Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1859-11-11
President nnd Directors Report.

To the Stockholders of the W. j. ". r. r. Co:
GENTLEMEN The President End Directors, in laying
before you their Oath Annual Report feel gratifed in
believing comparison of the transactions of the Com
pany for the last two years with its previous history
will give you the most hopeful assurance for the future
The Report of the Treasurer shows an aggregate of
receipts of $477 55475 $4,000 in excess of the
previous year. The cost of operating the Road (which
also includes the perfectng of what unfinished and
the repairing OF what was In state OF decay amounts
to $242 1853 49, for statement of which, in detail you
are referred to the Report of the Engineer and Su-
perntendent The difference between the receipts and
the expenses exhibited, shows that we have made
nearly Is per cent on our capital stock These profits
have been absorbed In the regular contribution OF per
cent to sinking fund.- per cent to the payment of
the interest debt, including premium exchange
and per cent in dividends to stockholders leaving
a small balance on hand Our profits, indeed, are not
large they for the year ending October lst
1857; but when it is recolected that at that time we
had the benefit OF exclusive through ticket between
the Northern and Southern States, 1.-THE only rail con-
ncction between these points being lne and
that then the outside steamers from Charleston, Savan
nah and New York were not running in opposition to
u.s. truly astonished that the difference is not
much greater During the last twelve months four new
lines of rail connections leach earnestly and energe
caly competing with us) have been established. The
outside steamers, formerly, only few propelers,
have increased from to It, and of the largest
class of sde-wheel steamers The immense amount of
eDgers at greatly reduced price Under these circum-
stances repeat, that the amount of our through
travel for the last year should give to the stockholders
most reliable assurance of future prosperity But while
the elements of opposition the great Atlantic Trunk
Line have been thus fully developed the managers of
this line have not been remss. New connections with
1t both north and south OF US n rapid progress of
construction, which will not only greater dispatch
of travel but must diminish expense. Before the end OF
another year, the Wilmington and Seaford Road will be
tO "A (ihpSaOpaka Raw
miles north of Portsmouth, and passengers can then be
carried from this point to New ork in eight hours less
time than is required for tae service. Early
in January, the Road across the peninsula If Florida
from Fernandina to Cedar Keys, will be completed
This work, III connection with daily line of steamers
from Charleston Fernandna, (already established)
will put In close connection with the travel
the Gulf of Mexico
But, Notwithstanding this promising aspect Of our
through travel, it is domestic business (both in
travel and freights which should inspire with the
most confidence. While the former-way travels in
excess of any previous year. our reghts in defiance OIL
all competition, manifest steady increase. The Report
OF the Engineer and Superintendent demonstrates the
great disadvantage under which this branch of bust
(which of all others should be most cberished)
labora. His remarks on the policy Of assisting it,
by the employment of line of steam packets between
Wilmington and New York, are earnestly recommended
to your consideration. And ability in connection
with the Manchester and the Rutherford Rail Road
Companies, to support such ne cannot be doubted.
The stockholders will perceive from the Report of the
Chief Engineer, that the resolution authorizing the con-
struction of Branch Road from Rocky Mount to Tar
boro adopted at special meeting of the stockholders
held IN Wilmington on the l9tn of May last, has been
partially executed. The contractors, who have given
bond with approved security for the faithful performance
and completion Of their contract before October, 1860
now at work. change of both of the termini as
fixed by the survey and embodied ia the contract il
earnestly solicited by some of the stockholders. This
subject is referred to you for your consideration.
Respectfully submitted,
WIN. S. ASHE, President.