Year: 1868

| EXCEPT that which may be necessary to pay


the wages of the greater number OF train


hands, who will be required to handle and


move the freight. This, it is well known


by all business men, is but an insignificant


part of the cost Of transportation. In
the works of the Wilmington Rail
Way Bridge Company, which We hope
| will soon be accomplished, will enable US
to land our freights in Wilmington without


the expense of boating and will put US in


direct communication with the great
! through lines of the country, and thus en-
| able us to afford facilities to farmers and
merchants equal to those afforded bv any


other Company IN the State. Ali Of these


things combine to assure lis Of a largely in


creased business for the coming year; and,


since there can be no farther reduction IN our
tariff of rates, the increase Of our business
aoiU produce a corresponding increase Of 0u'
| net income. WE ARE, THEREFORE,, VERY
| CLEARLY WITHIN BOUNDS, WHEN WE SAY THAT
THE CLEAR PROFITS TO THE COMPANY, FROM
THE BUSINESS OF THE COMING YEAR MUST BE
AT LEAST DOUBLE THOSE FROM THE BUSINESS
OF THE PAST AND WE HOPE FOR EVEN MORE
IT WILL THUS BE SEEN THAT OUR INCOME WILL
BE SUFFICIENT 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.


considering these facts, the result of
our years operation must be both crafty
| ing and encouraging. 1t fully realizes all
of our anticipations and predictions-it
proves the rapid and permanent develop


ment of the country through which the
road passes and it establishes the fact that
| it's value to the Stockholders and the State


has not been over estimated. Thus we
have an ample assurance that the road has


become public necessity and that it can
| be, and must be, and will be, built as soon
as there is anything like a permanent set
| tlement of the political troubles of the
country. Until this permanent settlement,


which we all so earnestly desire. has been
accomplished, the Stockholders of this
| Company must learn to possess their souls
| in patience. It is unreasonable in them
| to expect their Directors to do, and COM
plain of them for not doing. IN their pub
| lie capacity, that which neither the Direc-
tors nor they themselves can do in their
private capacity. If they have been mis-
taken in their calculations based upon the
labor of very few hands, it is certainly
very hard measure to complain of the Di-
rectors that their calculations, with respect
to the work of construction, based upon
the labor of very large number of hands,
applied in various ways. and at many diff
ferent places, should not have been fully
realized.


During the past year the report was in
dustriously circulated among the capitalists
of the North, upon whom we relied for the
purchase of our first mortgage bonds, that
the Convention, which was about to assem-
BILE under those acts of Congress known
as Reconstruction Acts, would repudiate
the entire action of the Legislatures of
1866 and '66 and 1866 and '67. It was
from those Legislatures that we derived the
power of issuing our First Mortgage Bonds;
and this report, whether it was true or
false, whether it came from good motives


or from basely selfish purposes, had it's full
effect. Capitalists were satisfied that such


an ordinance would be void, and of no


binding effect but they were unwilling to
purchase bonds which might entail a law


suit upon them. It therefore became


necessary that we should go before the
| Convention and obtain from it such an en-
dorsement as would set all such reports at


rest forever. Accordingly the Convention


was properly approached, and we obtained


the endorsement contained in the ordi-


nance, which is hereunto annexed. This


gave us the full endorsement of all the
| governments which have been known to


the State of North Carolina-legal or ille-


gal-for the last fifteen years, to wit the


proper government as it was known and


administered before the war and during


the war-the governments established by


the reconstruction schemes of President


johnson, and tho government founded by
| the reconstruction acts of Congress- Cap
| italists, therefore, were at liberty to exer-


else any and all of their political predilec-
| tiOns


| "Wlth this endorsement our bonds to


the amount of one million of dollars ISL
00O, ,00O) were placed on the market, and


were sold at prices averaging seventy-fve
cents (75) to the dollar-less the commits
sion of two and-a-half (29) per cent. paid


to our agents. It was not thought ad-
visable to offer the balance of our mort
gage until we could show an income suf-
ticient to satisfy capitalists that the inter-
est would be promptly and regularly paid.
This we hope that the present condition of
early day. To have attempted it sooner
would have been to destroy our credit for
ever, and ensure the success of that COM
bination which has been laboring, for
eight months past, to place US in a condi-
tion which would enable it to force the
sale of the Road, and buy it upon its own
terms But We earnestly recommend that
the Stockholders will form no extravagant
anticipations of the future until peace and
quiet is restored to the country, and our
people shall have an opportunity to work
out that prosperity which peace and quiet
will ceralnly bring.


:" With the proceeds derived from the
sale OF bonds we have paid off very nearly
the whole OF our floating debt, and indeed
all OF 1t which can press us-we have put
the whole road in good order-we have
pushed the graduation as rapidly as posi-
BILE 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. The graduation has been
delayed, in the first place, by the inability
of the Company to pay the contractor
and then by unexpected obstacles in the
way OF rock work, in the difficulty of get
ting hands, and latterly by great sickness