Proceedings of the stockholders of the North Carolina Rail Road Company |
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' '£1 . *-• Tr-v^i'S'C ^s..* (• Library OF THE University of North Carolina This book was presented by Members of the family of the late COL. A. B. ANDREWS l*E( «_77 > .. This bookmust not be taken from the Library building. 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
Object Description
Description
Title | Proceedings of the stockholders of the North Carolina Rail Road Company |
Other Title | Annual meeting of the stockholders and reports of the officers of the North Carolina Railroad Company. |
Creator | North Carolina Railroad Company. |
Date | 1875 |
Subjects |
North Carolina. Railroad Company--Periodicals Railroads--North Carolina Banks and Banking |
Place |
Greensboro, Guilford County, North Carolina, United States North Carolina, United States |
Time Period |
(1860-1876) Civil War and Reconstruction |
Description | Title from cover. |
Publisher | [North Carolina] :NC Railroad Co.,1872- |
Rights | State Document see http://digital.ncdcr.gov/u?/p249901coll22,63754 |
Physical Characteristics | v. ;21-23 cm. |
Collection | University Library. University of North Carolina at Chapel Hill |
Type | text |
Language | English |
Format |
Reports Meetings |
Digital Characteristics-A | 1860 KB; 44 p. |
Digital Collection |
Ensuring Democracy through Digital Access, a North Carolina LSTA-funded grant project North Carolina Digital State Documents Collection |
Digital Format | application/pdf |
Title Replaces | Proceedings of the... annual meeting of the stockholders of the North Carolina Rail Road Company(OCoLC)18910144. |
Audience | All |
Pres File Name-M | pubs_edp_proceedingsofNCrailroad1875.pdf |
Pres Local File Path-M | \Preservation_content\StatePubs\pubs_edp\images_master\ |
Full Text | ' '£1 . *-• Tr-v^i'S'C ^s..* (• Library OF THE University of North Carolina This book was presented by Members of the family of the late COL. A. B. ANDREWS l*E( «_77 > .. This bookmust not be taken from the Library building. 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 |