NP, WD 2/12A/1861

From the Western Democrat (Charlotte, N.C.)
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.
Columbia Carolinian
   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 --
Freights $184,499.30
Passengers 106,189.54
Mail and Express 13,701.59
Interest account 3,976.47
Sale of old rails, castings, including minor sources 4,011.47
Making the aggregate $312,378.37
Expenses for the same time 143,624.67
   Leaving the net income $168,753.70
   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 year.]
   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.