Proceedings of the stockholders of the North Carolina Rail Road Company

              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