The western Democrat. [volume] (Charlotte, N.C.) 1852-1870, 1863-02-24
ANNUAL REPORT OF THE PREsI
DENT OF THE CHARLOTTE g. 8. C..
RAILROAD COMPANY.

the following Annual Report
With the close of the 3lst day of December, termi-
mated the 18th fiscal year of your Company. During
the mast year. the business of the Road has been
usuay heavy. 1t more than exceeds in gross income,
double the amount of any preceding year From the
Treasurers Report, the earnings from all
amount to the sum of six hundred and forty -one
thousand five hundred and twenty dollars and seventy
six cents 1864 500 76 The expenses for the
period are hundred and eighty-nine thousand
three hundred and thirty -four dollars and twentyone
cents (SlS9334 81 -leaving net income of four
hundred and ffy-two thousand one hundred and
eightysix dollars and lyfve cents ($452, 1856 55)
This sum is chargeabe with two dividends payable in
July las and January 1863 the payment of interest
on the funded debt, the redemption Of $4,000 Of
bonds due January LIST, 1868. From it is also
to be deducted the cost of about 1000 bales of
cotton and 40 slaves purchased for the and benefit
of the Company, the accounts for which not
tirely closed-Ieaving balance of about $4,000 to
quidate outstanding accounts and claims against the
Company
1t has long been the settled policy of this Company
to own a considerable portion of the labor necessary
TO the maintenance of the Road. The is held
as a medium Of exchange and basis Of credit abroad
after the blockade of ports is relieved Should
this war, wantony and wickedly forced upon the Con-
federacy by the Federal Government, terminate i'm
medatey, your Company will require the expenditure
in foreign countries of less than hundred aud
fifty thousand dollars. to restore its property the
condition it maintained at the beginning of the
revolution. Upon the return of peace the necessities
OF the Road will be urgent, the currency of the
country deprecated and sterling exchange will for
some Time rule high; the cotton he
then imported at the lowest rates.
The Stockholders should realize the facts that while
thelr income has been greater, The deterioration,
and tear of their property has been in correspond
ing ratio. The rails in the track have been much
worn; the engines without their usual efficiency
Notwithstanding many cars have been bnilt in the
shops during the war, the number hand is reduced
fifty per centum below the average supply. This
the result, to extent, in yielding to the urgent
appeals of the Government to expedite all munitions
of to their destination. The threatened inter-
of he EaS and mia de- ,v
the enemy, and the inconvenient transfer the
Cape Fear River at Wilmington, caused much of the
heavy ordnance and other munitions for the defence of
the Atlantic and Gulf coasts we'll as the Valley of
the Mississippi, to pass your Road Owing the
difference in the gauge of tracks at Charlotte these
heavy guns and other munitions received by
your cars and without transfer sent to Charleston
Savannah, West Point, Corinth Mobile, New Orleans
Vicks burg and Columbus AS Anticipated, many
of these cars never returned A number of them
were west of Huntsville, Alabama, when it cap
ured BY the enemy. These LOSSES referred to
only In explanation of the present condition of your
property. In the then defenceless condition of our
country, the, causes which led to them cheeruy
submitted to- and would be again under similar cir
cumstances. Such urgent demands have been
made apon your transportation for the past few
months, and it is hoped that such necessity will not
in future.
According to the authority vested in the Board of
Directors at your annual meeting two years since.
stock dividend of 335 per cenum was directed to be
issued on the entire capital stock, TO each stakeholder
in proportion to his shares. This issue, when COM
pleed, VIII increase the capital Stock about
million five hundred and thirty five thou sand dollars
This amount will be somewhat varied by the number
of fractions Of shares purchased from sold the
Company, the holder in all having the election
to buy or sell at par Vaue To this time 36761 addi-
tona shares have been f4sued in which So 700 were
paid for fractions and $83 received for fractions
of shares leaving the difference between cash
and disbursed on this account only ,O66 e. reduc-
ing the dividend Of stock that much less than ISL per
centum on the amount issued There yet outstAnd-
ing about 442 shares entitled to receive the stock
lonH &c IL.
eary possible and for this reason the rule was
adopted to pay dividend upon the new stock !
until the Old certificate was surrendered and a new
one issued including the stock dividend. The equip
ment of your road was ample at the beginning of
the for its then limited business, in addition
to doing than double its usual transportation it
has furnished the engine and the Atlantic,
Tennessee and Ohio Railroad, with which il has been
operated. The greater portion of your income is fro
freight the passenger account including the transport
taiion of soldiers. All Government freights, with
slight EXCEPTIONS have been conveyed rates much
below The average charges in times of peace Nit:
20 cents FER hundred pounds per hsndred miles and
the soldiers at cents per mile. The ordinary charges
on the Government business would have given you
income of about 100000 than it has yielded |
In addition much freight has been transported free of
charge for benevolent and patriotic purposes This
has been accomplished too while the prices of every
element which into the operating expenses Of
railroads have advanced from so to 900 per cent and
yet gratifying to state that your expenses
80 per cent the gross income of the road. Such
results not often attained by corpora tons under
similar circumstances, Jr can such be expected by
the stockholders in future At the beginning of the
past year the Company had fair quantity of material
and supplies on hand, purchased at peace prices. |
These have all been consumed, and the Company is |
now paying for many essential articles times their
former rates.
Notwithstanding the advancing prices of the country
your charges for transportation of passengers and
freights not changed until October last when |
they were increased passengers about 20 per cent
aud on freights average of 30 per centum. While
the railroads generally have contributed in a high |
degree, TO maintain the Government, it is manifest |
that their advances other interests have been
commensurate with the increasing prices of the country
The Atlantic Tennessee and Ohio Railroad will be |
completed Statesve by the 2cth of February This
will become important auxiliary to your road when
finished The progress Of the work has been delayed
by the difficulties in procuring materials for the
petion of The bridge Sd creek miles from
Saesville. This bridge is 80 feet above the surface
Of the creek, and $50 feet long, with about
feet of trestle connected thereto making ordinary
structure. The income of the road for past year
in incomplete condition, running only four trips Per
week, will amount to nearly S24 900. To this time it
has only been for this Company endorse
81 of its per centum bonds; and the opinion is
entertained that il will require much aid
any extraneOus source With this important tributary
complete and assurance that the Greensbo and
Danyille connection will be made during the ensuing
year. you have every reason to rely upon permanent
and increasing through business. Only i'm
portant link is necessary to place your property
the principal highway of the Confederacy This is the
Columbia and Augusta connection Let this work of !
only 10 miles he constructed and you annihiate 70
tl,ayo l.IF r II