NP, WD 2/17/1863

From the Western Democrat (Charlotte, N.C.)
February 17, 1863
Annual Meeting of the Stockholders in the A., Tenn. & O. Railroad Company
   In accordance with previous notice the Stockholders in the A., Tenn. & O. Railroad Company in North Carolina, convened in Charlotte on Thursday last, Feb. 12th, when Rev. W. W. Pharr of Statesville was called to the Chair, and M. L. Wriston and J. Daniels requested to act as Secretaries. The Secretaries were appointed a committee to verify proxies, and reported a majority of the stock represented.
   The President and Treasurer then submitted their Reports, which were received and adopted, and ordered to be published in the Western Democrat and Iredell Express.
   A committee was appointed to nominate a Board of Directors for the ensuring year, who reported and the following were duly elected: Wm Johnston, Jno A. Young, B. W. Alexander, Geo F. Davidson, Robt I McDowell, C. A. Carlton, and J. W. Stockton.
   M. L. Wriston, E Nye Hutchison, and C. L. Summers were appointed a committee of Finance.
   At a subsequent meeting of the Directors, William Johnston was unanimously re-elected President. The former Treasurer, M. L. Wriston, having resigned, Mr. J. Daniels was appointed to fill the vacancy.
   The Board of Directors were authorized to provide themselves with a code of By-Laws for their government. The meeting then adjourned.
President's Report
To the Stockholders of the Atlantic, Tennessee & Ohio Railroad Company in North Carolina
   Your President and Board of Directors respectfully submit the following Annual Report of the progress of the Road and its operations to the 1st of January 1863.
   On the 31st day of December last, terminated the third fiscal year since the organization of your Company. At that time track laying had extended beyond Kerr's Branch, when its progress was stayed, on account of the unfinished grading. In the spring it was resumed, and with slight interruptions extended to Third Creek. The bridge across this creek has caused much greater delay than was anticipated. The difficulty in getting materials and the failure of parties to comply with their contracts for the iron and castings produced in a great degree the delay in the completion of the work. In order to cross this stream a bridge 540 feet in length and 93 feet above the surface water of the creek had to be erected with a trestle work commencing at the northern abutment at an elevation of 62 feet and extending over 600 feet to near the summit of the hill. This is one of the most important structures of the kind in the State, whether considered as to its elevation or length. The bridge rests upon two abutments of substantial masonry erected by Messrs. Henderson & Martin with a span of 180 feet between each. The frame work has been constructed by Davie Renno, Esq., and will compare favorably with any similar work in the Confederacy. The structure is so far completed as to enable the trains to pass safely over it; and the track of the road is extended to within one mile of the depot at Statesville, where the passengers are now received and delivered. Within a short period the balance of the track will be completed -- thus enabling the trains to run through from Charlotte to Statesville.
   Depots have been erected at all important stations on the line, and the one at Statesville will be finished this spring, as soon as the weather will permit. This will be a brick building of the same style and dimensions as the warehouse of the W. N. C. R. R. {Western North Carolina RR}, situated at one end of it, and extending at right angles to it, 112 feet, presenting an end to one track, and a side to the other, thus making it convenient to receive from or deliver freights or passengers to either Road, or exchange freights with the connecting depot. This arrangement will be more readily comprehended when it is recollected that the two tracks at this point cross each other nearly at right angle, and that both depots are connected at the angle of intersection.
   From the account current of your Treasurer it will appear that he has received during the year from all sources -- including $17,300.64, balance on hand the first of January last -- the sum of $300,206.27, and that he has disbursed during the same period the sum of $278,736.34, leaving a balance on hand of $21,469.93. By a reference to his account you will see the various sources whence this sum has been delivered. Not the least gratifying to the stockholders will be the earnings derived from the operations of the Road. The receipts from the transportation of passengers have been $15,431.90, from freights $11,541.72, from mails $989.01, making the total income $27,962.63. This result exceeds the most sanguine expectation of your Directors for the past year, with the road completed 30 to 40 miles and a single train running only three or four trips per week. As the same train has been used in the construction and repairs of the track that transported the passengers and freights, it is impossible to state definitely what has been the operating expenses as distinguished from those of construction. It may however safely be assumed that the operating expenses will not exceed $10,000 -- leaving a nett income of $16,962.62, a sum nearly equal to the cost of two miles of your road. This income has been ab** in general construction and has saved the necessity of issuing that amount of Bonds -- thus diminishing the indebtedness of the Company to that extent. All the liquidated claims against the Company except one of about $35,000 have been paid or funded by the issuance of Bonds endorsed by the C. & S. C. Railroad Company to the amount of $151,000. The assents on hand and available with the income of the road will be ample to meet all other accruing liabilities until the Road is completed.
   The entire amount which has been raised by the Treasurer from all sources since the commencement of the work amounts to $379,098.78, the whole amount expended during the same period is $357,628.85 -- leaving a balance in the Treasury of $21,469.93, not including $20,000 of Bands of the town of Charlotte in the hands of your Treasurer. As you will observe, the principal sources of receipts to your Treasury have been: From Stockholders $132,136.79, from sale of Bonds $151,000 less discount on the same of $6,939.55, and from the earnings of transportation $27,062.63.
   The Company now owes no note in Bank or otherwise, yet there are outstanding settlements and balances with various stockholders and contractors which will materially add to the cost of construction. When the Road is finished and all claims of construction liquidated, the Treasurer's account will probably show a cost of $420,000, when the actual cost will probably not have exceeded $410,000. The various Bonds and Stocks sold by the Company have been at a discount of $9,767.08; interest paid on the amount borrowed, $1,250.12; and cost of operating the Road $4,000 -- amounting in all to the sum of $20,018.20, which has entered into the account of the cost of the construction, making these legitimate deductions will be that amount less the apparent cost as the accounts are stated. In other words, the work could have been completed for that much less had all the assets of the Company been cash or its equivalent and the running expenses been kept in a separate account. Deducting, however, only the operating expenses, and it is estimated that your Road will be completed at a cost not exceeding $410,000. This includes the cost of the bridge, which will exceed $40,000, depots and water stations -- making it cost less than $9,000 per mile from Charlotte to Statesville, a distance of 45 1/2 miles. If there is a cheaper Road of the same length in the Confederacy, your Directors do not know the fact. The Stockholders should also recollect that their road is not complete in its outfit until it owns its own shops, cars and engines. These it will be impossible to procure in the present condition of the country. Upon the restoration of peace they should command the immediate attention of the officers of the Company.
   Your former Superintendent having resigned, E. Hulbert, Esq., of Georgia, was appointed to fill the vacancy. It affords pleasure to bear testimony to the energy and fidelity of Capt. John Rhodes and the men under his control Much of the time of his force was employed during last summer in repairing the serious damage to the track caused by an extraordinary freshet, besides the general repairs necessary to maintain it in proper conditions.
   In the unsettled condition of the country, it would be difficult to make any accurate estimates as to the future of your Road. You have the highest guarantees in its past success, and must know that it is a valuable property, dependent upon and identified with the labor, capital and all the great material interests of the country.
Respectfully submitted
Wm. Johnston, President
Note -- It is proper to remark that $1,972.26 of the income as stated, was received from transportation of passengers and freights last year, but was not received by your Treasurer until since January last, and hence is embraced in this report.
Treasurer's Report
M. L. Wriston, Treasurer, in account with the A., Tenn. & O. Railroad Company in North Carolina
To cash, bal. as per Report 1st Jan., 1862 $17,300.64
" received from Stockholders 83,157.26
" " " sale of Bonds 151,000.00
" " " bills receivable, bonds of town of Statesville 13,626.30
" " " bills payable 5,370.20
" " " Passengers 15,431.90
" " " Freights 11,541.72
" " " Mail pay 989.01
" " " all other sources 1,783.04
Gradation $63,986.56
Freights 9,891.72
Cross-ties 9,531.08
Charlotte & S. C. Railroad Co., on act. 107,710.74
Bills payable 49,370.20
Subsistence 5,954.55
Track-laying and Engineering expenses 6,892.55
Bridge structure 5,287.02
Salary, including expenses 3,495.47
Damages 3,015.30
Depots 1,870.17
Discount and interest 9,457.92
Sundry accounts 738.29
Commissions 116.36
Capital stock 50.00
Real estate and road crossings 168.86
Equipment 97.00
Coupons on Bonds 580.48
A. H. Martin, Agt, balance due Jan 1, '62 541.77
Balance in hands of Agents     $7,747.65
Balance in hands of Treasurer  13,702.28 21,449.93
Respectfully submitted
M. L. Wriston, Treasurer
{Some numbers are blurred on the microfilm copy and may have been incorrectly stated.}