Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1858-11-19
Stockholders Meeting.

Stockholders Meeting.
The Stockholders in the Wilmington & Manchester
Railroad Company held their annual meeting yeserdaya
the Court House in this place The meeting yesterday
forenoon was organized by calling General Chan
dr of Sumpter District South Carolina, to the Chair,
and electing R. II. Cowan, Esq, of Wilmington, and
NJ Gregg ESQ, of S. c. Secretaries. The Secretaries,
with the Secretary of the Company, were appointed
Committee to verify proxies and report The amount of
stock represented
The stock held in the Road by the State Of North
Carolina is represented by Hon. S. j. Person. that held
bv the State of South Carolina, by Gen. Chandler of
Sumter District - Williamson, Esq, of Darling
ton District and DR. Johnson of Marion District The
stock of the Town of Wilmington, by L. G. Miller and
A. Martin, EsqS., that Of the Wilmington and Weldon
r. r. Company by VIM. c. Bettencourt Esq,
Dr. J. d. Belamy and DR.. A. j. DeRosset
Jr. The capital stock Of the Company sub
scrbed and paid up is $l,125,3I4 81. Of this
a little over six hundred thousand dollars majority
of the whole held by the two States and the two
porations consequently there is always certainly a
quorum.
Z The Committee on stock at a quarter past twelve
o'clock reported as follows Whole number of shares
represented 1881 Of which there 1890 represented
in person. and 8,24l by proxy. This being majority
of all the STOCK the meeting was declared ready to pro-
coed to the transaction of business.
The Report of the President and Directors, with the
accompanying reports Of the Superintendent and other
officers was submitted by VIM S. Mullins, Esq, Prcsi-
dent Of the Company
From these reports learn that the receipts Of the
Road for the year ending Sept Both 1888 have been
S382,I9I "a of which there has been derived from
through travel $l398l3 Il from way travel $40 697-
O5 up freights and minor sources $43289 81 down
reights 1885, 63 Mails $4375 90. The expendi-
lures both ordinary and extraordinary for operating
the road have been 0G7 40, leaving nett
equal to $l59I24 25
There appears to be a dminution i'll receipts as COM
pared with those of the previous year of $80324 Is,
more properly of $72624 49, allowance being made for
certain accidental sums included in the previous year.
The main decrease has been in through travel which
counts for $633l4 II of the falling off, The next i'm
porant decrease has been in the matter of up freight
To account satisfactorily for this state Of things it is
necessary to bear in mind the difficulties under which
the road has abored during the past year. and which
fully sustain Mr. Robertson the Engineer and Supern-
tendent, in remarkng that "never, perhaps in the
annals of railroad enterprise has such combination OF
untoward circumstances we'll calculated to evoke the
dres results been known those with which the road
has been surrounded during the last twelve MONTHS
Concdent with the opening of the year commenced
the ruinous financial commissions which spread destruc
ton over the country and fell with peculiar weight upon
new competitor for part of its freight and travel by thu
completion of the North Eastern Road to Charleston
while early in the Spring the long anticipated rivalry
the interior route by way of the Virginia and Tenncss
r. Road ETC., began to be realized the steamship line
between Charleston and Savannah and the Northerl
Cities ran at reduced rates. and offered increased
modations and in the face of all this competition, th
through ticket arrangement between Wilmington ant
the Northern Cities was broken up by the action 0
Companies North of u.s. We agree that " it should b
source of especial qualification to know that the wor
has so we'll sustained itself amid circumstances so avers
and threatening and to draw from it the pleasing cor
vcton that it has passed safely through its goomies
period" That travel will return to its old route is
ready shown by the experience of the last month or 81
weeks.
The President and Directors have Judged ii wise ccol
Omy to shrink from outlay necessary TO put the
in the best postiOn-provde it with suitable shops
depos fill up tresc work, and make everything perm'
nent, although, in doing so, present expenses may
SwelCd because confident that these expenses will be pal
in future profits and in the assurance Of safety life
property.
We see nothing dlscouraging i'll the position OF I'll
Company, but the reverse. There is no reason why i
receipts during the current and future years shou
not exceed the highest point they have yet reached
the most prosperous times, while as works i'll progre
get finished the drain the resources of the Compar
on account of construction must greatly diminish
wholly cease. Dividends must be realized at no disal
day.
The President having concluded reading his repor
the meeting adjourned until ~ O'Clock, L. Nj.