The western Democrat. [volume] (Charlotte, N.C.) 1852-1870, 1863-02-17
PRESIDENTS REPORT
To the Stockholders Of the atlantic, Tennessee
Ohio RutIroad Con,nnnu IN North CaroLinn


Ohio Railroad Company IN North Carolina
Your President and Board of Directors respectfully
submit the following Annual Report of the progress of
the Road aud its operations the lst of January 1853
On the 3lst day of December last, terminated the
third fiscal year since the organization of your Com
pany At that time track la ing had extended beyond
Kerr's Branch when its progress stayed,
count Of the unfinished grading In the spring it
resumed, and with slight interruptions extended to
Third Creek The bridge this creek has caused
much greater delay than anticipated. The diff
Guilty in getting materials and the failure of parties to
comply with their contracts for the iron and castings
produced in great degree the delay in the compile
ton Of the work. In order to this stream a
bridge $40 feet in length and SO feet above the surface
of the creek had to be erected. with treste
work commencing at the northern abutment at
elevation of 81 feet and extending 600 feet to
near the summit of the HILL This is of the most
important of the kind in the State, whether
considered to its elevation length. The bridge
rests upon two abutments of substantial masonry
| erected by Messrs. Henderson Martin with span of
$50 feet between each The frame work has been
structed by David Renno, Esq, and will compare
| favoraby with any similar work in the Confederacy.
The structure is so far completed as to enable the
trains to pass safely it, and the track of the road
is extended to Within mile of the depot States
vile, where the passengers received and de-
livered. Within short period the balance of the
track will be completed-thus enabling the trains to
run through from Charlotte to Statesye.
Depots have been erected at all important stations
the line and the at Staesville will be finished
this spring, the weather will permit. This
will be brick building of the same style and dimen-
sions the warehouse of the W. N. c. R. R., situated
at end of it, and extending at right angles to it,
~ feet, presenting end track, and side to
the other thus making convenient to receive from or
deliver reights passengers to either Road, ex-
change frcights with the connecting depot This ar
rangement will b. readily comprehended when it
is recoected that the two tracks this point
each other nearly at right angle and that both depots
are connected at the angle of intersection.
From the account current Of your Treasurer 1t will
appear that he has received during the year from all
sources-ncluding $1,000 81, balance hand the
first of January last the sum 2o6 81 and that
he has dsbursed during the same period the sum of
S27S,7 36 81, leaving balance hand of 81 ,469 49,
BY reference to his account you will see the various
sources whence this has been derived. Not the
least gratifying the stockholders will be the
ings derived from the operations of the Road. The
receipts from the transportation of passengers have
been Sl543 90, from reights 81 SAL r. from mails
$3.50 OF, making the total income S27,962 So. This
result exceeds the most sangune expectation of your
Directors for the past year. with the road completed
80 to miles and single train running only three
four trips per week. As the train has been used
in the construction and repairs of the track that
transported the passengers and freght it is impossi-
BILE to state definitely what has been the operating ex
penses as distinguished from those of construction
II NAV however safely be assumed that the operatnp
EXPENSES will exceed $40, 0o0-leaving nett in
come of Sl6962 62, sum nearly equal to the of
two miles of your road. This income has been alb
rte in general construction and las saved the me-
cessity of issuing that amount of Bondsthus dimin-
isbing the Indebtedness of the Company that ex-
tent All the lquidated claims gainst the COMPANY
except of abont S35 0G0 have been paid funded
bv the issuance of Bonds endorsed by the c. s. C.
Railroad Company to the amount of Sl5l ,Oo0. The
assets on hand and available with the income of the
road will be ample to meet all other aceruiug abili-
ties until the Road is completed.
The entire amount which has been raised by the
Treasurer from all sources since the of
the work amounts to f379.o96 %. the whole amount
expended during the same period is 1857 ,62S So
leaving balance in the Treasury of S2l,4G9 90, not
including $4,000 of Bends OF the town of Charlotte
in the hands of your Treasurer As you will observe
the principal of receipts TO Treasury have
been: From Stockholders SI32lS6 70, from sale of
Bonds 600 less discount on the same of S6,93s S.
and from the earnings of trains S27,962 SO.
The Company owes note in Bank other
wise yet there outstanding settlements and
balances with various stockholders and contractors
which will materially add to the cost of construction.