Proceedings of the stockholders of the North Carolina Rail Road Company

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PROCEEDINGS
OF THE
NINETEENTH ANNUAL MEETING
OF THE STOCKHOLDERS OF THE
ilorll] {Samtfiiut §§ail §§oa& jpotiytau^
HELD AT KALEIGH,
July 9th and 10th, 1868.
COMPANY SHOPS :
NORTH CAROLINA RAIL UO.VD PRINT.
1868.
PROCEEDINGS.
RALEIGH, N. C, July 9tli, 1868.
The Stockholders of the North Carolina Rail Road Company con-vened
in Tucker's Hall to hold their nineteenth annual meeting.
On motion of John L. Morehead, Esq., of Charlotte, Geo. W. Mordc-cai,
Esq., was called to the Chair and F. A, Stagg and R. F. Simonton,
were requested to act as Secretaries.
The Committee on proxies not being prepared to report the meeting
adjourned until 3 o'clock P. M.
AFTERNOON SESSION.
The Chairman called the meeting to order.
The Committee on proxies reported that there were 0,458 shares of
Stock represented in the meeting by 204 Stockholders.
Gen. Byron Laflin of Pitt, presented his credentials, which empowered
him to act as proxy for the State of North Carolina, which were read
and received.
On motion of Col. W. F. Henderson, of Davidson, the temporary
organization of this meeting was made permanent.
The Chairman announced the meetiug duly organized for the transac-tion
of business.
The annual report of the President was presented and read.
W. F. McKesson, Esq., of Burke, moved that the report be received.
Col. W. F. Henderson, of Davidson, called for a Stock vote on the same.
Gen. Rufus Barringer, of Charlotte, moved to amend by adding ac-cepted
and laid on the table, which motion was carried.
Gen. Laflin moved that the report be taken from the table. Adopted.
Gen. Laflin moved to strike .out on page 1i under the head of " Cars
and Engines," all after the w&rd work, and on page 8, under the head of
"Suits and demands against the Companj^," all after word Company.
The Chair ruled the motion out of order.
0. G. Parsley, Esq., of Wilmington, moved to receive the reports of
President, Superintendent, Treasurer,* and Committee of Finance, and
refer the same to a Committee of three to be appointed by the chah'j
which motion was carried and the chair appointed Messrs. K. P. Battle,
John I. Shaver and George R. French said Committee.
Meeting adjourned to meet at eight this evening.
NIGHT SESSION.
The convention was called to order by the Chairman.
The Committee to whom was referred the reports of the President
and other officers made the following report, which was accepted ;
The Committee to whom is referred the report of the President and
accompanying documents, beg leave to. state that from the shortness of
the time at their disposal, they could only make a cursory examination
of the same, they are satisfied, however, that the President has managed
the Road with ability anil success, and that the Superintendent and
other officers have performed their duties with great fidelity.
The Committee, while they think it unusual to criticise the language
of the President in his report, are of opinion that to promote harmony.it
contains expressions which have been objected to, and should be stricken
out, as they are not necessary to the completeness of the report.
To the proposition to aid the Columbia & Augusta Rail Road, the Com-mittee
beg leave to call the particular attention of the Stockholders.
The Committee find that the financial exhibits of the Company
appear to be clearly and correctly stated.
The Committee are so much impressed with the proof before them, of
the extraordinary, careful and successful management of the Superin-tendent,
Mr. James Anderson, that they beg leave to make special men-tion
of the same.
GEO. R. FRENCH.
JNO. I. SHAVER, Com.
Gen. Laflin otferred the following Resolution:
Resolved, That this meeting condemn and utterly repudiate the un-patriotic,
damaging and puerile language employed by the late Presi-dent
in his report in regard to commercial relations with the North and
the order of Gen. Canby.
And called for a stock vote, which resulted as follows: Yeas, 30,402:
Nays, 4,1 ss.
On motion of Col.YV. F. Henderson, the Secretary was 'requested to
give the names of each party voting, the amount of Stock owned, and
the amount represented by proxy, which are as follows:
Yeas—Henderson Adams 11, as proxy for J. A. Sowers, 1 ; G. R.
French, 3; William E. Hill, 45; Albert Johnson, 5 ; Willie D.Jones 4, as
proxy fur Sarah Stronach, 10 ; J. McDonald & Sons, & J. McDonald, 48,
proxy for R. W. Foard 86, Thomas R. Simpson, 1 ; Gen. Laflin, State
proxy, 30,000; Win. A. Smith. 5; proxy for C. P. Mendenhal, 121;
C. P. Mendenhall, Administrator, 49, Trustee, 1 ; E. F. Cummings, 3.
Nays—Peter Adams, 28; John L. Brown, 5 ; Rufus Barringer 35;
Wm. A. Caldwell, 49; P. B. Chambers, 70. Henry W. Fries, 10,
and as proxy for E. R. Stanley, 16; J. G. Tull, 10; R. L. Pat-terson,
10 ; S. F. Patterson, 5 ; W. F. McKesson, 11; E. E. Green-lee,
5; J. J. Erwin, 40; J. Y. Bryee, 40; Mrs. Correna Avery, 10; A.
C. Avery, Ex. W. W. Avery, 4Q; W. L. Archibald 33; P. M. Morris, 4;
J. M. Black, 1; J. C. Barnhardt, 5 ;*Exeoutors Samuel Kerr, 113; Elam
King, 5; W. E. Pharr, 7; John C. Pharr^ 3; Elam King, Guardian, 3;
Sam.Pharr, 5; J. O. Pharr, 10; Hugh McCauley, 20; L. W. Saunders,
5; W. A. Graham, Jr., 5; Elias & Cohen, 38; E. Summers, 12; A. B.
Davidson, 10 ; Isaac Wilson, 31; A. G. Carter, 20; J. J. Blackwood,
Pres't, 70; E. W. Hoyle, 5; B. S. Young, Ex. 5; JasH. Carson, 16;
Robert Bnrwell, 5; Daniel Alexander, 17; Eiam Robertson, Trustee, 5;
L. S. Williams, 30; Administrator of J. H. Davis, 10; S. B. Kahn-weiler.
1; D W Kahnweiler, 1; David Kahnweiler, 1; 11 M Cochran, 155
S. E. Eiinkin, 16; J. & E. B. Stowe, 5; F. H. London, 50; J. Reich.
30; E. BelOj 38; Thomas J. Wilson, 5; F. Fries, 187; J. T. Morehead,
8; Julius A- Gray. 10; A. E. Morehead, 10; L. H. Walker, 10; A. E.
Evans, 10; Eugene Morehead, 10; John L. Morehead. 201. John Fink,
for self i-nd Guardian, 27; W W Fife 2, and proxy for Aquilla Jones, G.
W G Gulley, 5, and proxy for John Holt. 1. John "NY Graham. 5; W A
Graham, 25; James Graham, 5; E MHolt, 72, and proxy for P W Hair*-
ton,5; X Boyden, 10: M L Holmes. 66; M S McKenzie, 21; Richard Har-ris,
22; William Murphy, 37; McCubbins, Foster & Co., 15; E Mauney,
13; V Mauney, 13; R J Holmes, SO; Mrs Ann Parker, 10; P N Heileg,
40; J Rumple, 1 ; J M Horah, 2; A W Bnis, 5; Brown & Richwine, 6;
B B Roberts. 13; Win Overman. 2 ; J A Bradshaw, 4; J T Buruss, 20;
John L Hedriek. 15 ; B S Hedrick, 3 ; T M Young, 5 ; J F. Fraley, Ad-ministrator,
8 ; W M Wiley. Ex. 2 ; E J Cannon, 5; ED Austin, Guar-dian,
32 ; J A Hedriek, 3 ; J H Thompson, 15 ; J A Lynn, 40 ; J H Har-grove,
85 : Alfred Hargrove, 55 ; J F Martin, 20 ; G M Bernhardt, 55 ;
J A Moore, 6 ; J S Turrentine, 10 ; P Smith, 100 ; A V Sullivan, 5 ; H
W & J Welch, 5 ; Jonathan Welch, 7 ; P H Colburn, Administrator, 28 ;
J C Washington, 15; A T Jerkins, 15; J D Flanner, 6; C Wooten, 2;
J D Whitford, 13 ; John Hughes, Administrator, 55 ; J A Guion, 5 ;
John L Gardner, Administrator, 5 ; George Green, 8 ; R B Seawell, 1
;
Wm Murdoch, 140 ; Wilson Hiatt, 2 ; D A Davis, 17 ; J H Jenkins, 91
W A Carrigan, 40 ; Michael Shoffner, 5; Jesse Gant, 7 ; Wm E Holt,
22 ; T M Holt, 9 ; James H Holt, 1 ; Jacob Holt, 6 ; C H McKenzie, 3
Kimbro Jones, 10. Jesse H Lindsay, 50, and proxy for Jed H Lind-say.
10 ; Thos E Cook, 1 ; Thos E Cook, Ex 50 ; R W Glenn, 7; J W
Gilmer, 7.; C A Boon, 2 ; Isaac Thacker, 20 ; James Shan, 6 ; James
Sloan. Ex. and Adm. 24; 'John Sloan, 5; J F Jollie, 1 ; M D Smith, 5;
C G Yates, 3 ; James A Stewart, 2 ; John AY Thorn, 1 ; David Wharton,
7 ; James M Donnell, 5 ; John D Scott, 3 ; John E Logan, 3 ; J E & I
Logan,3; J D McCulloch, 1; Nathan Hiatt, 1; Mary A Hiatt, Adm'x 1
;
B M Sloan, 41 ; W D Reynolds, 21 ; George Albright 2 ; David C Stew-art,
1 ; D F Caldwell, 38 ; John Perden, 1; R C Caldwell, 5; William
Gray. 2. George W Mordecai, 80, and as proxy for Thomas Ruffin,'
Adm'r 10 ; James Newlin, 3; J Xewlin & Sons, 10 ; J J Norwood, 9 ; P
B Ruffin, 5 ; John W Norwood, 30; Alexander Wilson, G; H Scott. 5
;
James P Clark, 1; C C Tinnen, 2; Nancy Tinnen, 5; James Webb, 5;
J & J H Webb, 5 ; Thos B Hill, 100; W F Strayhorn, G ; Pride Jones,
32 ; Cad Jones, 24 ; Thos Webb, 43 ; George Little, 2 : Wm H Jones, 1
T H Selby, 8 ; J B Johns, 5 ; J W B Watson, 50; D W Kerr, 12 ; P C
Cameron, 50 ; M C Cameron, 17; Jas M Riley, 1. Sandy McKinley, 8,
and proxy for Hesse Alexander, 10 ; S Harris, 5 ; S C Harris, 17.
W C Means, 20; JC Pass, 20 ; O G Parsley, 50 ; BB Roberts, proxy for
J M Coffin, 80. Edward Saunders, 15 ; R S Tucker, proxy for J E
Allen, 21. W H Willard, agent, 40.
Yeas - Person 8—122 votes:proxy 8—30,280 votes—Total 16��30,402.
Nays—Person 21—G21 votes: proxy 184—3,507 votes—Total 205
—
4,188.
On motion of R. S. Tucker, tlie -meeting proceeded to vote for four
Directors for the ensuing year. The Chairman appointed B. B. Roberts
and George R. French to superintend* said election, who reported that
six thousand three hundred and seven (6,307) votes were cast, requiring
3,154 to make a majority ; John L. Morehead received 4,754, Thomas
Webb, 4,821 ; W. A. Caldwell, 4,349 ; D. A. Davis, 3,542; R. S. Tucker,
2,540 ; John I. Shaver, 1,403 ; 0. G. Parsley, 1,300.; Peter Adams, 1,259 ;
Gen. Rufus Barringer, 307 ; scattering, 889. Messrs, Webb, Morehead,
Caldwell and Davis having received a majority, were declared elected.
The Hon. W. A. Graham offered the following resolution:
JResolved3 That the Stockholders approve the administration of Mr.
James Anderson, Superintendent of the North Carolina Rad Road, and
he is hereby appointed Superintendent of the same for 12 months from
this date, and that so much of the By-Laws as requires the Superin-tendent
to be appointed by the Board of Directors, be, and the same
is hereby suspended.
Gen. Lafiin called for a division of the question. The vote was ta-ken
on that part of the resolution suspending the By-Law, which re-sulted
in its rejection.
On motion, the meeting adjourned to meet to-morrow morning at 10
o'clock.
July 10th, 10 o'clock, A. M.
The Chairman called the meeting to order, and the proceedings of
yesterday were read and corrected.
D. F. Caldwell, Esq., of Guilford, offered the following resolution :
Resolved, That the individual Stockholders in the North Carolina
Rail Road Company hereby approve and endorse the management of
the Road whilst the same has been under the management of James
Anderson as Superintendent, and most respectfully request the new
Board of Directors to re-appoint him to that office.
Gen. Barringer moved to lay the motion on the table, which was
carried.
Gen. Barringer offered the following resolution.:
Resolved, That the President and Directors of this Company are
hereby authorized to extend to the Columbia & Augusta Rail Road such
material aid and assistance as thej^ may deem necessary and proper,
and on such terms as they may think best for both Roads, not exceed-ing
the sum of one hundred thousand dollars, which motion, at his
request, was laid on the tabic
Willie D. Jones, Esq., of Wake, offered the following resolution
:
Resolved, that a Committee of three be appointed by the Stockhold-ers,
whose duty it shall be to inspect the Road, and take an inventory
of all the property belonging to the Company, and report to the Stock-holders
at their next meeting the result of their labors, and in thirty
days from this meeting furnish a copy of the same to the Board of
Directors.
The Stockholders appointed Gen. Rufus Barringer, William Mur-doch,
and John Iliatt on said Committee.
Hon. Josiah Turner, Jr., moved to lay tlie Resolution on the table
upon which the Stock vote was called; then withdrew his motion, and
the resolution offered by Mr. Jones was adopted.
Col. William F, Henderson offered the following Preamble and
Resolution
:
Whereas, At the last meeting of the Stockholders of the North
Carolina Kail Road Company it wras
Resolved, That the President and Directors of the North Carolina
Rail Road Company be authorized to mortgage the franchise and all
the property of the Company, real and personal, for the sum of Onc-and-
half Millions of dollars, for the purpose of raising money to pay
off the present liabilities, and make such future improvements asSawy
from time to time be required, ami that they be authorized to issue
forthwith Bonds signed by the President and under the seal 1 of the
Corporation to an amount not exceeding eight hundred thousand dol-lars,
in sums of $500 and §1,000 each, payable in five, ten, fifteen and;
twenty years in part of the sum secured by said mortgage, and no
further issue of Bonds be made under said mortgage except with the
consent and by the express order and resolution of the Stockholders,
and
—
Whereas, The President and Directors of said Rail Road Company
have executed a first mortgage for the sum of One-and-a-half Millions
of dollars, and on the 8th day of July, 1868, the Board of Directors
declared a six per cent. Dividend payable iu first mortgage Bonds
therefore be it
Resolved, That the President and Directors of the North Carolina;
Rail Road Company be authorized to issue Bonds signed hj the
President and under the seal of the Corporation the sum of seven
hundred thousand dollars being the balance of said mortgage from time
to time as they may deem necessary.
Upon which a Stock vote was called.
Mr. McDonald of Cabarrus moved to lay the same on the table, which
motion was rejected, a stock vote being called, and the State proxy
voting in the negative.
The meeting then adjourned until 3 o
Tc!ock P. M.
AFTERNOON SESSION.
Mr. O. G. Parsley moved to amend the Resolution offered by Col.
Henderson in the morning session, as follows :
Two hundred thousand dollars in part of the balance of seven hun-dred
thousand dollars secured by said mortgage, so as not to exceed in
all the sum of one million of dollars said Bonds to be issued from time
to time as they may deem necessary.
Mr. W. A. Caldwell, of Guilford, offered the following Resolution as
an amendment to the amendment offered by Mr. Parsley :
Provided, That no portion of this additional sum be applied to the
payment of any dividend that may hereafter be declared.
Which motion was not sustained.
The vote was then taken upon the amendment as offered by Mr.
Parsley, which was carried.
Mr. W. D. Jones moved to reconsider the amendment, and called for
a stock vote, the State proxy voting Yes, the amendment was re-considered.
Mr. Jones moved to strike out two hundred thousand and insert
seven hundred thousand dollars, anil called for a stock vote, which mo-tion
was carried, the State proxy voting for said motion.
The question on the original Resolution as offered by Col. Henderson
was then taken by the stoek vote, which resulted as follows :
Yeas—C61 "Win Johnson, President Charlotte & South Carolina Rail
Boad Company, 55 ; (.Jen Byron Laflin, State proxy, 30,000 ; Willie D
Jones, 4 ; and as proxy for Mrs Sarah Stronach,, 19.
Total : yeas—30,078.
Nays—Gen Rufus Barringer 35 ; and as proxy for E R Gibson 40 : M
Barrier 5 / A II Moss 3 ; E R Harris 2G ; E R Harris, ag't RW Harris, 10;
It II Graves, 1 ; M L Barringer 5 : R W Winecoff 1 ; C II Erwin 5 ;
Win Caldwell 2. W A Caldwell 49; Pink B Chambers 70; II W
Fries 10 ; E It Stanley 10 5 J G Tull 10 ; R L Patterson 10 ; S F Patter-son
5 : Wm F McKesson 11; E E Greenlee 5; J J Erwin 40; Mrs
Correna Avery 10 ; A G Avery, Executor W W Avery 40 ; J Y Bryce
40 ; W L Archibald 33 ; P M Morris 4; J M Black 1 ; J C Earnhardt 5 ;
Ex Samuel Kerr 113 ; Elam King 5 ; W B Pharr 7 ; John C Pharr 3 ;
Elam King, guardian, 3 ; Samuel Pharr 5 ; J O Pharr 10 ; Hugh McCau-ley
20; LW Saunders 5 ; W A Graham, Jr.. 5; Elias & Cohen 38; E
Summers 12; A B Davidson 10; Isaac Wilson 31 ; A G Carter 20; J J
Blackwood, President, 70 ; E W Hoyle 5 ; B S Young, Ex., 5 ; Jas H
Carson 10; Bobt Burwell 5 ; Danl Alexander 17 ; Elam Robertson, Trus-tee,
5 ; L S Williams 30 ; Adm'r J fl Davis 10 ; S B Kahnweiler 1 ; D W
Kahnweiler 1/ D Kahnweiler 1 ; B M Cochran 15 ; S E Rankin 10 ; J &
E B Stowe 5 ; F II London 50 ; J Biche 30 ; E Belo 38 ; T J Wilson 5;
Ex. F Fries 137 ; J T Morehead 8 ; Julius A Gray 10 ; A E Morehead
10; L II Walker 10; A E Evans 10; Eugene Morehead 10; John L
Morehead 201. S L Fremont 5 ; and as proxy for John Everett 5 ; Jno
McBae 178; N N Nixon 52 ;E D Hall, Ex. andAdm,24; E D Hall 9;
B H Cowan, Ex. P K Dickinson 100 ; Geo Harris 3 ; Ex. Jas Cassidy 5 ; J
Dawson & Co 5 ; Fred C Hill 1 ; Robert Strange 5 ; Jno D Bellamy 5
;
Ex. Alexander McBae 173 ; Donald McRae 21 ; H B Eliers 1 ; A II
Van Bokkelin 2 ; Jno D Love 1 ; Alfred Martin 1 ; A J DeRossett 30
A J DeRosset, Administrator, 3. Thos J Frecland 3, and as proxy for
L S Boon 2 ; Peter F Holt 1 ; Jeremiah Holt 1 ; G A Faucett 5 ; C J
Freeland 4 ; Wm Ward 1. EM Holt 72, and as proxy for P W Hairs-ton
5 ; N Boyden 10 ; M L. Holmes 00 ; M S McKenzie 21 ; Rich Harris
22; Wm Murphy 37; McCubhins. Foster & Co., 15 ; E Mauney 13;
Y Mauney 13 ; B J Holmes 80 ; Mrs Ann Parker 10 ; P N Heilig 40;
J Bumple 1 ; J M Horah 2; A W Buis 5 ; Brown & Bichwine 0; B B
Roberts 13; Wm Overman 2 ; J» A Bradshaw 4; J T Burruss20;
Jno L Iledrick 15; B S Hedrick 3; T M Young 5; J Fraley, AdmV
8; W M Wiley, Ex., 2/ Erwin J Cannon 5; E D Austin, Guardian,
32; J A Hedrick 3 ; J H Thompson 45; J A Lynn 40; J H Har-grove
85 ; Alfred Hargrove 55 ; J F Martin 20 ; G M Barnhardt 55 ;
J A Moore 0; J S Turrentine 10; P Smith 100; A V Sullivan 5;
II W & J Welch 5; Jonathan Welch 7; P II Colbum, Adm'r, 28;
•J C Washington 15; A T Jerkins 15; J D Flanner ; C Wooten 2;
JD Whitford 13 ; John Hughes, Adm'r, 55; J A Guion 5; John L
Gardner, Adm'r, 5; George Green 8; R B Soawell 1 ; William Mur-doch
140; Wilson Iliatt 2; D A J)avis 17; J II Jenkins 91; W A
Carrigan 40; Michael Shoffner 5; Jesse Gant 7; Wm E Holt 22;
9
T M Holt 0; James H Holt 1; Jacob Holt 6; C H McKenzie 3;
Kimbro Jones, 10. Jesse H Lindsay, 50, and proxy for Jed H Lind-say,
10 ; Thos E Cook, 1 ; Thos E Cook, Ex 56 ; R W Glenn, 7; J W
Gilmer. 7 ; C A Boon, 2 ; Isaac Thacker, 20 ; James Sloan, 6 ; James
Sloan, Ex. and Adm. 24 ; Jobn Sloan, 5; J F Jollie, 1 ; M D Smith, 5;
C G Yates, 3 ; Jllnies A Stewart, 2 ; John W Thorn, 1 ; David Wharton,
7 ; James M Donnell, 5 ; John D Scott, 3 ; John E Logan, 3 ; J E & I
Logan,3; J D McCulloch, 1; Nathan Hiatt, 1; Mary A Hiatt, Adm'x 1
;
R M Sloan, 41 ; W D Reynolds, 21 ; George Albright 2 ; David C Stew-art,
1 ; D F Caldwell, 38 ; John Perdeu, 1; R C Caldwell, 5; William
Gray, 2. J. McDonald & Sons, & J. McDonald, 48,; proxy for R. W.
Foard 80. George W Mordecai, 80, and as proxy for Thomas Ruffin,
Adm'r 10; James Newlin, 3; JNewlin & Sons, 10 ; J J Norwood, 9 ; P
B Ruffin, 5 ; John W Norwood, 30; Alexander Wilson, 6; H Scott, 5;
James P Clark, 1 ; C C Tinnen, 2 ; Nancy Tinnen, 5 ; James Webb, 5 5
J & J H Webb, 5 ; Thos B Hill, 100; W F Strayhorn, 6 ; Pride Jones'
32 ; Cad Jones, 24; Thos Webb, 43 ; George Little, 2 : Wm H Jones," 1;
T H Selby, 8 ; J B Johns, 5 ; J W B Watson, 50; D W Kerr, 12 ; P C
Cameron, 50 ; M C Cameron, 17 ; Jas M Riley, 1 : John W Graham, 5 •
Jas A Graham, 5; W A Graham, 23; J L Brown, 5. Henry Nutt, 2 ;
J C Pass, 20: O G Parsly, 50 : Wm. A. Smith, 5, and as proxy for C.P.
Mendenhall. 121; C.P. Mendenhall, Administrator, 49, Trustee, 1; E.
F. Cummings, 3. R F Simonton, 5 :and as proxy for J H Husted, 10.
R S Tucker, proxy for J E Allen, 21. N H D Wilson and Wilson
& Shober 43 ; and as proxy for Wm Barringer, 40 : Jno C Wharton,
2 : Chas E Shober, 7.
Total—nays, 5,101.
On motion, the following gentlemen were elected Finance Committee
for the ensuing year : Henderson Adams, P. B. Hawkins, and Gen. Rufus
Barringer.
Col. W. F. Henderson offered the following preamble and resolution
which were adopted
:
Whereas, A rigid system of retrenchment and reform in the man-agement
of the North Carolina Rail Road Company is necessary to
make the Road profitable to the State and stockholders : Therefore,
be it
Besolved, That all free passes or letters of free passes now outstand-ing
be and the same are hereby null and void, with the exception of
those issued to the families of the late Hon. John M. Morehead and
Col. Charles F. Fisher, the Hon. Calvin Graves, and the officers of
Rail Roads exchanging passes with this Company. The President of the
Road is empowered to give free passes over the Road, when, in his
judgment the interest of the Road may require it.
Gen. Rufus Barringer moved to take from the table the Resolution
offered this morning in relation to giving aid to the Columbia & Augusta
Rail Road. Motion adopted.
The Resolution was then read and after considerable discussion was
adopted by a stock vote, State proxy not voting.
Mr. O. G. Parsley asked leave for himself and others to file the
following protest:
I, O. G. Parsley, a stockholder in the North Carolina Rail Road Com-pany,
and a citizen of the State of North Carolina, do, in my own name
and on behalf of the undersigned, also stockholders thereof and citizens,
hereby protest against the action taken by Gen. Laflin, the proxy repre-
10
senting theState in this meeting as arbitrary and unnecessary, and con-trary
to the interest of the individual stockholders, and as citizens of the
State interested as such in the stock of the State in this corporation.
O G Parsley 50; Josiali Turner Jr., 5; H W Fries, 10, and proxy for R L
Patterson, 10 ; S F Patterson, 5; W F McKesson, 11; E E Greenlee, 5;
J J Erwin,40;MrsCorrena Avery, 10;A.C. Avery, Ex of W. W. Avery,
40; J Y Bryce, 40 ;L. Archibald 33 ; P. M. Morris, 4 ; J. M. Black, 1; J
C. Barnhardt, 5 ; Executors Samuel Kerr, 113 ; Elam King, 5 ; W. R.
Pharr, 7; John C. Pharr, 3; Elam King, Guardian, 3 ; Samuel Pharr,
5; J. O. Pharr, 10 ; Hugh McCauley, 20 ; L. W. Saunders, 5 ; W. A.
Graham, Jr., 5 ; Elias .& Cohen, 38 ; E. Summers, 12 ; A. B. David-son,
10; Isaac Wilson, • 31 ; A. G. Carter, 20; J. J. Blackwood,
Pres't, 70; E. W. Hoyle, 5; R. S. Young, Ex. 5; Jas H. Carson, 16;
Robert Burwell, 5; Daniel Alexander, 17; Elam Robertson, Trustee, 5;
L - S. Williams, 30; Administrator of J. H. Davis, 10; S. B. Kahn-weiler,
1; D W Kahnweiler, 1; David Kahnweiler, 1; R M Cochran, 15;
S. E. Rankin, 1(5; J. & E. B. Stowe, 5; F. H. Loudon, 50; J. Reich-
30; E. Belo, 38 ; Thomas J. Wilson, 5; Executor F. Fries, 137; J.
T. Morehead, 8 ; Julius A. Gray, 10 ; A. E. Morehead, 10; L. H.
Walker, 10; A. E. Evans, 10 ; Eugene Morehead, 10 ; John L. More-head,
261. Jesse H Lindsay 50, and as proxy for Jed H Lindsay 1 ;
Thos E Cook 1 ; Thos E Cook, Executor, 56; R W Glenn 7 ; J W Gil-mer
7 ; C A Boon 2; Isaac Thacker 20; James Sloan 6 ; James Sloan,
Ex and Adm. 24 ; Jno Sloan 5; J F Jollie 1 ; M D Smith 5; C G Yates,
3: James A Stewart 2 : John W Thorn 1 ; David Wharton 7 ; James M
Donnell 5; John D Scott 3; John E Logan 3 ; J E & I Logan 3; John
D McCullouch 1; Nathan Hiatt 1; Mary A Hiatt, Administratrix, 1/
R M Sloan 41 ; W D Reynolds 21 ,• Geo Albright, 2 ; David C Stew-art
1; D F Caldwell 38; John Perdeu 1; William Gray 2; R C
Caldwell 5. Thomas J Freeland 3, and as proxy for L S Boon 2 ; Peter
F Holt 1 ; Jeremiah Holt 1 ," G A Faucett 5 ; C J Freeland 4 ; Wm
Ward 1. S L Fremont 5; and as proxy for John Everett 5; John
McRae 178; N N Nixon 52 ; E D Hall, Ex. and Adm, 24 ; E D Hall 9;
R H Cowan, Ex. P K Dickinson 100 ; Geo Harris 3 ; Ex. Jas Cassidy 5 ; J
Dawson & Co 5 ; Fred C Hill 1 ; Robert Strange 5; Jno D Bellamy 5?
Ex. Alexander McRae 173 ; Donald McRae 21; H B Eliers 1 ; A H
Van Bokkelin 2; Jno D Love 1; Alfred Martin 1 ; A J DeRossett 30.'
A J»DcRosset, Adm 3. E M Holt 72, and proxy for P W Hairston 5
;
N Boyden, 10; MLHolmes, 66; M S McKenzie, 21 ; Richard Har-ris,
22; William Murphy, 37; McCnbbins, Foster & Co., 15; E Mauney,
13: V Mauney, 13; R J Holmes, 80; Mrs Ann Parker, 10; P N Heileg,
40; J Rumple, 1 ; J M Horah, 2 ; A W Buis, 5 ; Brown & Richwine, 0;
B B Roberts, 13; Wm Overman, 2 ; J A Bradshaw, 4; J T Buruss, 20;
John L Hedrick, 15 ; B S Hedrick, 3 ; T M Young, 5 ; J F. Fraley, Ad-ministrator,
8 ; WM Wiley, Ex. 2 ; E J Cannon, 5 ; ED Austin, Guar-dian,
32 ; J A Hedrick, 3 ; J H Thompson, 45 ; J A Lynn, 40 ; J H Har-grove,
85 ; Alfred Hargrove, 55 ; J F Martin, 20 ; G M Barnhardt, 55
;
J A Moore, 6 ; J S Turrentine, 10 ; P Smith, 100 ; A V Sullivan, 5 ; H
W& J Welch,. 5 ; Jonathan Welch, 7; P H Colburn, Administrator, 28 <
JC Washington, 15; AT Jerkins, 15; J D Flanner, 6; C Wooten, 2;
J D Whitford, 13 ; John Hughes, Administrator, 55 ; J A Guion, 5 ;
11
John L Gardner, Administrator^ 5 ; George Green, 8 ; B B Seawell. 1 •
Wm Mnrdooh, 140 ; Wilson Hiatt, 2 ; D A Davis, 17 ; J H Jenkins. 91
;
W A Carrigan, 40 ; Michael Shoffhdr, 5; Jesse Gant, 7 ; Wm E Holt,
22 ; T M Holt, 9; James H Holt, 1 ; Jacob Holt, (i ; C H McKenzie, 3.
Kimbro Jones 10. George W Mordeeai 80, and as proxy for Thomas
Ruffin. Adm'r. 10; Barnes Newlin 3 ; J Newlin & Sons 10 ; J J Norwood
9 ; P B Ruffin 5 ; Jno W Norwood 30; Alexander Wilson 6; II Scott 5
James P (lark 1; C CTinnen2; Nancy Tinnen .3; .James Webb 5;
•I & ] II Webb 5; Thos B Hill 100; W F Strayhorn 0; Pride Jones
32; Cad Jones 24; Thos Webb 43; George Little 2; Wm H Jones 1;
T II Selby 8; J B Johns 5 : -1 W B Watson 50; 1) W Kerr 12; P C
Cameron 50; M C Cameron 17; JamesM Riley 1 ; John W Graham 5;
James A Graham 5 ; Wm A Graham 25, and J L Brown 5.
The Chairman appointed T. J.Foster, B. B. Roberts, and William
Murdoch, to verify proxies at the next animal meeting.
Col. W. F. Henderson ottered the following preamble and Resolutions •
Whereas, At the last meeting of this Company the following Pre-amble
and Resolutions were adopted :
" Whereas. The income and consequent profits of all Rail Roads depend
obviously ami mainly on the amount of transportation* of passengers
and freights over the entire Road of any Company, and such income
and profit are necessarily diminished when such transportation is per-formed
over but a part instead of the whole length of the Road : therefore
Resolved 1st, That it is manifestly the duty of the Directors of this
Company to adopt and pursue such a course "as will most surely carry
into effect the principles and policy referred to in the preamble hereto.
Resolved 2d, That the Directors of this Company are hereby in-structed,
as promptly as maybe practicable, to make such arrangements
jointly with the Rail Road Companies, as well at the Eastern as at the
Western termini of the Road of this Company, as will most certainly
insure the transportation of passengers and freights over the longest
distance of the Road of this Company," and
—
Whereas. It has been found impracticable to carry these provisions
into effect, and the same have not operated favorably to the interests of
this Company. Therefore,
Resohed, That said Resolutions be, and the same are hereby rescin-ded,
and the entire matter is submitted to the discretion of the Board
of Directors, who are best qualified to act on the subject, and to adopt
such measures as may be most beneficial to the interest of the Company
Col.S. L. Fremont, offered the following as as a substitute:
Resolved, That the Board of Directors are hereby instructed to make
the best arrangements they can with connecting Boads for the trans-portation
of Freight and Passengers with a view of securingthe largest
income to this Company first, and secondly to other works in which
the State is interested.
Upon which he called for the slock vote ; the State proxy voting No,
the substitute was rejected. The stock vote was then taken upon the
original Resolution as introduced by Col. Henderson, which resulted
in its adoption.
Hon. Josiah Turner, Jr., presented a Memorial from the Ladies'
Church Association at Company Shops, petitioning the Stockholders to
aid them in the erection of a Church and offered the following resolution :
Resolved, That the Treasurer pay to the Ladies' Church Association
at Company Shops one thousand dollars to aid in the erection of a
Church.
12
Col. W. F. Henderson'offered the following as an amendment to the
Resolution of Mr. Turner:
Resolved, That the petition of the Ladies' Association at Company
Shops be referred to the Board of Directors for such action as they
may deem proper, which was carried by a stock vote.
On motion of Gen. Barringer the thanks of this meeting aretendered
to the Chairman and Secretaries. ,
On motion the meeting adjourned.
GEO. W. MORDECAI, Chairman.
F. A. Staoo,
{secretaries.
E. F. SlMONTON, j
The Twentieth Annual Meeting will be held in Salisbury the second
Thursday in July, 18G9.
Note.—The following gentlemen were appointed by the Governor
Directors on the part »f the State for the ensuing year : Dr. William
Sloan, of Mecklenburg; Col. Win. F. Henderson, of Davidson ; John
McDonald, Esq., of Cabarrus; Rev. G. W. Welker, of Guilford; Silas
Burns, Esq., *f Chatham ; John R. Harrison, Esq., of Wake ; Willie
D.Jones, Esq., of Wake ; and W. A. Smith, Esq., of Johnston.
BOARD OF DIRECTOR'S REPORT,
Office North Carolina Rail Road Company, 1
Company Shops, June 26; 1868. )
In compliance with the requirements of the Charter, the Board of
Directors have the honor to submit the following report, showing the
operations of the Road for the fiscal year ending, May 31, 1808.
The Reports of the President and Superintendent, with the accom-panying
tables, show the operations of the Road in full.
Raleigh, July 8th, 1868.
At a meeting of the Board of Directors held this day the following
preambles and resolution were adopted :
Whereas, The Stockholders of the North Carolina Rail Road Com-pany
at their last annnal meeting authorized an issue of Mortgage
Bonds, to the amount of eight hundred thousand dollars, for the pur-pose
of paying off the present liabilities of the Company and making
necessary improvements ;
And whereas, It appears from the official report of the officers of
the road for the present year that the net profits over and above ope-rating
expenses of the same for the past year, amount to the sum of
$316,638 81, which has been used in payment of said indebtedness and
improvements, therefore
Resolved, by the Board of Directors of the North Carolina Rail
Road Company, that a dividend of six per cent, upon the Capital Stock
of said Company be now declared, payable at the office ot the Com-pany
on the 1st day of October next, in said Mortgage Bonds bearing
eight per cent, interest and running fifteen and twenty years, or in
Scrip Convertible into said Bonds when presented in sums of five hun-dred
dollars.
PRESIDENT'S REPORT.
Gentlemen—I have the honor to submit to yon, and through you, to
the Stockholders, the 19th annual report of the operations of the
Road, for the fiscal year ending May 31st, 1868:
Receipts from all sources #585,411 09
Total expense of operating the Road 268,772 28
Leaving as net profits over operating expenses.. #316,638 81
While the net profits over ordinary and extraordinary
expenses, as shown by the Secretary are #174,015 45
What has gone with this large net income before it could reach
needy Stockholders in the shape of dividends has been told in detail
by the Treasurer and Secretary in their full and satisfactory reports.
Debt reported at the last Annual Meeting, - - $693,831 74
Debt arising on Confederate transactions for iron, damages
in burning Cotton, interest, &c, not fully ascertained at
that time, ----- . 97,130 79
$790,962 53
Present debt of the Company, - - 580,134 92
Reduction of debt, - - $210,827 61
DR.
16
Statement of the Financial condition
PROPERTY AND RESOURCES.
Cost of Road, Equipments, and Real Estate,
Amount of Sinking Fund, - - - -
Stock in the Chatham Rail Road Company,
Stock in the North Carolina Rail Road Com-pany
Amount due from Station Agents -
other Companies -
Individuals —
Freight exchanges
the United States -
U. S. Post Office
Bills receivahle
So. Express Company
Amount of Cash on hand
do
17
for the. laxf. year, ending May 31, 1SG7. CR.
CATITAli STOCK AND LIABILITIES.
Capital Stock
Amount of 8 f ct. Loan due March 1,1S67,
" of interest due on do
'
' of Temporary Loans at 8^ ct.
on demand
Amount of Bills payable
" • due on Dividends,
" " other Companies
" '* on individual accounts
" " on Pay Rolls
" of U. S. Income Tax retained
" due lor hire of negroes 1864 & 1865,
Profit and loss account
$339,000 00
19,820 00
172,039 00
20,774 25
919 00
10,126 56
16,807 88
31,701 68
2,299 70
79,743 67
$4,000,000 00
693,831 74
596,603 32
$5,290,435 06
Condition, ending Mai/ 31, 1868. CR.
CAPITAL STOCK AND LIABILITIES.
m
We started this year under most adverse aaspiccSj.tHfs largo debt
was due to persons, most of whom were in great want offmoney- The
Stockholders at their last meeting ordered the road to>he mortgaged!
and bonds to be sold to meet this debt., I visited New York for that
purpose. When I talked in Wall street about selling bonds (80 ets.)
eighty cents in the dollar was the highest price, because ofthe unset-tled
political condition of" the South. If I would take 80 cents our
political condition was forgotten, or at least1 not named- I was not
willing to take 80 cents and lose §160,000 00 by such a sale of l>onds.
For this and other good reasons I delayed, and declined to execute the
mortgage until very recently, when ordered by the Board,- I have
sold no bonds at less than par, and think it unwise t» depart from
this rule.
We owe it to the liberality of our bond holders who have come
forward and exchanged at par their old for new bonds,. that we did
not have to submit to the loss of 8100,000 00 by sale of bonds at 80
cents. Other gentlemen I could name of those of whom we
borrowed 8172,639 00 last year, payable on demand, took $95,000 in
bonds at par for their demand loan, which greatly relieved our wants
and sustained our credit.
The Road has been operated under a tariff from 20 to 40 per cent,
lower than any former tariff, on some articles the reduction has been
60 $ cent. Notwithstanding this great reduction the receipts from
freights this year are $42,428 91 more than freight receipts for last
year. Our-receipts on outgoing freights are not what they should bo,
owing to Vne want of prosperity and success in the agricultural ope-rations
of the country. Nor will they be until Congress.learns the
lesson taught by Edmund Burke, " that it is a perilous thing to expe-
" riment upon the farmer, for the trade of the farmer is one of the
" most precarious in its advantages, the most liable to loss and the
" least profitable that is carried on. It requires ten times more of la-
"bor, of vigilance, of attention, of skill, and let me add of good for-
"tune also, to carry on the business of a farmer with success, than
" what belongs to any other trade,-
" The farmer's capital is far more feeble than is commonly im-agined..
The trade is a very poor one: it is subject to great risks
"and losses.. The capital is turned' but once a 3 ear, and in some
"branches it requires three years before the money is paid."
Notwithstanding this poor trade, which the whole South follows,
Congress has taxed our three leading articles of trade, to wit, Cottons
Corn, (in the shape of whiskey) and Tobacco while the leading ar-ticles
of the Northern farmer are untaxed, (to wit) wheat and hay.
Such a tax on such a principle was never heard of before. The road
has never been operated on so small an expenditure of money. This
was done by dismissing all supernumeraries such as p:tf masters, bag-gage
masters, yard masters, dispatcher of trains, master bridge builders,
master carpenters, and lessening the expenditures in the shops, on
fch • ick,on the train, and in everybranch and department of the com-pany's
services. In this I had the co-operation of every chief officer of
the road, and the first week's work in retrenchment, and reform,
19
made a difference of $40,000 per annum in expenditure. We have
operated the road with a vii w of changing the false policy of this and
all other Sotffliern roads, /i.e.) of bringing cheaply ta a low tariff all
the goods and products, ef other states and by a hagh local tariff
shutting up th« market and preventing the shipment of the goods
roducts of our own people. I have known caltbage, onions, and
lieu shipped on the road and sold in Wilmington and other
markets, to bring the producer in debt 'by-reason of the high tariff or
freight charged by the road. Under the old system a former in
Mecklfenburg would ,
, as much to send a "barrel of flour to Golds-boro'asaNew
York farmer would pay to send a barrel from New
Yorkt -. No country could stand such a tax upon its trade
and labor, discriminating ail the while against those whose industry
and labor it should protect.
ROAD, ROLLING STOCK, 'AC, &C.
For the condition of the road bed, rolling stock, bridges and engines*
I refer you to the report of the Superintendent. They never were
condition, and the best proof of it is to be found in the fact
that we have had no accident, run off or break up, or cotton burning,
during the year. For this too much credit cannot be given to our
Superintendent and the men under him, who drive and manage the
engine, receive and deliver freight, collect tickets from passengers on
their freight trains and without the aid of freight agents or conductors.
They have had their hands full, and right nobly have they fulfilled
'their tasks amid dust, dirt and danger.
THE NEWr ENGINE AND CATtS.
The new engine, Pioneer, built entire at the Company Shops, is
doing good service, and reflects great credit on the skillful workmanship
of E. D. Wade, our Master Machinist. lam told it is the first and
only engine ever built entire in the State.
Three new and elegant passenger cars, the handy work of B. E.
Sergeant, are full proof that we need no longer rely upon Northern
skill and labor for elegant or substantial wrork. What a pity ! the
pride and manhood of eight millions of Southern people could not
unite in*denying all commercial relations with Northern people so long
as they refuse political relations with us. This would reconstruct us
without the aid of the army or the sword.
LOST COTTON.
At the close of the war the Company owned 862 bales of cotton, only
G.j7 bales were sold and ^66,028 38 was the net amount realized for
said cotton, about 25 cents per pound when cotton was selling from
•10 to 65<cents per pound. The Board appointed two of its members
to hunt up this lost cotton; they have been for twelve months in
search of it, but have never been able to find it. Apart of this cotton
was burnt, a part was stolen, and most of it sold at a price greatly be-low
the market. I was told this week that by filing a bill in equity
against certain parties that fraud and cotton might be discovered.
A 1 fill in equity has been fild8. to recover our lost sinking fund
.
OTJK RELATIONS WITH OTHER ROADS.
Our relations with all other roads are of a very satisfactory character.
20
It will be remembered that the Stockholders in their last Annual Meet-ing
instructed us to transport all freights when practicable over the
entire length of the road. What they meant was that we should cease
running our cars with our own freight off our own road, upon that of
the E. & G. R. R*, and that wo should carry our freight to Goldsboro'.
Before we were able to carry out the orders of the Stockholders we
had lost $21,366 00 running cars and freight off the road at Raleigh.
At last in March, 1868, an arrangement was made with the R. & G.
R. R. that it would pay us for all through freights leaving or coming
from its road to ours the same as if they went or came by Goldsboro'.
This arrangement has added to our receipts £42,000.
COLUMBIA & AUGUSTA E. E.
This Road when'completed will add much to our travel and freights,
We shipped from South Carolina over our Road 23,766 bales of cotton,
and sent to that State more than 6,000 tons of freight. Col. Johnston
President of that Rail Road desired material aid from the N. C. R. R.
,
that he might complete the Columbia and Augusta Road. The Di-rectors
of the N. C. R. R. doubted their authority to give the aid
asked for, and referred the matter to the favorable consideration and
action of the Stockholders.
SUITS AND DEMANDS AGAINST THE COMPANY.
I found many trivial suits in all the Courts along the line of the Road
mostly for killing cows and hogs. Though we pajr promptly for killing
cattle when notified, some persons prefer to sue and settle by judgment in
court. In other countries when men or cattle trespass by walkingon rail
road tracks they are indicted for the trespass. In this country instead of
indicting those who allow their cattle to run on rail road tracks, to the
great danger of human life, we reward them by paying for the cow
killed, although the cow may have been the means of killing a dozen
men.
The Bureaus have been frequent and importunate in their demands
for money due freedmen—as they said. The Superintendent dismissed
a negro for stealing wood, he was caught in the act ; the Bureau sum-moned
the Superintendent to answer for his conduct. I v.iis several
times summoned to answer for Conductors who put freedmen off the
train when stealing a ride.
These claims and demands are still pending before the Bureau courts.
I did not obey their orders to appear, and cannot therefore give you
exact condition of these claims and demands against the Company.
The last demand is the smallest as well as the most despicable.
General Canby demands that )
r ou, the stockholders, shall not elect
officers to take charge and care of your property and stock. This
order originated in Raleigh and not with Gen. Canby. It is despotism
unsurpassed, and I venture will not intimidate the most timid stock,
holder, they will elect, if by so doing they go to the dungeon or the stake.
OFFICERS OF THE EOAD.
Superintendent—No Road has a more efficient Superintendent than
Jas. Andertoa, complete master of every branch of his business. To
him is justly due the successful working of the Road for the past year •
21
We have had the full benefit of all the skill, labor, and financial
ability of one of the first financiers of the State. The Company was
fortunate in its year of greatest financial difficulties in having Wm. A.
Caldwell as Treasurer. The Board as well as Stockholders know well
the worth of Mr. Stagg's services to the Company these twelve years.
He knows more of the orders, contracts, books, accounts *ind liabili-ties
of the Company than any other, (I came near saying than all other
persons.) I have never known a more indefatigable worker or a better
man. |
Peter D. Swaim, general Freight and Ticket agent for many years,
has performed the laborious duties of his office to the entire satisfac-tion
of every administration through which he has served.
CONDUCTORS.
The best evidence of fidelity in a Conductor is that he keeps poor
and not able to retire from so laborious a business. We have only
four Conductors, fewer and better than were ever known to the Road
before. Capt. Spragins, for years known as the model Conductor
who made best returns to the Treasury, has sometimes been equalled
and sometimes surpassed by Messrs. Turrentine, Davies and Waitt.
When Conductors are habitually behind in their monthly returns
they should be suspected of negligence or playing false to the Com-pany.
The race with our Conductors has been to beat Capt. Sprag-ins,
sometimes in that they have all succeeded.
STATION AGENTS.
Most of them are old officers of the Company, long identified with
the road, and known for their efficiency and integrity.
GENERAL REMARKS.
A great work like the North Carolina Rail Road should not be ope-rated
for corporate gains alone, but to develope the resources and im-prove
the country ; to this end all emigrant tickets should be discon-tinued
; all agricultural implements should be and fertilizers should be
transported fiee of charge, or at least without profit to the Rail Road.
With thanks to the officers and men of the Road, for their efficiency
and promptness in the discharge of their several duties, I will conclude
this report, by subscribing myself, as I am,
Your obedient servant,
JOSIAH TURNER, Jr.,
President.
SUPERINTENDENT'S EEPOST.
%
Ivokth Carolina Rail Road, Sup't Office, )
Company Shops, June 25th, 1868. \
To the President and Board of Directors of the
North Carolina Bail Road Company :
Gentlemen—I respectfully submit the following; Report of the ope-rations
of the North Carolina Rail Road for the year ending 31st
May, 1868.
The expenditures and income are as follows:
Conducting Transportation $ 99,213 95
Loss and Damage account 1, 729 99
Maintenance of Motive Power 36,104 58
Maintenance of Cars 33, 19 1 41
Maintenance of Road 115,091 17
Buildings and Bridges 17,796 58
Incidentals 9,245 14
New Iron, Chairs and Spikes 90,51 5 G3
Subsistence for hands 8,507 19—$411,395 64
Of the above amount the following is re-garded
as extraordinary expenditures :
New Rail Road Iron 1,073 tons, 9—0—29, #90,515 63
Buildings and Bridges 17,796 58
Three First Class Passenger Cars 12,000 00
One Mail Car 1,800 00
Cost of completing New Locomotive 8,111 15
Thirteen New Box and six Flat Cars 8,900 00
Twenty Flat Cars and Trucks framed 3,500 00—$142,623 36
Nett operating expenses, #268,772 28
EARNINGS.
From Passengers $172,774 83
From Freights - 344,359 28
Mails 16,725 00
From rent of Cars . .
.
'. 4, 080 92- #537, 940 03
Leaving as nett income - - - - ^- $269,167 75
An amount sufficient to pay the interest on the bonded debt and a
dividend of 5 1
., per cent, on the Capital Stock.
As appears from the above statement the. gross earning of the Road
as compared with the previous years shows an increase in the aggro-gate
of #19,332 18. This may be regarded as a good result when
23
taken in connection with the fact, that the Tariffs, Local and Through,
were reduced froan 20 to 40 t1 cent.
The Transportation account is as follows :
Number of Through Passengers carried, 1,776
Number of Local Passengers carried 79,286
Total number carried, ------- 81,062
The above as compared with the- previous year show an increase of
12,390 passengers.
TONNAGE ACCOUNT.
Number of Tons of Through Freight sent out via Yv7
. & W.
E. E. to Portsmouth, - 8,192% tons
Number of Tons received from Portsmouth via W.&W.E.E. 9,211 % "
Total 17,401 "
Nunber of Tons Through Freight sent out via E.& G.E.E. 5,360'. "
Number of Tons received from Portsmouth viaE. & G.E.E- 4t,B45% "
Total 9,712
Total Through Freight to and from Portsmouth - - 27,116
Toial Number Tons Through Freight carried to all points 43,155
Tofel Local Tonnage East and West - - - 22,697
Grand Total Tonnage Local and Through - - 65,852 "
The order made by the Stockholders at their Annual Meeting in
regard to carrying Freights and Passengers over the longest distance
of the Eoad has been carried out as far as practicable, and resulted in
increasing the gross receipts forty-two thousand dollars
.
On examining the above tonnage account it will be seen that your
principal income for the past year has been derived from Through
Freights. This condition of things is likely to exist for several years
to come, and points out the importance of co-operating with adjoin-ing
Eoads, to extend your through connections in every possible
direction.
A large amount of Cotton has been shipped over your Eoad the
past year, I inch of it was brought to Charlotte via the C. & S. C
I! ail Eoad. and as a natural result a considerable amount of merchan-dise
has been returned* v la the same route to points South.
The account stands as follows:
Total number of bales Cotton shipped from Charlotte, - - 36,835
Total number of bales shipped trora Concord, - 2,262
Total number of bales shipped from Salisbury and ether points, 750
Total number of bales shipped, - 39,847
Of the above number of bales 23,766 were received via 0. &. S. C. Road.
The number of tons general merchandise returned by the same Road
to points South was 6,041% tons. These results are considerable, but
small in comparison to what may be expected when that Road has
24
completed her connection to Augusta, and show conslusively the im-portance
of that connection to this Company, both as a Freight and
passenger line. In fact, as a through passenger line this Road can
never succeed fully until that connection is made.
At the commencement of the past year a change was made in the
mode of conducting the freight trains ; all cars, both Local and Through,
are required to be sealed by the Agent at the Station where loaded,
and if opened at an}'" way Station the Agent at that Station is required
to re-seal them. The train is under the control of the Engineer, whose
duty it is to see that all his cars are sealed when received, and deliver
them in the same condition at point of destination.
This system has been fonnd to work well, as may appear from the
fact, that although we have carried a large amount of Cotton and other
goods requiring special care, not a single bale has been destroyed by
fire or otherwise. Our entire loss and damage account for the year on
Way Freights, 6 503 79
Through Freights, - 1,130 20
Total loss and damage, - - - $1,729 99
Being about two hundredth of one per cent, on gross receipts from
freights.
It is gratifying to report, that during the past year the trains, both
freight and passenger, have been run with remarkable regularity, and
an entire exemption from accident of any kind.
It is due to those in charge of them to say that they well deserve
the commendation of the officers of this Company for the care mani-fested
in the discharge of their important duties.
ROAD DEPARTMENT.
In this important department every effort has been made to bring it
up to as high a standard as possible with the means at command, be-lieving
that money judiciously spent.here is the sure way to economise
in other departments.
The Road bed has been materially improved by the thorough ballast-ing
of 26% miles at points where most needed, 76 miles of ditches has
been thoroughly opened,, but owing to the severity of the past winters
and the numerous cuts along the line, it will all require to be gone over
during the summer and fall.
In the repairs of superstructure 81,417 new sills have been used, %
of these are white and post oak, the balance heart pine. 1,073^ tons
of new Iron weighing 60 lbs. to the yard has been put in on the heavy
grades, and the best of the old iron removed has been selected for
general repairs.
The new Bridges formerly erected across Little River, Neuse River,
Deep River, Rich Fork, and Abbot's Creek, have, during the present
year, have been adjusted, roofed and weather-boarded. The bridge
across Yadkin River has been thoroughly repaired and strengthened,
and covered with a durable sheet iron roof. It is now much stronger
than it ever was, and without accident may last for the next half
century.
25
All the Bridges on the line are in excellent condition, except a small
one of 60 feet space at University, which will he replaced by a new one
early in July.
This heavy source of expenditure for hridges may he regarded as
over for many years to come.
New water-tanks have hcen erected at Selma and Ilillsboro'. and a
large one framed ready to he put up at Company Shops,
The road-bed, bridges and superstructure, are now in good condition
The principal expenditure required the coming year will be for new iron"
MACHINERY. DEPARTMENT.
This department has never been as effectively and thoroughlj'- organ-ized
as at present. With a comparatively small force employed much
valuable new work has been done, which formerly was procured from
other sources. In place of sending money out of the State, as hereto-fore,
in large sums to buy machinery, it is now made in your own Shops'
ofasgoodaqnalityascan.be had anywhere, and at a considerable
direct profit to the Company, besides giving employment to your own
mechanics, thus building up the industrial resources of the State.
Your rolling stock consists of 24 Locomotive Engines and tenders?
8 first class and 10 second class Passenger Cars, 5 Mail and 8 Baggage
Cars, 139 Box and 70 Flat Cars. The engines are generally in good
order, except one in the Shops being rebuilt ; 7 of them have been thor-oughly
repaired during the year and furnished with steel tyre of the
best qualit}r
, 2 of these, Alamance and Apollo, have had new fire-boxes
put in. Fifteen of your engines are now furnished with steel t}rre, 2
setts on hand are now being put on.
The expenditure for tyre has been heavier than will be required in
the next ten years, judging from the wearing quality of those already
in use. 4 new tender frames and 7 pair tender trucks have been re-newed,
and 272 new wheels used on tender and engine trucks.
Early in March the engine Pioneer was completed and put in opera-tion,
since that time she has been in constant use, and has proved in
every respect a first class machine. The engine Aristos was taken
in the shops to be rebuilt, but on close examination of the old boiler,
it was found so defective as to be unfit for further use, and laid aside as
old iron.
Three first class passenger cars, one mail car, thirteen box, six flat}
and twelve pole ears have been built, also twenty flat cars and trucks
framed ready to set up. Many of the old wooden roofs have been re-moved
from the old box cars and replaced by tin.
The engine and car equipment has generally been found sufficient for
the business. It would be well, however, to keep a small force of hands
steadiky employed, adding to the number of cars, so as to meet any
increase of business, or prepare for any accident which might occur.
The total mileage of engines during the year is - 350,900 miles.
Cords of Wood consumed, ... 8,339>4 cords.
Cost of Wood at $2 00 per cord, - 816,078 50
Average number of miles run per cord, - - 42 miles.
4
26
Cost per mile of "Wood, - 4% cents.
Maximum grade, - - - 70 feet per mile.
For a more detailed statement of the cost of repairs, and present
value of your cars and engines, I refer you to the report of your Mas-ter
Machinest.
During the past year nearly all the bridge work and car buildings
have been done by contract, also the furnishing of iron, wood and sills
for the Road. The outstanding contracts not yet closed are as follows:
Balance of contract with Tredegar Company, Richmond,Va.,
for new Rail Road Iron, 272 toms, 80 $21,700 00
B. E. Sergeant, for car work, . - - - 1,822 00
D. M. Renno, for bridges, - 2,441 50
Sundry parties for cord wood, 5,015 cords, - - 9,772 25
Sundry parties for sills, 34,334, - 10,549 55
Total outstanding contracts, - $46,345 30
In comparing the result of the past year's business with the de-pressed
condition of the country, it is fair to presume, that with a policy
looking to strict economy and prudence in the operations of the Road,
together with a careful and judicious cultivation of its local and through
business, there is good ground for confidence in its future prosperity.
JAS.. ANDERSON, Superintendent.
27
TREASURER'S REPORT.
Office North Carolina Rail Road Co., /
Company Shops, June 25, 1868, \
To (he Convention &f Stockholders
to assemb'e in Raleigh on 9th July 18G8.
G-ENTLEMEN
At the close of this, our fiscal year, I take pleasure in submitting
tiie following report as Treasurer, in obedience to the By-Laws of the
Company, for the ten months and thirteen days, ending on the 31st
of May 1868, from the 18th day of July 1867, (the day I entered on
the unties of the office.)
RECEIPTS AND DISBURSEMENTS.
During the above term there has been received from all sources, the
sum of $950,928,94; and there has been paid on Bonds and other liabili-ties
of the Company the sum of $944,131,68, embracing some two
thousand and sixty-nine different vouchers.
The receipts will be found classified under four general heads, embra-cing
eighteen different accounts; and the disbursements under seven de-partments,
comprising thirty-two accounts, in detailed statement at-tached,
marked A_
FINANCIAL CONDITION NOW AND A YEAR AGO COMPARED.
The present financial condition of the Company compared with its
condition at the close of the previous fiscal year, will more fully appear
from statements marked II & C, which show the debt of the Companyj
reported May 31st, 1867, and the debt unreported at that time (since as-certained
and entered on the Books,) amounted to the sum of $790,972,-
53. which on 31st May 1868.,- had been reduced to $580,134,92 as ap-pears
from the Books of the Compan)r
; notwithstanding 8142,623,36
have been applied to extraordinary repairs and §268,772,28, to ordinary
repairs and operating expenses of the Road, while the gross Receipts
from transportation, rents and minor sources have been $12,787,91 less
than the year previous from same sources.
These results have been accomplished mainly, Ijy the constant vigi-lance
of our most excellent Superintendent and his personal supervis-ion
and thorough scrutinizing of every expenditure in his department,
and the firmness of the President, in adhereing to a new line of policy,
in the face of fierce opposition early in the year.
FUTURE PROSPECTS OF THE ROAD.
Although no dividend has been declared out of the profits of the last
2S
fiscal year,* nor is it deemed sound policy to declare one out of the earn-ings
of the next fiscal year, yet I have no hesitancy in expressing the
opinion, that with good practical business men for officers, who will be
faithful to the interests of the Road, and exercise a close supervision over
all the departments, and enforce a rigid economy, that the entire debt
can be paid off as it matures, and the interest and other obligations of
the Company, be promptly met as they fall due, (after funding the re-maining
old Bonds, which in many instances has been agreed upon) and
an annual ditidend of G per cent, paid to the State on her preferred
Stock and 3 per cent, on the residue, commencing with the 1st July,
1870, and also 3 per cent, per annum to individual stockholders
commencing 1st July, 1870, and ending November 1st, 1877, when the
entire debt will be paid off, and keep the Road and rolling stock to the
end of this term of years in as goodcondition'as they are now in. And six
per cent per annum on the entire Capital Stock can thereafter be paid.
A careful review of the abstracts from the Books, as found in the
several reports of the officers of the Company, is respectfully request-ed
and referred to as confirming this opinion.
But should the convention and State authorities doubt the correct-ness
of these estimates, or suspect that they cannot be realized, there
ls no doubt, if they will make a proposition in substance as above, that
Capitalists can be found, who will accept of their proposition, and give
ample security for compliance therewith, provided a reasonable time is
given for negotiation.
Here this report might close, but some of the stockholders having
expressed their apprehensions, that the great reductions in expendi-tures
were made by the use of material bought in previous years, and
by not purchasing the requisite amount of material, &c, to operate the
Road and keep up repairs. To show the error of this opinion, however
honestly entertained, the following proofs of lessening current and
making of extraordinary expenditures the last year, are submitted for
the consideration of the convention, (which could be multiplied and
extendedj did not the limits of this report forbid.)
Take the Pay Roils for May 18G7 and compare with May 18C8 as a
basis of calculation, and you find a reduction of $118,4-12,08 in
favor of 1803—true the actual reduction in payments did not amount to
this sum, for the reason, sometime was necessary to make the change.
400,000 sills are required to lay the entire track, and experience has
shown that 70,000 must be purchased every year to keep up the sills.
82,231 were paid for in 10 months and 13 days of the last fiscal year, o r
20,000 per annum over the regular requisition. The cost of 70,000 un-der
existing arrangement, is less than $22,000 00, formerly, they
would have cost $35,000 or $13,000 more than is now paid '.'or sills.
Take iron, estimating 100 tons to the mile, at $75 per ton, to be renew-ed
every 15 years, or 1-15—to $111,500 per annum, and allowing the
old rail to pay half, we have $55,750 00 as the sum necessary to
*A dividend was declared on the 8th July, 1808, contrary to the ex-pectation
of the President, Superintendent, Treasurer, and the Secretary.
29
be annually expended for iron ; we have purchased (and cither paid for
or included in the debt of the Company)the past year $99,760,77 or $44,-
000 in round numbers, more than annually required.
The same applies to motive power and cars, as explained in Superin-tendent's
Report. Take two illustrations, the Master Machinest's report
shows the total number of miles run during the tiscal year by the en-gines,
was 350,965 miles, which, at the usual average of 5 cents per mile,
would require $17,548,25, for repairs of motive power. We have expen."
ded on motive power in 10 months and 13 days 837,000, and not by exor-bitant
prices, for much of the material has been bought for one-fourth
less than formerly. Within the same time 837,000 00 was expended on
cars, so that the increased freight was all carried in our own cars, and
something" over $4,000 00 was received from roads with which we ex-changed
for car rent during the year.
The debt of the Company is in a much more satisfactory condition
than at the beginning of the fiscal year just closed. The entire indebt-edness
appearing on the Books the 31st of May, 18G8, being on! ,'
S,">8'' 134 02; and in this sum is included $54,133 52, for which no por-tion
of the Receipts or money of the Road will have to be paid, to wit :
$35,106 39 deduction on .$43,927 00 of notes, dated January, 1861 and
1865, at 12 months from date, for negro hire, which can be paid for
with $8,820 61, if settled on same terms as those paid last year ; and
$19,027 13 from the claim of the Tredegar Company, (included in debt
on Books,) which sum is payable in old iron, and will be thus discharged
as the new iron is laid down, and the old iron removed from the track
to Richmond, with no expense to the Company, except the freight of
some $3 50 per ton, making together $54,133 52 deduction from the
acknowledged debt of the Company reported on 31st May, 1868, and
leaving the sum of 8520,001 40, from which amount deduct 802,2641 1 for
assets on hand 31st May, 1868, and the actual balance to be paid in
currency is only $463,737 29, with interest thereon, until paid.*
THE OUTSTANDING DEBT NOT EEPOBTED.
The question naturally arises, what amount of old claims are out-standing
against the Company not on the Books, which can be recov-ered
? Tins I have found no one able to answer, it is purely a matter
of conjecture, and this statement, in some one of the Reports at each
annual meeting, has encouraged some men, it is believed, to present
claims, which a little investigation has proved conclusively, that there
was no just foundation for. The Committee of Finance desired, an
opinion, and after an interchange of views with the officers, $45,000 00
was fixed upon as a sum thought to be sufficient to cover all these
claims, costs, interest, &c, whicll, if correct, it will be seen that the
assets on hand on 31st May 1868, will more than satisfy, and no ad-dition
should be made to the debt reported on books 31st May, 1868, in
*The dividend since declared increases this debt $240,000 00, making
$703,737 29 on the 8th July, 1868,
30
consequence of any outstanding claims that may be set up against the
Company.
That the convention may know why precision is not practicable, it is
proper to state, that the principal amounts claimed are for personal in-juries
alleged to have been received on the road, and for losses of cot-ton,
R. R. iron, and other articles during the war, or about the time of
the surrender. Suits, in some instances, have been instituted against
the Company the past year, others were pending before. Some of these
claims may have merits, many of them are believed to be unjust, and
were so regarded, and payment refused by all previous administrations •
yet heavy losses may fall unjustly upon the Company in some of these
cases, as in previous instances, from the activity of the plaintiffs, and the
negligence of the Road, or from the difficulty in procuring the attend-ance
of witnesses who have a knowledge of all the facts, which diffi-culty
is increased by every change of administration.
Advertisement was made in all the Raleigh newspapers for parties
having claims to present them by the 1st of April last, as some protec-tion
to the Company against these stale claims.
To be fully prepared to defend the rights of the Company in such
cases, I suggest the propriety of employing an efficiexit attorney at a
salary not exceeding $2,000 per annum, to look into all legal matters
touching the Road's interest, preparing all contracts and other legal
papers, and attending to suits in courts, &c. Other Roads that have
adopted this course find it satisfactory, and continue it.
DEAD HEADS.
The arrangements as to free passes not being satisfactory, I recom-mend
the calling a convention of the R. R. officers of the State to regu-late,
systematize, curtail or abolish existing dead-head arrangements, as
they may deem practicable. Other important matters might be con-sidered
in such convention, as to fares, through freights, &c.
Sundry recommendations have been made to the Board in the reports
made to them as required by the By-Laws. Among which, may be
mentioned, recommending the sale of the more expensive brick build-ings
at the Shops, and each alternate lot of land, after reserving ample
for all practical business purposes, which could be sold at cost, and was
not yielding three per cent, on cost ; and the payment of the tax on
the new Bonds of the Company, both Federal and State ; the latter
was adopted by the Board, and I recommend for your action the Real
Estate question . •
The unhappy condition of our country has tended to unsettle all
business arrangements, and render it next to impossible to form a sat-isfactory
opinion as to the policy, which should be adopted in any
financial mattei', hence, many conflicting views prevailed in regard to
issuing mortgage bonds, and it was not until the 20th February, 1868,
that I was allowed to issue the mortgage bonds authorized at your last
meeting. $289,000 of these bonds have been disposed of at par, and
a few since the fiscal year closed.
[Since the fiscal year closed, and before the dividend was declared,
$300,000 of new bonds had been disposed of at par, being all that had
OQ1X
come into my hands as Treasurer.] When we call to mind the fact, that
the six roads connecting- with ours, have all issued bonds during the
last year, and disposed of the same at various figures, from $63, to $85
on the $100, it is hoped there will be no disposition on the part of any
to complain, though every thing is not just as they could wish. lam
confident the delay in issuing and the warmth often manifested in the
discussion, arose from an honest difference of opinion among the
true friends of the road, while a struggle was made by others to de
l^ress the bonds below par, and embarrass the operations of the admin-istration
by talking of bankruptcy, &c, &c.
Hope deferred as to dividends, I know has long made the hearts of
many sick, may it soon cease to be so, and the most sanguine desire* of
the most ardent among you, for the prosperity of the road be more
than realized within the next ten years. To this end may harmony
and concord pervade all your meetings, and success attend your
action.
In conclusion, allow me to congratulate you in the conviction I en-tertain,
that the finances of the Company are now in a healthy condi-tion,
and that the pressing embarrassments of the early part of last
year are no longer upon us, having been successfully overcome, and the
indebtedness of the Company so arranged for payment that the financial
operations can, for the future, it is believed, be managed with com-parative
ease and comfort.
All of which is respectfully submitted by your obedient servant,
W. A. CALDWELL, Treasurer.
32
(STATEMENT
Statement of Cash Received and Disbursed by W. A. Caldwell, Treas. of
RECEIPTS FROM TRANSPORTATION DEPARTMENT.
Fronf Station Agents
do Conductors
do Southern Express Company.
do Mail sendee
do Balance from other Roads . .
do Government Transportation
.
do
do
do
do
do
do
do
do
do
do
do
LOANS, &C.
Mortgage Coupon Bonds, payable in
10 years from November last
Mortgage Coupon Bonds payable in
5 years from 1 November last
temporary Loans from 1 to 12 months
.
U. S. Tax collected
Old iron sold
Real estate sold
MISCELLANEOUS SOURCE3.
Bents
Accounts collected
Property sold
Freight damages
Bills receivable
Interest, premium, &c.
On Certificates issued
.
Received as above in 10 months and 13 days
do of former Treas. on 18th. July, 1867.
.$494,287 48
14,299 85
7,246 80
16,725 00
33,522 70
16,116 74
$146,500 00
142,500 00
#582,198 57
$289,000 00
40,271 19
2,141 47
16,470 20
150 00
4,703 34
6,293 48
407 90
374 69
1,207 36
133 08
$348,032 86
$ 13,119 85
7,577 66
$950,928 94
5,771 97
$956,700 91
W. A. CALDWELL, Treasurer,
33
A)
ihe y. C. R. R. Co., for (ha 10 months and 13 days ending May 31, 1868.
RSEMENTS FOE TRANSPORTATION.
Salaries and labor.
Incidental •
Printing, stationery, and advertisir,
Drawbacks and overcharges
9,455 '._, cords Wood
From old Pay Polls
Balances paid other Roads
Slariea ;<nd Labor
Material
Waste, <
l
il and Tallow
J
Tools and Machinery.
MOTIVE "POWER.
CAR DEPARTMENT.
Salaries and Labor
Material
Printing, stationery and advertising
Waste, Oil and Tallow
Tools and Machinery. . ,
$ 67,499 68
1,112 11
2,466 72
1,729 45
15,452 88
133 30
86,330 37
18,760 86
14,490 00
3,733 56
$175,024 51
Salaries and Labor
82,231 Sills and other Material.
Subsistence
Iron, Chairs and Spikes
19 34
$ 19,646 89
14,790 97
70 06
2,293 35
321 51
$ 37,003 76
$ 37,122 78
DISBURSED FOR MISCELLANEOUS OBJECTS.
Dividends
Taxes
Incidentals
Freight damages
.
Stock killed. ..'..,
$ 75,524 96
29,775 19
8,440 07
55,174 34 $168,914 56
21 00
6,238 59
3.272 76
10,759 28
1,948 39
DISBURSED FOR EXTRAORDINARY PURPOSES.
g
n
.?f.
es $14,146 21
aildmes 3)793 G1
195,000 00
222,306 70
44,089 92
16,911 92
Coupon Bonds paid
Other debts paid
Interest on Coupon Bonds.
Interest on all other debts
.
Certificates redeemed
May 31, 186S, Balance cash on hand.
$ 22,240 02
#496,248 39
7,577 66
$944,131 68
12,569 23
#956,700 91
W. A. CALDWELL, Treasurer.
nl»*i.
31
(STATEMENT B.)
Debt reported 31 May, 1887
Other debts then owing which have been ad
justed and entered on the books of the
Company last year
For counterfeit money allowed P. B. Kuffin,
former Treas., by the Finance Committee.
Making an indebtedness of Co., 31 May, '67.
Old debt collected this year from the Ameri-can
Exchange Bank which had been stand-ing
on their books since 1856- [On which
they would allow no interest]
Real estate (sold previously) collected
Amount of deduction or scale of bonds for
negro hire
May 31, 1867, amount of assets. .869,834 9-1
May 31, 1868, amount of assets... 62,261 11
Chargeable with excess $ 7,570 83
Debt to be met with ordinary Receipts of Road
May 31, 1868, earnings of fiscal year closing
this day with receipts from rents and minor
sources added
Less operating expenses
Net profit over operating expenses and ordi
nary repairs
Applied to expenses considered extraordinary
Balance to debt
May 31, 1868, leaving debt of Co. on books
.
176 17
150 00
28,621 86
7,570 83
585,111 09
268,772 28
$316,638 81
112,623 36
$171,015 15
$693,831 71
97,130 79
10 00
$790,972 53
38,S22 16
$751,150 37
171,015 15
$580,131 92
W. A CxiLDWELIi, Treasurer.
•35
(STATEMENT C.)
Loan 1 March, 1857.
Interest due on same
Temporary Loan. .
.
Dividends 1 and 2,
Due other Cos
On Pay Rolls and
U. S. Tax
Amount of debt due
Bills payable
On individual aee'ts
Pace of bonds for ne-gro
hire dated 1 Jan
1864&'65atl2mo's
from date
AMOUNT OF DEBT.
IN 1SG7.
$339,000 00
19,820 00
172,639 00
919 00
10,126 56
34,001 38
in 1868.
$144,000 00
4,860 00
2,400 00
898 00
9,209 80
14,432 78
WHEN PAYABLE.
in 1567.
•do
Debt reputed 31 May
1867, and on boohs
of Company
Loss present debt.
.
Reduction of debt.
Which was by pay-ment
as shown in
table B
Byscaling negro hire
Deduct
§576,505 94
20,774 25
16,307 88
(9,743 67
£693,831 74
580,134 27
8113,697 47
85,072 61
$175,800 58
31, 2 OS 65
40,078 69
43,927 00
142,500 00
40 00
146,500 00
20 00
$580,134 92
35,106 39
$ 28,624 86
$545,028 53
19,027 13
On demand
month
nof'xdtime
do
March 1, 67
Past due.
On demand
do
do
do
in 1868.
March 1,'67
Past due.
On demand
do
do
do
On demand
1 to 12 mo's
Monthly
Note at ?2
inos. to all
apphVts to
da of settle
INov. 1872
Int. on same
1 Nov. 1877
Int. on same
Present dbt
of Co. on
the Books
Deduct for scale of ne-gro
Bonds as last year
Deduct the amount of
ace. payable in old iron.
$526,001 401
. . . 62,264 11, amount of assets on
hand 31s.t May, 1868, wiU leave the actual debt of Company on
31st May, 1868, $463,737 29, which has been increased by Dividend
declared 8th July, 1868, to $703,737 29.
36
REPOST OF FINANCE COMMITTEE.
To the Stockholders of the X. C. R. R. Co.
in general meeting at Raleigh, July 9, 18G8:
Your Committee of Finance beg leave to submit tlie following report:
It is the duty of this Committee., under a recent by-law, not only to
examine and report upon the books and accounts of the chief financial
agents of your Company, but to make, in their report to the; stock-holders,
'-such suggestions as to the state of the accounts and the
general' financial condition of the Company as they may think proper."
The grant of this power to a Committee of Finance, is of doubtful
propriety, and could not be justified, except from the fact that the or-ganization
of this corporation is somewhat peculiar, while the loose
and disordered condition of its affairs in past years loudly called for
extraordinary remedies. But no powers thus conferred, or duties
impessd on a subordinate committee, should, in the slightest degree,
or under any circumstances, release the President and Directors—the
real governing power—from their responsibility for the management
of the road. If they fail in the management, hold them to a strict-accountability.
If they succeed, give them all the credit. In the pre-sent
instance your Committee are happy in saying that the past year
has witnessed a marked change and improvement in the affairs of the
Company. They do not, therefore, deem it necessary to enter, in this
report, into a detailed statement of the various operations of^the road.
They avail themselves of the occasion to make only a few general ob-servations,
and point out very briefly < eri i n practical reforms.
The books and accounts of the Secretary and Treasurer, who keep
at present the principal offices of the Company, are in excellent order.
Within the past two years decided improvements have been made in
the system of chocks and balances used in these offices. The fiscal
policy of the Treasurer has proved eminently successful. He has
reduced the debt of the Company $113,098 82, and has arranged and
controlled all its liabilities in a manner satisfactory to the creditors
and advantageous to the road. He has imparted order and efficiency
to his office and among his subordinates. Amid many great difficul-ties,
he has not only maintained but elevated the credit of the corpo-ration,
and has inspired a well-founded confidence in its ultii
pecuniary success.
Your Committee also take pleasure in saying, that in their opinion,
the general management of the road the pa-it year, lias been based on
sound rail road principles, and has worked out the" best results. The
reform partially begun by the Board of 1866 aftd l8G7has been steadily
carried forward by the present adm/nisfcration, and others of great
importance inaugurated,. The force of the Company has been largely
reduced, not only without injury to the Road, but with positive benefit
37 .
to its operations. What was lost in numbers has been more than
made up in re-o] >n, • BBciency and skill. With even an in-crease
of business the present force has operated the Road withmore
success than ever before, and the public was never better or more
faithfully served by this work thanat this time. The Company, by
practicing economy and exacting efficiency has been able to make
large reductions in its rates of freights and fares, especially local
freights, the reduction averaging from 20 to 40 per cent.
The reports of the several officers fully set forth the affairs and
operations of the Company. Your Committee will allude to only
a few general results. Despite the universal prostration of all busi-ness
interests, and the large reduction in its tariff of freights and
fares, the income of the Road from its receipts exceeds that of the
preceding year the sum of $19,382 lo1
. Compared with the same year
the expenses have been dec: cased $181,929 90: of this amount the sum
of $84,797 1 i was reduction in operating expenses. The income of
the year from passengers, freights and mails exceeds the opera-ting
expenses by $269,107 75. Were it not for the floating
debt, and the replacing of worn-out iron, now a heavy item, this
sum would pay the interest account of the Company, and leave nearly
per cent, for dividends, both to the Stat i and individual Stockholders.
But owing to the louse manner in which the accounts of the Com-pany
were kept in its earlier history and the confusion of its affairs
growing out of the war, it is impossible to ascertain even yet the
actual amount of the out-standing liabilities of the corporation. The
known indebtedness is put down at $580,134 92, and it is estimated
that $625,000 00 would cover the whole. In the reports of last year
the recognized debt wa-; $693,831 74.
Your Committee regard dies;- facts and figures as gratifying evi-dences
of the advances made by (lie present President and Board in
successfully managing your Road. But they are well satisfied that
much remains to he done in the way of retrenchment and reform.—
Operating rail roads is a business that, oi all others, requires experi-enced
skill, capacity for organization, d motion to duty, effective dis-cipline
and rigid accountability. Your Committee had occasion to
report to the Board three Station Agents for failing promptly to ac-count
for monies in their hands, and they deem it their duty to recom-mend
that for the future every delinquent agent be summarily dis-missed,
They also discovered numerous irregularities and abuses
springing out of the old ideas of rail road management on this :
some of which they will now allude to :
I. Slock failed—The less on this account, though slightly ~cd\\i-.:n, is
still a heavy item, and is in itself an outrage on the rights of rail roads.
Inmost of the other .States, and in other progressive countries, no
such claims are tolerated. On tne contrary, persons permitting their
stock to trespass on the line of a railway, retarding the trains and
endangering human life, are subject to severe penalties, Here this
magnanimous Company, generously, if not foolishly, agreed to pay
half the appraised value of all the stoi ! billed by it- trains. In many
| instances the greedy claimants are not satisfied with this, but bring
38
their suits and force the Company to take its engineers and hands
from regular duties to attend the courts, or agree to submit to exor-bitant
damages. Even in the case of appraisements the temptation to
fraud and false-swearing, aided by the connivance and corruption in
many instances, of our own officials, is so great that the party usually
gets full value for bis killed animal, and often secures the carcas be-sides
! This actually invites some mean men to tempt their lousy,
worthless stock on to our road, in order that they may be killed. The
evil extends, to some extent, to all the roads of the State, and calls
for legislative interposition. No engineer would willingly endanger
his train and his own life, by recklessly running over stock when he
could help it; and. the law should, therefore, declare that the Company
should only be liable in case of gross negligence, and should throw
the burthen of showing the negligence on the claimant.
II. It is suggested that the expenses for advertising in the public
press might be materially lessened by securing uniform rates for this
kind of business. Instances are found in the Company's accounts
where some proprietors of newspapers have charged three times as
much for the same notice as others.
III. The subject of prosecuting and defending law suits and adjusting
disputed claims is an important one. The facility with which this
road has been cheated and chiseled in the past, and the difficulty it
encounters in defending law-suits, with a new set of officers annually
coming in and going out, makes it the prey of hungry-needy adven-turers
all over the land. And now that the Company has at last ven-tured
to maintain its rights, they pounce down upon it with all sorts of
law-suits, covering stale claims iron* the building of the Road to the
present day ! At present there is no particular person or department
having charge of such matters, investigating them and preparing them
for trial when in it suit. It is contemplated by the By-Laws adopted
last year, that the Auditor would organize this business, but the place
has not yet been filled, and this branch of the Company's affairs re-mains
in utter confusion. This leads the Committee to suggest
—
TV. They are clearly of opinion that an Auditor should be elected,
as soon as a person fully competent for the position could be had ; but
unless such an one can be got the place had better remain vacant.
The Auditor first appointed would have to introduce a new set of
books and accounts to enable him to supervise, more or less, all the
other officers of the Company, and unless undoubtedly equal to such a
task he would certainly do more harm than good. But a competent
man would not only prevent a return to the loose, slip-shod system
heretofore in vogue on this road, but he, more than any other officer
next to the President and Superintendent, would impart energy and
efficiency to the Company. It would be his duty to adjust all claims
against the Company, investigate official delinquences and violation of
contracts, and keep a general supervision over all the law suits for or
against the Company. Such an officer would have prevented that
chaos and confusion in which the affairs of this Company have hitherto
been.
V. The immense income of this road, and the large sums of money
nearly always on hand, often times idle, suggests the propriety of the
30
Coiupany looking forward to the securing of some kind of banking
facilities or arrangements, by which it might not only keep its surplus
funds more safe than at present, but have them at the same time ac-tively
and profitably employed.
VI. Your Committee favor the policy of selling at the proper time,
and under safe restrictions, the real estate owned by the Company at
and around its shops and not likely to be needed for its own use or
convenience . It is now manifest that the theory of holding on to all
this property and adopting the idea of isolation and exclusiveness in
its dealings with the public, has resulted in no good to the Company.
It has caused the expenditure of vast sums of money in erecting
buildings, now found to be useless in many instances for the purposes
intended, and in others paying no income and soon to cost heavy re-pairs.
It has verified the prediction that the Company Shops would
prove the " Company Sinking Fund." jfThe true idea is to buiid
up at this point as rapidly as possible, a large manufacturing or indus-trial
centre, which would not only add to the business of the road, but
relieve the Company of that feeling of dependence on its labor, both
skilled and common, which has heretofore inflicted upon it hosts of
supernumeraries, who have eaten out its vitals. With a large and
thriving town here, the Company would get good labor much easier
and on better terms than it does now.
VII. The Committee repeat the call, so often made to the Stock-holders,
to adopt some decided measures in order to break up the ter-rible
abuse of the free ticket system on this road . They indulge the
hope that the evil has been partially corrected, but they know that a
very large proportion of the local travel of this road still passes
free. By carrying these people the Company incur great risks and
heavy expenses, and getting nothing in return . If it were able to do
so, in justice to the stockholders and the tax-payers of the State, there
would be no complaint ; but now it is an outrage that should not be
borne. The classes allowed free passes by the orders of the Company
run up to 30 odd—some of the classes counting hundreds ! But that
is rot half the evil. By habit and custom, and by hook and crook,
others are gradually added to the list, and when a party once gets a
free ride on a rail road the pleasure grows upon him and it is hard to
pet rid of him. See the result! Officials and ex-officials of the State
and Federal governments, rail road men and ex-rail road men and
their families (in many instances,) politicians and ex-politicians, legis-lators,
lawyers, and the literati, divines and those who are past di-vining,
objects of charity and hundreds who need no charity : not to
add scores of others, many of whom refused to subscribe a dollar to
the work, and never owned a share of stock, all manage to hold es-tates,
more or less long, in the privileges of this Road, at the expense
of its impoverished Stockholders and the suffering tax-ridden people
of the State. It is an enormity which no resident of the Corpora-tion
or Board of Directors should tolerate a day. But it will never
be overcome until the stockholders demand that it shall be done, and
themselves set the example of reformation, and by individually and*
collectively denouncing it.
In conclusion, your Committee are gratified in saying, that after a
40
most thorough examination Into the affairs of the Company, and a
long and somewhat Familiar acquaintance with its history and man-agement,
they do notdouht the final success of this great work. The
reryfact that it has survived so manymistakes and misfortunes and so
mtich mismanagement, and is now able to rally iu a partial effort to
throw off its lethargy and go forward in its career of usefulness,
should inspire us with hope and urge us onward with renewed zeal
to retrieve its name and fortunes. .More correct notions of railroad
management are gradually gaining ground amongst us. Of course
there is constant danger oi a relapse, at any time, in the everchanging
fortunes anc'L officials of this Road, into the loose system and mistaken
ideas of other days. But if the Stockholders and the State authorities
who hold the appointing no- er, will only resolve that this road must
pay, and act accordingly in the selection of the men they put in charge
of it, ere long regular and gqftd dividends may reasonably be expected,
and its stock, be advanced rapidly to par. When this result is attained
millions will be added to the credit and resources of the State, and
the long deferred hopes of the Stockholders will be gladdened by a
just and merited return for their patriotic services and sacrifices in aid
of this noble enterprise . And with the realisation of this new era in
the success of her rail roads, as paying institutions, the work of Inter-nal
Improvements in North Carolina will go steadily and rapidly for-ward
until every section of the State, all her people will rejoice in
the blessings of this, the greatest achievement of the age.
RUFUS BARBINGER, Gft'm'n.
B. B. ROBERTS,
D. A. DAVIS,
J. M. COFFIN.
Company Shops, June 25, 1868.
REPORT OP COMMITTEE ON THE SINKING FUND.
The Committee of the Sinking Fund respectfulty report to the Board
that the assets of the Sinking Fund remain the same as at the last Reports
Confederate 7 and 8 per cent. Bonds and 7-30 Notes, $134,000 00
N.C.6and8per cent. Bonds, 206,500 00
Interest on Confederate Bonds and Notes to 1865,. .'. 10,821 90
Interest on N. C. Bonds to July, 1805, 15,035 00
Interest on both these kinds of Bonds from 1865 to date,
N.C. Coupons, $ 2,515 00
$1,000 00 of this last sum was converted into a Bond, now
held with two years interest thereon, worth at par with the
interest $ 1,120 00
In 1865 $11,000 00 of the Bonds of the Company bearing 8 per cent-were
paid and burned.
Respectfully submitted,
D. A. DAVIS, ) „•
WM. MURDOCH,
PETER ADAMS, )^
July 6th, 1868.
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44
Statement showing the Receipts and Expenditures of the North Carolina
receipts;
Rail Road Company for
46
DR. Condensed exhibit of ike business of tlve North Carolina
Amount of Assets on hand at the commence-ment
of this fiscal year as shown by re-port
31st May, 18G7,
Amount of old debt collected from American
Exchange Bank this 3' ear,
Amount of real estate sold this year,
Amount of deduction on Negro Bonds this
year passed to profit and loss,
Amount received from the Transportation of
Passengers, Freights and Mails,
Amount received from minor sources,
S 09,834 94
47
Rail Boa ' Cr ipmiijfor the fiscal year ending May 31, 1S68. CR.
DISBUKSEMENTS.
Amount of ordinary and extraordinary ex
penses this year,
oId •
?J»JJJ ™A 1 J ' new 411,395 64,}
Amount of Counterfeit money passed to
profit and loss this year,
Decrease of Company's debt this year,
Amount due from Station Agents,
Amount do other Companies,
Amount do individuals on accounts,
Amount do Freight exchanges,
Amount do the United States,
Amount do the P. 0. Department,
Amount do Bills receivable,
Amount do So. Express Company,
Amount of Cash on hand,
! 10 00
113,696 82
5,226 52
5.195 99
13,796 69
2,100 44
14,371 09
2,787 50
5,610 55
600 10
12,569 23
$508,520 43
$113,706 82
$ 02,264 11
6684,497 36
F. A. STAGG, Secretary.
48
DR. Sta'ement of tlie Financial Condition of the
PROPERTY
49
North Carolina Rail Road Company, May 31, 1888. CR.
CAPITAL STOCK AND LIABILITIES.
Capital Stock,
Amount of 8 "$cent Loan due March 1,'G7.
Interest due on same,
Amount of 8 ^ cent. Mortgage Loan due
Nov. 1, 1872,
Interest due on same,
Amount of 8 ^ cent. Mortgage Loan due
Nov. 1, 1877,
Interest due on same,
Amount of Temporary Loans,
Amount of Bills payable,
Amount due on Dividends,
Amount due other Companies,
Amount due on Individual accounts,
Amount due on Pay Bolls,
Amount due on Negro Bond-, 1864 & 1865
Profit and loss account,
$144,000 00
4.S60 00
142,500 00
40 00
146.500 00
20 00
12,076 53
20,992 12
898 00
9 209 80
40,078 69
14,432 78
43,927 00
$4,000,000 00
$ 580,134 92
732,834 87
$5,312,969 79
F. A. STAGG, Secretary.
50
DR. Cash Receipts and Disbursements of the North Carolina Rail Road
To cash on hand June 1st, 1867,
To amount received on Transportation account
do do Shop account,
Supply account,
Tax account,
Bent account,
Loss and damage acc't.
sale of Tobacco account
sale of old Iron acc't,
Bills receivable
do
51
Company, commencing June 1, 1867, and ending July 18, 1867. CR.
By cash paid on Transportation account,
do do Supply account,
Tax account,
Bills payable
Loss and damage account,
Interest, premium, and dis-count
account,
Maintenance Boad account,
Maintenance cars and Ma-chinery
account,
Maintenance building acc't,
Maintenance bridges acc't,
Salary account,
Coupon account,
Negro Bond account,
Temporary Loan account,
By amount counterfeit money to profit & loss,
By cash paid over to W. A. Caldwell, Treas.
,
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56
NUMBER, CLASS. AND VALUE OF CASS.
CliAfcS.
Passenger Cars
do do
do do
do do
do do
do do
Numbek. Value. Total Val
do
Mail Cars.
do
Office Car
Baggage and Express Cars.
do do g
.
do do
Box Cars
do do
do do
do do
Flat Cars,
do do .
do do .
Bridge Cars
Flat Cars nearly completed
.
18
3
1
1
4
3
2
14
38
45
45
6
134
6
60
10
7,;
5
14
Total value of engines and cars
.
19
$ 5,000 00
4,000 00
3,500 00
2,000 00
1,800 00
700 00
3,000 00
2,000 00
1,800 00
1,200 00
1,000 00
800 00
800 00
600 00
500 00
800 00
400 00
325 00
275 00
400 00
250 00
15,000 00
4,000 00
3,500 00
6,000 00
10,800 00
2,800 00
42,100 00
9,000 00
2,000 00
1,800 00
4,800 00
3,000 00
1,600 00
22,200 00
30,400 00
27,000 00
22,500 00
1.800 00
81,700 00
2,400 00
19.500 00
2,750 00
24,650 00
2,000 00
3,500 00
5,500 00
$461,650 00
In addition to the ordinary repairs on Engines and Cars, during the
past year, there has been seven Engines thoroughly overhauled, and
furnished with steel tires. Four pair Tender Trucks, two (2) Tender
Frames, two (2) fire boxes, three (3) Passenger Coaches, thirteen
(13) Box, six (6) Flat and ten (10) Pole cars built entirely ne v, two
(2, Mail Cars rebuilt, one hundred and seventy-seven (177) wheels
put under Engines and Tenders, two hundred and ninety-fou- (2H)
T it under Passenger and Freight Cars. The new engine " P 3er "
partly completed at the commencement of this year, is now Bnishi 1
an i duing good service as a mail engine. Another engine is b( ir e-b'L.
t and is now about two-thirds finished.
Respectfully submitted.
R. D. WADE,
Master Meoh mic.
57
NORTH CAROLINA RAIL, ROAD. •
Material and Supplies remaining on hand May 31, 1868.
134 Axels, at $17, 6 2,278
76 Car Wheels, at 17 50, 1,330
121 do do partly worn, at 10 00, 1,210
20 Pole Car Wheels, at $6, 120
040 Old Wheels, at $8 50 5,440
127 Old Axels, at $5, 635 •
2 setts steel Tyre, at $600, 1,20C
1 sett Low Moor Tyre,750, 750
I sett Cast Iron Tyre, 500
24081 pounds Castings (Iron,) at 6c, 1,444 SG
1302 pounds Castings, (Brass, at 35c., 455 70
6280 pounds Forgings, at 8c., 502 40
II Frogs, $20, 220
22 tons Bituminous Coal, at $10, 220
6 tons Anthracite Coal, at $10, 60
7 tons Scotch Pig Iron, at $40, 280
290 pounds Copper Pipe, at 60c, 174 00
1,660 pounds Boiler Plate, at 10c, 166
3,137 pounds Tank and Smoke Stack Iron, 234 57
225 pounds Sheet Copper, at 50c, 112 50
11,440 pounds Old Copper Flues, at 30c, 3,432 00
90,000 pounds Wrought Scrap Iron, at 2c, 1,800
60,000 pounds Cast Scrap Iron, at 2c, 1,200
309 pounds Spring Steel, at 16c' 49 44
256 pounds Frog Steel, at 12c, - 30 72
2,124 pounds Cast Steel, at 20c, 424 80
14,644 pounds Bar Iron, at 6c, 878 64
53,800 ft. Bridge Lumber, (first quality,) at $3, 1,614
12,400 ft. Bridge Lumber, (second quality,) at $1,50. 186
55,440 ft. Yellow Pine, (first quality,) at $2, 1,108 80
4,800 ft. Yellow Pine, (second quality,) at $1,50, 72
8,000 ft. Tank Lumber, at 2 50, 200 00
36,510 ft. White Pine Lumber, at $3, 1095 30
35,630 ft. Oak Lumber, at $2 10, 748 23
3,664 ft. Poplar Lumber, at $2 25, 82 44
10,000 ft. Poplar Lumber, (second quality, at $1 50, 150
4,000 ft. Walnut, at $3, 120
2,500 ft. Birch, at$2 50, 62 50
2,890 ft. Ash, at $2 50, 72 25
16 Dozen Files, at $7 50, per Doz., 120
18 Heater Cocks, at $8 50, 153
22 Gague Cocks, at $2 50, 55
42 Oil Cans, at 60c, 25 20
15 feet Hose, at $1 50, 22 50
60 feet Rubber Belting, at 60c, 36
27 feet Rubber Belting, at 523^c, 14 17
213 feet Rubber Belting, at 38c, 80 94
18 feet Leather Belting, at 54c, 9 72
67 feet Leather Belting, at 50c, 33 50
72 feet Leather Belting, at 25c, 18
600 pounds Lead, at 10c 60
600 pounds Old Brass, at 20c 120
Amount carried forward $ 31,408 18
Amount brought forward,. $31,408 18
1,00(1 pound* Block Tin, at 10c, 190 00
400 pounds Tank Rivctts, at 17c, 68
784 pounds Boiler Rivets, at 18c, 141 12
1,000 pounds Nuts, at 12c, 120
350 .pounds Washers, at 15c, 52 50
2 Steam Chest Covers, at 840, 80
2 Steam Chest Covers, at 6100, 200
Monkey Wrenches, at 81 67, 10 02
100 pounds Rubber Packing at 50c 50 00
60 pounds Smoke Stack Eivetts at 12^ 7 20
67 Head Light Chimneys at. 25c, 16 75
12 Squirt Cans at |1, 12 00
27 pair Strap Hinges at 30cr 8 10
14 Spring Balances at $17, 238 00
42 Lamps at $6 252 00
18 No. 10 Ciucibles, at 80c, ' 14 40
23 " 20 Crucibles at $1 60 36 80
18 " 30 Crucibles at $2 40 43 20
9 "40 Crucibles at $3 20 2S 80
26 Switch Locks at U 50, 39 00
82 Passenger Car Lock*, (all brassJ $4^ 328 00'
66 Porcehan Knobs, at $1 25, 82 50
14 Jack Screws, at $15 210 00
11 Kegs Blasting Powder, at $5, 55 00
700 pourids Lag Screw at 15c, 1C5 00
271 pap< r Tacks, at 18c. 48 78
900 pounds Washers, at 15c, 135 00
88 Gro. Screws at$l 25 110 00
14 Water Buck- fcs, at 40c, 5 60
2 Boxes Glass, at -$10, 20 00
1 Box Glass, at 18 50
37feeet Ornamental Glass, at #1 75 64 75
28 leet Plane, Glass at 22c 6 16
35 Box Car Locks, at SI 28c 44 80
726 pounds Gum Springs, at 75c, 544 50
75 pounds Brass and Iron Screws at 80c- 60 00
7 Water Coolers, at $10, • 70 00
12 Kegs Nails at $6 50, 78 00
325 pounds Wrought Nails at 8c, 26 00
1 7 Pocket Levels at 50c, 8 50
12 Brass Knobs at 40c, 4 80
15 dozen Bell Cord Hooks at 65c per dozen 9 75
12 dozen Plated Cord Hooks at $2 24 00
17 Tubs Paint, at 15c, 2 55
4 Seives at $1 60, 6 40
3 Sides Lacing Leather at $3' 9 00
800 yards Sheeting at 20c 160 00
1 barrel Fire Prof Paint, 380 lbs, 5e 19 00
450 pounds Sulphur at 10c, 45 00
450 pounds Yellow Ochre at 15c, 67 50
220 pounds Venitian Red at 15c, 33 00
440 pounds Red Ochre at 15c 66 00
275 pounds Borax at 30c, 82 50
30 pounds English Vermillion at $1 75 52 50
34 pounds Chrome Yellow at 30c 10 20
50 pounds Emery at 15c, 7 50
50 gallons Turpentine at 67c 33 50
Amount carried forward, 835,670 30
59
Amount brought forward
50 gallons Linseed Oil, at $1 65,
100 pounds Soap, at 8c,
100 pounds Tallow at 13c,
113 Gallons Varnish, at $5,
50 gallons Japan Varnish, at $4,
150 gallons Stack Black, at $1,
25 gallons Shellac Varnish, at $4
30 gallons Coach Body V7arnish at $4,
15 gallons inside Varnish, at $5,
50 pounds Zinc Paint, at 20c ,
1,000 pounds Baling Rope, at 20c,
1,087 pounds Bacon at 16jJ£c,
1,200 bushels Corn (est.) at $1,
Total amount.
$35,070 30
60
0FFI0EES.
A List of Officers, Agents and Employees of the North Carolina Rail
Road Company, with the pay of each attached.
PAY.
Josiali Turner, jr.
James Anderson,
W. A. Caldwell,.
F. A. Stagg, ....
Peter D. Swairn,
.
Sherwood Badger
Calvin Scott,. . .
.
N.A. Kirkpatrick,
John C. Young,.
.
J. A . Hess,
J. T Ector,
D. F. Kinney,. .
R. S. Dobson, . .
.
J. L. Lee, ......
A. V. Sullivan, .
.
J. A. Woodbum,
R. G. Lindsay,.
.
A. L. Gilmer,'. .
G. M. Isley,
P. W. Crutchfield
John L . Scott, .
Thomas M. Holt.
S. A. White, ....
John D. Cameron
James W Cheek,
S. S . Carter, . .
.
A. F. Page,....
A. H. Dowell,..
W. T. Womble,
D. T. Honeycut,
J. M. Wilson, .
F. D. Clarke, . .
.
Wiley Hastings,
D. Pi. Newsom,
.
Geo. D. Miller,
.
J. C. Pay,
President,
Superintendent, ,
Treasurer,
Secretary,
General Freight and Ticket Agent,
Clerk in Transportation Departm't,
Agent at Charlotte,pm/s clerk &opW
Harrisburg
Concord
China Grove
Salisbury pays clerk &opW
Holtsburg
Lexington
Thomasville
High Point he pays clerk.
Jamestown,
Greensboro' pays cVk & op
McLean's
Gibsonville
Agent and Storekeeper at Co. Shops
Agent at Graham
Haw Rive r
Mebane's
Hillsboro'
Dtu'ham's
Mcrrisville
Carey
Asbury
Raleigh, pays clerk c£ op'r
Stallings'
Wilson's Mills
Selma
Boon Hill
Goldsboro'pcn/s clerk. .
.
Agent Commissary Department .
.
Printer
$2,500 ^ annum
3,000
1,500
2,000 „
1,400
GOO
2,000
200
800
120
1,500
150
600
400
1,500
300
1,200
50
300
600
300
300
300
700
600
300
lO^ct on rec'pts
1,800 & house.
200 *$ annum
100
400
120
1,800
600
75 "$ month
61
MACHINERY DEPARTMENT.
R. D. Wape, Master Mechanic $2,000 "$ annum
1 Engineer (stationary) .... 40 00 ^ month
1 Boiler Maker 4 00 ^ day
1 do 2 50 do
1 do Helper, 15 00 ^mo.&rat'na
1 do do 10 00 do
1 Coppersmith 2 50 ^ day
1 Tinner 1 75 do
1 Pattern Maker 3 25 do
4 Machinest's, each 2 75 do
1 do do 2 60 do
3 Apprentices do 1 50 do
1 do 1 25 do
2 do each 90 do
1 do 70 do
1 Laborer 1 25 do
1 do 15 00 |mo. &rat'ns
1 do 10 00 do
1 Fireman (stationary) 10 00 do
1 Laborer on yard 12 00 do
5 do do 10 00 do
John Anderson .... Foreman in <Smith Shop $ 4 00 ^ day
1 Smith 2 50 do
3 do each 1 75 do
1 Helper 1 15 do
2 do each ' 100 do
1 do 80 do
2 do each 15 OO^mo.&rat'ns
Thomas Fox Foreman in Foundry $ 3 75 *$ day
1 Moulder 2 75 do
1 Core Maker 1 75 do
1 Apprentice 70 do
1 Laborer 15 00 |mo. &rat'ns
1 do 12 00 do
1 do 10 00 do
W. H. Freet . . Master Carpenter $100 00 ^"month
7 Carpenters 2 25 ^ day
2 do 2 00 do
2 do 1 35 do
1 Apprentice 75 do
2 do each 70 do
1 Trimmer 2 00 do
1 Greaser 1 65 do
1 Pump Maker 2 50 do
1 Bridge Carpenter 2 25 do
Pat. J. WnaaAMS. .Foreman in Pa'int* Shop $ 2 75 ^ day
1 Painter 2 50 do
1 Apprentice 1 00 do
1 Laborer 10 00 ^mo.&ratn's
J. A. Wilson Ope'r & Dispatcher of Trains, $1,200 *$ annum
6 Engineers 95 00 ^ month
7 do 85 00 do
3 Firemen 20 00 do
10 do 15 00 "^mo.&rat'ns
15 Wood-passers 12 00 do
62
3 Brakesmen on Freight 20 00 %3 month
10 do do 15 OO^mo.ctrat'ns
4 Conductors (mailj 85 00 "$ month
4 Brakesmen do 20 00 do
4 do do 15 00 do
1 Watchman 1 50 ^ day
2 do each . 1 25 do
ROAD DEPARTMENT.
EASTERN DIVISION.
W. P. Raiford Division Master $ 80 00 *$ month
17 Section Masters each 33 00 do
87 do hands, each 10 00 do & rat'ns
1 Gravel train engineer 80 00 do
1 do fireman 15 00 do do
23 do hand, each .... 10 00 do do
1 Shifting Engineer 60 00 do
1 Watchman 45 00 do
1 dc 40 00 do
6 Station hands 12 00 do do
19 do 10 00 do do
1 Mail Carrier 5 00 do
WESTERN DIVISION.
S. G. Strickland, .Division Division Master $ 80 00 ^ month
18 Section Masters 33 00 do
105 do Hands, each 10 00 do & rat'ns
1 Gravel train Engineer 80 00 do
1 do Fireman 20 00 do
1 do Hand 15 00 do do
24 do do 10 00 do do
3 Station Watchmen 33 00 do
1 do 40 00 do
1 Bridge Watchman 90 *$ day
18 Station Hands 10 00 |mo, & rat'ns
6 do 12 00 do
1 do 20 00 "$ month
1 do 90 ^ day
1 do 1 00 do
1 do 75 do
2 Mail Carriers 5 00 "ft month
1 do 10 00 do
1 Shifting Engineer 45 00 do
1 Yard Master 35 00 do
1 Greaser.. 35 00 do
Zack Turner Office boy §15 00 ^mo.&rat'ns
63
LIST OF STOCKHOLDEBS.
Names.
Albright, "William E.
Alexander, Cyras A.
Alexander, Alphonzo
Alexander, Laird
Atwell, Joseph
Andrews, John N.
Albright, George
Avery, W. W.
Adams, Peter
Albright, J. R.
Anderson, A. G.
Allison, R. W.
Atwell, W. 13.
Adams, Henderson
Alexander, Daniel
Allison, John
Allen, James E.
Adams, Lynn
Adderton, R. Stokes
Allen, Solomon
Apple, Lewis I
.
Archibald, Wm. L.
Alli-on, J. Y.
Allison, J. P.
Austin, E. D. Guardian,
Avery, Mrs. M. Corrinna
Brown, Margarett
Beal, James F.
Baker, D. B.
Beal, Thomas B.
Burruss, J. T.
Bellamy, John D.
Bason, Joseph B.
Boon, Lewis S.
Benson, "Wm.
Bernhardt, M. A.
Burns, E. B.
Barringer, Daniel M.
] ason, Jerry
Barrier, David
Black, John M.
Bernhardt, George
Barrier, Daniel
Barrier, Moses
Barrier, Matthias
B imhardt, Jacob C.
Brown, Haley
Belo, E.
Banner, 0, L,
Be veil, Archibald
Borciij A. P.
Bain, John
SJiares.\ Navies. Shares.
1 j Brown, Allen
20 Burwcll, Robert Rev.
10 Borland, Archibald
3 Bingham, "Wm. J.
6 Blair, Robert E.
2 1 Brown, Letitia. * M. Richwine
2 Brown, Peter M.
40 Barringer, David
8i Burke, Thomas A.
2 1 Bryan, John H.
2
' Branch, L. O'B.
22! Burt, P. B.
1 1 Barringer, Martin L.
16; Barringer, Wm.
22 Brown, John D.
5; Battle, Kemp P.
21 1 Brown, James N.
2; Bailey, Thomas
1! Barringer, C. A.
1 1 Burt, Maria P.
SjBjydcn, Nathaniel
33 Bradford, James
1 Bernhardt, G. M.
Ij Bradford, JoLn
3 Barringer, Knfus
10 Brannock, Henry
5 Bradshaw, John A.
2 i Bragg, John
1 Blalock, John M.
2 Bnis, Alexander W.
20 Baker, Archibald
5 j Barrier, Edward
lJBost, M. L.
2Black,E..C,
• 1 'Bowman, G. W.
2 Bowman, Wm.
14 Brewer, Thomas
33 Bragg, W
1 Biacknall; R
5 Beard, II. II.
1 Boyden, John A.
10 Blackwood, -John J. President
5 Berry, John
5 1 Branch, Thomas & Sons
5 Branch, Thomas P.
5 Brown, John L.
$6 Boylan. Jane
3S 1 BoyIan, Kate
IOlBoylan, John S. Trustee
5 Boy hui, V> illiam M.
3 Boylan, John II,
5'Boylan, Weldon. & Kate
2
30
6
6
5
27
2
10
1
I
5
40
1
5
1
4
1
7
10
o
55
3
35
5
4
1
7(>
5
220
20
10
64
Names.
Boylan, Weldon
Brown, Henry N.
Bell, J. F.
Brooks, George
Boon, C. A.
Bryce, J. Y.
Chambers, Pink B. Trusl
M. C. Hall,
Cochran, R. M.
Carter, A. G
Carter, John
Cummings, Wm. M.
Clapp, David F.
Caldwell, David F.
Caldwell, Cyrus K.
Clark, James P.
Carlton, John D.
Chambers, Pink B.
Coffin, John M.
Cowan, Sarah
Cassidy, James
Cameron, Mildred C
Cameron, Paul C.
Collier, George W.
Colburn, E.
Caldwell, R. N.
Cannon, Mrs E J
Cannon, John C
Cook, Matthias
Clark, John N
Charlotte, & S C R R Co.
Carrigan, W A
Caldwell, William
Clouse, William
Cobb, John
Climer, George W
Corsbie- John
Cummings, E F
Clapp, Jacob
Cunningham, J M
Caldwell, R C
Corling, Charles
Cook, Thomas E
Caldwell, W A
Cuthbert, Emet
Cairns, George A
Chadwick, S W
Crawford, W W
Crump, R R
Colburn, Phebe H Adm.r
Carson, James H
Clark, William J
Cunningham, George A
Donnell, Edmund
Donnell, Wm. & Thos. B.
Donnell, Robert C
Donnell, George
Donnell, Emsley
Donnell, Samuel
Davis, James
Donnell, James M
Shares
G7
Names
.
Miller, Daniel
Morris, P M
Morrison, J E
McCauley, Hngli
McDonald, John
Murphy, John
Moffit, D V
Moss, A H
Martia, J F
Mendenhall, Judeth J
McLean, F B
Mendenhall, C P
MeCullock, J D
Mitchell, Joseph
Mebane, John A
Model-well, Martha
McLean, J M & Co
McLean, Thomas G
McLean, & Co
McLean, John M Jr.
Miner, James
McMurray, John W
Millis, James N
Mebane, W M
Mcadoo, C N
Mendenhall, R J
Mclver, James
Mitchell, Elisha
Mcllwaine, A G
Milleken, Elieazer
Myrcs, Ezekiel
Myer. Myers
Murdoch, William
Mears, J L
McRae, Alexander Sr.
Mears, Gaston
McEee, A C
McRae, John C
Martin, A
Mordecai, Geo. W
McRae, Donald
Mordecai, Jacob
Morris, Jerry
McKee, Wm. H
McKenzie, M S
Marriott, James T
McKimmon, James
Martin, John
Melchoir, Chris.
Misenheimer, Joseph
Moss, Margaret A
Moss, Mary Jane
Moss, Edmund A
Moss, John A
Myrick, John D
Moose, Isaac
Moss, A A
Marsh, E II
McRae, John
Moss, J B
Malone, John
Shares
.
5
1
20
1
1
3
20
1
Names.
Mears, W B
McKesson, W F
McDonald, & Sons J
Moore, John A
McCubbins, Foster & Co
McAdoo, John
McKenzie, Charles II
Morehead, Mrs. A E
Morehead, R Eugene
iMoreheacl, J Turner
I'Murphy, William
J Newlin, & Sons John
Neal, Elam
Newlin, James
Newman, Joseph
Nutt, H
Nixon. N N
Nelson, C J
Nixon, Jesse
Norris Jesse A
Nixon, N N Admr.
Neilcy Providence
Norwood, John W
North C R R Co.
Norwood, J J
O'Rorke, John
Overman, William
Patterson, George
Pharr, J O
PI lifer, Caleb
Phifer & York,
Parker, J W
Prather, R R
Phipps, R S
Perdeu, John
Parker, Abner
Pratt, Wm N
Phillips, James
Peebles, Lemuel
Paul, Samuel
Parsley, O G
Parker, J A
Pool, Wm R
Primrose, Eliza (guardian)
2
] Palmtr, John C
Purifoy, J L
Pharr, H S
Perry, R
Peace, Wm.
Pharr, Saml.
Phifer, Geo. L
Parker, Ann Mrs.
Pharr, Wm. R
Plunkett, Francis E
Pharr, John C
Parker Henry O
Patterson, Saml. F
Parker, Sarah Trustee
Page, Allison F
Phifer, John L
Pass, J C
1
3
8
15
1
24
104
140
2
173
1
1
178
1
80
21
30
9
1
1
10
1
10
10
1
1
1
1
10
2
3
4
70
5
16
Shares.
11
42
6
15
9
3
10
10
8
37
10
1
3
1
2
5
1
9
5
•38
3
30
"214
9
5
2
• 1
10
25
10
1
1
2
1
3
5
5
3
1
50
1
19
5
2
1
1
1
10
5
1
10
7
5
3
5
5
5
15
1
20
68
Names. Shares.
Patterson, EL (guard. of Carrie,
Lindsey, Lettie, and Lewis
Patterson,) 10
Kobe.ts, B B Trustee C C J 4
Roberts, B B & D A Davis Exec.
J H J 13
Roberts, B B Trustee Children 4
Ridenhour D E 1
ll&y, Angeletta 5
Reed, Joel 10
Roney, B F
Rumple, Peter
Rankin, Jesse
Rogers, John
Rilev, George
Rankin, Albert
Roberts, W TV
Riley, James W
Rowlet, John
Ear, Tyra B
Rives, Francis E
Ruffin, Peter B
Robbins, Alexander
Robbins, Ahi
Rice John
Roseborousrh, R M
Rankin, R G
Rand,.N G
Roulhac, J B G
Rankin, W W
Reich, John
Ramsay, Julius D
Rumple, Jethro
Rice, John Admr. B H
Roberts, B B
Rice, John sdmr Samuel Turner
Ranking athaniel P
Rankin Robert C
Rankin, Saml. C
Shoffner, Michael
Scott, John
Smith John
Simpson, Thos R
Scott, Henderson
Smith, G A
Stirewalt, Jacob jr., (guard)
Stirewalt, Jacob jr.
,
Sossenunn, J C
Sowers, Joseph
Smithdeal, A A
Shoup, Amanda
Stewart, A
Stewart, James A
Summers, Lud W
Sloan, James
Sic an, John
Sloan, Robert M
Stewart, David C
Sellars, Benj A
Smith, M D
Stewart, Robert S
Smith, P C
Names.
Shaw, R P
Shaw Finley
Shaw, W S
Stronach, Sarah
Stafford, John B
Stanley, Joshua
Stratford, Henry B
Sti .:. y. \:b,
Hi i.fford, Zadoo J
Strayhorn, J N
2|strayhorn, John
Settle, Thomas
Shaver, John I
Sasser, Mrs L D
Smith, Mrs Pen
Snow, T H
Smith. W H
Seawell, R B
Smedes, Aldert
Selby, Thomas H
Sullivan, AV
South-Carolina R. R, Co.
Summers, E
Shinpoch, John
Sherwood, DeWitt C
Strayhorn, Wm F
Smith, Leroy
State of North Carolina
Smith, W R
SaTxnders, Lewis W
Scott, John D
Stephenson, David H
Sanders, Edward
Stowe, I & E B
Sellars, Willis
Sellars, Griffin
Sellars, heirs William
Sasser, P H
Strange, Eobert
Sutton, James
Swaim, Lyndon
Sprague Bros
Simonton, E F
Skober, Chas E
Trolinger, W H
Trolinger, John
Turrentine, John S
Trolinger, Jacob T
Thompson, Patterson
Trolinger, James
Thompson, James U
Tomlinson, Enos
Thomas, Wm. M
Thomas, L L
Thompson, Joseph H
Thomas, John W
Thomas, Jesse
Turner, Wilford
Thorn, Jolm R
Taylor, Fisher B
Thorn, John W
Thacker, Isaac
Shares
.
1
1
1
19
5
2
2
16
1
1
1
10
448
15
100
1
5
1
5
3
5
50
12
5
1
6
21
30,000
5
5
3
1
15
5
2
2
2
20
5
2
2
5
5
7
1
23
10
1
1
1
1
7
5
10
45
152
1
20
7
9
1
20
%
\
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