The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1868-07-22
Report Of the President Of the
North Carolina Rail Road.
Presidents Office, N. Carolina X. r.. Co., D
Company Shops, June rs, 1878. 5

Ffekfututb OAfCcs Iss 1htVHhn - - Nof
Company Shops, June rs. 1878. 5
TO rnn BOARD Of DiREcToas: ag
Genfiemn--I have the honor 70 submit
sdtovou, and tkrough you to the StockbOld.
ers, the 10Th annual reportef the operations
v,.oi the Road. for the fiscal year ending May
1 .3ist, 1868. M t
q Receipts from all sources, $5s54ll 90
: Total expenses Of operating The Road 26s772 20
Leaving - net profits over operating ex-
penses, 5l66Js Vi
While The net profits over ordinary and lsd
!" Extraordinary expenses ss shown by .ts7s
..HE The Secretary, are hHeiH ~ Hoi5 So
1iaa What has gone with this large net income
beinre il could reach needy Stockholders in
the shape Of dividends. has been told in de-
foiI by the Treasurer and d.Secretary in aheit
foil and satisfactory reports.
Debt reported at last Annual Meeting. S6esssI "a
Debt srislng on Confederate transactions
for iron. damages ia burning coiloG, in. Is
iesst &c., no, fully ascer.sined Al Inst s.
lime, 97i50 7s
10000 SO
Pseseni debt of the Company. sso,ls4 90
deduction ofdebt, 2l0,s17 6i
We started this year under snost adverse
auspices. This large debt was due 10 persons,
annst OF whom were in great want of mo-
ney. The Stockholders al their las, meet.
ing ordered the road TO be morigaged. and
bonds to be sold TO meet this debt. visit.
ed New York for that purpose. When
talked in Wall street about selling bonds
m. $50 cts.) eighty cents in the dollar was the
highest price, because of the unsettled po-
lllI, al condition Of the South. II would
take SO cents our political condition was
iurgetten, or atleast not named. lwas not
willing to take 80 cents and lose sl60,000
90 by such sale oi bonds. For this and
utLel GOOD reasons delayed, and dec,iued
10 execute The mortgage until very recent
", when ordered by the Board. Ihaye sid
10 bonds al less than par, and think Il un-
wise 10 depart from this ruiz.
We owe il TO the liberality Of our bond
holders, ~ho have cone fnrward aud ex.
chauged at par their old for new bonds, that
We did no: have 10 submit 90 the loss Of
100000 90 BY sale uf bonds az 80 cents.
Other gentlemen could name oi those ol
whom we borrowed si72. .6s9 90 las, year,
payable on demand, took $4,000 10 bonds
Al par inr their demand loan. which greatly
relieved eur wants and sustained our cred.
ii. 5
The Road has been operated under Ia
rih IRON 90 10 40 per cent. lower than any
former tafIh, on some articles the reduction
has been % per cent. Notwithstanding
this great reduction the receipts from
ireights this year are sac. .42e 81 more than
freight receipts lvr last year. Our receipts
an outgoing ireights are not what they
should be, owing to The want Of prosperity
and success in the agricultural operations
o. tie country. Nor will they be until
Congress learns the, lesson taugh, By Ed.
inuhd Burke, 7" that il is perilous thing 20
experiment upon the farmer, for the trade
VI Tue iarmer Is one OF the mosi precarious
10 us advantages, the most liable TO loss and
the least prohtable that is carried on. lll
g requires ten tines more ol labor, OF yigi-
lshce, OF attention, Of skill, and lei me add
oi good fortune also, 10 carry on the busi-
ness " : 'aruer with success. than what
belongs 70 sny other trade
lne farmers capital Is far more feeble
n man n neommonly Imagined. The trade i
n very poor one il 10 subject to great risks
sa" i"sses. The capital istufned but once
year, and IN soule branches il requires
th,se years beleie the muney ispaid."
No.withstaoding this poor trade, which |
the whole Svuth follows. Congress has tax
20 our three leading articles OF trade, 10
WI; cotton, Corn, lln the shape Of whis-
key)and Tobacco, while the leading articles
"a A. n.