Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1872-12-06
LOCAL.
Stockholders OF the Wilmington &
weldon Railroad.

STOCKHOLDERS OF the wilmington q
weldon Railroad.
The Stockholders Of the Wilmington x
Weldon Railroad assembled yesterday at
the Presidents office, it being the Thirty
seventh annual meeting.
Mr.. ID. MacRae was chosen Chairman Of
the meeting. J. w. Thompson and Z.
Murphy was requested to act as Sccfeta-
Iies.
Tie Secretaries reported nine hundred
aud twenty-five shares represented in per-
son, and lin" thousand nine hundred and
siXty-tIlec by proxy. There being d ma
jority OF tue stock present, the meeting was
declared duly organized.
Hon. L. Il. Brid9crS submitted the report
! OF the Presi lent and Directors, including
. the reports Of the Superintendent and
tle Treasurer.
The following is the report of the Prcsi-
dent and Directors
To The Stockholders Of the
". d. ". RGHrOad Company ::
The President aud Directors submit their
! thirty-seyenth annual report also that of
the Superintendent and the financial state
ment OF Treasurer
. Gross Earnings gs.......... $685., $40 95
Expenditures. ....... -..... 405,O37 40
S230,9 A
THIS is the best exhibit the company has
ever made and can be relied Gu for con-
tinu2nce in the future, as it has resulted
tFtm permanent causes
The extension Of the VI iimiiI2ton, Column
bia q Augusta Railroad from Sumter to
Co umbia, and the purchase of the Char
lotto, Columbia d Augusta Railroad by
the Southern Railway Security Company,
has given full Southern connections which
were never had before. These new con-
nectiOns have given quite an increase Of
business, and will, in the future, be much
larger. as there has not been sufficient time
for its development.
I. The local business las been constantly
increasing; and While a single year does
no. show any very great increase in the
receipts, five years makes a marked diff
ference.
Those who are familiar with the country
along the line OF the Road, will remember
six or seven handsome villages, where five
Yeas ago were only a warehouse and two
or three stores. The general appearance
Of the farms in view of the Road show i'll
creasing prosperity.
Whatever may 0e said Of other portions
Of the South, the appearance of this Sec
tion, with increased treights, from increased
productions, proves beyond all cOntrad ctiOn
that this section is recupeating and grow
ing in prosperity; while there may be indi-
yidualS growing worse, the community,
taken together, is improving in its tiEan-
cial condition.
Uow far an all-rail line can compete for
the far oil Southern business, with riva.
lines running to the coast and thence by
sea to the Northern trade centres, remains
a problem to be solved. If this expert
ment should not succeed we can fall back
on the Port Of Wilmington and command
a full share Of the business. The true
jIrf of tho line rp0DirpS both all-rail
line aud the Port of Wilmington, for the
purpose Of enjoying all the advantages of
its position.
While this line is Il little longer than
some Of lis rivals, the Increased distance
is much more than overcome by the
advantage Of lighter grades and fewer
+ curves-advantages so great that freights
can be carried cheaper than on the lines
with heavy grades and short curves.
The increase Of business requires an i'll
crease Of locomotives and cars: while the
. increased tonnage is rapidly wearing out
the older parts of the track, over one-half
! cf which has been relaid with rails since
the war. The purchase Of new rails
already made will bc sufficient to maintain
The track until the Spring, when further
supply will be required.
The Superintendent recommends that
the Roads shall be balastcd as rapidly as
possible, as tie best means of saving the
machinery and track from rapid dcprecia-
ton.
he lease of tins Road to the Whining
ton, Columbia and Augusta Railroad Com
pany fixes the future value of the stock:
five per &c ii. to be paid on the 18th of De
cenbcr, and six per cent, the next year,
and seven thereafter, in scani-ann1al in
stalmeuto, to be paid to the Stockholders
! free from all taxes Or other membranes.
in1 h.,C lCTnI af M
further indebtedness can be imposed Oh
the Company. The stakeholder not only
has llr' iIict me / His Road as Il guaranty
for his future d.VitcJ.dS, but has that OF
tie Wilmington, Columbia and Augusta
/ R,jNoal Company jhe gross incomes OF
Wl!,h lave already been increased moIc
Than sixty Icr c"ttt. nr th@ extension Of
the Road f.oIu >islntsi - Columbia.
Ii Is Il iuo! c.lJ~c pCccngratulation that lie
Company h2o 80 floating debt, aud So can
say u il, Stockholders that ti.eoc dividends
have been secured beyond all contingencies
free from all taxes OF cher expenses. and
tie stock offers q good permanent invest
ment for capital
L. I. BEIDGEEo, President.
We make the following extract from j.e
ie2ort If the Superintendent
ROAD DEPAETMEH T.
! Ike read has been very much improved
this year by (1o!) ten aud one quarter
miles of laW rails, which reduces the
amount Of Old rail TO lSg4) eighty and three
quartcr miles, which has been in the track
C22l twenty-five years. We cannot expect
this old iron TO last much longer as it is
very much worn.
We shall REQUIRE for the coming Veal
p (3.GnN) tjlrCC thousand tOIo Cf ltCW iron.
! Ills amount may seem large, hut I am
: surc it VIII be economy to put every rail
! ii il i'll t;lo track, as the cost Of keeping UP
tie rolling stock and road Will be very
much reduced
Arrangements are being mad" for the
building cf bridges over Smiths and Fish
ing Creeks, aud viii be completed during
the coming year. | would also recommend
that the woIk Of building stone culVerts TO
replace small trcstles, be commenced at an
carly day as possible and that an appT0-
| p1iatiOn ba made for that purpose.
The work Of ballastirg the road has been
continued through the year, but not as
rapidly as could have desired, owing to
the scarcity Of Engines and cars, having
tut oLe Engine for that purpose, an old
worn out Locomotive, and dirt cars which
are not at all suitable for hauling gravel
any distance. l am much in hofes Chat by
next spring, we may be better prepared and
that the wolk Of ballasting may be pushed
forward more rapidly than ever, as | con-
! slider it most important work.
MACHINERY DEPARTMENT.
! HE Machinery is in coed order. One
new yard Engine has been purchased du-
ring the year, at a cost Of SlO,OSO. Ten
new platform cars have been built, costing
$500. Five new postal cars are under
! way two neally finished and the other
4, IL,