Weekly North Carolina standard. [volume] (Raleigh, N.C.) 1850-1858, 1857-11-04
RALEIGH.
REPORTED FOR THE sTANDARD.1
Annual Meeting of the Raleigh Il CASTOR Rail.


Annual Meeting Of the Raleigh q Castor Rail-
- s-t road Company. !
The Seventh Annual Meeting of the Stockholders
of this Company took place at the Court House, in
this city, yesterday Thursday) at IL O'Clock -,
On motion of Hon. L. OBJ. Branch, the meeting
was organized by the appointment of Hon. Weldon
N Edwards, as Chairman, and Mr.. j. j. Davis, of
Franklin, and Maj. W. w. Vass, as Secretaries.
Hon. L. OBJ. Branch produced his credentials as
representative of the Slate.
On motion, committee consisting of Mr.. T. B,
Venable, Maj w. w. Yass and Mr. R. O. Britton.
was appointed to ascertain the of stock rep.
resented at the meeting. The committee retired,
and pending their return ...... ..... -...
The Report of the President and Directors was
infoi may read. The Report represents the Com
pany in a healthy condition. The earnings for the
fiscal year ending 30th September, 1867, were $685.
9l6 59-of which there derived from Freight
Sl2s, ; from. Passengers, $6S, ,597.Ol; and
from Mail transportation, $4,000. The current ex-
penses ior the same period were $9S 37535-leavine
a balance OF sos, 54l a. or more than eleven per
cent OH the capital stock, and exceeding by forty
per cent. the net profit of last year; showing an
increase IN the business operations of the Company
during that period of more than eighteen per cent
I've shall publish their Report in detail in our
next.] dividend of six per cent. was declared.
I. B. Nenabie, from the committee appointed to
ascertain the amount of stock represented reported
that there were present S5S2 shares-1l4S in person.
7434 by proxy.
On motion the formal reading of the Report of
the President & Directors was dispensed with, and
the Report received.
In answer to question, it was explained that the
debt due to this company (S7,700) by the Roanoke
Valley Railroad Company, was in the bonds of that
Company, secured by mortgage the entire stock
subjest only to a small debt.
Mr.. T. Is. Venable from the Committee on FL
nance, offered the following Resolution from that
committee
In consideration of the faithful and satisfactory
in which the present ncumben; Maj W. ". EasSl has
discharged the duties Of the office Of Treasurer
leigh CASTOR Railroad and also of The and
crossing iabors devoived upon hin', therefore
HeoLctd That the salary of the Treasurer be aud the
dollars
Mr.. Branch strongly urged the increase in the
Treasurers salary. lie would have offered the res
olution himself had the committee not done so He
paid high compliment to Maj. Vass, and explained
that it was not in reality increase TO any great
extent; for he had suffered loss of $500 by the
Company's ceasing to manage the Roanoke Valley
Road
Mr. R. H. kingsbury thought it a bad time to in
salaries, in view of the financial difficulties of
the present time; but he fully conculred in what
had been said of the character and abilities of Maj
Vass.
Mr.. Geo. w. Mordecai considered it not as an act
Of liberaty but of simple justice, and paid
deserved tribute to the Treasurer. h.
The resolution unanimously adopted.
On motion of Mr.. j. j. Davis Mai W. W. Vass
Mr.. T. 3. Eenabe and Maj. Chas. L. Hinton, were
appointed to examine and verify proxies for the next
annual meeting.
Mr.. Branch called the attention of the Stockhold-
the fact that the GreenyilIe branch Of the Pc
tersburg and Roanoke Railroad had not been repair
ed in accordance with the pledge given when the
Raleigh and CASTOR Company entered upon the re-
| construction of the CASTOR bridge. He proceeded
to read from the reports of the Company, to show
| upon what conditions the CASTOR bridge was to be
built, viz. that the Greenville branch to be
''re-laid with heavy bar U. T. similar ron {"
! The CASTOR bridge was now built, but the Greenvie
road had not been re lad-the condition on the part
of that Company had not been complied with.
Mr.. R. O. Brton, of Petersburg, stated that half
of the road had been relad and the other half sub
| stantiallv repaired.
Mr.. Branch continued He wished to know by
what authority the CASTOR bridge had been re built
| when the work was contingent upon the completion
| of this branch-it absolutely forbidden unless
| this done The re-laying of that road con-
Sercd essential to the Raleigh and Castor Road as
it cut off some Is miles of the distance Peters
/ burg, and enabled them to compete success.
fully with the n. c. Road by way of Goldsborough
With this understanding he had supported the re.
, building of the bridge. 1t would have effected a
saving in time of two hours. Why have we, he
] asked, expended $4,000 on the bridge, and the
assurances given on the other side not complied
with? He wanted information this point.
| Mr.. F. E. Reeves, Of Petersburg, said he was not
authorized to speak for the Directors. AS stock
holder he would say it their intention to dc
what had been promised. 1t compulsory ir
the Raleigh and CASTOR Company to keep up the
bridge-they were bound to keep it up. The Pc
tersburg Company were at work on the road, and il
was then in good order. He thoughfthe Petersburg
Company should be conciliated, not driven. 1t wa.
important that the Raleigh and CASTOR Compan,
should secure the travel by that route, but it wa:
not so much so by the Petersburg Company. He
presumed they had some good reason for not finish
cautioned them, to keep quiet. If an extra train il
put Oh that road it should be regarded as favor t.
the Raleigh and CASTOR Company, it was a matter
of indifference t. the other Company. He was i,
favor of completing the work, but he could make NJ
promises for the Directors -t -.+ ... -.
Mr. Branch considered the observations Of Mr.
Reeves as remarkable. This Company more inter
ested in the completion of that road and they knew it
On former occasions the tone of these gentlemen
from Petersburg different from what it was now
A hourshing trade to oe secured to them b
the building of the Castor bridge; but, they wer
backing out now-the trade was secures anyhow
This defiance and these threats came with BAT
grace. They now Indifferent to securing tn
trade If they had told us that before, We nigh
;, have saved $4,000. The re construction of tha
! bridge was asked for act Of justice, and W
built it. He did not believe the Raleigh and Castor
Company were bound to keep up the bridget wa
their interest to do So if the road the other sid
was fit for use. 1t was useless otherwise. He be
Heved that from $50, 600 to $75, 900 had been los
to the Company by trade being forced into anothe
channel by the non fuilment of the obligations G