Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1851-11-07
$3.50 90
$1,l65,450 90
sum So, 346 Is greater than our debt.


$50 1916 Is greater than our debt.
As to the disposition of this surp stock the auditing
committee have made a recommendation which we think
should claim your consideration and which it is for
you to dispose of as you may deem advisable.
1t will be perceived that large increase in the amounts
of Steamboat and Transportation expenditures has occurred
during the past year This has been caused by the
sity of thorough repair the Steamer Vanderbilt She
has been rebuilt from her keel her machinery renewed in
every part where the slightest defect could be discovered
and she is new Boat in all but her name: Also, to
meet the demands the Board deemed it
be the policy obtain sufficient number of Cars and
Locomotives to do the business of the Road promptly and
to into effect this purpose two first class Locomotives
and about 40 freight Cars have been purchased and paid
during the year. adding something $50 900 the items
of Steamboat repairs and expenditures for Transportation
The handsome increase receipts from Railroad reigh
demonstrates that the expenditures in this department
judiciously made
Notwithstanding the perseverng exertions on
part of our Engineers and agents of transportation to for
ward the freight which had accumulated in consequence
the destruction of Neuse Bridge by fire. the 26h of june
found be extremely difficult do These
ting calls upon our motive power and the liability to aecl
dent. of Locomotives induced the Board
order additional Engine. which is be delivered
April next. This together with one which having
constructed in the shops, will place the company posses
of ample power meet the demands in this department
We take pleasure in stating that company has
been in good condition to its operations the
present time the Road being well stocked with Locomotives
Coaches and freight Cars all in excellent order and our
Steamboats, in like good condition with the exception of the
Dudley which will require repairs this year
In report you at last annual meeting the opn
ion expressed and confidently believed that before this
time should heve completed the e-laying of Road
with the heavy Iron Rail- but owing to circumstances
could not control have been unable fulfil this promise
We have lost nearly two months waiting for Iron. and du
ring the month of July cod lay down Rails owing
our inability to transport them the Neuse We have
yet about II miles to relay the Iron for which daily
peced bills of lading for cargoes having been already
ceived.
We had hoped at this meeting present you with
of the entire expense whereby you
might the whole cost of the road to date We regret
that have been disappointed in this, but graed in
saying that anticpaons of the saving in expenses con
sequent upon the of the in every
in which have been able to test them have been
fully realised.
The road far has been relad compares fvorably
with the best roads in the country and instead of the
plants and denuncations travellers which have beer
heapd upon for years. without stint and which were
extent deserved when old fat bar road use
we hear from ALL commentator and praise for the ease anc
! speed with which they transported line.
During the year contract made to embank much
deemed up The embankment on the south side
of Rocksh now nearly completed and that the north
complete by the middle of December when they will re
move their force to the Neuse.
The Board have also contracted for extension of thu
warehouse in Wilmngtnn-he present warehouse being
found be small hold the goods for
taton This extension is to be expected will be finished il
time to accommodate the spring business.
The Board induced to make contract with thu
Washington and New Orleans Telegraph Company to pu
junction with the Petersburg Rail Road Wilmington
This work has been done favorable terms for the Tee
graph company and at but little expense this Company
in consequence of having hand a large number
wooden Rails, removed from the Road be replaced b.
the Iron Rail This work has been paid for in stock of tn
Telegraph company sixty five shares at $50 per share w
find the Telegraph great convenience by wit
and although this stock should pay dividends vet hi
company will be fully repaid by the advantages which the
derive from its
After deducting charged for sales old Iron h
and last it viii be that the receipts the presen
exceed those Of last S9 222 n and the that
greater portion of this increase is derived our local bu
mess is well calculated to inspire with confidence in tn
progressive improvement and permanent stability of the
vestment which have made in this work
is the local business must look for steady health
full support
For the details Of the Steam Boat portion of line
. are referred Col Millers report
Considering the exhibit of the receipts of the Compar
during past fiscal ending September 3Oth the
during the early part of October giving
of prospects for the future the certainty
siderable reduction of hereafter and the
and healthy condition of the Company generally the Boa
have been induced to declare dividend profits thr
dollars the share to the Stockholders,
All of which is respectfully submitted.
ALEX. McRAE, Pres't.