Proceedings of the stockholders of the North Carolina Rail Road Company

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So > &
TWENTY-SIXTH ANNUAL MEETING
OF THE
STOCKHOLDERS
AND
REPOITi OF fll OFFICERS
o rili Carolina :|aiIroad l/r.
GttEEJJS(BO®0; J\
J
. C, JULY 8th , 1875.
<§recitsbara, Jf. $.:
NEW NORTH STATE JOB PRINT,
l875.
PJWTPW
North Carolina Rail hi Company,
iflsf, 1875, T1© tfimr, 1876,
BY THE STATE:
RUFUS BARRINGER, HENRY W. FRIES,
R. L. PATTERSON) SAM'L F. WILEY,
N H. D. WILSON) Win. R. ALBRIGHT,
john Mcdonald, w. a. smith.
BY THE BOARD:
MOSES L. HOLMES, THOS. M. HOLT
DONALD McRAE, R. B. HAYWOOD.
FINANCE COMMITTEE:
D. A. DAVIS, THOS. B. KEOGH,
P. B. HAWKINS, J. H. WELBORNE,
W. F. HENDERSON
STATE PROXY:
GEO. WILLIAM WELKER.
PRESIDENT:
WILLIAM A. SMITH.
SECRETARY AND TREASURER
:
J. A. McCAULEY.
Twenty-Sixth Annual Meeting of the Stockholders
of the North Carolina Rail Road Company.
PROCEEDINGS.
Greensboro, N. C, July 8, 1875.
The Stockholders of the North Carolina Rail Road Company con-vened
iu the Court House this day at 11 o'clock, k. M. to hold their
twenty-sixth annual meeting.
On motion of Hon. AYni. A. Smith, a temporary organization was
effected by calling to the chair Hon. D. F. Caldwell; J. A. McCauley
and Thos. B. Keogh were requested to act as Secretaries.
The Committee on Proxies reported as follows: The number of
Stockholders represented in person 19, by proxy 418; whole number
of shares owned by individuals 10,000; whole number of shares rep-resented
in person 977, and by proxy 8195. Total number of shares
represented 9172. The Chair declared that there was a large major-ity
of the private stockholders represented and therefore the meeting-was
organized in accordance with the charter and by-laws.
On motion of Rev. N. H. D. Wilson, the temporary organization
was made permanent.
Rev. G. Wm. "Welker presented his credentials as State Proxy
which were received.
Hon. W. A. Smith, President of the Company, read his annual
report.
On motion of John Branch, Esq., the reports of the President and
Secretary and Treasurer were referred to a committee appointed by
the Chair, viz: Branch, Davidson and Cannon.
Col. Thos. M. Holt introduced the following preamble and resolu-tions:
'Whereas, The lien upon the State stock in the North Carolina Kail Road Corn-"
pany. in favor of the holders of the bonds of the State issued to build the mad of
ompany has been judicially declared in what is known as the "Swazey suit,'
in the Circuit Court of the United States for the Eastern District of North Carolina,
and
Whebeas, It may seriously damage the interest of the State of North Carolina,
nnd the individual stockholders of the North Carolina Bail Road Company for these
1" 'iuls to remain beyond the control of the State and stockholders, nnd
Whebeas, It is believed that an equitable compromise and settlement may be ef-i
with the "Construction Bond-holders" therefore
Jie it Resolved, 1st., That the Directors of the North Carolina Rail Road Company
and the Hon. W. A. Craham, trustee, .ire hereby authorized and instructed, if they
shall find it practicable to do so, to use such amount of the mortgage bonds as have
never been issued, or any part of thereof the million and one half, authorizecVby the
mortgage, to buy the "Construction bonds" or any part thereof and hold them for
the joint benefit of the state and individual stockholders, as their relative interest
may be.
Resolved, 2nd., That should it be found thatany legislation is necessary to enable
Proceedings of the Stockholders
the directors of the Company to buy the bonds as provided in the first resolution
and to secure upon terms of equity the relative interest of the state and individual
stockholders in these bonds, the Board of Directois and Trustee are requested to
use their best efforts to secure all necessary legislation to this end.
Rev. N. H. D. Wilson, in a speech of some length explained fully
the object of the resolutions, and the benefit to be derived from
carrying them into effect.
The resolutions were opposed by Hon. R. Y. McAden.
Maj. W. A. Smith offered the following: "Add to the first resolu-tion
the following proviso: Provided, the face value of the "Construc-tion
bonds" so bought, shall not be less thai fifteen hundred thous-and
dollars."
Mr. Batchelor moved to postpone consideration of the resolutions
until the first Monday in December next, at an adjourned meeting to
be held in the city of Raleigh. Lost.
Maj. R. S. Tucker, by consent, asked the following questions:
What securities are deposited by the Richmond and Danville Rail
Road Company to secure compliance with the terms of the lease; and
what is the value of the securities? What is the present condition
of the road belonging to the N. C. R. R. Co?
President Smith answered that the secui'ities are deposited in the
bank in Charlotte, and are considered by the Board of Directors and
Finance Committee amply sufficient for any liability of the R. & D.
R. R. Co., under the lease. That the road and other property of the
North Carolina Rail Road Company leased to the R. & D. R. R. Co.,
had been regularly inspected according to the terms of the lease, by
Col Myers, Supt. of the R. F. & P. R. R., and Col. Thos. Sumner of
X. C, who thus far had reported the property kept in the condition
required by the lease.
The committee to whom was referred, the reports of the President
and Secretary and Treasurer, through A. B. Davidson, reported the
same favorably and added the following resolution
:
Resolved, That Hon. W. A. Graham, Trustee for the Sinking Fund, be requested
to confer with the Board of Directors as to the best mode of investing the large
amount of money now in his hands, say $99,981.40, and be guided by their judg-ment.
The report of the Committee and resolution were adopted.
Maj. J. T. Morehead moved a recess until 3 p. m. Lost.
Maj. W. A. Smith moved to suspend action on Col. Holt's resolu-tions
and proceed with the election of directors. The motion was
carried.
The Chair appointed D. A. Davis and D. W. C. Johnson, tellers.
North Carolina Rail Road Co.
The ballot resulted as follows:
T. M. Holt, 8,537; M. L. Holmes, 8,377; B. B. Haywood, 8,279; Donald McRae,
6,514
On motion of Maj. W. T. SutherJin, D. A. Davis, P. B. Hawkins
and Thos. B. Keogh were elected on the Finance Committee.
The meeting took a recess until 3 P. M.
AFTERNOON SESSION.
At 3 p. m., the Chairman called the meeting to order. Considera-tion
of Col. Holt's resolutions resumed.
Maj Smith asked leave to withdraw his amendment offered to the
first resolution. Granted.
Col. J. L. Morehead offered the following amendment:
Strike out the words "such amount of the mortgage bonds as have
never been issued" where they occur after the word "use" and insert
in lieu thereof "an amount of mortgage bonds equal to $1,500,000,
including the bonds now outstanding."
Remarks were made by T. M. Holt, J. L. Morehead, N. H. D.
Wilson, W. A. Smith, J. A. Graham and J. B. Batchelor.
A stock vote was called for on the amendment which resulted as
follows:
Thomas Bailey 4. D. A. Davis 947, A. B. Davidson 109, J. L. Morehead 302 and
as proxy for Isaac Thacker 20, David Wharton 10, J. E. & I. Logan 3, John E. L< -
gan 3, J. C. Cunningham 10, Bank of Greensboro 317, J. H. Lindsay 50, J. T.
Morehead, sen. 22, J. T. Morehead, jr. 5, McLean & Co 5, M. D. Smith 5, J. R.
Wharton 1, W. W. Wharton 4, Lyndon Swaim 2. Geo. Donuell 3, Angelctta Ray •",
W. A. Caldwell 5, John D. Scott 3, Win. & T. B. Donnell 2, Wm. Gray 2, R. W.
Ford 33, S. HannerA Co. 5, Elias & Cohen 50, S. M. Stafford 8, S. Harris 5, Al-phonso
Alexander 10. M. A. Harris 2. J. E. Caldwell 2, C. H. Erwin 5, Sain. Pharr
5, Mary E. Porter 5, D. S. Teiter 5, J. F. Erwin 1, J. W. Harris 5, K. M. Mur-chison
40, John A. Rankin 3, Mattie Rankin 3, Watt! W. Rankin 3, Bettie S. Ran-kin
3, Emma T. Rankin 4, E. R. Stanly It?, John Tull 10, A. G. Mcllwaine 15, R.
M. Cochran 15, South Carolina Rail Road Company -50, H. K. Reid 4, David Settle
1 , S. X. Johnston 33, Cyrus A. Alexander 20, Elam King 2, Elam King, guar. 3, J.
C. Pharr 3, W. R, Pharr 7, J. C. Barnhardt 5, Geo. Barnhardt 10, J. M. Black 1,
P. W. Hairston 5, W. T. Faircloth 5, James Jamison 10, Geo. T. Barnes, trustee
113, Hugh McCauley 20, J. Allison 5, M. S. Barringer 5, S. B. Kahnweiler 1, Isaac
Wilson 31, J. M. Alexander, guar. 17, Trustees of Sugar Creek Church 5, Joseph
H. Wilson 20, Adolphus Kimmons 1. A. E. Evans U, L. H. Walker 11, Eugene
Morehead 14, M. C. Avery 11, J. A. Gray 11, S. W. Cole 60, J. T Cuthrell 5, G.
W. Johnston 15, John A. Boyden 1, M. Widenhouse 5. M. Wineeoff 5, Jno. P.
Moss 5. M. E. Mossl, E. A. Moss 1. J. H. Moss.l, M. J. Moss I, R. Wineeoff 1, J.
Reid 10, Phifer A Cannon 20, J. L. Phifer 72. Total '-Aye" 2,748.
"NAYS."
John Branch 388, D. F. Caldwell 00, J. I. Scales 10. D. A. Davis 1.147. R. S.
Tucker 373, State of North Carolina 30,000, Total "Na>s." 35,017.
Jf Proceedings of the Stockholders
Col. J. L. Morehead offered to amend by adding the following res-olution:
Resolved, That when any of said bonds are negotiated or exchanged, the Board
of Directors and W. A. Graham, trustee, are hereby directed and instructed from
the first proceeds of said bonds to offer such individual stockholders, fifty cents in
the dollar for each share of his stock or in lieu thereof one hundred dollars in first
mortgage bonds for two hundred dollars of stock.
A stock vote was called for which resulted as follows:
Thos. Bailey 4, D. A. Davis 947, A. B. Davidson 109, J. L. Morehead 302, and as
proxy for Isaac T hacker '20, David Wharton 10, J. E. & I. Logan 3, John E. Logan
3, J. C. Cunningham 10, Bank of Greensboro 317, J. H. Lindsay 50, J. T. More-head
sr. 22, J. T. Morehead jr. 5, McLean & Co. 5, M. D. Smith 5, J. R, Wharton
1 W. W. Wharton 4, Lyndon Swaim 2. Geo. Donnell 3, Angelletta Ray 5, W. A.
Caldwell 5, John D. Scott 3, Wm. & T. B. Donnell 2, Wm. Gray 2, R, W. Foard
33, S. Hanner & Co. 5, Elias & Cohen 50, S. M. Stafford 8, S. Harris 5, Alphbnso
Alexander 10, M. A. Harris 2, J. E. Caldwell 2, C. H. Erwin 5, Sam'l Pharr 5, Ma-ry
E. Porter 5, D. S. Teiter 5, J. F. Erwin 1, J. W. Harris 5, K. M. Murchison 40,
John A. Raukin 3, Mattie Rankin 3, Watt W. Rankin 3, Bettie S. Rankin
3, Emma T. Rankin 4, E. R. Stanly 16, John Tull 10, A. G. Mcllwaine 15,
li. M. Cochran 15, South Carolina Rail Road Company 50, H. K. Reid 4, David
Settle 1, S. X. Johnston 33. Cyrus A. Alexender 20, Elam King 2, Elam King,
guar. 3, J. C. Pharr 3, W. R. Pharr 7, J. C. Baruhardi 5, Geo. Barnhardt 10, J. M.
Black 1, P. W. Hairston 5, W. T. Faireloth 5, James Jamison 10, Geo. T. Barnes,
trustee 113, Hugh McCauley 20, J. Allison 5, M. S. Barringer 5, S. B. Kahnweiler
1, Isaac Wilson 31, J. M. Alexander, guar. 17, Trustees Sugar Creek Church 5,
Joseph H. Wilson 20, Adolphus Kimmons 1, A. E. Evans 11, L. H. Walker 11,
Eugene Morehead 14, M. C. Avery 11, J. A. Gray 11, S. W. Cole GO, J. T. Cuthrell
5, G. W. Johnston 15, John A. Boyden 1, M. Widenhouse 5, M. Winecoff 5, Jno.
B. Moss 5, M. E. Moss 1, E. A. Moss 1, J. H. Moss 1, M. J. Moss 1, R. Winecoff
1, J. Reid 10, Phifer A Cannon 29, J. L. Phifer 72. Total "Aye" 2,748.
John Branch 388, D. F. Caldwell 99, J. I. Scales 10, D. A. Davis 4,147, R. S.
Tucker 373, State of North Carolina 30,000. Total "Nay" 35,017.
B.. S. Tucker moved to postpone consideration of resolutions until
first Monday in November next, at a called meeting to be held in the
city of Raleigh.
W. A. Smith called for a stock vote which resulted as follows
:
"aye."
Thomas Bailey 4, J. I. Scales 10, D. A. Davis 917, J. A. Graham 298, R. S. Tuck-er
373, J. L. Morehead 302, and as proxy for Isaac Thacker 20, David Wharton 10,
J. E. A I. Logan 3, John E. Logan 3, J. C. Cunningham 10, Bank of Greensboro
317, J. H. Lindsay 50, J. T. Morehead, Sr. 22, J. T. Morehead, Jr. 5, McLean* Co
5, M. D. Smith 6, J. R. Wharton 1, W. W. Wharton 4, Lyndon Swaim 2, Geo,
Donnell 3, Angeletta Ray 5, W. A. Caldwell 5, John D. Scott 3, Wm. & T. B. Don-nell
2, Wm. Gray 2, R. W. Ford 33, S. Hanner A' Co. 5, Elias & Cohen 50, S. M.
Stafford 8, S. Harris 5, Alphonso Alexander 10, M. A. Harris 2, J. E. Caldwell 2,
( I. H. Erwin 5, Samuel Pharr 5, Mary E. Porter 5, D. S. Teiter 5, J. F. Erwin 1,
J. W. Harris 5, K. M. Murchison 40, John A. Rankin 3, Mattie Rankin 3, Watt. W.
Rankin 3. Bettie S. Rankin 3, EmmaT. Rankin 4, E. R. Stanly 16, John Tull 10,
A. G. Mcllwaine 15, R. M. Cochran 15, South Carolina Rail Road Company "(I,
H. K. Reid 4, David Settle 1, S. X. Johnston 33, Cyrus A. Alexander 20, Elam
North Carolina Kail Road Co.
King 2, Elam King, guar. 3, J. 0. Pharr 3, W. R. Pharr 7, J. C. Earnhardt 5, Geo.
Earnhardt 10. J. M. Black 1, P. W. Hairston 5, W. T. Fairoloth 5, JameB Jamison
10, Geo. T. Barnes, trustee 113, Hugh McOauley 20, J. Allison 5, M. S. Barriuger
5, S. B. Kahnweiler 1, Isaac Wilson 31, .1. M. Alexander, guar. 17, Trustees Sugar
Creek Church 5, Joseph H. Wilson 20, Adolphus Kimmons 1, A. E. Evans 11, L.
H. Walker 11, Eugene Morehead 14, M. C. Avery 11, J. A. Gray 11, S. W. Cole GO,
J. T. Cutkrello, G. W. Johnston 1."), John A. Boyden 1, M. Widenhouse 5, M.
Wineeoff 5, John P.. Mosb 5, M. E. Moss 1, E. A. Moss 1, J. H. Moss 1, M. J. Moss
1, R. Wineeoff 1, J. Reid 10, Phifer & Cannon 29, J. L. Phifer 72. Total "Aye"
3,320.
"nay."
John Branch 388, D. F. Caldwell 99, D. A. Davis 4,117, State of North Carolina
30,000. Total "Nay" 34,634.
J. A. Graham offered the following resolution
:
Resolved, That the vote as recorded by the Secretary shall show the amount rep-resented
by each vote in person; also the number of proxies voted by him, for whom
he votes as proxyjand the number he votes for each proxy. Lost.
J. A. Graham offered the following resolution:
J\t solved, That in taking the vote the Secretary shall call the name of each stock-hold'
r and receive the number of votes cast by him whether in person or by proxy;
and if by proxy, who was the proxy.
Mr. Branch moved to lay this resolution on the table. A stock
vote was called for, with the following result:
"Aye."
John Branch 388, Thomas Bailey 4, W. T. Souther] in 30, D. F. Caldwell 99, D.
A. Davis 5,094, State of North Carolina 30,000. Total Aye 35,615.
"Nay."
J. I. Scales 10, A. B. Davidson 109, J. A. Graham 298, R. S.
Tucker 373, J. L. Morehead 302, and as proxv for Isaac Thacker 20,
David W'harton 10, J. E. and I. Logan 3, John E. Logan 3, J. C.
Cunningham 10, Bank of Greensboro 317, J. H. Lindsay 50, J. T.
Morehead, sen. 22, J. T. Moaehead, jr. 5, McLean & Co. 5, M. D. Smith 5, J. R
Wharton 1, W. W. Wharton 4, Lyndon Swaim 2, Geo. Donnell 3. Angeletta Ray 5,
W. A. Caldwell 5, John D. Scott 3, Wm. & T. B. Donnell 2, Wm. Gray 2. R. W.
Ford 33, S. Hanner & Co. 5, Elias & Cohen 50, S. M. Stafford 8, S. Harris 5, Al-phonso
Alexander 10, M. A. Harris 2, J. E. Caldwell 2, C. H. Erwin 5, Sam. Pharr
5, Mary E. Porter 5, D. S. Teiter 5, J. F. Erwin 1, J. W. Harris 5, K. M. Mur-chison
40, John A. Eankin 3, Mattie Rankin 3, Watt. W. Rankin 3, Bettie S. Ran-kin
3, Emma T. Rankin 4, E. R. Stanly 16, John Tull 10, A. G. Mcllwaine 15, R.
M. Cochran 15, South Carolina Rail Road Company 50, H. K. Reid 4, David Settle
1, S. X. Johnston 33, Cyras A. Alexander 20, Elam King 2, Elam King, guar. 3, J.
C. Pharr 3, W. R. Pharr 7, J. C. Earnhardt 5, Geo. Earnhardt 10, J. M. Black 1,
P. W. Hairston 5, W. T. Faircloth 5, James Jamison 10, Geo. T. Barnes, trustee
113, Hugh McCauley 20, J. Allison 5, M. S. Barringer 5, S. B. Kahnweiler 1, Isaac
W'ilson 31, J. M. Alexander, guar. 17, Trustees Sugar Creek Church 5, Joseph
H. Wilson 20, Adolphus Kimmons 1, A. E. Evans 11, L. H. Walker 11, Eugene
Morehead 14, M. C. Avery 11, J. A. Gray 11, S. W. Cole 60, J. T. Cuthrell 5, G.
W. Johnston 15, John A. Boyden 1, M. Widenhouse 5, M. Wineeoff 5, Jno. B.
Moss 5, M. E. Moss 1, E. A. Moss 1, J. H. Moss 1, M. J. Moss 1, R. Wineeoff 1, J.
Reid 10, Phifer & Cannon 29, J. L. Phifer 72. Total "Nay" 2,478.
Hon. D. F. Caldwell called T. M. Holt to the chair and advocated
the passage of the resolutions.
6 Proceedings of the Stockholders
The resolutions were pul upon their passage; and a stock vote be-ing
called for the same was taken with the following result:
" ATE."
John Branch 388, Thomas Bailey I, D. F. Caldwell 99, J. I. Scales 10, L). A"
Davis 4,147, John Fink 24, W. T. Southerlin 30, State of North Carolina 30.000.
Total Ayr" 34.7D2.
D. A. Davis 947, A. B. Davidson 109, J. A. Graham 298, It. S. Tucker 37a, J. L.
Morehead 302, and as proxy for Isaac Thacker 20, David Wharton 10, J. E. and 1.
Logan 3, John E. Logan 3, J. C. Cunningham 10, Bank of Greensboro 317, >. It.
v 50, J. T. Morehead, sen. 22, J. T. Morehead, jr. 5, McLean & Go. 5. M.
D. Smith 5, J. R. Wharton 1, W. W. Wharton 4, Lyndon Swaim 2, Geo. Donnell
3, Angeletta Ray 5, W. A. Caldwell 5, John D. Scott 3, Wm. & T. B. DonneU 2,
Wm. Gray 2, R. W. Ford 33, S. Hanner & Co. 5, Elias and Cohen 50, S. M. Staf-ford
8, S. 'Harris 5, Alphonso Alexander 10. M. A. Harris 2, J. E. Caldwell. 2 C. II.
Erwin 5, Samuel Pharr 5, Mary E. Porter 5. D. S. Teiter 5. J. F. Erwin 1, J. W.
Harris 5, K. M. Murchison 40,' John A. Rankin 3, Mattie Rankin 3, Watt W. Kan-kin
3, Bettie S. Rankin 3, Emma T. Rankin 4, E. R. Stanly ] 6, John Tull 10, .'.
. I k
Mcllwaine 15, R. M. Cochran 15, South Carolina Rail Road Company 50, H. K.
Reid 4, David Settle 1, £. X. Johnson 33, Cyrus A. Alexander 20, Elam King 2,
Elam King. guar. 3, J. C. Pharr 3, W. R. Pharr 7, J. C. Barnhardt 5. Geo. Barn-hardt
10, J. M. Black 1, P. W. Hairston 5, W. T. Faircloth 5, James Jamison 10,
Geo. T. Barnes, trustee 113, Hugh MeCauley 20, J. Allison 5, M. S. Barringer 6,
S. B. Kahnweiler 1, Isaac Wilson 31, J. M. Alexander, guar. 17, Truster:, of Sugar
Creek Church 5. Joseph M. Wilson 20, Adolphus Kimmons 1, A. E. Evans 11, L.
H. Walker 11, Eugene Morehead 14, M. C. Avery 11, J. A. Gray 11, S. W. Cole
60, J. T. Cuthrell 5, G. W. Johnston 15, John A. Boyden 1, M. Widenhouse 5. M.
•off 5, John B. Mess 5, M. E. Moss 1, E. A. Moss 1. J. H. Moss 1, M. J. Moss
1, R. Winecoff 1, J. Reid 10, Phifer & Cannon 29, J. L. Phifer 72. Total "Nay"
3.415.
The Chair appointed the following gentlemen, committee on proxies
for the next annual meeting to be held at the city of Raleigh: 1). A.
Davis, W. H. Junes and E. S. Tucker. *
On motion of Col. John L. Morehead, 1,000 copies of these pro-ceedings
with reports of officei'S were ordered to be printed for the
use of stockholders.
On motion of D. A. Davis, the meeting adjourned.
D. F. CALDWELL, Chairman.
J. A. McCauley. I a . m r, t- r secretaries.
lllOS. 1). K.EOGH, \
North Carolina Rail Road Co.
REPORT OF THE BOARD OF DIRECTORS.
Office North Carolina Railroad Company,
Company Shops, N. C, June 11th, 1875.
In compliance with the requirement of the charter, the Board of
Directors have the honor to submit the following reports, showing
the business of the Company for the fiscal year, ending May 31, '75.
The report of the President, with the accompanying tables, show
the operation of the Eoad in full.
8 Proceedings of the Stockholders
PRESIDENT'S REPORT.
President's Office, N. C. Rail Road Co.,
Company Shops, N. C, June 11th, 187o.
To the Board of Directors :
Gentlemen:—I submit to you, and through you to the Stockhold-ers
of the North Carolina Railroad Company, the following report
of the receipts, expenditures and debt of the Company, up to the end
of the fiscal year ending May 31st, 1875:
Receipts from all sources, ... $273,94869
Total expenses for the year, - - - 44,039 32
Leaving a balance of ... 229,908 87
Of the above $44,039 82 expenses, $35,797 29 was applied in payment
of interest on our debt, and in settlement of judgments on old
claims.
Out of above balance, we have paid dividends to the amount of 133,858 89
Leaving a balance of .... 96,04998
Which has been applied to the sinking fund and other purposes Fully
shown in detail in the report of the Treasurer.
DEBT OF THE COMPANY.
The "total debt of the Company reported at last annual meeting was $597,388 53
Present debt of the Company is - - - 440,366 73
From which deduct amount assets, ... 241,82688
And we have the actual debt of the Company, - - 198,539 85
Of the above $241,826 88 assets. $132,344 21 is cash with Banks and
Bankers, and cash Items.
MORTGAGE.
Amount of Bonds issued under the Mortgage, - - $790,000 00
Cash and bonds paid into the sinking fund, - - 465,709 90
SINKING FUND.
The Company has paid during the year to Gov. W. A. Graham. Trustee. $37,000 00
OLD DEBT.
mount outstanding on the loan of 1857, which is past due, $38,500 00
Very Respectfully,
Your obedient servant,
W: A. SMITH, President.
North Carolina Rail Road Co. 9
TREASURER'S REPORT.
Treasurers Office, N. C. Rail Road Co.,
Compaky Shops, N. C, June 10th, 1875.
To tlie Stockholder* of the N. C. R. B. Company:
Gentlemen:—I herewith submit to you the annual report of the
financial condition of the North Carolina Rail Road Company for the
fiscal year ending the 31st day of May, 1875.
receipts and disbursements.
During the fiscal year, the receipts from all sources have been
$299,328.98, and the amount paid out on expenses, bonds and other
liabilities of the Company, $244,976.68, which will be found fully set
forth in the accompanying tables.
financial condition now and one year ago.
The debt of the Company reported and entered on the books of the
Company on the 31st day of May, 1874, as shown by the books of the
Secretary was $597,388.53, to which add $35,797.29 of old debts not
reported and entered on the books of the Company, but which have
been paid during this year. We have the total debt of the Compa-ny
on the 31st day of May, 1874, $633,185.82, of which amount there
has been paid during the year $192,819.09, leaving the debt of the
Company as shown by the books of the Secretary on the 31st day of
May, 1875, $440,366.73, which may be reduced by assets $241,826.88,
leaving a balance to be paid of $198,539.85.
The general exhibits of the business of the Company for the fiscal
year shows a decrease of the debt of the Company of $135,942.86.
The total bonded debt of the Company under mortgage is $380,-
000.00, of which amount $170,000.00 is in ten year bonds, and $210,-
000.00 is in twenty year bonds.
There remains unpaid of the loan of March 1st, 1857, $38,500.00.
Respectfully Submitted,
J. A. McCAULEY,
Treasurer.
10 Proceedings of the Stockholders
J. A. McCauley, in account current with the N. C. Bail Road
RECEIPTS.
North Carolina Rail Road Co. 11
Company, commencing Jane 1, 1874, dosing May 31, 1875.
DISBURSEMENTS.
Legal Expenses,
Salaries,
Dividends,
W. A. Graham, Trustee,
Interest on Coupon Bonds,
" Other Debts,
Dividend Scrip,
Loss and Damage,
Taxes paid,
Traveling Espenses and other incidentals,
Pay Eolis,
Advertising and Stationary.
Bills Payable,
Printing Bonds,
Cash & cash items on hand, & with Banks A- Bankers, May 31, 1875,
$ 2,690 70
3,050 00
133,858 89
37,000 00
34,100 00
596 42
408 00
1,708 43
43 87
1,493 21
86 91
368 75
29,000 00
571 50
132,344 21
$377,320 89
J. A. MeCAULEY, Treasurer.
12 Proceedings of the Stockholders
Statement showing Receipts and Expenditures of the North Carolina
North Carolina Mail Road Co. 13
11. U. Companyfor the Fiscal year ending May 21st, 1875.
EXPENDITURES.
Traveling Expenses and other incidentals,
Loss and Damage,
Advertising, Stationary, &c,
Salaries,
Legal Expenses,
Interest,
Tax Account,
Printing Bonds,
Balance Receipts more than Expenses,
$ 1,493 21
u Proceedings of the Stockholders
Exhibits of the North Carolina Rail Road
Amount of Assets on hand at the commencement of
this fiscal year, as shown by report, May 31, 1874,
Amount from Real Estate,
" " Kent account,
" " Interest,
" '
: Miscallenous sources,
" Lease N. C. E. R.,
North Carolina Rail Road Co. Jo
Company for the Fiscal year ending May 31st, 1875.
16 Proceedings of the Stockholders
Statement showing the Financial condition of the North Carolina
PROPERTY AND RESOURCES.
Cost of Construction, Equipment and Eeal Estate,
Amount Sinking Fund,
Chatham E. K. Stock,
" North Carolina E. E. Stock, -
North Western N. C. E. E. Stock,
Amount due from Station Agents,
" " other Companies, -
" <: Individuals,
" " Freight Exchanges, -
" " United States,
" " Bills Eeceivable,
W. A. Graham, Trustee, .
" " State of North Carolina,
Amount Supplies,
Amount Cash on hand,
204,
74,
19,
20.
11,
8,
12,
3
55
11.
5
132
000 00
700 00
500 00
000 00
116 47
363 33
091 61
424 12
210 48
920 55
709 90
683 09
963 12
344 21
$ 4,936,64'
318,200 00
241,826 88
* 5,496.672 60
North Carolina Rail RoacL Co. 17
Rail Road ( 'ompany, for the Fiscal year ending May 31s£, 1875.
CAPITAL STOCK AND LIABILITIES.
18 Proceedings of the Stockholders
REPORT OF FINANCE COMMITTEE.
Office Nohth Carolina Railroad Company,
Company Shops, N. C, June 16th, 1875.
To the Stockholders of the N. C. Rail Road Company:
The Committee of Finance have discharged the duties required of
them by the By-Laws, during the past year. The Treasurer's ac-counts
have been examined at different times and we find them cor
rectly kept and the charges supported by sufficient vouchers.
The amount of bonds outstanding of the issue of 1857, due in 1867
is $38,500.00 bearing interest at 8 cent, per annum.
Amount of bonds known as 10-year bonds issued and now out-standing
and becoming due in 1877, is $170,000.00.
Amount of 20-year bonds, due Nov. 1st, 1888 now unpaid is
$210,000.00.
We find in the hands of Hon. W. A. Graham, Trustee, funds to
the amount of $99,981.40 invested as follows, viz:
Individual Loans, - - - $13,000.00
Merchants & Farmers Bank, Charlotte, - 20,000.00
Commercial National Bank, " - 11,500.00
N. C. R. R. Bonds due 1888, - - 5,500.00
Deposit in State National Bank at Raleigh, - 5,709.90
Cash on hand, - - - 44,271.50
It will be seen by above statement that the bonds now owing by
the Company, amounts to $418,500.00. The amount in Trustee's
hands subject to payment of bonded debt is $99,981.40 leaving the
actual.
Bonded debt of the Company, - $318,518.60
Respectfully submitted,
D. A. Davis,
J. McDonald,
Phil. B. Hawkins,
Thos. B. Keogh.
LIST OF STOCKHOLDERS.
Names
tfortih Carolina Rail Road Co. Jl
Nanus
Curnmings, E. F.
Clapp, Jacob
Caldwell, R. C.
Cook, Thomas E.
Cuthbert, Emmett
Cairns, George A.
Crump, R. R.
Carson, James 11
Colburn, Phoebe
Coble, Israel
Cox,W. R.
Caldwell, W. P.
Charlotte, Columbia & A EL B
Clapp, John E.
Caldwell, J. E.
Cook, Thomas E. executor
Cobb, G. D.
Cuthrell, Joseph T.
Cole, Stephen W.
Cunningham, James C.
< obb, Margaret
t ramer, Jennie T.
Clapp, Abram
Cowles, Calvin J.
Donnell, Edmund
Donnell, Wm. & Thomas B.
Donnell, George
Davis, James
Deaton, James
Donnan, David jr.
Donnan, John
Dunkin, William C.
Dibble & Brothers & W. H. Wf
ington
Davis, D. A.
Dubbins, N. M.
Dawson, J. & Co.
Dickenson, A. C.
Dewey, C. F.
Dewey, Charles
Dancy, John S.
DeRossett, A. J.
Drake, Caroline A.
Davidson, A. Brevard
Dick, Millie G.
Dick, P. P.
Dick, Anna W.
Dowd, C.
Dockery, O. H. & Fannie Settle,
wife
Davidson, W. W.
Dorland, Luke
Darr, Elizabeth A.
Eccles, Henry
Eilers, H. B.
Erwin, J. J. •
Elias & Cohen
Erwin, Charles H.
Erwin, Richard F.
Evans, Jane M. ex.
Shares
3
1
5
1
5
2
2
70
9
2
Co.
ish-his
55
2
2
16
2
5
10
1
17
1
1
2
2
3
3
5
3
3
1
1
34
2
5
1
1
2
11
30
27
109
5
5
5
2
5
1
7
17
5
1
18
50
5
1
2
Names
Evans, A. E.
Evans, C. N. B. jr.
Erwin, Elizabeth M.
Fonville, F. W.
Faucett, John
Fuller, J. N.
Fink, John
Foil, Moses
Fries, Francis
Fries, Henry W.
Pogleman, John
Foust, Daniel
Fleming, A. J.
Fralev, B. F.
Foy, J. M.
French, G. R.
Ferrall, Patrick
Faucett, George A.
Freeland, C. J.
Faucett, J. R.
Freeland, T. J.
Fitzgerald, M. B.
Fraley. Jacob
Fife, \V. W.
Ford, R. W.
Foust, Daniel P.
Faircloth, W. T.
Foard, T. C.
Fix, Joseph
Foard, Fred C.
Furr, Paul W.
Freeman, Henry < i.
Gant, Jesse
Guthrie, George
Graves, Calvin
Gilmer, James F.
Gilmer, Wm. S.
Gray, Wm.
Graham & Dunn
Gray, Robert
Gorrell, Ralph
Graves, Ralph
Guess, W. W.
Graham, W. A.
Gholson, Thomas
Gibson, Sarah E.
Gheen, G. H.
Green, George
Grice, George W.
Green, R. S.
Gluyas, Thomas
Gluyas, William
Goodman, Henry
Gully, WTm. Gaston
Guion, J. A.
Gregory, Richard J.
Gray, J. A.
Graham, JohnW.
Graham, W. A. jr.
Graham, James A.
11
1
1
1
1
2
24
5
137
27
1
3
2
6
1
3
1
:;
1
3
58
:,:;
9
5
1
o
1
1
12
7
1
10
1
1
2
1
1
11
1
1
20
2
1
1
8
1
12
1
1
10
5
5
9
11
5
5
22 List of Stockholders of the
Names
North Carolina Bail Road Co. JJ
Names
K( rnegay, W. F,
Long, J. M.
Lindsay, Andrew
Lambreth, Jane
Lambeth, D. T.
Logan, Isabella & J. E.
Lindsay, A. D.
Lattin, David
Lindsay, Jesse H.
Leonard, Jonathan
Lamb, C. A- J.
Lamb, Anderson
Latta. John C
Lattimer, C. M.
Leslie. Robert
Leaeh. M. W.
Leach, L. M.
Lippette, J. J.
Little, George
Leathers, James S
Latimer Zebnlou
London, John R
London Fred. Hill
Larkins William
Lambeth R. S.
Logan, John E
Manney, Ephraim
Manney, Valentine
Me' 'ullock, Jesiah
Moose, Daniel
Moose, John
Moose, John F.
Morrow, W. P.
McEachern, J. E.
Meanes, W. C.
Miller, Daniel
Morris, P. M.
Morrison, J. E.
McCauley, Hugh
MeDonald, John
Murphy, John
Moss, A. H.
Mendenhall, Judith J.
MeLean, F. B.
Mendenhall, C. P.
McCullock, J. D.
McLean, J. M. & Co.
McLean, Thomas G.
McLean & Co.
McLean, Jonn M., Jr.
Miner, James
Millie, James N.
Mebane, W. M.
McAdoo, C. N.
Mendenhall, R. J.
Mclver, James
Mitchell, Elisha
Mcllwaine, A. G.
Milliken, Eleazor
Myers, Ezekiel
Shares
24- List of Stockholders of the
Names
Norwood, John W.
North Carolina Rail Road Co. Jo
Names
Smith, Mrs. E. L.
Sloan, William
Shaffner, J. F.
Swepson, Virginia B,
Trolenger, W. H.
Trolenger, John
Trolenger, Jacob T.
Thompson, Patterson
Trolenger, James
Tomlinson, Euos
Thomas, Jesse
Turner, Wilford
Taylor, Fisher B
Thacker, Isaac
Tinnen. David
Timien, 0. C.
Trott, S. S.
Turner, Samuel
Tucker, W. H. &R. S.
Tull, John G.
Trustees of Sugar Creek Church
Turrentine, W. H.
Thompson, Alexander J.
Turrentine, James A.
Teiter, Dorcas S.
Tate, George W.
Tate, Hugh A
Thomas, R W.
Thomas. Mary
Thomas. W. J3.
Thomas, J. Weslej
Thomas, P. C.
Thomas, H. C.
Upchurch, Bartley
Untbank, Jennie
Van Bokkelin. A. H.
Vogler, Julius R.
Walker, Morgan A
White, S. A.
Watson, E. F.
White, Samuel M.
Watkins, Samuel
White, R. J.
Winecoff, M.
Widenhouse, M.
Wil ,..n, Isaac
White, A. B.
Winecoff, R.
Watson, J. S.
Wharton, John
Wharton, J. C.
Wiley, Shannon
Wilson, William
Shares
INDEX.
Directors of Company, -
Exhibits of the Company, - - lJf-15
Financial Statement, - 16-17
List of Stockholders, - - 20 ?-7
President's Report, - - 8
Proceedings Annual Meeting, - 1-6
Report of Board of Directors, - - 7
Report of Finance Committee, - - IS
Secretary's Statement, - - 12-13
Treasurer's Statement, - - 10-1
1
Treasurer's Report, - - 9
[ 7/
.- *f