Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1867-11-01

not attended.
Mr. Sheriff, let the court stand adjourned while
the voice Ofjustice Is stitied
WILMINGTON, Charlotte and aoth"r1of"
Railroad.
The meeting of the Stockholders OF THIS
Company took place during the present
week in Lincolnton. There has never been
work projected the completion Of which
would add SO much to the population and
wealth of our city, and we cannot eompre-
bend the reason OF the great indifference
exhibited by our people in its welfare
Certainly We should not be discouraged by
the slow progress made in its construction
or the limited results accruing from Its pre-
sent operations. With its eastern terml-
nus some miles up the river bank, and Its
western in thinly settled district OF coun-
try. with DO connections of any kind, and
! left by the war without equipments or re-
| sources, its recuperation must necessarily
have been slow, but the progress 1t has
made, and its present promising condltloh'
reflects the greatest credit upon the 1ntell-
oence and enterprise of its management.
By the labors of its officers, by the action
of our State Legislature, and on account
of the great resources OF the country It's
extension will develop, We regard It's early
completion as assured, and must follow
hard upon the settlement of the political
difficulties Of the country, which are re
tarling the progress of all undertakings at
the South, and sucking the ife-Dlood from
many.
From the able and searching report OF
President CowAN submitted to the Stock
holders on Wednesday, we make such ex-
tracts as we think viii prove of general in
terest.
In regard to the earnings and the finan-
cial condition and property Of the road, at
ter referring to the reports OF the Superln-
tendents and Treasures, he says
From these reports We have carefully condensed
| the following statements
The earnings of the road for the pas" .o,. 49, 80
| wear have been Observation-Disclosures. SL-t,ooi ..
| TIE nnerating EXPENSES have been. III, 754 OF
Tho casr nrofits therefore. are..... SHOP, sos 81
ne nre e2SUss YEAR Tg have been s29,573 Il
me tI,r decrease u 1925 81
Inc fora ahe sre u e,o', i'0.' s,499 st
IL? road Las = BEEN per cent
E The increase in receipts ToIn trans 20 [; g
DOrta ton. .............-. 10
Tie increase in clear profits to the =, &c {.
| company =. i ,,, =
Tho operating expenses have been >, & g
, only. .................. ..''.--.. of
: The very largo increase of tonnage is accounte'
! for BIZ the difference in the character OF tn
freights which have been offered for transpofta
ten during the past year.
The increase in our fceights has been realize
in the face Of the fact that for very large PAL
Of the wear. our means of transportation were ut
terIv Insufficient for the business which was offer
ed tous.
. The comparatively small increase of receipt
u from transportation was caused by reduction {
: more than an average of 33J per cent. IN our rate
Of fares and freights; and the large increase
profits by the admirable diminution O. the oper'
4 ting expenses of the road.
The whole result shows q decided and Gratlf.
) ing increase in the legitimate business Of II
: Company, arising from the gradual dsvoopmo1
e of the country through which it passes, echtC
: makes 1t permanent.
The economical management OF the road r
. fleets great credit upon the two superintendent
" They have done much moro work than was dol
10 dnring the previous year, at a cOst, not only pr
e portionate?y bat actually materially less. Coz
d s;dering the condition Of the country the unce
10 tanty of labor the high prices OF all MATERIAL d
extraordinary expenses Occasioned by the sun
mer's floods and the hard usage to which ii
81 road and machinery have been so long subJecte
IL the result has been unexpected as 1t Is Sra1
S. ing The percentage OF our expenses would Ia
y been regarded as the result of good manageme
/ even III the olden time. Forty-lVe per cent. "
regarded as the result Of remarkable mana9eme
upon the best baasted roads OF the country,
y the prices which ruled before the war. AT Il
IS present time, when you consider that your foa
o. bed and machinery are reported IN better ord
, than they have been at any time since the sure
der, the result which We have exhibited, TO say Il
least Of it. entities your subordinates to some d
H. cided mark of your approval.
ty The receipts from the transportation depal
re ment Lave not been as large as the preparation
7 which our people had made for business, and t
manner in which business opened promised tn
they would be. This has been owing to long CO
tinued and exceedingly heavy rains, such as ha
e. never before been known IN this country, anu,
IL all probability, will never occur again. The ag
of cultural and manufacturing interests, on Wm
we depend were materially injured by these rail-
L. and our supply Of freights greatly reduced, esE
cially of those articles which are yielded by the
ry valuable pine tree. We estimate our loss trt
D. this source, direct and indirect, at $6O,OOO.
10 these losses though serious at the time, anu NJ
er to be regained, were produced by caus
~ which, from their very nature, can have no
ne manent effect upon the business OF the road.
). take no account of them, therefore, IN our fut'
lrt calculations and when we say that the proml'
ba of our last report have been more than tulhh'
and that our business has increased SEVENTY
49, per cent over the business of the previous ye
he we predict with still greater confidence s
u larger increase for the year which Is to come.
&c This prediction is not TIL result OF idle specu
ad ton 1t is founded upon facts, and the kno"ieo
of the effect of the application OF similar facts ei
to where.
r Our transportation department, which has he
tofore been deficient il rolling stock, Is no" 81
e. piled to the full extent which is needed, and