The western Democrat. [volume] (Charlotte, N.C.) 1852-1870, 1868-10-27
Viii, Char. e. Ruth. Railroad.

/
holders of the Wilmington, Charlotte and Ruth
erford Railroad, held in Wilmington ON the 22d
inst, Col. w F Leak, of Arson, was called to the
Chair and Messrs NJ Cronly and j I Alderman
requested to act as Secretaries.
| The election for officers resulted in the selec-
ton of the following Board of Directors, being
the old set, no change having been made:
r III Cowan, " Steele, r S French,
Person. III " Guion, j A Mcdowell, G. Hen
derson, S W Cole, A r Holmesley, S Fl Walkup,
A G Logan, John D Taylor, NJ Hutchinson.
| At meeting of the Directory, held later In
the day, Col. r. H. Cowan was unanimously re-
| elected President and the other officers of the
Road were compl:mented with the same vote
Little or no other business of importance was
| transacted, and the meeting adjourned to meet
on the first Wednesday after the fourth Monday
in next October, at Charlotte VII. Star.
We copy from the Journal the following ex-
tracts from the report submitted by President
Cowan to the meeting of Stockholders:
But, in very few weeks now, our road will
extend to the Pee Dee River. This will open
to use large extent Of rich and productive
country from which we have heretofore, realized
nothing. 1t will add largely to our recep pts,
with but very small addition to our expendi-
lures. x We are therefore, very clearly
within bounds, when we say that the clear pro-
fits to the Company from the business of the
coming year must be at least double those from the
business ofthe past; and We hope for even more.
1t will thus be seen that income will be sufh-
cient to pay the interest upon our entire First
Mortgage debt, even supposing that the whole
number of the bonds should be sold, which is not
at all probable. i.
Considering these facts, the result of our years
ha hoth md
ing. 1t fully realizes all of our anticipatons
and predictions it proves the rapid and perma-
nent Development of the country through which
the road passes; and it establishes the fact that
its value to the Stockholders of the State has
not been over estimated. Thus we have an
ample assurance that the road has become pub
lie necessity; and that it can be, and must be,
and will be, built as soon as there is anything like
permanent settlement of the political troubles
of the country. Until this permanent settle
mcnt which we all so earnestly desire, has been
accomplished, the Stockholders of this Company
must learn to possess their souls in patience. 1t
is unreasonable in them to expect their Direc-
tors to do, and complain of them for not doing,
in their public capacity, that which neither tie
Directors they themselves do in their
private capacity.
with this endorsement (by the State Con
vention) our bonds to the amount of one million
of dollars Isl 600, 0OO) were placed on the mar
ket, and were sold at prices averaging seventy
five cents (75) to the doar-less the commission
oftwo aud-a-half (23) per cent. paid to our
agents. 1t was not thought advisable to offer the
balance of our mortgage bonds until we could show
income sufficient to satisfy capitalists that the
interest would be promptly and regularly paid.
This we hope that the present condition of our
Company will enable us to do at an early day. |
With the proceeds derived from the sale Of bends
We have paid off very nearly the whole of our
floating debt, and indeed all of it which can press
us-we have put the whole road in good order
We have pushed the graduation rapidly as
possible towards the Pee Dee river; and we have |
purchased iron sufficient to carry us beyond that
stream. The iron has been received, and can be |
placed upon the track in few weeks after the
graduation has been completed. *
Much complaint has been made because the |
money derived from the sale of bonds and used
for construction has been expended principally |
upon the Eastern Division OF the road. We
are willing to admit that such complaints are
natural but we hardly think, they just. 1t
must be remembered that we have no right to
regard the interest of any particular section Of
the country through which the road passes, when |
it comes in conflict with the interest the Com
pany; and it is beyond all question the paramount
interest of the Company first to complete the gap
between the Western terminus OF the Eastern |
Division and Charlotte. Until that is done, |
every dollar expended elsewhere is perfectly use
less When it is dQne, the road will complete |
itself TO any terminus which may be selected by |
the Company. These indsputable facts have
shaped our policy. Any other policy would have
been suicidal We have no hesitation in saying !
that not single bond could have been sold, and
not a single dollar could have been borrowed to
be applied to any purpose which would not yield |
immediate returns. We could not have paid |
our interest-our credit would have been des-
troyed foreyer-and the means which we now |
have and which we believe to be sufficient to
complete the road, if properly applied, would
have been rendered utterly valueless.