Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1850-11-22
Presidents Rcport.


ing increase of subscriptions to the capital stock
of thirteen thousand dollars, making subscription
of ninety eight thousand which is unconditional
leaving balance of twenty-five thousand to make
out the whole capital stock the part OF ndividu-
ais; which amount we have every assurance, will be
taken as the work progresses
We have, in addition to this amount ten thousand
and seven hundred subscribed conditionally, elght
thousand of which becomes absolute, as soon as the
balance is subscribed hence it will appear that
fourteen thousand dollars will make up the whole
amount on the part of individual subscribers.
We have as vet, been unable to obtain the State
substitution in consequence OF some sght informal
itv in the contractors certificates, which will IN
EN- doys ba corrected And as soon as the Cover
nor can be SEEM We shall be able to obtain the sub
scrpton of the State, and the first nstalment, OF
twenty thousand dollars which will enable the COM
bany to prosecute the work with more energy than
they have heretofore done.
II is all important. that our Treasury should be
kept we'll replenished and therefore recommend
to the Stockholders prompt payments OF their install
ments.
It will be recollected by tie Stockholders, that
the first contractor for this work failed to give bond
for the faithful performance of his contract in con-
sequence of which, the work was delayed during last
fall But for that delay, the work at this time would
he much advanced.
Early last summer, and previous to the contracts
being let it was thought advisable by the Board
that the timber and lumber contracts should be
made early as possible; and the engineer and
myself were designated to attend to that business
which we did and were able to make contracts at
reasonable rates engaging timber at so to 81 So
and lumber at to Sc SO pr thousand feet. And
think by those early contracts, we saved for the
Company several thousand dollars, in consequence Of
the reduced price of timber and lumber IN the Will
mington market at that time.
The timber and lumber has been nearly all got,
and large portion of it delivered and paid for
The getting and paying for this timber and lumber
in advance, has been heavy drain on the Treasury
IL, ell NV
Treasurers Report; but it has enabled the contrac
tors to prosecute the work with much more rapidity
The right of way on the Cape Fear has been pro-
cured for all the sites, for the locks and abutments
of the dams from Fayetteville up to the head of
.SmileY's Falls at moderate cost and, with few
exceptions it is expected the balance be procur
ed on favorable terms. The company is under obli-
cations to Col Elliott, John C. Williams and DIR.
Mccoy, who, with generosity worthy such gentle
men, have made the company presents of the sites on
their land.
We were compelled to pay Henry King near
Jones' Falls, SIS for site, which we thought
better than to be at the trouble of condemning All
the other sites have been procured for ten dollars
each, making in all S155. The other sites shall be
procured as soon as possible; should have attend
ed to that business previous to this time but with
of the people owning sites, there was strong
prejudice existing against the work, which we dis
covered was gradually subsiding, and thought it
prudent to wait until we were obliged to act.
We have had to serve but one notice for condem-
nation yet, and am still in hopes that different
arrangement can be made in that case Our bect
has been to make friends and not foes to the work
hence, have RETAINED from using coercive means
to obtain the right of way. And think in conse-
quence OF the course pursued, the work is becoming
much more popular throughout the whole line
Many who were bitterly opposed to the whole plan
at first its fast friends.
The citizens the Lower Little River felt them
selves aggrieved in consequence of the Locks being
only eighteen feet wide, which, thew said, was too
for hnir LINN hnr ('1amnS to md in
consequence, they would be serious y damaged. The
Board of Directors therefore, thought it adysa bic
to make them proposition to the following effect
That the Company would cause the Locks below the
mouth of Lower Little River to be made twenty-fo
feet wide provided the citizens the River would
subscribe four thousand dollars in Stock which pro-
position submitted and accepted
1t was suggested to the Engineer, and by him tc
the Board whether it would not be advisable tC
lenghen the Locks to lis feet instead of lOO as first
contemplated; Col. Thompson informed the Board
that he had consulted gentlemen of experience on
the subjected, and they of opinion that Boats
of that length drew less water and ran with much
more speed, with the same Freight, than Boats OF
100 feet in length And after ascertaining from Col
Thompson that the difference in the cost would be
about fifteen thousand dollars, the Board came tc
the conclusion to engthen the Locks.
Shortly after the Company organized one Of
the Directors Mr.. Peter Evans, Sen, sent in his re-
sgnation in consequence of i'll health and his place
was filled by the election of Robert F. Smith
The whole of the line has been placed under con
tract, and Bonds with approved security obtained
for the faithful performance of the same, and the
contractors are pushing forward with their work
in fine style.
1t has been thought advisable recently by tho
Board, who consulted the Engineer the subject
and who also thought it advisable, to the con
tractors, Messrs. Mccullough & Hunter, to concen
trate their whole force the six lower Locks anC
Dams, to complete the work to the head O
Smiley's Falls during the coming winter. And from
the successful manner in which they execute thel
work and the progress they have already made i
is confidently hoped and believed, they will have
that part of the work done by that time. Wher
that portion is completed, the great obstacle viii
have been overcome, and perfect confidence given il
the success of the enterprise.
The Canal at Buckhorn Falls has been finished
and two of the Lock foundations excavated and is
ready for erecting the Locks The contractors above
Haywood are also progressing with their work, hav
quantity of lumber and stone. They ready t.
commence putting in their work and will in a few day
be engaged in that work
In fact our whole line is progressing with more
rapidity than any other public work in the State
and if the should be favorable, shall b.
able to complete it before any other.
For minute details of the work, you REFER Il
to the able report of the Engineer which is herewith
submitted.
1t will be recollected that the bill making an ap
preparation for this work, required of this Company
survey to be made from the Deep River to the Iad
kin, to WilkesbOro, and report Of the same to b.
submitted to the Legislature.
That survey is now going by party organized
by our Chief Engineer for that purpose, under the
supervision of Mr.. C. Smith, an accomplished gentle