Bronson, of Chester; E. G. Palmer,
W. R. Robertson, of Fairfield; Dr. John Fisher, A. R. Taylor, John
Caldwell, of Columbia.
| The Board unanimously
re-elected Mr. Johnston, of Charlotte, President.
| A resolution was adopted,
authorizing the Board of Directors, whenever they thought proper, to
issue a stock dividend or the surplus funds heretofore applied to
construction. It is supposed that this will increase the amount of
stock of each holder about twenty-eight per cent.
| From the President's Report
for the year ending Dec. 31, 1860, submitted to the stockholder's
meeting, we copy the following:
| The receipts have been derived
from the following sources --
|Mail and Express
|Sale of old rails, castings, including minor
|Making the aggregate
|Expenses for the same time
| Leaving the net income
| This sum is chargeable with
two dividends of four per centum each, amounting to about $92,000, the
interest on the Company's bonds of $25,000, and the redemption of
$25,000 of bonds maturing January 1, 1861, leaving a balance in the
Treasury of about $25,000 to be carried to surplus account,
independent of amounts transferred to this account in previous years.
| [The Report states that the
receipts last year show an increase of $30,000 over any previous
| The first section of the
Atlantic, Tennessee & Ohio Railroad, from Charlotte to
Statesville, is all under contract. The first 25 miles are nearly
graded. Track laying was commenced in January and will probably reach
Davidson College by July; the balance of the road can all be finished
within twelve months thereafter. Seventeen hundred tons of rails have
been received and paid for by the Charlotte & South Carolina
Railroad Company, according to a contract between the respective
Boards of Directors of said Companies. The delivery of fifteen hundred
tons more has been contracted for. The entire 45 miles when finished
are estimated, without equipment, to cost $400,000. The amount
subscribed in stock to the road exceeds $200,000. As soon as the
construction has given confidence of its early completion, its
Directors design, by a sale of first mortgage bonds, to reimburse your
Company for the cash advances made for the purchase of iron. The fertile
country and dense population through which it passes, its cheap cost
of construction, with important connections at both termini, give
confidence in its being a paying road. Its construction will be of the
best material, and completed in the most substantial manner.