Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1858-11-12
w w. Rail Road stockholders Meeting.

The Stockholders met in the Court House at II
o'clock this forenoon and organized by calling Owen
R. Kepan, ESQ., of Dupn to the Chair, and appointing
John M. Washington and Patrick Murphy, Esqrs., as
Secretaries. The Secretaries, with W. A. Wright
Esq, were appointed Committee to verify proxies
and ascertain the amount Of stock represented ndvldu
ally.
The committee on stock reported as follows Shares
represented in person, 22l8; by proxy, 7,963-tota
1O181, which being a majority of the whole amount OF
stock the Convention was declared ready for the trans
action of business.
The report Of the President and Directors was read
by Hon. VIM. S. Ashe, President.
From the report of the President and Directors and
accompanying report of the Engineer and Superinten
dent we learn that the total receipts of the Company for
the year ending Sept. Both, 1858, have been SAG,
583 80, being $47,925 26 less than during the last
preceding year, while the reduction in expenses has
amounted to $468l3 So, exhibiting falling of in nett
income of only one thousand dollars which is believed
to be remarkably layouraby result in view OF the fact
that the past year has been of the most trying upon
the business of the country generally and of the Rail
Road interest in particular. Indeed taking into
account the reduction of floating debt the nett profits OF
the road have been SPLIT % in advance Of the pre-
ceding year.
The main falling off in the receipts has occurred IN
the department of through travel and to this result
number of causes have contributed The depression OF
the business of the country restricting traycle open
ing up of rival lines, and perhaps more than either the
difficulty if not impossbility OF keeping up through
ticket arrangement between this point and New York
mode is suggested by which these constantly occurring
difficulties may be removed, to the certain benefit of the
Company and of the travelling public. TO this matter
we have from time to time, called attention through the
columns Of the Journal.
The first English debt of the Company falling due
this Iyear has been arranged by the payment Of one
third in cash and extension of time upon the balance.
The debt Of the Company on the LIST October, 1888,
was $944726 25. OF this debt S25000O consists of
the bonds of the Company endorsed by the State, which
are payable in equal instamcnts, on the LIST january,
1859, 1860 1861, 1862 and 1868 The report goes on
to say that these payments can be readily made, as
they fall due, by Withholding Semiannual dividend,
thereby distributing among the Stockholders $4,000,
instead Of $4,000 for the ensuing five years; Or II
the State would renew its endorsement for short
period of tme say FOUR five, six or seven years. the debt
could be easily paid without any interference with our
seven per cent. dividend. The matter is respectfully
submitted to the Stockholders for their determination
Our six per cent bonds, issued in l848 amounting to
S443555 sc, will fall due in 1868. The legitimate
accrues from our sinking fund will put the Company in
full possession of means to meet this debt at maturity
as well as to qudate the bonds endorsed by the State
We will then have four additional years to meet the debt
of $148,444, which has just been extended. Thus at
the expiration of fourteen years the Road will find itself
relieved of debt and that too, after regular annual
distribution of seven cent dividends
Upon the whole, we cannot but regard the showing
as highly satisfactory indeed, know that several
gentlemen largely interested in the road were most
greeaby surprised on finding that the exhibit
good since it is known that there has been hardly
Railroad Company in the country that has kept clear Of
difficulties during the past year of panic and enbarrass
ment Of course the favorable balance between receipts
and expenditures has only been obtained through the
ercise of rigid economy For years past large
pendtures have necessarily been made for the erection
of new depot building warehouses; bridges etc. as vel
as the filling up Of trestlc-work. AS these wants
become supplied, of course the expenditures on
their account will cease be greatly reduced
as, indeed they have been this year, and will
be still more so in the future. The management o.
the road have been anxiousy looking forward to the
time when this state of things should arrive, that the
actual operating expenses of the road could be arrived
and distinguished Their wishes approach realization.
Maj. o. R. Kenan holds the proxy for the State, ant
VIM. S. Mullins, ESQ., represents the amount of stocl
held by the Wilmington & Manchester Railroad Com
pany.-DaHy Journal Of yesterday.