NP, WJ 11/14/1861

From the Wilmington Journal
 
November 14, 1861
 
Stockholders Meeting
   The annual meeting of the Stockholders in the Wilmington & Weldon Railroad Company convened this forenoon in the Court House, and was organized by calling Owen R. Kenan, Esq., State Proxy, to the Chair, and requesting R. Norfleet, Esq., of Edgecombe and P. Murphy, Esq., of Sampson, to act as Secretaries. The Secretaries, with Wm. A. Wright, Esq., were appointed a Committee to verify proxies and ascertain the amount of stock represented.
   There appearing on examination to be a majority of stock present in person and by proxy, the meeting was declared ready to proceed to business, and the report of the President and Directors with accompanying documents, was submitted by Hon. Wm. S. Ashe.
   From the report of the President and Directors submitted by Hon. W. S. Ashe, as also by the report of the Chief Engineer and Superintendent, we learn that the gross receipts of the road for the fiscal year ending on the 30th September, 1861, were $571,236.24 and including the Tarboro' Branch they were $580,396.81, showings an increase over 1860 of $71,026.67. The cost of operating the main stem and branch was $247,106.13, leaving nett receipts for the year $333,290.73, against $246,484.68 for 1860, showing an increase of nett receipts this year of $86,806.10.
   The receipts on the main stem and branch were derived from the following sources:
Receipts from Thro' Passengers $195,238.38
" " Way   " 139,786.46
" " Freights 180,143.76
" " Mails 44,550.00
" " Miscellaneous sources 11,517.64
Gross receipts for 1861 571,236.24
   "   "   "   1860 500,209.57
Increase $71,026.67
To which add the receipts from the Tarboro' Branch, as follows:
Receipts from Passengers 5,368.05
" " Freight 3,509.78
" " Mail 281.94 9,160.57
And we have total increased income for 1861 of $80,187.24
And total gross receipts for 1861 of 580,398.81
   The operating expenses show a general reduction although there is an increase in some particular items, as for instance in maintaining the roadway, and also in the items of "Oil, Tallow and Waste," occasioned by the increased price of lubricating materials.
   The Superintendent's report states that with prompt repairs the machinery and rolling stock will be sufficient for the business of the present year, with the addition, however of thirty new box cars. The bridges are in good order as also the track, with the exception of laminated rails, By a late arrangement with the "Tredegar Works" at Richmond, the company will very soon be able to remove the worst rails and lay down new ones.
   The President's report says:
   From the report of the Treasurer it will be seen that our fiscal condition is good. After meeting the annual expense of Rail Road operations, reducing our debt $22,799.84, paying the interest on our debt, and dividing eight per cent dividend, we yet have on hand a surplus, which is held in Confederate States bonds, bearing 8 per cent. interest, to be hereafter appropriated to our sinking fund.
   The President's report concludes with the following in reference to the Fayetteville Branch, authorized, or rather chartered, by the legislature at its last regular session:
   The Legislature, at its last regular session, chartered a Company to construct a Rail Road from a point on our Road North of Magnolia to join the Coalfield Road at Fayetteville, and authorized this Company to take stock therin, loaning us the State's credit to aid in its construction. We are not prepared to recommend the acceptance of the charter by this Company, as the coal may probably be brought to Wilmington by connection with the Wilmington, Charlotte & Rutherford Rail Road, and this connection would impair, if not render worthless, our enterprise; but as an act of foresight and prudence, it may be politic for our Company to take such preliminary steps as will prevent the forfeiture of the privileges conferred. This matter is respectfully referred to the Stockholders for their consideration.

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