Trans. His.Coll. HE 151 .A. 15 no.209 Fayetteville and Western Plank Road Company. Report of the president and directors of the Fayetteville and Western Plankroad Company, to April 1st., 1856. [Raleigh] : Holden & Wilson, 1856. i. i := := # = 20% *** A. . . ,------ * = ºr -------------------. i TRANS. r. ºf A', ; ; , , , i.18x.asy - | Doo. No. 35.] [SRs. 1856–7. Ordered to be Printed. Holden & Wilson, Printers to the State. To the honorable the General Assembly - of the State of North-Carolina: I have the honor to communicate here with reports from the Fayetteville and Western Plankroad Company, the Fayette- ville and Warsaw Plankroad Company, the Petersburg Rail- road Company, and the Greenville and Roanoke Railroad Company. - Also, reports from Jacob Siler, agent of Cherokee lands, for the years 1855 and 1856. The stock held by the State in the Fayetteville and Warsaw Plankroad Company is preferred stock. The whole of the profits, for the present year, made by the company, appears, from their report, to be $268 3-100, which was forwarded to me, together with the report, and has been paid into the pu lic treasury. - THOS. BRAGG. Execurrve Drearriºr, December 10, 1856. REPORT OF THE PRESIDENT AND DIRECTORS OF THE EAYETTEVILLE AND WESTERN PLANK. ROAD COMPANY, TO APRIL 1st., 1856. Since the last meeting of the stockholders, plank has been laid upon the Uwharie branch, to Dunburs bridge, nine miles from the main road. This road has not been tendered by the contractors, and has therefore not been accepted, although tolls are now charged upon it. The board of directors are of 2 Document No. 35. - [Session the opinion that the grades are not such as the contract con- templates, and will require the road to be made satisfactory, before the same is accepted and paid for. It will be recol- lected, that this road is to be built to the Davidson line, and that no money is to be spent in its construction, except that subscribed for that specific purpose. ... " - The permanent repair of the road has had the attention of the board during the past year, and for convenience of re- pair, it was divided into three sections: The first section em- . braced all the road between Fayetteville, Deep river and Car- thage, and was put in charge of D. C. Currie, who, with a force of hands, has industriously worked and greatly improv- ed the road during the year. The second section, from Car- thage to High Point is in charge of William Creecy, who works under the supervision of Jonathan Worth, Esq., a director of the company. He commenced operations later in the season than Mr. Currie; but from the dryness of the fall, and the severe winter weather, making it difficult to procure plank, and unpleasant to work, as much work has not been done as on the first seetion; but the road is in much better condition than last year: he is now industriously prosecuting the re- pairs necessary. The third section from High point to Salem, was put in charge of Jacob Smith, who worked under the su- pervision of Francis Fries, Esq., also a director of the com- pany. His work has been well done, and at the moderate cost of $257 for the year, on eighteen miles. From Salem to Bethania, nine miles, Mr. Crews has done such work as was necessary, but at the cost of only a few dollars. The whole line of road has been recently passed over by some of the officers of the company. From Bethania down to High point, the road is in good condition; from High point to the Old cross roads in Randolph, very little repair has been done, because lumber could not be had, and consequently this distance (twelve miles) wants some considerable overhauling; thenee until you come near Carthage, (some fifty miles) the read is in a fair condition, and near Carthage, the necessary repair is now being done; from Carthage to Fayetteville, ex- VAJ cº-elé, a R Y a r" */ \\ . > *W-21. 1856–7] Documſºn't No. 35. e 3 cept at short intervals, the road is in fair order; both branch- es to Deep river are in good condition, - - - The repair account, as paid for during the year, amounts to $8,534 02–100, and there is still due for lumber, some $2000 or $2,200 ; but the company holds the note of one of the par- ties for upwards of $1,600, which appears in bills receivable, and will be used in liquidation, when the exact amount of lumber delivered is ascertained, by the section superintendent. It will be the first and most important business devolving on the next board, to adopt some fixed plan for the perma- nent and economical repair of the road. It will, at once, be- come neeessary to purchase one or two portable steam mills, such as can conveniently and easily be transported from point to point, as the necessary lumber can be had in no other way. It will also become necessary for the directory to determine, whether it will be better to employ a general superintendent to have charge of the whole road, or whether the better plan will be to subdivide it into sections and put a superintendent in charge of each section. - No new contract has been made, and no plank laid within the last two years, except on the Uwharie branch; but in set- tling up the outstanding debts and liabilities of the company, it was ascertained that more than twelve thousand dollars had been expended above the capital stock subscribed for, and to meet these debts and liabilities, the company was compelled to use the current receipts for tolls. The receipts for tolls, for the past twelve months, amount to $20,709 97-100, against $26,796 73-100 for the same period the year before, a decrease of $6,086 76-100, which decrease took place principally in the fall and winter months. This . decrease, the board hopes and believes, was caused this year by peculiar circumstances, not likely to arise the next year— the high price of grain and other produce in foreign markets, enabled the farmer to sell at the railroad depots, at high prices, and the purchasers, by rapid transmission, could make safe transactions; besides the severity of the winter deterred many from taking long trips to this market—it is believed that the same combination of circumstances is not likely to 4. Dootnºn't No. 35. [Session occur again; and the board anticipate the usual tolls the coming year. Under these circumstances, the board have declined making any dividends for the past year. The board is very certain that the repair account the com- ing year, cannot reach the amount of the past, and as the de- ficiency on the stock will not again have to be made up, the financial condition of the company will be much better from this time forward. Toll house No. 1., was destroyed by fire in February last, and a contract made with McLauchlin & Co., for its recon- struction, at $348, which is now nearly ready. The balance sheet of the books of the company, is here- with submitted. h N. A. STEDMAN, President. 1856–7.] Document No. 35. 5 GENERAL STOCK STATEMENT, APRIL 1, 1856. Fayetteville dé Western Plankroad Company. Capital stock subscribed, viz: By State of North-Carolina, $120,000 00 & individuals, 147,400 & $267,40000 CE. - —r- Capital stock paid in, viz: . By State, $120,000 00 “ individuals, 138,240 49 Balance due, •9,159 51 * > Gºmº $267,400.00 JNO. M. ROSE, Clerk Fayetteville & Western Plankroad Company. F. & W. P. R. Orrice, April 1, 1856. Bocument No. 85. [Session EALANCE JFayetteville and Western Plank 66 &G £6 {{ &G 66 66 “ 6& 66 66 6& {{ 66 &C £6 ( & £6 £6 66 {{ 66 66 66 | To capital stock paid in, “ reserve fund, - “ bills payable, “ division No. 1 unpaid, £6 6& {{ {{ {{ 66 66 6& “refunding interest account, “ tolls collected, (12 months,) “ interest account, $258,24049 4,01747 3,18028 7|50 2000 29,75 9150 18700 23200 312|00 25800 51200 12.75 20,70997 100:18 $287,910.79 1856–77.] DocuxENT No. 35. 7 SHEET. • • 4 º' Acoad Company, April 1st, 1856. - - CR. By amount paid salaries, s 96813 ( & &G contingent º 29469 “ “ due by individuals, 118.39 “ “ paid repairs of road, º mo.) 8,53402 Ç6 66 “ lumber reserved, 3 656.30 {{ “ general construction account, 264,279.91 {{ “ toll coll. salaries, (12 mo.,) 1,91481 66 “. George Makepeace account, (vouchers unsettled, 36790 By amount advanced Uwhaire branch v & contractors, 5,233.15 By bills receiveable, - 1,795.96 “ charged to J. Worth, (for disburse- | ments,) & - 27488 “ rebuilding toll house, 7000 “ cash on hand, 2,80265 “ bond at interest, ; lºst,91079 - JNO. M. ROSE, Clerk Fayetteville and Western Plankroad Company. F. & W. P. R. OFFICE, April 1, 1856.