Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1867-11-29

4
Wilmington d Manchester Railroad.
! AS the future prosperity Of the South Is
DEPENDENT in very great measure, upon
| the progress of internal improvements, we
| surrender aportion of our space this morn
ing to remarks upon, and extracts from,
| the report of the President and Directors
| of the Wilmington & Manchester Railroad,
! which were submitted to the Stockholders
| in their regular annual meeting OF last
Wednesday.
In referring to the reports of the Super
| intendent and Treasurer, the following
summary of receipts and operating expen-
ses is given in this report:
The gross receipts have been. 1863 ,28o 62
The operating expenses. '.....-. 249'l4o ~
Estimated profits .S2l4,l4O AZ
From this it will be seen that the road
has done q very good business, and that
skill and economy have been displayed in
its management.
The report then refers to the present in
debtedness of the Company which, 1t is
Justly said, is subject that merits attention.
the present Board of Directors, and it must
still be given to the subject by those who
may succeed to the management of affairs.
It is stated in the report, that when the
work of demonstrating and re-equlpplng
the road commenced, it was the intention
to pay this Indebtedness chiefly 10y the sale
of Bonds. Every effort has been made,
but notwithstanding this the President and
Directors have not been able to negotiate
all of the securities. It is from this cause
that the Company is now pressed for mo-
new This fact is not attributable to the
want of proper and energetic efforts on the
part of the President and Directors to eff
feet sale of these securities and relieve
| the Company of the heavy debt hanging
over it, but rather to the unfortunate con-
Gition Of the country, politically and finan-
cially, and the collateral causes which rem
| der it difficult even for the best and most
| solvent of Southern Railroads to obtain
| loans or effect sales of securities. Even in
| dividuals have met with these same diff
| culties and been confronted with similar
| obstacles in the endeayor to effect pri-
vate transactions. Through all these diff
culties continued and persistent efforts have
been made to relieve the Company from
embarrassment, and statement contained
in the report to the effect that at different
times some $220,0O0 of the Company S
bonds have been placed, and some $780,
900 in money raised during the present
year, will show that they have not been
entirely in vain.
| In addition to this, all the former bond
transactions amounting to some $1,261,-
! TAO 80, has been re-arranged.
The report expresses the opinion that
the present Indebtedness of the Company
is not 80 large as to be beyond its manage
ment and control, and regards tie debt as
one which can be comprised without great
difficulty, though it may require time to
do So The need of money is acknow-
| lodged, but there are but few corporations
which are not in the same condition, and
it is candidly thought that the case of this
Company is one susceptible of control and
management.
The following statement of the actual
debt of the Company is given:
Actual bonded debt now out. 81, So 7i0 81
l Total floating debt embracing that
/ before the war, during the war and
| since the war ................. 731,7G7 OF
Total actual debt .............$2 81, 282, 507 So
The following opinion and statements
regarding this debt are also given in the
report
. "The bonded debt is not troublesome. The
floating debt is the which enlists special
| attention. This debt amounts above stated,
to s731,767 o. Of this sum STAT TIA 81 is in Con-
feGerate currency. and could, we think, be ar
ranged for $4,000 in present currency. In the
floating debt is also embraced $15 754 &c, which
will probably never be called for, as much of this
| pany since 1852, the creditors in some instances
being dead and without legal representatives, and
on other portions of it, similar natural and legal
disabilities exist. Under these circumstances we
think it reasonable to state the actual floating
debt of the Company to be $56s,297 46. Various
modes might be suggested for it's management
! and reduction, but as these would require mucl
detailed explanation it is probably best to leave
the matter to the President and Directors for thei
. control and adjustment"
Il We quote further
f "The liabilities of the Company are as follows
Capital stock ACKNOWLEDGEMENTS. 81, 1FOl6 8
/ First Mortgage Bonds, divided as
follows
> First Preference or Sc
Y ries. $500 GOO 90
! Second Preference
Convertible ...,...... 60 900 90
Third Preference 1890. $50 900 90 900 900 Oh
Second Mortgage Bonds .......... 100000 o.
S Floating Debt ............ 731, 767 o.
i Total. OBSERVATION-DISCLOSURES. $4,S7S, 785 8
: ssAs stated above, the bonded debt now actual
q ~ out is 81, $50, TAO 3d. The road being bondet
for So 500 900 co. leaves still in the hands of tn
, Company, as an asset undisposed of, S949, 259 IS
The greater portion of this sum is available to pa
off the floating debt ii desirable. Our impression
however, is, the floating debt can be paid off with
out using this asset. The ability of the road t.
rrovide for the interest its entire bonded debt
: should it be deemed best to dispose of all Of it
bonds appears from the receipts and operatin;
L expenses of the year which has just closed. Il
the event all its bonds sold, the interest &C
count of the Company would be $175,00O 90 pc
q annum. The net earnings this year were S214,
: 14O AZ it therefore appears it can manage
bonded debt of that extent, on its present busi
ness. 1t is reasonable to expect an increase i'll it
business in which event the whole matter woul
be still more under control"
l The following facts and figures are mex
submitted for consideration
. Amount of old First Mortgage
VI Bonds, due June 1st, 1866. 5000 o