Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1855-01-26
Office wilmington & Manchester r.. R. Co.,

The President ami Direcl0rS Deg iedNc ~
their seventh annual Report, showing the operations
of your Company for the year ending lst December.
1854 E go -
The Reports of the Treasurer and that OF the A u
dting Committee will exhibit to you the fiscal con-
dit ion of the Company at the close OF the current
wear together with the receipts and disbursements
for the same. From the Treasurers Report II will
be perceived that the Company expended for con-
struction of Road, Engines, Coaches. Bridges, and
the portion of the s. C. R. R. leading from Wateree
for bridges, machinery, and the Camden Branch of
the S. c. R. R., above alluded to. constitute the chief
portion.
From the same report, you will also see the aggre
gate of receipts and disbursements from transporta
ton of passengers, mails and feights For the par
ticuar classification of these, the proportion OF re-
ceipts and expenses we'll the nett earnings for
the Road for the current year, you respectfully
referred 10 the interesting Report of the Supernen
dent, Mr. Fleming, who has carefully prepared the
tables and suscincty exhibited the business of the
Company therein.
From these reports, it will be perceived that the
running expenses of the Road amounted to less than
so per cent upon the gross rece pts, which, consider
ing the increased expenses to the 10Th October last
of larger amount of machinery employed than was
necessary for the working of the road account of
the break at the Pee Dee River, was what scarcely
could have been expected.
The nett earnings of the road too it will be per-
ceved, is equal to upwards of per cent the cost
of the whole road and outfit, including losses upon
bonds stocks &C. which cannot but be gratifying 10
all interested, and especially to those who may
look back to the original estimates of its business
when first commenced.
The statement of the debt of the Company is also
exhibited in the report of the Treasurer and that not
regarded the funded debt in bills payable, &C.
is much larger than hoped would have remain
ed as it was expected that it would have been expe
dent to have disposed of the income bonds author
lied to be issued at your last meeting, by which the
bill debt against the Company would not only have
been avoided, but the amounts due would have been
transferred to the funded debt most if not all of
them, are for machinery to stock the Road 10 pay
for which the bonds authorized. But on the
bonds being issued under your authority, it found
from various causes, that they could not be disposed
of without sacrifice which the Board thought too
great, and you would not have been satisfied TO
have submitted to.
The stringency in the money market, and the great
shock gwen to the credit of Railroad securities, by
frauds of some few Railroad managers, caused the
withdrawal Of foreign capital formerly available and
the only means the Board had to meet liabilities for
machinery, &C., was in the Company's good credit,
assisted by their own private endorsements and guar
antees, which has enabled to sustain the Compa-
ny credit, and to meet the heavy amount contracted
to b. paid during the current year for engines and
coaches. 1t has caused some sacrifice and much
exerion to effect these objects, but thus far it has
been done and it is believed be, till the balance
of Bonds disposed Of which, with the receipts
of the company and other sources will enable the
Board at distant day to meet the Outstanding de-
mands without injury to those owning them or the
company itself.
Since the lst Dec to VIII CHI time the accounts of
the Treasurer are made up some $4,000 of these
bonds have been disposed Of and the proceeds placed
10 the bill & scrip debts of the Company & negota-
tons in progress, by which some of the balance
of the bonds may be disposed of within the next
three months To effect sale, however, it has been
/
the pledge of the income of the Road. At home
where the best chances of favorable sales exist there
is not much acquaintance with this kind of securities
which common elsewhere and the Board feeling
the importance of adding third mortgage of the
Road as additional security have authorized the Pres
ident in any sales made before your meeting to give
assurances that such mortgage would be authorized
and to give guarantee from them that such would
be authorized by you at your annual meeting
In conformity with this resolution the President
during the present month, negotiated sales of Bonds
amounting to forty thousand dollars, giving such as
suIances.
The pledge of the nett income of the Road 10 pay
interest annually, and lay aside sinking fund o.
$40, 900 to meet the principal at maturity, is suff
Gent to bind the Company for the payment, and Z
third mortgage can add no stronger obligations fol
the fulflment of their engagements. Nor can it de-
tract from the Campanys credit, the debt is suf
cient obligation to them to require them to meet it
and their property worth more than double its mort
gage debt. With this third mortgage, the mort.
gage debt of the Company will on y amount to 81,
100000, the interest which will be $4,000 annu
ally. With even the receipts of the last year, yor
will see the ability of the Company to meet the IN
terest and provide Tor running expenses, besides lay
ing up balance for floating debt and contingencies
statement is submitted of the present debt of thu
Company not included in the mortgage debt and no
cassed as funded and also of the assets of the Com
pany meet it, to which your attention is called. by
which it will be seen that with nett income estimated
at 5000 O0O which the Board feel no hesitation il
assuming for the rece pts of the present year above
expenses, including mail service, the floating deb
OF the company will be amply provided tor, and TIT
interest on the mortgage debt paid up.
The debt of the Company, not classed funded
is made by the Treasurers Report, of the following
items:
Bonds, with pledge W. & R.R.R. Stock,
at and 10 years. $15O,0O(
Bonds to United States, due
Aug. 1856, and payable in mail
service, $50, DOL AZ
Less, amt quarter due 1st Dec.
1854, 6,218 90 23,783 q:
Bills payable, scrip and
other bonds and notes. $328,005 "a
Less. amount paid since 1st
f Dec, "a, 10000 0O-288,O05 2
s461, 1888 81
, ASSETS OF COMPANY
> Stock w. g. R. r R. Co., $20l, 800 90
Bills receivable, 1868 81
Amounts due from other
Roads, agents. stocks, cash,
&c, 35,4O5 81
Subscriptions of stock not
yet paid, considered good, 10000 90
To which, add estimated
s nett rcpts of Road, including
mail service, 100000 90
o 122 income bonds 81 900