Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1851-02-14
Once OF the wiimlngton and MANCHESTER n. r. Co

l. MARION Il. II. Jan. ~, 1901.
10 tie STOCKHOLDERS Of he 'nin sfon and Maneieste
i Rditroad Gopapoay
i GENTLEMEN The President and Directors be-
leave submit for your consideration their Thir,
Annual Report Of the affairs and condition of tn
company
| For full account of the progress of the work
they beg leave to refer you to the Report of the Res
ident Engineer, Mr.. Fleming, herewith submitted
1t will be that the amount of work done durins
the year past exceeded that of 1849 in excavation
and embankment, by 1873, 1856 cubic Yards and tina
the increased value of all the work of that year. ove
the year 1849 is $15,037 As. The whole of tn,
work of the last year, $685. ITO a. has been paid fo
in the stock of the Company except 81 l66 81 which
was paid in cash. to contractors at and near tht
western terminus of the road. The increase in work
| has not been such, however, as we had a right tt
expect at our last annual meeting, from the con.
tracts then taken and in progress The causes then
apprehended to some extent by the Board have been
alluded to by the report of the Engineer why many
OF the contracts have not been completed entirely
and why few have been given up By the contrac-
tors. 1t IS believed, however, that though may
have to pay higher price now for the work, that
arrangements will be made to not cause as much
delay as was at one time apprehended in the COM
mencement of laying down our Iron, which, under
our contract for that article, will commence arriving
during the present month.
The Board at their meeting in May last in con-
ormty with the wishes of the Stockholders
ed in their meeting in January, instructed the Pres-
dent to contract for three thousand tons of rails to
be delivered in January, March, and May, of the
present year. to be paid for in cash received and
also to make arrangements to meet the payment
therefor out of the subscription of the State of South
Carolina. 2.
In accordance with, this urdor, R1a;o- Curynn was
requested to close contract with James Dunlop
Esq. of Petersburg, Agent for Cruttwell, Allies &
Co., Wales, for 5000 tons of rails, to be delivered
and paid for as directed, and contract with proper
specifications was accordingly entered into on the
3lst day of May last providing for its delivery at
shipsde in Charleston at SAL per ton freight, duty
and insurance included. The first cargo has not yet
been received, though from info nation from Mr..
Dunlop, in November last it is daily expected to
rive. Provision has been made to meet the payment
of the amount contracted to be delivered during this
month and we feel no apprehension that will not
be ready for the rest.
On the 10Th inst, the requisite proofs required by
the act of the South Carolina Legislature, passed in
l848, making subscri pton of 100000 to the stock
of this Company were produced, and the first $780,
600 provided to be paid by that act was received
from the Comptroller General, by the transfer of
eight hundred shares of the stock of the South Caro-
lima Railroad Company, with the full amount paid
in. This stock has been placed in the hands of
agents in Charleston, to be disposed of as may
deem best for interests hereafter. Sufficient
surances have been had that could receive by
loan, with the pledges of the stock, any amount
which may be required to meet the payments on
Iron, and the improving condition and prospects of
the stock present indicate the proprety of holding
it, at least till after the forthcoming report of the
President and Directors of the South Carolina Rail-
road Company. which, it is understood, will be ia
vOrabe, and which. it is not doubted, will appreci
ate the market value of the stock. 1t has already
sold for S1l0 with the whole instalments paid in,
and with the large amounts of money seeking invest
nents, there strong to believe that with
as favorable exhibit of the affairs of the Company
as will be made, it may in short time be at par
The Board expect during the ensuing spring to
apply for and receive $4,000 more of this stock,
under the act of the Legislature of South Carolina,
which. at Sl1O will even be more than enough to
meet all present engagements for lrOn but they do
not deem it advisable to provide for any immediate
application of this fund, other than that of paying
for the Iron contracted for it bad policy to put
it of our power to hold it so long the pros
poets fair for disposition of it at its par
value.
1t is deemed but proper to state that the reason
the 100000 were not sooner applied for, that
the Board of Directors of the South Carolina Rail-
road Company, during the last year. called for the
remaining S25 per share due upon the stock and for
US to have taken it before that sum was paid in,
would have imposed upon us the necessity of paying
$685. 600 on it, when it well known the Legisla-
ure would provide for it otherwise which has been
the case. So soon as the insalments were paid up,
we have availed ourselves of the subscription and
that was as soon as our arrangements required,
With respect to the work in North Carolina re-
ed themselves to an earlier arrangement. No con-
tractors could be found there willing to take the
contracts for stock. The payments the stock, at
the rates of per cent. every 80 days. could not be
relied upon. sufficient to keep the work progress
ing. and tie President in July last proposed to the
Stockholders in Wilmington, as the only resort to
get the work forward the payment of stock by notes
at and two years. which would be about the ave-
rage time it would require to collect the whole in
staments and with these notes to pay for the work
as it progressed. To this proposition portion of
the Stockholders promptly assented and notes were
procured payable at Bank, for about $45000 on
those terms, by which the contract for the whole
grading in North Carolina then unet was put under
contract to gentlemen whose energy and capacity
had been fully tested previously the work in both
States and whose character furnish guaranty that
the grading in that State will be completed this
year in time for all practical purposes. The other
contracts for grading and superstructure there are
progressing in manner which gives favorable pro-
mise of an early completion of it.
To the report of the Treasurer herewith submit
ted you are respectfully referred for the receipts and
disbursements of the funds of the current year end
ing 1st January instant, shelving in the cur
rent expenses of the Company $l,347 80 less than
the expenditures of the year previous and it
may not be amiss to remark that in the salary &C
count was item of 1881 O6 for the salary of the
General Agent for the previous year. which is prop
ery chargeabe to the expenses of that year. as that
Office was abolished at your last meeting.
The number of Assistant Engineers on the line has
been reduced, during the spring and summer of the
last year, to four, who has each very long line to
superintend but it has not resulted in any inconven-
fence delay to the contractors and the number will
not be increased until imperatively demanded by a
large increase of work the line rendering it ne
cessary.
You will perceive by the statements of the Engi-