Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1853-07-22


,,ort of the President aud Directors of the North
Carolina Railroad Company, to the stOckhoidcrs'
- the Annual Meeting, held In Salisbury. 18th
July, 1883.
rNrlEMEN-Snce the last annual meeting. OF
ronr body, the Directors ascertalnea IN DecemDer
it that the sum Of five hundred thousand dollars
J boon maid into the Treasury OF the Company by
h mo individual Stockholders, which fact duly
titled under the seal of the corporation, to the
Roard of Internal improvements as required oy the
bortar. the subscription of two millions of dollars
~ the capital stock of the Company on the part OF
the State, was forthwith made by the said Board
and the public Treasurer has paid into the Ireasu-
~ Of this Company FIVE hundred thousand dollars
an the part of the State, of which four hundred
thousand were paid prior to the lst inst, and one
knndred thousand since. From the high credit OF
Inv State and the premium at which her bonds sell;
ond from the assurances the part of the Public
treasurer of his determination to meet the engage
ants on the part of the State with promptness, the
stockholders may rest assured that no pecuniary
embarrassment will retard their operations SO long
as they are faithful to themselves.
FIRST DIVISION.
It will be recoected that the contract for the
n,nlcton OF the entire road the first division,
,ras Int to Messrs Jno. C. McRae & Co. The work to
he finished by the lst of January next. In cOnse-
uence of the delay Of the arrival of the iron at an
porIv dav the present year. the contractors were
prevented, until within few weeks past, from lay
inc down the track. A considerable quantity OF
iron having arrived, and the laying Of it upon the
line Of the road having commenced it is to be hoped
there will be no further delay in the progress tthe
work The Board extended the time to the lst OF
April next, for the completion of their contract on
This division on account of the late arrival of the
iron.
GRAD1NG.-On the other three divisions of the
road the grading is progressing rapidly and, with
but very few exceptions it is believed will be fin
al wit tha
tractor be likely to delay the laying down the super
structure of any part of the road by failing to grade
his contract in time he wN be required to put on
additional force sufficient to do the work.
MAsONRY-The stone bridges at Bull Run and
Sugar Creek, and the abutments and piers for the
bridges at Rocky River, Caudle Greek, Irish Buffalo
and the Yadkin River are finished. The Masonry
of the contracts along the whole line is mostly fin
ished The abutments and piers for the remaining
bridges are progressing, and will be completed,
doubtless, by the time they will be needed
Observation-Disclosures for the Superstruc-
ture of the bridges at Rocky River, Caudle Creek,
irish Buffalo and the Yadkin River, have been
agreed upon, but have not yet been reduced 10 wri-
ting which will be done in due time. Contracts for
the supersructure of the remaining bridges will be
made as soon the interests of the road may re-
quire.
IRoN-A contract for four thousand tons of rails
10 be put shipboard in the months of March
April and May last destined for the port of Charles
II,
Brother & Co, of England, at the price of $44 Is
per ton, delivered upon the wharf at Charleston
free of all charge except the duty which the com
pany is to pay SO far, this board is in possession
If no adyices of the shipment of any portion Of the
iron, but the contractors, Messrs. Bailv, Brothers
4 Co.. through their agents, assure the board oil
their anxious desire to meet their engagements bu
are prevented from doing so, from the mpossibilty
Of procuring shipping at double freights which
they have offered Within two weeks past their
ILL.,
President that the iron was ready for shipment
which will be done at the earliest possible day. Ar
Engagements were made with the authorities of thu
South Carolina and the Charlotte and South Caro-
Ina Railroads to deliver this iron promptly in Char
otte at any time between A priI and September: bu
is to be feared that delay may be experienced
from the great press of business upon these roads
after September. should the iron not arrive in tim,
to be transported by that period; but, from thu
courtesy and kindness manifested towards this road
tits believed those roads will do all in their powe
to forward the iron at as early day as practicable
ILe FIVE thousand tons purchased by the contractor
on the first division of the road now in progress
being laid at the eastern end, and this four thousan
tons to be shipped to Charleston for the wester
end of this road will be much or more than ca
be laid down during the present year.
SuIs-COntracts for sills have been made on tn
whole line of the road, with the exception of fe,
sections some of which are delivered, and man
more are ready for delivery and there is no proba
Hity of any delay on this account.
Since the last meeting of the stockholders, tw
instruments, one of five and one Of ten per cent. uT
On the stock of the company, have been required
leaving sixty per cent, including the five per cen
paid at the time of subscription. The requisitio
gF the last ten per cent. becoming absolutely nece
ary in November last, to bring the State in at a
early day, as some of the stockholders were deliT
qaent and others refused to pay, unless they wer
released from the interest eXacted under resolutiO
Of your body at its last meeting. The board, to In
luce Immediate payment, suspended the collectlo
If interest and agreed to refer the matter again
your body which is hereby done.
The Legislature, at its last session. passed an Ac
entitled = An Act to amend Act entitled an Ac
incorporate the North Carolina Railroad Compa
n.y." The question of the acceptance or rejectio
Of this amended charter is of vast consequence
NAe interests of this Company, and your wises
@unses are invoked in the determination of the I'm
Iorant question
Contracts for a Locomotive and Cars have bee
made, but as the Locomotive was not needed for I'm
mediate use, the builders, Messrs. Norris Bro
sere permitted to dispose of the same upon pledg
hat another should be furnished whenever required
Five Cars have been purchased, and others ar
9ntacted for, which will be ready for delivery a
son as needed
The financial affairs of the Company have jus
Undergone scrutinzing investigation by the com
attee appointed for that purpose. Their repol
VII put you in possession of the fiscal operations fc
we past year.
Here follow exhibits A and B, showing the fore
Employed on the road on the LIST July, 1853, to b
l,l5S men, 358 boys, 511 carts, IS wheelbarrow
20 wagons, 1872 mules and horses, % oXen l6 trac
ayers. On the 1st division, there is Principal Al
StaOt and two Assistant En- ineers, at aggrt
ae cost per annum of $4,000. On the second d
neers, at an aggregate cost of IS, 740. On the 81
vision, there is no Principal Assistant, but the d