Proceedings of the stockholders of the North Carolina Rail Road Company
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LIBRARY OF THE University of North Carolina. Endowed by the Dialectic and Philanthropic Societies. Call No. / 1/ ^ 00032740561 This booh must not be taken from the Library building. LUNC-15MF.38 riD.i eon<: PROCEEDINGS OF THE STOCKHOLDERS OF THE North Carolina Railroad Co., AT THEIR TWENTY-NINTH ANNUAL MEETING, HELD AT HILLSBORO, JULY 11, 1878. RALEIGH : THE RALEIGH NEWS STEAM JOB PRINT, 1878. PROCEEDINGS. Hillsboro, N. C, July lltli, 1S78. The Stockholders of the North Carolina Railroad Com-pany assembled in the Court House at 11 A. M., to hold their twenty-ninth annual meeting. The meeting was called to order by Col. J. L. More-head, and on his motion Mr. John W. Norwood was called to the Chair, and on motion of Maj. John W. Graham W. L. Thornburg was requested to act as Secretary and Col. J. D. Cameron Assistant Secretary. The Committee on proxies made the following report, to-wit: The number of Stockholders represented in per-son 11 ; by proxy 420. Whole number of shares owned by individuals 10,000 ; whole number of shares repre-sented in person 503, and by proxy 8,657. Total num-ber of shares represented 9,160. The Chair announced that a large majority of the in-dividual stock being represented, the meeting was declar-ed duly organized for business in accordance with the charter and by-laws. The State's interest was represented by Col. John A. Gilmer, who presented his credentials, as State proxy, which were duly recognized. On motion of Col. J. L. Morehead, the temporary or-ganization was made permanent. The President read his annual report, and, on motion of Capt. Jas. A. Graham, was referred to a special com-mittee of three to be appointed by the chair. On motion of Col. J. L. Morehead, the reading of the reports of the Secretary and Treasurer, and Committee of Finance was dispensed with; and on motion of Mr. R. Y. PROCEEDINGS OF THE STOCKHOLDERS McAden, all reports were referred to the committee to be appointed by the chair on the President's report. The chair appointed as said committee Messrs. Jas. A. Graham, R. Y. McAdeh and I). F. Caldwell. Mr. P. C. Cameron submitted the following resolution : Resolved, That the President of the ISTorth Carolina Railroad Company issue to F. A. Stagg, late Secretary and Bookkeeper of this Company, his warrant annually or until otherwise ordered for the sum of dollars to provide for his proper living and support, in considera-tion of his long and faithful services and as a token of the sympathy of the Stockholders in his impaired health and inability to labor. On motion of Col. W. R. Myers the blank was tilled by inserting " five hundred." Maj. Jno. W. Graham moved that the warrant run from the beginning of the fiscal year of 1877. Mr. C. J. Cowles moved that it run from the beginning of the present fiscal year, and on this amendment the question was put and lost ; and it recurred on the amend-ment of Maj. Jno. W. Graham, which Avas adopted, and the resolution as amended was adopted as a whole. On motion of Maj. Jno. W. Graham the meeting went into an election of four Directors on the part of the pri-vate Stockholders, and Messrs. C. P. Mendenhall and Dr. W. C. Benbow were appointed tellers to superintend the election. A ballot was had, and the tellers made the fol-lowing report: Col. T. M. Holt received 9,159 votes, Mr. M. L. Holmes 9,159, Dr. R. B. Haywood 9,159, and Mr H. W. Fries 9,159, and they were declared duly elected Directors for the ensuing year. On motion of Col. J. L. Morehead, by-law 1, in regard to the duties of the Finance committee, was so amended as to require said committee to meet once in six months instead of every two months, as heretofore. Capt. James A. Graham, from the special committee — ! NORTH CAROLINA RAILROAD CO. appointed to examine the reports of the President, Secre-tary and Treasurer, Committee of Finance, &c , made a report, which was adopted, but at a subsequent stage of the proceedings, on motion of Mr. D. F. Caldwell, the vote by which it was adopted was reconsidered, and the report re-committed. And* the committee having again retired, returned, with an amended report, which was read. The committee to whom was referred the reports of the various officers of the North Carolina Railroad Com-pany, respectfully report that they have given such atten-tion and examination to the various reports as the limited time given the committee would allow. The committee find the reports of the President and Secretary and Treas-urer to be full and satisfactory, and would congratulate the Stockholders on the prosperous condition that these reports show the property to be in, and recommend that they be received and adopted. As to the report of the Finance committee, it involves such intricate matters and values, that the- committee can give no definite opinion as to the conclusions arrived at by the Finance committee. The committee would, there-fore, recommend that the Directors of this Company care-fully examine into these matters, and they are hereby authorized, empowered and directed to take all necessary steps to protect the interests of the Company therein. The committee recommend that as fast as practicable the assets belonging to the sinking fund be used in retiring the debt of the Company. .1. A. Graham, ( 'hairman. R. Y. McAden, D. F. Caldwell. And the report was adopted. On motion of D. F. Caldwell, the present Finance com-mittee, to wit ; Messrs. J. L. Brown, F. C. Robbing and Peter Adams were continued. <w 6 PROCEEDINGS OF THE STOCKHOLDERS Col. W. R. Myers moved, in regard to the question of old claims, that they be charged to profit and loss. Mr. D. F. Caldwell moved the following as a substitute for all resolusions on the subject, several of which were introduced : • Resolved, That the Directors of this Company be, if thought expedient, authorized to direct the Secretary and Treasurer of said Company to advertise and sell such old overdue judgments, notes and other evidences of debt due the Company, at public auction, and have the proceeds of such sale covered into the Treasury of the Company, and the resolution was adopted. Mr. W. J. Yates moved that by-law 1 of this Company, respecting the places fixed for the annual meetings of the Company, be so amended as to add the city of Charlotte to the list designating the places now embraced in the by-law aforesaid . Capt. James - A. Graham moved to amend the motion of Mr. Yates, by inserting : " And that the next annual meeting shall be held in the citj* of Charlotte on the 2d Thursday in July, 1879, and subsecpientty in Greensboro, Raleigh, Salisbury and Ilillsboro, in the order named, and thereafter in the same succession." The amendment was accepted, and the resolution so amended was adopted. The following gentlemen were appointed a committee to verify proxies for the next annual meeting, viz : Messrs. W. J. Yates, Sol. A. Cohen and A. B. Springs. On motion of Mr. I). F. Caldwell, the thanks of the meeting were tendered to the Chairman and Secretaries i for their services rendered at this meeting. On motion of Mr. W. J. Yates, the thanks of the meet- NORTH CAROLINA RAILROAD CO. ing were also tendered -to the Railroad authorities for courtesies extended to the Stockholders and others. And on motion, the meeting adjourned. JOHN" W. NORWOOD, Chairman. W. L. Thornburg, > o . • J.D.Cameron, ' \ Secretaries. REPORT OF THE BOARD OF DIRECTORS. Office North Carolina Railroad Company, Company Shops, N. C, July 6, 1878. In compliance with the requirement of the charter, the Board of Directors have the honor to submit the follow-ing reports, showing the business of the Company for the fiscal year ending May 31st, 1878. The report of the President with the accompanying tables show the condition of the Road in full. '- 10 PROCEEDINGS OF THE STOCKHOLDERS PRESIDENT'S REPORT-President's Office, N. C. R. R. Company, Company Shops, N. C, July 4, 1878. To the Board of Directors : Gentlemen :—I submit to you, and through you to the stockholders of the North Carolina Railroad Com-pany, the following reports of the receipts, expenditures, and debts of the Company up to the end of the fiscal year ending May 31st, 1878 : \ Receipts from all sources $273,286 49 Expenses for the year $6,445 34 Paid in settlement of old claims, discount \ on Bonds sold and repairs on Com- > 6,989 48 pany's buildings. ) Paid interest on debt 26,476 00 39,910 82 Leaving a balance of. $233,375 67 This amount, $233,375.67, 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 $513,681 11 The debt of the Company now is $427,242 11 From which deduct amount of assets 200,643 66 And we have the actual debt of the Com-pany 6226,598 45 Of the above $200,643.66 assets, $11,941.35 is cash de-posited with Banks and Bankers and cash items, $135,- NORTH CAROLINA RAILROAD CO. 11 * G60.00 is cash in the hands of Trustee, for the redemp-tion of Mortgage Bonds. The remainder, amounting to $53,042.31, is shown in the Secretary and Treasurer's re-port of the financial condition of the Company, all of which, with the exception of some items due by indi-viduals for rents, &c, amounting probably to about $1,- 000, is worthless, and was so reported by me last year, and which the Committee on reports at the last annual meeting recommended that the Finance Committee be empowered at their discretion to charge to profit and loss, which report was adopted by the stockholders. The Finance Committee, however, have not as yet car-ried the resolution into effect. I would again recommend that these assets known to be worthless, be charged to profit and loss, as they are calculated to deceive the stock-holders in showing the actual debt of the Company. In the amount $427,242.11, (debt of the Company) is included $120,000 dividend declared, but not due until September 15, 1878, which will be paid out of the semi-annual rent due July 1st, 1878. MORTGAGE . Amount of Bonds issued under the Mortgage $700,000 00 Cash and Bonds paid into Sinking Fund » 634,692 88 SINKING FUND. The Company has paid during the year to N. H. D. Wil-son, Trustee $ 29,173 IS REMARKS. As required by the lease made with thelvichmond and Danville Railroad Company, the Board of Directors of this Company selected as its expert, Maj. "W. G. Lewis, 12 PROCEEDINGS OF THE STOCKHOLDERS of Tarboro, N. C, and the Richmond and Danville Rail-road Company selected Mr. T. J. Sumner, of Salisbury, N. C, as its expert, to examine the roadbed, rolling stock, bridges, buildings, and all other property belong-ing to this Company, leased to the Richmond and Dan-ville Railroad Company, which duty was performed by them in October last, and a report made to this Com-pany, bearing date November 12th, 1877, and which is hereunto appended in order that the stockholders may know the condition of their property : Company Shops, N. C, October 12th, 1877. To the President and Board Directors of the North Caro-lina Railroad Company and Richmond $• Danville Rail-road Company : Geetlemen :—We have carefully inspected the road-bed, track, bridges, shops, machinery, buildings, and all other property of the North Carolina Railroad Company, leased to the Richmond and & Danville Railroad Com-pany, and submit the following report : ROADBED���WEST DIVISION. The road bed on this division is in good order, well drained and surfaced, and nearly all well gravelled. The ditches have been kept well cleaned out. The right of way has been well cleared, and the general appear-ance shows diligence, care and attention on the part of the employees of the Company. The culverts are in good order on the entire line of the road. NORTH CAROLINA RAILROAD CO. 13 ROADBED —EAST DIVISION. The road bed on this division is not as good as on the West Division. Six sections need ditching very much, and should be attended to at once. Two need consider-able ditching and the remaining five are in very fair order. We would recommend the same industry on the part of the employees as is displayed on the Western Division, which will result in decided improvement of the road bed on this division. CROSS TIES. The timber in the track is generally sound and in good order. Seventy-eight thousand four hundred and ten new ties have been put in during the last year. Sixty-nine thou-sand two hundred and thirty will be needed to keep the track in good running order the next year. TRACK. The track from Charlotte to Greensboro is in first-rate order, well lined, surfaced, drained and gravelled. Its condition shows that strict attention has been paid to all the details of the w»ork. From Greensboro to Goldsboro the track is not in as good order as west of Greensboro. Several sections have been well attended to and are in good condition, but the most of them show want of at-tention in lining, surfacing and gravelling. We would also recommend to the employees on the road from Greensboro to Goldsboro the same care and industry in keeping their track in good order as is shown by their fellow employees from Greensboro to Charlotte. We find that one hundred and seventy-seven tons of the 2 14 PROCEEDINGS OF THE STOCKHOLDERS twelve hundred ond fifty tons of new rail reported needed for last year have not been put in the track. The Su-perintendent assures us that it has been ordered and will be laid by January 1st, 1878. We find from careful inspection that nine hundred tons of new rail (sixty pounds to the yard) will be needed to keep the track in good running order for the next year. We are reliably informed that there has not been a run off on the road for the last three } Tears. BRIDGES. The bridges on the road are generally in good order. The new Howe truss bridges over Coddle, Leonard, South Potts and Big Buffalo Creeks have been covered and weatherboarded sidce last report. The bridges over Rocky river, North Potts and Back creeks (lattice bridges) although at present in safe condition, should be replaced by new structures of more improved patterns as soon as practicable. The Superintendent informs us that he is negotiating for new iron bridges to replace the old bridges over these streams. The roofs of the bridges over rock}' and East Eno rivers and North Potts and Back creeks are leaking and need immediate attention. (The roofs of the bridges over East Eno river, Back and Walnut creeks are new, the leaks are in the gutters.) The gutters of the Yadkin river bridge discharge the water on the piers and we would recommend they be re-moved so as to clear the masonry. The foot bridge over the track at Raleigh has been removed by order of the city authorities and placed over the railroad on a street east of the depot and the Company released from all future responsibility. It would add very much to the appearance and durability of the bridges if they were painted or whitewashed with a well prepared solution. NORTH CAROLINA RAILROAD CO. 15 BUILDINGS. The warehouses are generally in good order. The fol-lowing need repairs : Harrisburg—Needs gutters, to carry off water from the roof and clear the "platform. Salisbury—The joint passenger house needs repairs on the gutters, and slight repairs on the inside of the build-ing. The warehouse roof needs slight repairs. Linwood —The water should be turned across the track, to pre-vent washing out the foundations of the warehouse and platform, which are now in danger. Thomasville—The warehouse roof needs repairs. McLean's—The guttering to the warehouse needs repairs. Hillsboro—The roof of the warehouse leaks badty, and needs immediate atten-tion. Morrisville—The roof of the warehouse leaks. Clayton—The warehouse needs repairing, of roof and eaves. The following warehouses need repairs to the plat-forms, viz : China Grove, Linwood, Thomasville, High Point, McLean's, Mebane's, Hillsboro and Clayton. The buildings at the Company Shops are all in good order, and have been repaired as needed. The section houses are generally in good order ; the most of them have been re-covered in the last three years. Several new ones have been built to supply the places of some that have been abandoned. Section house on Section No. 25 needs plastering ; sec-tion house on Section No. 15 is in bad order, and needs internal repairs generally. WOOD AND WATER STATIONS. The water tanks are in good order, except the follow-ing : Salisbury—The tank is leaking, and the sills under the tank are decayed, and both need repairs. Two new 16 PROCEEDINGS OF THE STOCKHOLDERS wood sheds have been built here since last report. Lex-ington— The pump-house needs repairs. Jamestown — Water tank and frame are in very bad order, and need replacing at once. McLean's—The water tank is old and decayed. A new double-acting pump has recently been put in here. Gibsonville—The tank is unsound, frame new and good. The Richmond and Danville Railroad Company have constructed a very large and substantial water tank (with fire pump and hose attached) for the use of the Shops, and have laid three thousand feet of cast iron water pipe, (ten inches in diameter,) to supply the water tank at Hillsboro, from a spring on the hill, south of the town, and have the pipes ready to supply the tank at Yadkin River from an adjacent spring. i PASSENGER CARS. The number and condition of the passenger cars now on the Road are as follows : Six first-class passenger cars in good order. Ten second-class passenger cars in fair order. One second-class baggage car in good order. Four mail and baggage cars in good order. Four first-class express cars in good order. Two second-class express cars unserviceable. One pay-master car in very good order. Two new first class passenger cars have been built since the lease. FREIGHT CARS. Now on hand, one hundred and sixty-seven box cars. Six of these are under repairs, and six condemned. Fifty-eight flat cars—five of these condemned. NORTH CAROLINA RAILROAD CO. 17 Nine conductor's cars in fair order. Eight shanty cars in good order. Since the lease, thirty-three box cars and twenty-four flat cars have been built. The passenger and freight equipment has been im-proved. LOCOMOTIVES. Of the twenty-seven locomotives turned over at the lease, the following have been condemned, viz : Ala-mance, Morehead, Appollo, "Webb, and Boyden. The Mebane is laid up for repairs. The following new engines (all in good order) have been placed on the North Carolina Railroad by the Richmond and Danville Railroad Company, viz : Numbers 47, 48, 56, 53, 54, and 4. Two locomotives are now in the shops under repairs, and the remainder are in good running order. MACHINERY IN THE SHOPS. The machinery is in good working order. Two new lathes have been put in the Machine Shop, to replace two unserviceable. One new bolt crusher and one new planing machine, to replace old ones. One hydraulic wheel press, to replace old screw wheel press ; and one new and im-proved wheel borer, to replace old one. One old planing machine, reported as bad in inventory at time of lease, has been sold. It was valued in inventory at $250.00. MATERIAL. The supply of material on hand is ample for all neces-sary purposes. All of which is most respectfully submitted. W. G. Lewis, T, J. Sumner. 3 18 PROCEEDINGS OF THE STOCKHOLDERS From which report you will observe that 177 tons of the 1,250 tons new iron required to be put in the track by October 1st, 1877, was not put in by that time, but was put in before the 1st January, 1878. You will also observe that the experts called for 900 tons of new rails, 60 lbs. to the yard, to be put in by October 1st, 1878. I am informed by the Superintendent of the Richmond and Danville Railroad Company that they have put in since the 1st of January last, 200 tons of new steel rail, 60 lbs. to the yard, and that the remainder will be put in within the time required. The Superintendent also re-ports that all the other repairs, furnishments and changes recommended in the experts' report, have been attended to. The securities deposited by the Richmond and Dan-ville Railroad Company as collateral to secure the pay-ment of the lease money consist of $70,000 of 1st mort-gage bonds of the Richmond and Danville Railroad Company, and $208,000 1st mortgage bonds of the North Western North Carolina Railroad Company. All coupons due on the $70,000 Richmond and Dan-ville Railroad mortgage bonds have been cut off and can-celled, and all the coupons due on the entire $500,000 1st mortgage of the North Western North Carolina Rail-road Company (of which the $208,000 on deposit is a part) have been cut off and cancelled. The deposit in its present shape is deemed sufficient for its requirements. The report of the Finance Committee shows in detail the condition of the Sinking Fund. The Board of Directors some time past, instructed the Trustee to convert his assets into cash and pay off the ten year bonds now past due. All of which is respectfully submitted. THOS. M. HOLT, President. NORTH CAROLINA RAILROAD CO. 19 TREASURER'S REPORT. Treasurer's Office, N. C. Railroad Co., Company Shops, N. C, July 2d, 1878. To the Stockholders of the N. C. R. II. Company: Gentlemen:—I herewith submit to you the annual re-port of the financial condition of the JSTorth Carolina Railroad Company for the fiscal year ending the 31st day of May, 1878. RECEIPTS AND DISBURSEMENTS. During the fiscal year the receipts from all sources have been $264,334.41, and the amount paid out on ex-penses, bonds and other liabilities of the Company, $300,- 002.04, which will be fully set forth in the accompany-ing tables. FINANCIAL CONDITION NOW AND ONE YEAR AGQ. The debt of the Company reported and entered on the books of the Company on the 31st day of May, 1877, as shown by the books of the Secretary, was $513,081.11, to which add $27,918.90 of old debts not reported and entered on the books of the Company, but which have been paid during the year, and we have the total debt on the 31st day of May, 1878, $541,600.01, to which add 8210,000, a dividend of six per cent., declared on the u— ^» iw n i ' i>—» i in - i— <m. iii.ii inn—ii un PW— B I 20 PROCEEDINGS OF THE STOCKHOLDERS capital stock of the Company by the Board of Directors, January 30, 1878, and we have the debt of the Company $781,600.01, of which amount there has been paid during the year $354,357.90, leaving the debt of the Company, as shown by the books of the Secretary, on the 31st day of May, 1878, $427,242.11, which amount may be reduced by assets $200,643.66, leaving a balance to be paid of $226,598.45. The general exhibit of the business of the Company for the fiscal year, shows a decrease of the debt of the Com-pany of $86,439. The total bonded debt of the Company under the mort-gage is $291,500, of which amount $81,500 is in ten year bonds and $210,000 is in twenty year bonds. Respectfully submitted. W. L. THORNBURG, Treasurer. 22 PROCEEDINGS OF THE STOCKHOLDERS W. L. Thornburg in Account with N. C. Railroad Co. RECEIPTS. Commencing June 1st, 1877, and Ending May 31st, 1878. DISBURSEMENTS. Legal Epenses Salaries Advertising and Stationery Traveling expenses and other incidt'ls Dividends N. H. D. Wilson, Trustee, Interest on Coupon Bonds Loss and Damage Taxes Paid Dividend Scrip Interest, premiums and discounts Repairs of Co's. buildings, &c, since lease BALANCE. One Note on J. G. Moore, dated Aug 23, 1870, now in judgment in Ala-mance county. Balance due One note on the Atlantic & N. C. R. Co., dated July 29, 1876. Bal. due Cash on hand and with Banks and Bankers, May 31st, 1878 2,446 00 3,397 17 462 15 1,899 16 239,725 00 23,300 00 24,940 00 892 90 40 36 36 00 3,400 00 364 20 900 00 800 00 10,241 35 300,902 94 11,941 85 $312,844 29 W. L. THORNBURG, Treasurer. 24 PROCEEDINGS OF THE STOCKHOLDERS Statement Showing Receipts and Expenditures of the N. C RECEIPTS. From Lease of North Carolina R. R, " Interest " Rent " Real Estate $ 260,000 00 11,709 88 $271,709 88 618 36 958 25 $273,286 49 NORTH CAROLINA RAILROAD CO. 25 R. R. Company for the Fiscal Year Ending May 31st, 1878. EXPENDITURES. Traveling Expenses and other Incidentals Loss and Damage Advertising and Stationery Salaries Legal Expenses Interest, Premiums and Discounts Tax Account Repairs of Co's. Buildings since lease Balance receipts more than expenses $ 1,899 66 26 PROCEEDINGS OF THE STOCKHOLDERS Exhibits of the North Carolina Railroad Company Amount of Assets on hand at the commencement of this fiscal year, as shown by report May 31, 1877, Amount from sale Real Estate Amount 2d payment Divid'd No. 15 " 1st " " " 16 On Stock owned by the North Caro lina Railroad Company passed to profit and loss Amount from Rent account " " Interest " Lease N. C. R. R. 292,536 99 958 25 585 00 585 00 618 36 11,709 88 260,000 00 293,495 24 1,170 00 272,328 24 $566,993 48 NORTH CAROLINA RAILROAD CO 28 PROCEEDINGS OF THE STOCKHOLDERS NORTH CAROLINA RAILROAD CO. 29 30 PROCEEDINGS OF THE STOCKHOLDERS REPORT OF FINANCE COMMITTEE. Office North Carolina Railroad Company, • Compaii}7 Shops, July 2d, 1878. To the Stockholders of the North Carolina Railroad Co : The Committee of Finance lias made the usual exami-nation of the affairs of the Company for the year 1878. The Treasurer's account has been examined at the bi-monthly meetings of the Committee, and the books have been found neatly and accurately kept, all the charges sustained by proper vouchers, and the Committee take pleasure in commending the faithfulness, ability and promptness of the Secretary and Treasurer in the dis-charge of all his duties that have come under our ob-servation. The amount of ten year bonds due the 1st of Novem-ber, 1877, still unpaid, is $81,500 00; amount of this class of bonds paid during last year $84,000 00. Amount of twenty year bonds unpaid and maturing the 1st of November,' 1888, is $210,000 00. We find in the hands of N. II. 1). Wilson, Trustee, $135,GG0 00, consisting of the following items, to-wit : No. 1. Claim on the Atlantic, Tennessee & Ohio Rail-road Co., $73,070.57, upon which the Company receives 8 per cent, interest. This investment consists of a judg-ment of $48,788.80, and thirty-one gold bonds, par value $1,000.00 each, cost value $24,881.77. No. 2. Note on R. B. Haywood for $3,000 00, with in- NORTH CAROLINA RAILROAD CO. SI terest at 8 percent, from January 1st, 1875, secured by mortgage on his dwelling house in Raleigh. No. 3. Note on R. D. Graham for $4,000.00 with in-terest at 8 per cent, from 1st September, 1875, secured by mortgage on 583 acres improved land in Mecklenburg county, N. C No. 4. Certificate of deposit Wilson and Shober, $25,000.00, bearing 8 per cent, interest from 15th Octo-ber, 1875, secured by personal security and 1st mortgage on Female College in Greensboro for $16,300.00 bearing 8 per cent, interest from the 15 June, 1875. Note on Greensboro Female College for $17,402.07 with 8 per cent, interest from 15th of.June, 1875, secured by 2d mortgage on Female College in Greensboro. Also, a note on the same College for $5,000.00 with 8 per cent, interest from 15th June, 1875, secured by 1st mortgage on four pianos and a large quantity of furniture in Greensboro Female College, and $32,804.00 in notes of Bank of Cape Fear. No- 5. Certificate of deposit Wilson and Shober, bear-ing 8 per cent, interest from November 6th, 1875, with endorsed credit of $8,000.00 on the 14th of December, 1877. Balance of principal due $14,000.00, secured by three notes on J. P. Jones, of Greensboro, amounting to $2,635.00, due on April 24th, 1870, interest at S per cent, paid to 14th March, 1875, and secured by mortgage on his dwelling in Greensboro. Also a note on Thomas McMahon for 10,000.00, interest at 8 per cent, from 1st December, 1875, secured by mortgage on four acres of land (on which stands the Spoke and Handle Factory) together with engine, machinery and fixtures. Also' a note on D. M. Kirkpatrick for $1,100.00, with 8 percent, interest from 1st March, 1875, secured by mortgage on 138 acres of land well improved, situated two miles from Greensboro. Also $27,405.00 notes of Bank Cape Fear. No. 6. Deposit certificate bearing 8 per cent, interest 32 PROCEEDINGS OF THE STOCKHOLDERS. from January 11th, 1877, for $6,970.76, with a credit January 17th, 1878, for $4,665.26, leaving balance of principal due of $2,311.50, secured by mortgage on house and lot in Greensboro, occupied by R. M. Sloan, Jr. No. 7. Note on Thos. B. Keogh for $1,000, bearing 8 per cent, interest from June 5th, 1877, secured by lien on 67 shares of stock in N. C. R. R. Co. ^No. 3. Note on W. F. Henderson for $300.00 with in-terest at 8 per cent, from January, 1878, amply secured. No. 9. Note and drafts on V. G. Hundley for $10,700.- 00, with interest from 20th April, 1878, due on short time, which we believe will be paid, from statement made by the trustee. No. 10. Balance of note on Hon. Thos. Settle for $1,000.00, secured by original mortgage. No. 11. Balance deposit in State National Bank, Ral-eigh, $181.82. No. 12. Cash in hands Trustee, $496.11. Total amount $135,660.00. "We take great pleasure in bearing testimony to the kind and frank manner manifested by the Trustee, and the cheerfulness with which he responded to all our en-quiries in relation to the investment of the Sinking Fund of the North Carolina Railroad Company. D. A. DAVIS, Chairman, JOHN L. BROWN, F. C. ROBBINS, PETER ADAMS. Names. Albright, W. R Alexander, Alphonso Adams, Peter Albright, J. R Allison. John Allen. Jas. E Adams, Lynn -. Adderton, R. S Apple. Lewis J Allison, J. V Allison. J. P Avery, Mrs. M. Corinna Adams, Jas. II Adams. L. II Albright, It. H Anthony, Mrs. Sarah J Allen. Mrs. Laura L Aaron & Rheinstein, Armfield, Emsley Andrews. A. B Brown, Margaret Beal, Jas. P Baker, D. B Burress. J. P Bellamy, John D Bason, Joseph R Boon, Lewis 8 Benson, William Bernhardt. M. A , Bason, Jeremiah Black, John M Barrier, Daniel Barrier, Matthias Barnhardt, Jacob C Belo, E Boren, A. P Bane, John Brown, Allen Bingham, Wm. J Brown, Letitia & Martin Rich wine Barringer, David Bianch, L. O'B Burte, P. B Barringer, Martin L Battle, Kemp P Brown, Jas. N Bailey, Thomas Barringer, C. A Barnhardt, O. M Barringer, Ruins Blaloek, John M Bost, M. L - Black, E. C Bowman, G. W Brewer, Thomas Bragg,W BlacknaJl, R Boyden, John A Berry, John Blown, John L Boylan, Jane B03 Ian, Kate Boj Ian, John S„ trustee, Sh ares. 1 10 89 2 9 2 1 2 1 1 11 4 2 1 1 1 1 1 7 5 2 1 20 5 1 2 1 2 1 1 5 5 6 343 .3 5 2 30 Names. Shares Boylan, William M 5 Boylan, John II. 7 Barnes, Geo. T., trustee '... 113 Branch, Thomas 304 Batchelor, J. B 6 Blackmer, Luke ] Boll, M. T 20 Bell, R. J 1 Borden, E. B., adm'r, 3 Ballard, B. T 30 Buford, A. 8 55 Brevard, Rol it. A 18 Barranger, Catharine A 9 Burwell, A.., trustee 180 Barnhardt, John M 1 Barnhardt. M. L 1 Barnhardt, James E.H 4 Barnhardt, M. L., trustee, 1 Branch, M. L. M 5 Barringer, Lewin W., guard.,.. 16 Barringer, Lewin W 22 Bank of Greensboro, 357 Bason, W. F 15 Benbow, D. W. C 5 Bell, Caroline 2 Beard, Maria M. & Julia M. Beard 5 Burwell, A 5 Baker, J. H 15 Branch. Thomas & Co 5 Bailey, C. G 10 Badham, V. C 17 Carter. John 25 Cummings, Wm. M 3 Clapp. Daniel F 1 Cameron, Mildred C 17 Cameron, Paul C 50 Cannon, Mrs. E. G 5 Cook, Math ias 3 Carrigan, W. A 40 Cobb, John 1 Corsl lie, John ; 1 Cummings, E F 3 Clapp, Jacob 1 Cook, Thomas E 1 Cairns, George A 2 Crump, R. R 2 Carson. James H 70 Coble, Isreal 2 Clapp, John E 2 Caldwell, J. E 2 Cook, Thomas E., executor, 16 Cutherell, Joseph T 5 Cole, Stephen W 147 Cobb, Margaret 1 Cramer, Jennie T 17 Clapp, Abrarn 1 Cowles, Calvin J 7 Couch, A. B 1 Carl, Julia A 1 Cabaniss, Charles J 4 Class, Mrs. Margaret A 1 Curtis, Clem C 1 Caldwell, J. Elam, guardian,... 6 34 LIST OF STOCKHOLDERS Names. Shares. Caldwell, J. E 2 Cochrane, J. W. H 2 Cochrane, W. L 3 Caldwell, David F 155 Donnell, Edmond 2 Donnell, Wm. & Thos. B 2 Donnell, George 3 Deaton, James 5 Donnan, David, Jr., 3 Donnan, John 3 Dunkin, William C 1 Dibble & Bros. & Wm. H.Wash-ington 1 Davis, D. A 34 Dobbin, N. M 2 Dawson, J. & Co., 5 Dickinson, A. C 1 Dewey, C. F 1 Dewey, Charles 2 Dancy, John S 11 DeRossett, A. J 30 Drake. Caroline A 27 Dick, Miss Mille G 5 Dick, Mrs. P. P 5 Dick. Miss Anna W 5 Dowd, C 7 Dec very, O. H. & Fannie fettle, his wife, 5 Dorland, Luke 11 Darr, Elizabeth A 17 Davis, I. H 1 Davis, W. K., guardian, 44 Davis, David L 3 Eccles, Henry 5 Eilers, H. B 1 Erwin, J.J 18 Elias & Cohen 50 Erwin, Chas. H 5 Erwin, Richard F 1 Evans, Jane M 2 Evans, C. N. B., Jr, 1 Erwin, Elizabeth M 1 Fonville, F. W 1 Faucett, Julia 1 Fuller, J. N : 2 Fink, John 4 Foil, Edmond 2 Fries, Francis 114 Fries, Henry 40 Fogleman, Peter 1 Foust, Daniel 3 Fraley, B. F '. 6 Foy, J. M 1 French, G. R 3 Ferrall. Patrick 1 Faucett, George A 5 Freeland, C. J 4 Faucett, J. R 5 Freeland, T. J 3 Fitzgerald, Mrs . M. B 1 Fraley. Jacob, adm'r, 3 Fife, W. W 16 Foust, Daniel P 9 Faircloth, W. T 25 Foard, T.C 1 Fix, Joseph 2 Farmers' Saving Bank 20 Fries, F. H 23 Fries, J. W 5 Fuller, A 1 Foil, Alexander 3 Finch, J. W 1 Gant. Jesse 7 Guthrie, George 1 Names. Shares. Gilmer, James F 1 Gilmer. Wm. S 1 Gray, Wm 2 Graham & Dunn 1 Gorrell, Ralph 11 Guess, W. W 1 Graham, W. A 20 Gholson, Thomas 2 Gibson, Sarah E 1 Gheen.G. H 1 Grice, George W 5 Green, R. S 12 Gluyas, Thomas 1 Gluyas, William 1 Goodman, Henry 10 Gully, Wm. Gaston 5 Guion, J. A 5 Gregory, Richard J 9 Gray, J. A 11 Graham, John W 5 Graham, James A 5 Gulley, Joseph P 1 Green, W. H 30 Graham, Susan W 5 Gaither, Thomas H 1 Graham, Augustus W 5 Hughes, A. G 1 Hazell, Bennett 14 Holt, E. M 139 Holmes, Wm 1 Holt, Peter F 1 Harden, Peter R 1 Holt, Jacob 6 Harder, J< iseph 1 Harris, Solomon 5 Harris, Chas. J 5 Hargrave, Alfred 20 Hedrick, John L 15 Hedrick, B. S 3 Hedrick, J. A 3 Harris, T. D 2 Hairston, Peter W 5 Hiatt,Wilson 1 Hiatt, David 1 Hanner, Samuel & Co 5 Hendrix, James 1 Hackett, J. C 1 Holt, John 1 Heartt, Edwin A 2 Harrison, B. P 1 Horah, John M 2 Heathman, Wm 5 Harris, George 3 Heartt, Levi A 5 Haywood, George W 4 Hill, FredC 1 Holmes, M. L 141 Haywood, Richard B 5 II. >gg, Thomas D 11 Holleman, W. H. 2 Haywood, Fa! >i us J 10 Hamilton, Robert A 12 Havnes, Wm. H 2 Hoyle, Mrs. E. W 5 Howell, Josiah 4 Hooker, O 5 Hi times, Reuben J 118 Holt, Joseph S 3 Holt, James H 15 Holt, Henry , 1 Hendon, LydiaM 7 Hughes, Sam'l W 1 Holt. C. G 2 Heilig, PaulN 40 NORTH CAROLINA RAILROAD CO. 35 Names. Shares. Hall, Win. J 3 Deathman, John N 3 Holt, T. M 24 Holt, William E 2 Heathawav, J. L 40 Heartt, Mrs. Alice E 1 Huffman. It. W. M 1 Harvey, 1 1 Hay, Thomas 5 Heron, Wm 50 Haves, M. T 2 Harris, M. A 2 Harris, S. W 5 Holmes, M. L.. trustee 5 Howerton, S. W 1 Harris, Hammett 3 Harden, Mrs. Sarah E 6 Holt. Catherine 3 Hicks, W.J 19 Holt. E. M. Sons 1 Heilig. Mrs. Amelia 5 Haughonaut, Amanda 1 Hanner, J. A 1 Hendon, Margaret L 2 Hoke, Robert F 5 Ipock. Arthur 5 Irwin, John F , , . 1 Jones, Wesley 5 Johnson, George W 15 Johnson, Mrs. Nancy 1 Johnston, Charles W*. 7 Justice, J. C 16 Johnston, Milas W 3 Johnson, Levi E 1 Johnson, D. W. C 1 Johnston, Wm. Trustee 120 Johnston, B. H 33 Jones, DenaC 8 Jones, W. 1 Johnson, J. C 119 Jenkins, Louisa 23 Johnson, Bradley T. Trustee.... 50 Jenkins, Eliza L -.. 23 Jenkins, Ellen M 23 Jenkins, Thomas C 31 Jones, Wm. C 1 Johnston, Mrs. L. J 5 Kerr, B. W 5 Kerr, Samuel 5 Kirkland. John U 10 Kahnweiler, S. B 1 Kelly, Charles 5 Kirkland, Levin 2 Kerr, Martha J 8 King, Elam, guard 3 Kimmons, Dorcas 1 Knox, Mrs. Eliza H 15 Keogh, Thomas B 102 Kornegay, W. F 45 Kirkman, James L 1 Long, J. M 12 Lambeth, Jane .2 Lambeth, D. T 12 Logan, J. E and Isabella 3 Lindsay, Jesse H 93 Lamb, C. & J 1 Latta, JohnC 1 Leslie, Robert 25 Leach, M. W 5 Leach, L. M 1 Lippitt, J. J 1 Little, George 2 Latimer, Zebulon 182 London, John R 4 Names. Shares. London, Fred. Hill 25 Lambeth, Rs 10 Logan, John E 3 Loft en. David 5 Long, F. H 5 Long, Helen (' Long,, Lilly W 1 Long, Fanny 1 Long, Thomas W 1 Lassitcr, D. W. Ex 4 Lassiter, D. W 4 Lemly, H. A. & Edwin Shaver, administrators 230 Lemly, W. A 20 Ligon, D. P 4 Lindsay, A. H. Jr 1 Lindsav, J. A 2 Lamb, T. C 1 Mauney, Valentine 26 McCullock, Josiah 2 Moose, Daniel M Moose, John F 1 Morrow, Wm. P 10 McCachera, J. E 4 Morris, P. M 9 Morrison, J. E - 2 Moss, A. H 3 Mendenhail, Judith J 1 McLean, F. B 2 Mendenhail, Cyrus P 2 McLean, J. M. & Co 4 McLean, Thomas G 1 McLean & Co 5 McLean, John M. Jr 1 Miner, James 1 Millis, James N 2 McAdoo, C. N 6 Mendenhail, R.J 1 Mclver, James 3 Mitchell, Elisha 8 Mcllwaine, A. G 15 Milliken, Eleazar 1 Murdoch, William 3 Meares, Gaston 1 McRee, A. C 1 Mordecai, George W 80 MacRae, Donald 185 Morris, Jere 9 McKee, Wm. H 1 Martin, John 1 Melchior,Chris 10 Misenheimer, Joseph 10 M< >ss, Margaret E 1 Moss, Mary Jane 1 Mess, Edmund A 1 Moss, John A 1 Marsh , Edward H 4 Moss, J. B 5 McAdoo, John 9 Morehead, J. Turner 9 Myers, William R 224 McAlister, A.' C 1 Murray, Albert 2 Morehead, John L 236 Morehead, Eugene 14 MacRae, Donald, guard 172 MacRae, Walter G 25 McKinley, Charles D 1 Murphy, Mrs. Susan W 6 McCubbins, J. S. guard 6 McCubbins, J. S. guard 6 Murchison, K. M 40 Morehead, J. T. Jr 27 Mock, Charlotte C 6 38 LIST OF STOCKHOLDERS Names. Shares. Michaux. Richard V 12 Metoane, C. P 2 Miab A. T 2 Martin, Sarah E 17 MuiTtiw, JoshuaS 2 MeAden, R. Y 40 Ala uuey, E. administrator 1 McRary, W. H 22 Mordeeai, M. B 1 Moose, George 2 MacRae, Mary S 20 McRaef Sally N 20 MacRae, Agnes... 10 MacRae, Donald, Jr 10 MacRae, Hugh 10 Morehead, J . L. guard 5 Newlin, John & Son 10 Nurlin, James 3 Nutt, H 12 Nixon, N. N ... 3 Nelson, C.J 1 Norris, Jesse A 5 Neely, Providence 3 Norwood, JohnW 30 North Carolina Railroad Com-pany 195 Norwood, Rebecca W 1 Overman, William 5 Odell, J. M 2 Patterson, George 1 Parker, J. W 1 Phillips, James 5 Poole, Wm. R 19 Primrose, Eliza, guard 5 Purify, J. L 1 Pharr, H. S 1 Perry, R 1 Peace, William 10 Pharr, Samuel 5 Plunkett, Mrs. Francis E 5 Pharr, John C 3 Parker, Henry 5- Parker, Sarah, trustee 5 Phifer, John L 1 Pass, J C 20 Patterson, R, L. guard 10 Patterson, R. L. guard 1 Parks, D.C 5 Porter, Mary E 5 Pinnix. Flora A 9 Phipps, Robert S 2 Pegram, M. P. cashier 40 Pullen, R. S 34 Perry.S 2 Pharr, Isabella V 1 Plant, H. B 360 Phifer Bros 7 Ray, Mrs. Angeletta 5 Riley, George 1 Roberts, W. W 1 Rawlett, John 1 Ruffln, Peter B 5 Bobbins, Ahi 5 Rice, John 1 Roulhac, J. B. G 10 Rice, John, adm'r B. H 3 Rice, John, adm'r S. T 3 Rankin, Robert C 2 Ruffln, T. Jr 1 Reynolds, Hugh 5 Hodmen, W. B 40 Rumple, Catherine 1 Reid, HughK 4 Royster, Maria P 8 Names. Shares. Romvtree, R-H... 5 Rankin, Louisa M 3 Rankin, Henrietta 1 Rankin, John A. guard 4 Repiton, A. Paul . r > Scott, John... 2 Simpson, Thos. R 1 Smith, G. A. . 1 Stirewalt, Jacob, Jr., guardian, 5 Stirewalt, Jacob, Jr 5 Stewart, James A 2 Sellars, Benj. A 1 Smith, M. I) 5 Stafford, John B 5 Stratford, Henry B 2 Stanley, E. R 16 Smedes, Aldert 5 Selby , Thomas H 3 Shinpack, John 5 Strayhorn, Wm. F 1 State of North Carolina 30,000 Scott, John D 3 Stephenson, David H 1 Sellars, Griffln 2 Strange, Bold 5 Swaim, Lyndon 2 Simonton, R. F 7 Smith, W. A 6 Sasser, Miss Millie 20 Sasser, Miss Ellen 20 Smith, Roger A 10 Smith, C. W 10 Scott, John 5 Springs, A. B 150 Starbuck, D. H 20 Springs, A. B. r agent, 36 Shaw, Eliza A 1 Springs, Rich ard A 25 Stafford, Samuel Mc 8 Settle, David 1 Smith, E. 1 1 Scales, J. I. 10 Spicer, John I) 65 Summers, Elizabeth 1 Summers, Narcessia 2 Strayiiorn, Sidney G 2 Smith, Mrs. E. L 3 Shoffner, J. F 25 Swepson, Virginia B 10 Stafford, R. M 2 Smith, Annie 1 Scott, S. K 5 Stewart, John 174 Shaw, Eliza J 1 Schafer, Sam'l M 138 Sink, Sarah A 9 Trolinger, W. H 1 Trolinger, John 23 Trolinger, Jacob T Thompson, Patterson 1 Tomlinson, Enos Thomas, Jesse 1 Turner, Wilford 29 Taylor, Fisher B 9 Thacker, Isaac 20 Tinnin, C. C 3 Trott, S. S 1 Turner, Samuel Tucker, W. H. & R. S 55 Tull, John G 10 The Trustees of Sugar Creek Church, 5 Turrintine, William H 2 Teeter, Dorcas S 5 NORTH CAROLINA RAILROAD CO. 37 Names. Shares. Tate, George W 2 late, Hugh A lo Thomas, R. W 29 Thomas, Mary 18 Tin. mas. NY. 1) 17 Thomas, J. Wesley 34 Thomas, P. C 17 Thomas,H.C 17 The State National Bank of Raleigh 15 Trolinger, K. S '. 1 Upchurch, Bartley 1 Untliank, Jennie E 1 VanBokkelin, A. H 2 Vogler, Julius R 97 Walker, Morgan A 1 White, S. A 1 Wat si in. K. E 2 White, Samuel M 1 Watkins, Samuel 1 White, R. J 1 Winecoff, M 5 Widen le. use, M 5 Wilson, Isaac 31 White, A. B 1 Win. coff, R 1 Watson, J. S 1 Wharton, John 5 Wharton, J. (' 2 Wiley. Shan IK m 2 Wilson. William 1 Wharton, David 11 Weatherly. Joseph A 1 Watson. John 1 Webb, Thomas 32 Wilson, Alexander, Jr l Wilkins, Edmund 6 Withers, Thomas 5 Wood, W. A 1 Wright, W. A 5 Wright, Thomas II 10 Watson. J. W. B 5(1 Wilson. Samuel M 5 Williams. Alfred " 3 White, J. B 1 Womble, Jordan 2 Names. Shares. Williams, H 2 White, George W 1 Williams, Thomas 3 5 Worth, Daniel 2 Williams. Sarah A 5 Walker, Mary 2 White, ('. R., adm'r 5 Wag-oner, Simeon 1 Wilson. Robert 1 Williams, Jos. s 2 Walker, Mrs. k. 11 11 Welker, G. W 20 Wilson & Shober 232 Weld., James. Jr 34 Wiley, S. H 80 Woodson, Obadiah 1 Wharton, ('. li 10 Weir. Mrs. Susan 1 27 Westb] k, Mrs. A. (' 1 Williams, Margaret C 10 Williams, Jno. G., President... 13 Welborne, Jno. H 20 Wilson. Joseph H 20 White, Harriett N 5 White, Mary P 5 v\ ilson, J. E 1 We id i. Margaret T 1 Williams. George W.. James S. Gibbes and Jb\ I. Pelzer, trus-tees T)0 White, Joseph R 1 Webb, Rebecca E 5 Winstead, J. M 30 Worth, Wm. H 1 Winstead, C. S 30 Williamson. J as. N 18 White, Rachael E 3 Young, J. C 1 Yates, G. G 3 Yates, William J 15 Young, W. M 1 York, N. F 1 York, Lenora H l York, A. J., Jr., 1 York, John F 1 M)G 8 1904
|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.|
North Carolina. Railroad Company--Periodicals
Banks and banking
Universities and colleges
Hillsborough, Orange County, North Carolina, United States
North Carolina, United States
(1876-1900) Gilded Age
|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|
|Digital Characteristics-A||1951 KB; 54 p.|
Ensuring Democracy through Digital Access, a North Carolina LSTA-funded grant project
North Carolina Digital State Documents Collection
|Title Replaces||Proceedings of the... annual meeting of the stockholders of the North Carolina Rail Road Company(OCoLC)18910144.|
|Pres File Name-M||pubs_edp_proceedingsofNCrailroad1878.pdf|
|Pres Local File Path-M||\Preservation_content\StatePubs\pubs_edp\images_master\|
University of North Carolina.
Endowed by the Dialectic and Philanthropic
This booh must not
be taken from the
North Carolina Railroad Co.,
TWENTY-NINTH ANNUAL MEETING,
HILLSBORO, JULY 11, 1878.
THE RALEIGH NEWS STEAM JOB PRINT,
Hillsboro, N. C, July lltli, 1S78.
The Stockholders of the North Carolina Railroad Com-pany
assembled in the Court House at 11 A. M., to hold
their twenty-ninth annual meeting.
The meeting was called to order by Col. J. L. More-head,
and on his motion Mr. John W. Norwood was called
to the Chair, and on motion of Maj. John W. Graham
W. L. Thornburg was requested to act as Secretary and
Col. J. D. Cameron Assistant Secretary.
The Committee on proxies made the following report,
to-wit: The number of Stockholders represented in per-son
11 ; by proxy 420. Whole number of shares owned
by individuals 10,000 ; whole number of shares repre-sented
in person 503, and by proxy 8,657. Total num-ber
of shares represented 9,160.
The Chair announced that a large majority of the in-dividual
stock being represented, the meeting was declar-ed
duly organized for business in accordance with the
charter and by-laws.
The State's interest was represented by Col. John A.
Gilmer, who presented his credentials, as State proxy,
which were duly recognized.
On motion of Col. J. L. Morehead, the temporary or-ganization
was made permanent.
The President read his annual report, and, on motion
of Capt. Jas. A. Graham, was referred to a special com-mittee
of three to be appointed by the chair.
On motion of Col. J. L. Morehead, the reading of the
reports of the Secretary and Treasurer, and Committee of
Finance was dispensed with; and on motion of Mr. R. Y.
PROCEEDINGS OF THE STOCKHOLDERS
McAden, all reports were referred to the committee to be
appointed by the chair on the President's report.
The chair appointed as said committee Messrs. Jas. A.
Graham, R. Y. McAdeh and I). F. Caldwell.
Mr. P. C. Cameron submitted the following resolution :
Resolved, That the President of the ISTorth Carolina
Railroad Company issue to F. A. Stagg, late Secretary
and Bookkeeper of this Company, his warrant annually
or until otherwise ordered for the sum of dollars to
provide for his proper living and support, in considera-tion
of his long and faithful services and as a token of
the sympathy of the Stockholders in his impaired health
and inability to labor.
On motion of Col. W. R. Myers the blank was tilled by
inserting " five hundred."
Maj. Jno. W. Graham moved that the warrant run
from the beginning of the fiscal year of 1877.
Mr. C. J. Cowles moved that it run from the beginning
of the present fiscal year, and on this amendment the
question was put and lost ; and it recurred on the amend-ment
of Maj. Jno. W. Graham, which Avas adopted, and
the resolution as amended was adopted as a whole.
On motion of Maj. Jno. W. Graham the meeting went
into an election of four Directors on the part of the pri-vate
Stockholders, and Messrs. C. P. Mendenhall and Dr.
W. C. Benbow were appointed tellers to superintend the
election. A ballot was had, and the tellers made the fol-lowing
report: Col. T. M. Holt received 9,159 votes, Mr.
M. L. Holmes 9,159, Dr. R. B. Haywood 9,159, and Mr
H. W. Fries 9,159, and they were declared duly elected
Directors for the ensuing year.
On motion of Col. J. L. Morehead, by-law 1, in regard
to the duties of the Finance committee, was so amended
as to require said committee to meet once in six months
instead of every two months, as heretofore.
Capt. James A. Graham, from the special committee
NORTH CAROLINA RAILROAD CO.
appointed to examine the reports of the President, Secre-tary
and Treasurer, Committee of Finance, &c , made a
report, which was adopted, but at a subsequent stage of
the proceedings, on motion of Mr. D. F. Caldwell, the
vote by which it was adopted was reconsidered, and the
report re-committed. And* the committee having again
retired, returned, with an amended report, which was
The committee to whom was referred the reports of
the various officers of the North Carolina Railroad Com-pany,
respectfully report that they have given such atten-tion
and examination to the various reports as the limited
time given the committee would allow. The committee
find the reports of the President and Secretary and Treas-urer
to be full and satisfactory, and would congratulate
the Stockholders on the prosperous condition that these
reports show the property to be in, and recommend that
they be received and adopted.
As to the report of the Finance committee, it involves
such intricate matters and values, that the- committee can
give no definite opinion as to the conclusions arrived at
by the Finance committee. The committee would, there-fore,
recommend that the Directors of this Company care-fully
examine into these matters, and they are hereby
authorized, empowered and directed to take all necessary
steps to protect the interests of the Company therein.
The committee recommend that as fast as practicable the
assets belonging to the sinking fund be used in retiring
the debt of the Company.
.1. A. Graham, ( 'hairman.
R. Y. McAden,
D. F. Caldwell.
And the report was adopted.
On motion of D. F. Caldwell, the present Finance com-mittee,
to wit ; Messrs. J. L. Brown, F. C. Robbing and
Peter Adams were continued.