Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1867-11-15
Wilmington und Weldon Railroad.

In view of the general prostratio OF
business, in the face of unpropltious crops
and in spite Of universal gloom AMI de-
suondency, it gives US pleasure to be ena-
bIed to present so promising and favorable
an account OF the condition of the Whining
TON and Weldon Railroad, as is shown IN
the following extract of the reports OF the
President aud the Chief Engineer and SUI
nerintendent to be submitted to the Stock
holders of the Company to-day. Inc
actual business Of the road is such as to be
most gratifying to its share holders, while
ito ,,rosrects for the future are very en-
couraging,
The management of the road Is such as
10 reflect credit upon its officers, anu con-
firm the good opinion which the otock-
holders eyinced in their selection. we De-
lieve this is the only road IN the South
which has succeeded IN funding It's oeol'
and with this relief We may assuIedly look
for early remuneration to its Stockholuefs.
Tn one respect We are greatly indebted TO
the management Of this road-tor the lnau
gnration of the policy which locks to the
o,,oDtit,,. instead Of the price, asked for the
! TRANSFORMATION OF freight, to make 1t proft-
able Through the successful exertlonS OF
the officers of this road through freight
tariffs have been adopted along our sea-
coast and to many points in the INTERIOR
| Inv which means freigLts ale transported at
| the same speed with passengers, and at
rates within the reach of all business men.
! Nuch new business has thus been brought
TO our roads, and the profits to the Com
panies have been good, and the benefit to
the public very great.
We can better illustrate the present con-
dition of the Wilmington and Weldon
Railroad by giving extracts from the re-
ports of its officers
President BIdDGERs says:
| ..At The ma of the war the Road was IN s. very
/ bad condl ion. since that limo there n"s peen
exDcnGcd OK; is reconstruction aud improve iheii
s935 3G6 Il; 1928, 23i 80 has been ptld from the
earnings of tho Road SOB g 80 from tho sale
| of old ron, and the remainder maze the hoa'lh@
debt Of the Company.
| in 3 stringent money market it w"uli have been
| almost lnlossibie TO have done 1t on any terms,
such was the low estimate put on southern Sc
curities. .,:,.,.o, co+t;,,o, =
| in snch Il shape that it could be carried IN any
condition Of the money market on inc hre1 oay u
July past, mortgage on the foad anu l's prop,
erty was rnad3 to secu;e the payment OF one
thousand six hundred ana twenty bODds OF sI.ooO
or G2OO each payable i'll gold, to run thirty years.
with per cent. interest. -,
| 'sRy the terms of the mortgage eight hunQred
and seventy-one bonds were to be reserved, 10
exchange for C127, 600 or mortgage bonds dIe Ia
1881 an the remainder of tn N for ,OOO bonds
i'm
hundred and forty nine bonds for sale.
''In tie month OF september, when IL became
known that the bonds could be sod for eighty -h7e
cents with interest fIOm the hrst or July, In We"
| IF the condition Of the debt, and having twice
tailed in Europe aud twice in New York, as dear
! as the terms we're, they did not hes!tate 10 pun
the bonds on the market, and have SOLD i've hu"-
!, bred ana eight, and pro Ost 10 sell hlnety-pne
more making in all five hundred and ninety-njtle
leaving one hundred and fifty for future contln
Eencies.
ssThis sale i'll fund the floating debt, pay for new
rolling stock and for one Thousand tons OF ne"
rail The old raj thus obtained viii buy about
| SIX hundred tons of new rail &dditltnai.
| s.,Tte most of these bonds were sold in Baltimore
whose citizens h ave several OCCASIONS extended
aid to the Road.
# new rail. rebuild bridges and several ware
: houses which were destroyed during the war, tbs
net earnings OF this year will afford supplements
''The gross earnings have been tor the year $685.
S36 90 operating expenses, S<7S S9l 96 which
ives 1904 945 81 as the estimated Prohts Ihls
UNI j. ample to pay interest 'n debt, TO set apaf'
the necessary amount for slEklnS Iund 10 meet al
wants of the ON pany and pay dividend OF pei
cent if the road I'd been III good repair anc
without floating DEBT.
6 The business of the year has heen r. Sooe
and will compare favorably with the nest pros
, o,r,Jus Of previous years. tIth improvements
recently made in the line, and on the completion
Of others i'll progress, further increase M!
be looked for.
"The country along the line is admirably adapt
ed to the growth OF apples, peaches pearT, We
getabes aud grapes and has two 10 four weeks adj
vantage Of time in the Northern markets, and al
40 early dav large quantity OF these articles WI
be sent to market. .
"Ihere is no better grape climate on the At
IantiC coast and in fruits and vegetables II VII
compare favorahly with Delaware and New Jer
sew, with great advantage Of early maturing
:. Sp cial inducements Gu hit to be offered tt
persons who will engage in the pioneer enterprise
of growing these artclcs on large scale.
{ would be well to hold out such Inducements as
will cause persons sAited i'll 'he cultivation o
, auch crops to sc! tie &lOuG the road.
Further increase of business can be made b!
making cheap freight for the bulky art cies grown
in the interior and mountain regions ct the State
? As well by the proper encouragement O
through freights
In April, 1865, in reply to communication
from an officer of an adjacent Road On the sutjec
Of through freights, the Board passed , r"sotu
such action as might be deemed exped emit;
under which reference the CHIEF Engineer ane
superintendent instructed to prepare
through tariff, which was done and submitted Il
the July meeting for the approval OF the board O
Directors, which they ordered to be carried into
, operation.
20 As th,s matter existed much comment at thu
time it would have been submit ted ia the last an
nual meeting bat for the absence of the Preslden
in Europe. After lis return, the matter having
S met with success far as the experiment ha(
been tried, it was specially referred to the C om
l mittee of transportation, composed OF Messrs
{ Hogg, K:dder anu Fremont, who made very abl'
report to The Board OF Directors at sghich tins
a resolution was passed instruc ing the Ensinee
+ and Superintendent to continue negotiations al
ready begun, and to initiate through frejghtins
2 under such instructions and dire ctions as shall
be given by the Presi sent, and report the sam
from time to time to the Board Of Directors. /
= is due to the Engineer Gnd superintendent TO So,
he has executed these instructions with energy
and has exhibited skill i'll the Arrange mens of thu
tariffs.
Large quantities Of light freight have been zen
from the Northern cities to the Southern Gul
cities. over q line Of road more than three hun
dred miles longer than ours. with heavy grades
7 and curres. United action and energy VIII give
? us full sEart OF IL.
1.-The President and Board OF Directors nay'
been thus full 10 their communn alton on through
2 freights, because numerous objections have beer
made to the system, and they ask declaration
3 Of approval or disapprovai.
+ "fhe completion of tracks through Petersburg
and Richmond add much to the convenience o
travel and Of fEeiSAtg to and from the latter