Semi-weekly standard. [volume] (Raleigh, N.C.) 1853-18??, 1857-09-26

II n
f. liz issockaozdess'ef tho Westsrn
North. Carolina Rail Road Company -
Isubmt to you the following Report of the pro-
press of the Road, and the Financial condition of
fhe Company, for the fiscal year ending the 3Oth
June, 1857: ~. rr.sg~rg.y.2 sx,.:,
Amount in the Treasury, LIST July, - 2
1856. $4,os6 SO
Amount reed from all other sources,
from LIST July, 1856, to 1st July,
1857, r...n,s .s.-rnH..r SS5,79O ~
-..... ..:- $sss,s77 %
Amount disbursed from LIST July, 1856,
to list Juiy, 1857, $247,561 SO
Balance in Treasury on LIST July. 1857, $92s15 40
The receipts in the Treasury have been derived
from instruments called for, and paid in by the indi-
vidual Stockholders and by the State. The dis
bursements, during the same period, have been
made on account of Grading, Masonry, purchase of
Iron, and other general expenses incident to the
building of the Road. Reference may be had to the
Report of the Treasurer, which has been examined
and verified by the Committee of Finance, and will
be laid before you for more detailed statement Of
the financial affairs of the Company.
Two Instaments of 20 per cent. each, in addition
to the original per cent demanded by the Charter,
have been called for, and payments have been made
thereon, by the individual Stockholders, with as
much promptness as could have been expected I'M
der the circumstances. The Charter of our Compa-
ny seems to contemplate, indeed, expressly author
the payment OF SUBSCRIPTIONS OF STOCK III Work
and labor, and most of Stockholders are, either
directly or indirectly interested in grading contracts
at this time, or expect to become SO Of course,
therefore, the amount received on the second and
third nstalments have been, in great measure,
paid by individuals in work and labor; and consid-
erng the unusual scarcity Of provisions during the
present year, and the sickness prevailing at some
localities on the line of Road, it has been a matter
of surprise, as we'll of congratulations that there
has been so much punctuality observed in making
payments.
[ had the honor of reporting to you, at the last
Annual Meeting, that the contracts for Grading,
Stills and Masonry, had been let at the Engineers
estimates, from Salisbury to point near Statesve,
and that the line of Road from Statesvle to the
Catawba River had, at subsequent letting, been
put under contract on the same terms, that is, at
the estimates of the Chief Engineer; but that the
remainder Of the line from the River, passing near
Newton to the end OF the section, would not be let
to contractors, for stated, until after the
meeting of the General Assembly. Soon after the
letting of contracts from Statesville to the West
bank of the Catawba River, contractors commenced
work without delay, and the same is now being
prosecuted with commendabe energy. The under
signed begs leave to refer to the Report of the Chief
Engineer for particulars connected with the pro-
gress Of contractors upon the above sections of the
road.
The amendments proposed to our Charter by the
last General Assembly and adopted by you with so
much unanimlty at the last called meeting held to
consider the same, made provisions, you
aware, for the settlement of difficulties with
friends, Stockholders, in the county of Catawba.
The Board gave to the subject the most deliberate
consideration, and adopted in n spirit 0: conclia.
ton, that one of the alternatives presented in the
amended Charter, which they thought would best
promote the interest of the Stockholders Immediate
~ involved in the controversy; they resolved to
locate the line Of Road the most eligible and
cheapest from the River the end of the sec.
ton, and extend branch road from the main line
to the Town Of Newton. Surveys were made, pur-
suant to this Resolution, and the main and branch
roads located; and on the 4th day of June
last the entire remainder of the first section Of the
Road. contemplated by the original Charter,
including the branch road let to contractors at
the Engineers estimates, and the Grading, Stills and
Masonry, put under contract thereon, will be in
state Of progress so soon as the contractors can
make arrangements to commence operations.
Whilst the amended charter may not extend to
the Stockholders of Catawba all the relief which
they hoped to obtain, yet it certainly mikes con-
cessions, and grants privileges which indicate
spirit of Cancellation and compromise the part Of
the Legislature, and gratified in being enabled
to announce, that our friends in Catawba have met
the question in the same conciliatory spirit, and
with commendable magnanmity have SURRENDERED,
for the sake of harmony and the cause of the Road
their original demand in this behalf, and accepted
the branch road in lieu OF the main line through the
Town of Newton. The amcabe settlement of this
difficulty has been of profound qualification
to the Board, and will doubt be alike gratifying
to you and l feel confident that when the excite
ment, which such subjects engender, shall have
passed away, that the persons who had most feel
ing in this matter will unite most cordially with US
in pressing forward the great work which lies be-
fore US.
The Company are authorised by the amended
Charter to open Books for the subscription of Stock,
by individuals, to the amount of Two or Three
Hundred Thousand Dollars some intermediate
tO hc led n he xte of ur RI
Morganton, (Which is made the terminus Of the first
section when the State shall have subscribed dou.
bic that sum. Believing it to be of the first impor-
lance to the cheapest and best line for our
Road, and that few dollars expended in making
additional preliminary surveys might, in the end,
prove to be the wisest economy, and, besides, hav-
ing strong desire to defect the line northwardly,
as far the same could be done after passing the
junction with the Newton branch consistently with
the interest of the Company, so as to accommodate
citizens living in Counties North Of the Road,
the Board have caused route to be surveyed from
the end of the present section, up the Cataw ba
River to the mouth of Wards branch, and thence
to Morganton. The survey has been completed,
but the exact estimates have not been made out
yet, such knowledge has been obtained as to secure
the building of the Road to Morganton, on either
line within the estimates heretofore reported, and
the Board have caused books to be opened for
additional subscription of Stock the part of indi-
viduals to the amount of Two Hundred and Twenty
Thousand Dollars.
need not dilate upon the importance of having
this subscription of Stock, made and secured at
early day. We all appreciate the eminent advan-
tages to Stockholders, and to the State, which
would result from speedy extension of our Road
through the Mountains to the Tennessee line; and
the immediate extension to Morganton would be
regarded progressive step towards that glorious
consummaton. A re.survey of the Mountain Sec
ton from Morganton, made within the past year,
under the order of the Board disclosed the crafty