The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1899-11-24

The sixty-fourth annual meeting of
1.-THE stockholders OF the Wilmington and
7 Weldon Railroad Company was held
in the general office of the company
in this city yesterday at noon Espe-
cfaily Notable features of the meeting
were the reports of officers particular
ly that of President w. G. Elliott, and
the election of officers for the ensuing
year.
The meeting was called TO order by
Mr.. Warren G.. Elliott and Mr.. j. W.
Norwood was made chairman and Mr..
James F. Post secretary. Mr.. Harry
Walters and Mr.. James F. Post were
appointed a COMMITTEE Ito anvass the
: number of shares of stock represented
in person or by proxy and reported 21,-
COS shares represented out of a total
of 1000 there being a quorum the
meeting was duly organized for the
transaction of business.
THE PRESIDENTS ANNUAL RE-
PORT.
When the proceedings of the sixty
third annual meeting had been read by
Secretary James F. Post and duly ap-
proved by the stockholders MI. Warren
G Elliott as president of the Whining
ton and Weldon Railroad Company
read his report for the fiscal year end
ding June Both, 1899. The following
features of the report will be or inter-
est to Messenger readers:
wilmington, n. c., November IL,
ITO the Stockholders:
'In presenting for your information
the annual report of the company's af-
fairs for the fiscal year ending June
Goth, 1899, the president directors
respectfully submit that the company,s
property has been in excellent condi-
tion and that many substantial i'm
proVementS have been made, which, In
accordance with the usual policy OF the
company, have been charged to opera
ting ems and that the recelpuS
from the operation of the road and It's
branches We're in excess OF those OF the
previous year. All fixed charges have,
been promptly met and the usual semi
annual dividends have been paid to the
stockholders
"The report of the treasurer shows
that the total receipts from all sources
during the year, including the sale OF
81, 700, 900 of the Yadkin Division bonds
and the $119, S77.34 received from the
current assets of the Atlantic n Yao-
kin Railway, were $4,263 ,O94.oo' anu
thaIt his total disbursements,
the amount paid for the Yadkin Divis-
ion, We're $4,172, 800. 96, thus increasing
the current assets of the company to
the amount of $50, 273.S7 as
with the amount at the end OF the pre-
vious fiscal year..
"Persuant to the authority given at
the special stockholders meeting held
in May of the present year, that por-
ton of the railroad of the Atlantic and
Yadkin Railway Company extending
from it's eastern terminus at Winning
ton ito Sanford, in Moore county, North
Carolina, together with its equipment
and other property, was purchased dur
ing that mont from that company, and
bonds of this company ito the amount
of 81, SOC, 900 were executed and secured
by a mortgage on the property thus
acquired, for the purpose OF providing
THE funds to pay for the same. w
property purchased was turned over
Ito this company by the vendors at its
actual cost, to-wit: the sum Of $1,679,-
$50. 70. To provide for his there were
sold 81, 700, 900 of the mortgage bonds
above referred to, at 97Ha, and the ball
ance was paid in cash. The discount
of 1872, 500 on these bonds was added to
the cost of the property, makin its
total cost 81, 712, 056.97. Subsequently
this received in cash from the
current assets of the Atlantic and Yad-
kin Railway Company the sum of $119,-
877.34 and this was edite to conStruc-
tion and property account, thus reduc-
ing the amOun ait which the cost or
that division stands on the books as
shown by the treasurer's report to
81, 592, 179. SO. 1t will be noted that OF
the 81, 800, 900 mortgage bonds author
lied, only 81, 700, 900 va been disposed
of, thu leaving 500, 600 in the said
bonds in the company'S possession
available at any time hereafter for the
Improvement of the property purchased
nus fon- thaOf hpr p1nnQY.al n1lrDOSNS OF the
The acquisition of the Yad-
kin Division has increased the general
mileage of this company's ROAD ana
branches, so that the total mileage or
the same including spurs. operated by
this ait the end Of the fiscal
wear was 7S9. 16, Acting
under the authority of the stockhold-
ers, given By resolution adopted at the
hast annual meeting, the Board oh d.
rectors have caused a Relief Depart
ment to be established by this company.
which is operated under the name OF
the Atlantic Coast Line Relief Depart
soent. The object of the
Relief Department is the establish
ment and management of a fund known
as a Relief Fund for the paymen or
definite amounts to employees CONTRIB
1ptine thereto. who are known as men,
beers of the Relief Fund, when. under
the regulations, they are entitled TO
such payment by reason of accident
or sickness. or in the event of their
death. to the relatives or other bene-
ficiaries designated by them with the
approval of the superintendent.
When this company by agree
ment with the State of North Carolina
made in 1893, agreed to waive the ex-
emption from taxation contained In It's
charter, the maximum value placed
upon any road in the State on North
Carolina for taxation was ten thousand
dollars per mile, and the total assess,
maents at that time of all railroad
property in the State for taxation was
S24. 900, 900. Ever since that time tne
authorities have regularly and system
ntficallv increased the assessments, I'M
It'll i'm the month of July of the present
wear. the North Carolina Corporation
Commission, claiming the auonoriIy
10 make the assessment, increased uns
on the main line and several OF
the branches of this company's roao
no s25. 600 per mile, and increased the