The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1897-11-19
TIE ". AND ". RAILROAD.
ANNUAL MEETING OF STOCK.
HOLDERS YESTERDAY.

HOLDERS YESTERDAY.
h OnKciaIs Re-eiecsed-The Wilmington
and New Bern Railroad Becomes u Part
of the Wilmington aud Weldon Road.
Largest Business in the History Of tho
Roxd-Other Stockholders Me-. ttngs.
In conformity with the published no.
tice, the sixty-second annual meeting
OF the stockholders of the Wilmington
and Weldon Railroad Company WIS
held yesterday at IL M. in the general
office OF the company in this city.
On motion, Junius Davis, Esq, Of THIS
city, was made chairman and Mr. JOS.
F. Post, Jr., was requested to act as
secretary.
On motion, Messrs. VIM. Calder and
James 3. Post, Jr., we're appointed a
committee TO verify credentials, and re-
port the number of shares represented
In person and by proxy They report
ed that out Of 10, 900 shares there were
represented in the meeting In person
and by proxy 1901 shares.
IL 5 IN JIlOllOH, niC 1CpSt III Az
tee was received and adopted, where
upon the chairman announced that a
quorum was present and that the
meeting was duly organized for BUSH
mess. ,
The secretary then read the minutes
OF the sixty-first annual meeting held
In this city last November, and upon
motion. the same were approved.
President w. G. Elliott and Vice
President H. Walters submitted their
annual reports an printed form. along
with the report Of General Manager
John r. Kenly, who is absent from the
city. On motian, the reports were re-
cetved as the report of the president
and board Of directors.
PRESIDENTS REPORT.
President Elliott says in his re-
port:
I'm submitting the sixty-second an
nuAl report the president and direc-
tors respectfully report that the affairs
of your have been successful
~ managed during the past fiscal year.
hat your property has been kept In
1irst-class condition and many valua-
bic additions and improvements have
been made, which have in accordance
with the usual policy been charged to
operating expenses, and that the net
revenue shows a small increase over
the preceding year. This result Is
largely due to the care shown In the
administration Of the cOmpany's az
fairs by the exercise OF a strict econo-
~n~ anA hu auoiHinO all unnecessary or
extravagant expenditures, and largely
to the fact that every effort has been
made to give the best service to our
patrons.
'The net have been sufn-
Client to pay all the ixed charges and
the dividends that have already been
distributed. The mortgage bonds
which matured on May 1, 1897. amount
ing to 1886, 900, have all been paid. with
h exception Of one bond which has
not been presented for payment. These
were retired with the proceeds Of the
sale Of the general mortgage bonds
that q been reserved for that pur-
pose.
1.-THE company has not been involved
In any serious or important litigation
since our last report and there are nc
suits or actions of any unusual import
ance now pending against 1t.
THE railroad extending from VIII
mington to New Bern, formerly known
as the Wilmington, New Bern and Nor
folk railroad, was sold In foreclosure
proceedings in July last and purchased
by q new company under the name OF
the Wilmington and New Bern Rail-
road Company. It has been proposed
to this company by those in control OF
that that 1t shall be CONSOLE
dated with the Wilmington and We'll
don Railroad Company. Under the law
this Is a matter requiring the consent
Of the stockholders Of the company.
The matter will be brought to your at
tentton at this meeting and the presi-
dent md directors are of the opinion
THAT II the terms submitted are salts
factory it would be advisable that the
consolidation be agreed to-"
The assets OF the company. as shown
by the report, are placed at l 1,475,0 55.5S.
OF which SO. SO2. 242.32 is put down to
construction and equipment of 62o.sb
miles Of railway, and e72.S13.26 to cur
rent assets.
The receipts during the past fiscal
year ending June 30th. were as
logging ears.
Current expenses from last
FROM oPERATiNG THE ROAD.
Fretgnt
passengers ................. 1I1,ItI.oV
EXPIRES oo'IV1.1o
Mail Aoo'SI1.oo
Excess baggage.............. 4,ooS.lo
TELEGRAPH 4,915.13
Miscellaneous ............ %, 306.2 20
s. 1854, OO5.71