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LIBRARY OF THE University of North Carolina. Endowed by the Dialectic and Philanthropic Societies. Call No. 1 00032740561 This book must not be taken from the Library building. LUNC-15MF.38 PROCEEDINGS OF THE STOCKHOLDERS OF THE NORTH CAROLINA RAILROAD CO, AT THEIR Thirty-Third Annual Meeting HELD AT RALEIGH, N. C, JULY 13TH, 1882. RALEIGH : Edwards, BROUGHTON & Co., Steam Printers and Binder 1SS2. PROCEEDINGS. Raleigh, N. C, July 13th, 1882. On motion of Col. T. M. Holt, the meeting was organ-ized by calling Col. John L. Brown to the Chair, and by the appointment of P. B. RUFFIN and Jos. P. GULLEY, Secretaries. The Committee on Proxies reported as follows : Number of stockholders represented in person (3) three, and by proxy 162—whole number of shares owned by individuals, 10,000—whole number represented in person, 244, and by proxy, 6,121—total number of shares represented, 6,365. The report was accepted. The Chair announced there was a majority of the individual stock represented, and, there-fore, the meeting was organized in accordance with the charter and by-laws. Hon. C. M. BUSBEE presented his credentials as State Proxy, which were received. . Hon. C. M. BUSBEE, State Proxy, named the following gentlemen as Directors on the part of the State, viz : Messrs. W. F. Kornegav, R. F. Hoke, KerrCraige, Armistead Burwell, John L. Morehead, W. S. Roulhac, Robt. W. Thomas, Donald MacRae. On motion of Col. J. L. Morehead, the reading of the President's, Secretary's, and Treasurer's Reports was dis-pensed with. On motion of S. H. Wiley, the meeting went into the election of (4) four Directors on the part of the individual stockholders. The Chair appointed S. H. WlLEY and C. M. BUSBEE tellers. The tellers reported the following as as the result of the ballot, viz: Thos. M. Holt, 6,365 votes; M. L. Holmes, 6,365 ; H. W. Fries, 6,365 ; R. B. Haywood, 6,365. North Carolina Railroad. On motion of Col. T. M. HOLT, the following gentlemen were elected on part of the stockholders on Committee of Finance, viz: S. H. WlLEV, PETER ADAMS and Col. JOHN L. Brown. On motion of C. M. BUSBEE, the Chair appointed the following gentlemen to verify proxies at the next annual meeting to be held in Salisbury, N. C, on second Thursday in July, 1883, viz: S. H. WlLEY, T. M. Knox and P. N. HlELEG. On motion of R. F. Hoke, the meeting adjourned. JOHN L. BROWN, P. B. Ruffin, I c . . Chairman. J. P. GULLEY, \ Secreta™s- President's Report. President's Office, Company Shops, N. C, July 13th, 1882. To the Board of Directors : Gentlemen :—I have the honor to submit to you, and through you to the stockholders of the North Carolina Railroad Company, the following reports of the receipts, expenditures and debts of the company, up to the end of the fiscal year, ending May 31st, 1882. Receipts from all sources, $ 270, 705 1 1 Expenses for the year, including old claims, Direc-tors, Finance Committee, legal expenses, (Tax of $3,194.18, of which $3,020.29 was judgment,) $ 10,074 2 3 And interest paid, 20,850 84 30,925 07 Leaving a balance of __��� $239,78004 Which has been applied to payment of divi-dends, &c. Debt of the Company, May 31st, 1881, $377,20338 Debt of the Company, May 31st, 1882, 369, 431 38 From which deduct assets on hand, 123,010 48 And we have the actual debt, $ 246,420 90 In the amount of $369,431.38 debt of the Company, is in-cluded $120,000.00 dividend declared, but not due until Sep-tember 1st, 1882, which will be paid out of the semi-annual rent due by the Richmond & Danville Railroad Company, July 1st, 1882. Of the above amount $123,010.48 assets, $22,703.50 is due from Rev. N. H. D. Wilson, former Trustee, $84,873.71 is Proceedings of the Stockholders due from Maj. John W. Graham, Trustee, $3,867.53 cash and cash items on hand, the balance of $1 1,565.74, is fully shown in the Secretary and Treasurer's report, showing the financial condition of the Company. I beg leave here to state, that the installment due June 1st, 1 88 1, on the judgment against the Trustees of the Greens-boro Female College not having been paid, and no arrange-ment having been made, within the time for which an extension was asked, the commissioners appointed in said judgment were directed to advertise the property for sale on Monday, June 5th, 1882. At this sale the property was purchased by me, for the North Carolina Railroad Company, for the sum of $20,000.00, which I afterwards re-sold to Rev. T. M. Jones, Julian S. Carr, Julius A. Gray, J. A. Odell and J. M. Winstead, for the said sum of $20,000.00 to be paid to the Trustee of the Sinking Fund��$5,000.00 cash, and notes, for $5,000.00, at one, two, and three years, with in-terest at 8 per cent, per annum from day of sale, and the sums due other creditors secured in first Mortgage, to be paid by said purchasers. The above payment, cash and notes, will be made as soon as a decree is obtained in Guilford Superior Court confirming said sale. The said amount of $20,000.00 will then be credited on the debt due from Rev. N. H. D.Wilson, former Trustee. The suit upon the official bond of said former Trustee is still pending, and though propositions have been made looking to an adjustment, no definite arrangements have yet been made. Amount of past due Bonds, paid by the Trustee, $S,ooo 00 On October the 13th, 1881, I received the following report from the experts of this, and the Richmond and Danville Railroad Company. A. S. Buford, Esq., President of R. 6? D. R. R. Co., and T. M. Holt, President N. C. R. R. Co. : Gentlemen :—We examined the North Carolina Railroad from Charlotte to Goldsboro, the 27th and 28th September. The road-bed and track were in good North Carolina Railroad. condition. Between the 30th September, 1880, and the 1st October, 1SS1, seventeen hundred and nine (1709) tons of steel rails, weighing 60 pounds as per lineal yard, were placed in the track. This quantity exceeds our estimate for the year by one thousand and ninety-two (1092) tons. The good iron rails that were taken up, to give place for these steel rails, are being used between Company Shops and Goldsboro, and this portion of the track has been greatly improved thereby. There still remains on the side of the track between Greensboro and Charlotte a large number of these rails, that we were assured would be used in like manner. The locomotives are in fair order. The full complement of cars are upon the track, and are in better order than we have ever seen them. The depots, buildings, bridges and water stations, are all well maintained. Additions have been made to the water stations, and caloric power employed for pumping instead of manual power. A new side track and coaling station have been made at Glass, between Concord and China Grove, and the side tracks are being lenghtened at Querry's, China Grove, Holtsburg, Lexington, Conrad's, Thomasville, High Point, Jamestown and Greensboro. The improved Wharton Switch is superseding the original switches, making the main line a continuous and unchangeable track, thus adding greatly to the safety and security of the trains. (Signed,) T. J. SUMNER, Expert for R. if D. R. R. Co. THOS. D. HOGG, Expertfor N. C. R. R. Co. On 5th June, 1882, I received the following communica-tion from Dr. Thos. D. Hogg, expert for this Company. Raleigh, N. C, June 5th, 1S82. Col. Thos. M. Holt, President of N. C. R. R. Co.: Sir : —We have just taken the inventory for 1882. We find that there have been steel rails and fish joints laid in parts of twenty-one miles of Road from mile posts No. 135 to No. 222, during the past year, making about eleven miles of continuous track. The road from Greensboro to Charlotte can now be called a first-class road. The iron taken from this track, 30,000 feet, has been used for repairing the road east of Greensboro, materially extending the side tracks and ironing the inclines to two large coal shutes. The track east of Greensboro is fully up to the requirerhents of your lease. The cars are the same as last year. Locomotive No. Ill has been sold, and a locomotive seventeen years younger, and considerably larger, has been put in its place, and the same in regard to No. iiS. These locomotives are now Proceedings of the Stockholders regarded as the best belonging to the property. The buildings, bridges, cross-ties, &c, are all in good order. I herewith submit the inventory. Hoping this may be satisfactory, I am, yours, Respectfully, (Signed,) THOS. D. HOGG, Expert. These reports show that the lessees have, and are keeping your property fully up to the condition required by the terms of your lease. There has been no change made since my last report, in the character of the security deposited as collateral, to secure the payment of the lease money. The deposit consists of $70,000.00, first Mortgage Bonds of the Richmond and Dan-ville Railroad Company, and $208,000.00, first Mortgage Bonds of the North Western North Carolina Railroad Company. The Legislature of 1879, passed an act, chapter 138, en-titled "An Act to Adjust and Renew a Portion of the State Debt." Under this act, the Governor was required to appoint three commissioners to carry out the intent of the act, who were required to submit to him and the State Treasurer, for their approval, any propositions, or plan of settlement, that might be agreed upon by them, and the holders of the Bonds, issued by the State for the building of the North Carolina Railroad, (commonly called Construc-tion Bonds,) before the same was binding on the part of the State. The Governor under this act, appointed Messrs. Geo. Davis, Montford McGehee and Donald W. Bain, as commissioners. On the 14th June, they submitted a plan of settlement to the Governor and Treasurer, which was approved by them, and is now binding on the part of the State. This agreement has been published in full in the newspapers, and is too long for me to insert here. It is simply this : The Bondholders agree to rebate to the State $240.00 interest on each bond, which is an abatement of the entire interest now unpaid, and take a new bond issued by the State, running 40 years, of the same character as old, in North Carolina Railroad. exchange, some of which arc now about clue—interest on these bonds to be paid from the earnings of the Road. I congratulate the State and Stockholders, that this arrange-ment has been made, as some of the bonds will be due in [883, and as the State has no means at her command to pay them. It is very certain that a part of her stock would have to be sold, which in all probability would not bring its value. Under this arrangement, she has forty years in which to pay the bonds, and thereby save her three-fourths interest in a valuable property which cost $5,000,000.00, and is in-creasing in value year by year, and which, if properly managed, will pay the interest on the new bonds, and leave a surplus from year to year, which will at the end of the forty years almost if not quite liquidate the entire construction debt. All of which is respectfully submitted. THOS. M. HOLT, President. Treasurer's Report. . Treasurer's Office N. C. Railroad Co., Company Shops, N. C, July 13th, 1882. To the Stockholders of the N. C. Railroad Company: GENTLEMEN :—-I herewith submit to you the annual report of the financial condition of the North Carolina Railroad Company for the fiscal year ending 31st May, 1882. RECEIPTS AND DISBURSEMENTS. During the fiscal year the receipts from all sources have been $296,348.79, and the amount paid out on expenses and other liabilities $297,676.86, which will be 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 May, 1881, as shown by the books of the Secretary, was $377,203.38, to which add $23,661.54 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 May, 1882, $400,864.92, to which add $240,000.00, a dividend of 6 per cent, declared on the Capital Stock of the Company by the Board of Directors January nth, 1882, and we have the debt of the Company $640,864.92, of which amount there has been paid during the year $271,433.54, leaving the debt of the Company, as shown by the books of the Secretary on 31st Ma)r , 1882, $369,431.38, which amount may be reduced by assets $123,010.48, leaving a balance to be paid of $246,420.90. North Carolina Railroad. h The general exhibit of the business of the Company for the fiscal year shows a decrease of the debt of the Company of $7,772.00 The total bonded debt of the Company under the Mort-gage is $227,000.00, of which amount $17,00000 is in ten year bonds, and $210,000 in twenty year bonds. Respectfully submitted, P. B. RUFFIN, Treasurer. 12 Proceedings of the Stockholders P. B. Ruffin, Treasurer, in account with N. C. Railroad Co., Receipts. From Real Estate,...' " Rents, " Interest, Premiums, &c Old Sinking Fund, ._ Temporary Loan, " Bills Receivable, Lease of North Carolina Railroad, Cash on hand and in Bank, June 1st, 1SS1, Notes J. G. Moore and Atlantic and N. C. R R. Co 30, 260, 35 North Carolina Railroad. Commencing Jane 1st, 1881, and ending May 31st, 1882. Disbursements. Paid Salaries and Fees, Traveling Expenses, " Interest, Premiums, &c, " Interest on Coupon Bonds,.. " Advertising and Stationery,. ' ' Temporary Loan, Repairs of Buildings, " Tax Account, Dividend -Scrip, Dividends, Balance. Notes }. G. Moore and Atlantic and N. C. R. R. Co Cash on hand and in Ranks, June 1st, 1882, — 5,433 1,054 2,177 16,980 232 30,000 183 3,194 24 233,39 s goo 2,967 :$ 297,676 3. sf '7 53 301,544.39 P. B. RUFFIN, Treasurer. H Proceedings of the Stockholders Statement showing Receipts and Expenditures of the N. C. Receipts. From Lease of North Carolina Railroad, " Interest, Rents, Real Estate, " Dividends Nos. 19 and 20, $ 26o,uixj 00 3,<)i5 47 5S4 O4 35 00 1 , 1 70 00 $ 270,705 North Carolina Railroad. i5 R. R. Co. for the Fiscal Year ending May 31st, 1SS2. Expenditures. Salaries, Legal Expenses, Traveling and other Incidental Expenses Interest, Premium and Discount, Advertising and Stationery, Repairs of Buildings Tax Account, Balance Receipts more than Expenses, 4,050 00 1,357 68 1,056 54 20,850 84 232J00. 183 S3 3,194 [8 239,780,04 $ 270,705 11 P. B. RUFFIN, Secretary. i6 Proceedings of the stockholders Exhibit of the North Carolina Railroad Company Amount of Assets on hand May 31st, 1SS1, Amount from Real Estate, . North Carolina Railroad. 17 For the Fiscal Tear ending May 31st, 1SS2. Disbursements. Amount of Expenses for the year, Old, ... Amount of Expenses for the year, New, . Amount of Dividend No. 20, declared January nth, 1882, 3 percent, payable March 1st, and 3 per cent, payable September ist, 1S82, Amount of judgment vs. J. P. Jones, passed to Profit and Loss by order of stockholders, . . Amount of Real Estate bought under mortgage of S. S. Carter, Agent, Company's debt decreased, . Assets. Amount due from Agents, Other Companies, Individuals, United States, Bills Receivable, N. H. D. Wilson, Trustee,.. J. W. Graham, Trustee, Amount cash and cash items on hand, 23,661 7,263 6,917 1,416 1,359 210 1,662 22,703 84,873 3,867 30,925 240,000 1,630 125 7,772 00 00 00 00 123,010 $ 403,462 P. B. RUFFIN, Secretary. ~ r Proceedings of the Stockholders Statement showing the Financial Condition of the North Carolina Property and Resources, Cost of Construction and Equipment, Cost of Real Estate, .- - - North Carolina Railroad. l 9 Railroad Company for the Fiscal Year ending May 31st, 1882. due Capital Stock and Liabilities Capital Stock, Amount of 8 per cent. Mortgage Bonds due November, 1878, Amount of Interest on same, Amount of 8 per cent. Mortgage Bond November, 1888, Amount of Interest on same, Amount of Dividend Certificates fundable in 20 years in S per cent. Mortgage Bonds, Amount due United States Post Office Depart-ment, xnt due Individuals, Temporary Loan, Dividend No. 1 , 2, Amo 9>- 10,. 11,. 12,. 13, M.. 15.- 16,. 17,- 18,. 19.- 20,. of Profit and Loss,. 17,000 40 210,000 1,260 13S 25 953 15,000 94 159 216 240 126 156 129 168 195 225 687 537 984 121,098 4,000,000,00 3f'9-43i 994,952 $ 5,364.384 P. B. RUFFIN, Secretary. Report of Finance Committee, North Carolina Railroad Company, Company Shops, June ioth, 1882. To the Stockholders of tlie North Carolina Railroad Co.: The Finance Committee report : That we have discharged the duties assigned us, and have carefully examined the Treasurer's books, accounts, and vouchers. We find all correctly kept, and every charge sustained by proper voucher. Each voucher after careful examination, was de-faced and filed. The stock and dividend books were ex-amined, found correct and in good order. Your Finance Committee of last year report $7,727.09. re-covered from the Old Sinking Fund. During the past year $3,085.27 more has been collected, and $610.05 received from the sale of $163,000.00 Confederate Bonds, which makes the sum of $11,422.41 from this source. The sum of $2,324.12 with interest from July 1st, 1877, will be recovered from the assets of the Old Sinking Fund. Your Committee reports $3,867.53 cash on hand. We burned $16,980.00 coupons that had been paid by Treasurer, and made a record thereof on the books. The Trustee presented a full statement of the Sinking Fund to the Committee. We give the following summary : Amount on hand last report, $ 89,477 40 Interest collected, 6,902 14 Total, $ 96,379 54 Paid Bond*, 1877, $ 8,000 00 Paid interest on Bonds, 1,87333 Expenses, 2 50 $ 9.875 83 $86,503 71 Deduct Judgment against J. P. Jones, by order of Stockholders, 1881, $ 1,630 00 $84,873 71 North Carolina Railroad. 21 The foregoing $8,000.00 Bonds 1S77, paid by Trustee, were properly cancelled and filed. The following are the assets in the hands of your Trustee. They are all good, being secured either by mortgage or collateral of ample value: Note of Atlantic, Tennessee & Ohio Railroad, $ 73.°7o 57 Note of R. D. Graham 4,ooo oo Note of Thos. McMahon 6 -°° °° Note of D. M. Kirkpatrick •• r > 10° °° Amount in Bank, io3 x4 Balance due Sinking Fund by John W. Graham $ 84,873 71 Due Sinking Fund by N. II. D. Wilson, 22,703 50 Total, —-• io7-577 21 Bonds of 1S77 unpaid $ 17,000 00 Bonds of 1SS8 210,00000 $227,000 00 This leaves outstanding debt due on account of Mortgage, $ 119.422 79 Your Committee bear testimony to the fidelity and ability of both Treasurer and Trustee. Respectfully submitted, S. H. Wiley, Wm. S. Roulhac, w. f. kornegay, Peter Adams, J. L. Brown, Finance Committee. M1G 8 W* . • - i .
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 | 1882 |
Subjects |
North Carolina. Railroad Company--Periodicals Railroads--North Carolina Banks and banking Universities and colleges |
Place |
Raleigh, Wake County, North Carolina, United States North Carolina, United States |
Time Period |
(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 |
Type | text |
Language | English |
Format |
Reports Meetings |
Digital Characteristics-A | 1061 KB; 36 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_proceedingsofNCrailroad1882.pdf |
Pres Local File Path-M | \Preservation_content\StatePubs\pubs_edp\images_master\ |
Full Text | LIBRARY OF THE University of North Carolina. Endowed by the Dialectic and Philanthropic Societies. Call No. 1 00032740561 This book must not be taken from the Library building. LUNC-15MF.38 PROCEEDINGS OF THE STOCKHOLDERS OF THE NORTH CAROLINA RAILROAD CO, AT THEIR Thirty-Third Annual Meeting HELD AT RALEIGH, N. C, JULY 13TH, 1882. RALEIGH : Edwards, BROUGHTON & Co., Steam Printers and Binder 1SS2. PROCEEDINGS. Raleigh, N. C, July 13th, 1882. On motion of Col. T. M. Holt, the meeting was organ-ized by calling Col. John L. Brown to the Chair, and by the appointment of P. B. RUFFIN and Jos. P. GULLEY, Secretaries. The Committee on Proxies reported as follows : Number of stockholders represented in person (3) three, and by proxy 162—whole number of shares owned by individuals, 10,000—whole number represented in person, 244, and by proxy, 6,121—total number of shares represented, 6,365. The report was accepted. The Chair announced there was a majority of the individual stock represented, and, there-fore, the meeting was organized in accordance with the charter and by-laws. Hon. C. M. BUSBEE presented his credentials as State Proxy, which were received. . Hon. C. M. BUSBEE, State Proxy, named the following gentlemen as Directors on the part of the State, viz : Messrs. W. F. Kornegav, R. F. Hoke, KerrCraige, Armistead Burwell, John L. Morehead, W. S. Roulhac, Robt. W. Thomas, Donald MacRae. On motion of Col. J. L. Morehead, the reading of the President's, Secretary's, and Treasurer's Reports was dis-pensed with. On motion of S. H. Wiley, the meeting went into the election of (4) four Directors on the part of the individual stockholders. The Chair appointed S. H. WlLEY and C. M. BUSBEE tellers. The tellers reported the following as as the result of the ballot, viz: Thos. M. Holt, 6,365 votes; M. L. Holmes, 6,365 ; H. W. Fries, 6,365 ; R. B. Haywood, 6,365. North Carolina Railroad. On motion of Col. T. M. HOLT, the following gentlemen were elected on part of the stockholders on Committee of Finance, viz: S. H. WlLEV, PETER ADAMS and Col. JOHN L. Brown. On motion of C. M. BUSBEE, the Chair appointed the following gentlemen to verify proxies at the next annual meeting to be held in Salisbury, N. C, on second Thursday in July, 1883, viz: S. H. WlLEY, T. M. Knox and P. N. HlELEG. On motion of R. F. Hoke, the meeting adjourned. JOHN L. BROWN, P. B. Ruffin, I c . . Chairman. J. P. GULLEY, \ Secreta™s- President's Report. President's Office, Company Shops, N. C, July 13th, 1882. To the Board of Directors : Gentlemen :—I have the honor to submit to you, and through you to the stockholders of the North Carolina Railroad Company, the following reports of the receipts, expenditures and debts of the company, up to the end of the fiscal year, ending May 31st, 1882. Receipts from all sources, $ 270, 705 1 1 Expenses for the year, including old claims, Direc-tors, Finance Committee, legal expenses, (Tax of $3,194.18, of which $3,020.29 was judgment,) $ 10,074 2 3 And interest paid, 20,850 84 30,925 07 Leaving a balance of __��� $239,78004 Which has been applied to payment of divi-dends, &c. Debt of the Company, May 31st, 1881, $377,20338 Debt of the Company, May 31st, 1882, 369, 431 38 From which deduct assets on hand, 123,010 48 And we have the actual debt, $ 246,420 90 In the amount of $369,431.38 debt of the Company, is in-cluded $120,000.00 dividend declared, but not due until Sep-tember 1st, 1882, which will be paid out of the semi-annual rent due by the Richmond & Danville Railroad Company, July 1st, 1882. Of the above amount $123,010.48 assets, $22,703.50 is due from Rev. N. H. D. Wilson, former Trustee, $84,873.71 is Proceedings of the Stockholders due from Maj. John W. Graham, Trustee, $3,867.53 cash and cash items on hand, the balance of $1 1,565.74, is fully shown in the Secretary and Treasurer's report, showing the financial condition of the Company. I beg leave here to state, that the installment due June 1st, 1 88 1, on the judgment against the Trustees of the Greens-boro Female College not having been paid, and no arrange-ment having been made, within the time for which an extension was asked, the commissioners appointed in said judgment were directed to advertise the property for sale on Monday, June 5th, 1882. At this sale the property was purchased by me, for the North Carolina Railroad Company, for the sum of $20,000.00, which I afterwards re-sold to Rev. T. M. Jones, Julian S. Carr, Julius A. Gray, J. A. Odell and J. M. Winstead, for the said sum of $20,000.00 to be paid to the Trustee of the Sinking Fund��$5,000.00 cash, and notes, for $5,000.00, at one, two, and three years, with in-terest at 8 per cent, per annum from day of sale, and the sums due other creditors secured in first Mortgage, to be paid by said purchasers. The above payment, cash and notes, will be made as soon as a decree is obtained in Guilford Superior Court confirming said sale. The said amount of $20,000.00 will then be credited on the debt due from Rev. N. H. D.Wilson, former Trustee. The suit upon the official bond of said former Trustee is still pending, and though propositions have been made looking to an adjustment, no definite arrangements have yet been made. Amount of past due Bonds, paid by the Trustee, $S,ooo 00 On October the 13th, 1881, I received the following report from the experts of this, and the Richmond and Danville Railroad Company. A. S. Buford, Esq., President of R. 6? D. R. R. Co., and T. M. Holt, President N. C. R. R. Co. : Gentlemen :—We examined the North Carolina Railroad from Charlotte to Goldsboro, the 27th and 28th September. The road-bed and track were in good North Carolina Railroad. condition. Between the 30th September, 1880, and the 1st October, 1SS1, seventeen hundred and nine (1709) tons of steel rails, weighing 60 pounds as per lineal yard, were placed in the track. This quantity exceeds our estimate for the year by one thousand and ninety-two (1092) tons. The good iron rails that were taken up, to give place for these steel rails, are being used between Company Shops and Goldsboro, and this portion of the track has been greatly improved thereby. There still remains on the side of the track between Greensboro and Charlotte a large number of these rails, that we were assured would be used in like manner. The locomotives are in fair order. The full complement of cars are upon the track, and are in better order than we have ever seen them. The depots, buildings, bridges and water stations, are all well maintained. Additions have been made to the water stations, and caloric power employed for pumping instead of manual power. A new side track and coaling station have been made at Glass, between Concord and China Grove, and the side tracks are being lenghtened at Querry's, China Grove, Holtsburg, Lexington, Conrad's, Thomasville, High Point, Jamestown and Greensboro. The improved Wharton Switch is superseding the original switches, making the main line a continuous and unchangeable track, thus adding greatly to the safety and security of the trains. (Signed,) T. J. SUMNER, Expert for R. if D. R. R. Co. THOS. D. HOGG, Expertfor N. C. R. R. Co. On 5th June, 1882, I received the following communica-tion from Dr. Thos. D. Hogg, expert for this Company. Raleigh, N. C, June 5th, 1S82. Col. Thos. M. Holt, President of N. C. R. R. Co.: Sir : —We have just taken the inventory for 1882. We find that there have been steel rails and fish joints laid in parts of twenty-one miles of Road from mile posts No. 135 to No. 222, during the past year, making about eleven miles of continuous track. The road from Greensboro to Charlotte can now be called a first-class road. The iron taken from this track, 30,000 feet, has been used for repairing the road east of Greensboro, materially extending the side tracks and ironing the inclines to two large coal shutes. The track east of Greensboro is fully up to the requirerhents of your lease. The cars are the same as last year. Locomotive No. Ill has been sold, and a locomotive seventeen years younger, and considerably larger, has been put in its place, and the same in regard to No. iiS. These locomotives are now Proceedings of the Stockholders regarded as the best belonging to the property. The buildings, bridges, cross-ties, &c, are all in good order. I herewith submit the inventory. Hoping this may be satisfactory, I am, yours, Respectfully, (Signed,) THOS. D. HOGG, Expert. These reports show that the lessees have, and are keeping your property fully up to the condition required by the terms of your lease. There has been no change made since my last report, in the character of the security deposited as collateral, to secure the payment of the lease money. The deposit consists of $70,000.00, first Mortgage Bonds of the Richmond and Dan-ville Railroad Company, and $208,000.00, first Mortgage Bonds of the North Western North Carolina Railroad Company. The Legislature of 1879, passed an act, chapter 138, en-titled "An Act to Adjust and Renew a Portion of the State Debt." Under this act, the Governor was required to appoint three commissioners to carry out the intent of the act, who were required to submit to him and the State Treasurer, for their approval, any propositions, or plan of settlement, that might be agreed upon by them, and the holders of the Bonds, issued by the State for the building of the North Carolina Railroad, (commonly called Construc-tion Bonds,) before the same was binding on the part of the State. The Governor under this act, appointed Messrs. Geo. Davis, Montford McGehee and Donald W. Bain, as commissioners. On the 14th June, they submitted a plan of settlement to the Governor and Treasurer, which was approved by them, and is now binding on the part of the State. This agreement has been published in full in the newspapers, and is too long for me to insert here. It is simply this : The Bondholders agree to rebate to the State $240.00 interest on each bond, which is an abatement of the entire interest now unpaid, and take a new bond issued by the State, running 40 years, of the same character as old, in North Carolina Railroad. exchange, some of which arc now about clue—interest on these bonds to be paid from the earnings of the Road. I congratulate the State and Stockholders, that this arrange-ment has been made, as some of the bonds will be due in [883, and as the State has no means at her command to pay them. It is very certain that a part of her stock would have to be sold, which in all probability would not bring its value. Under this arrangement, she has forty years in which to pay the bonds, and thereby save her three-fourths interest in a valuable property which cost $5,000,000.00, and is in-creasing in value year by year, and which, if properly managed, will pay the interest on the new bonds, and leave a surplus from year to year, which will at the end of the forty years almost if not quite liquidate the entire construction debt. All of which is respectfully submitted. THOS. M. HOLT, President. Treasurer's Report. . Treasurer's Office N. C. Railroad Co., Company Shops, N. C, July 13th, 1882. To the Stockholders of the N. C. Railroad Company: GENTLEMEN :—-I herewith submit to you the annual report of the financial condition of the North Carolina Railroad Company for the fiscal year ending 31st May, 1882. RECEIPTS AND DISBURSEMENTS. During the fiscal year the receipts from all sources have been $296,348.79, and the amount paid out on expenses and other liabilities $297,676.86, which will be 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 May, 1881, as shown by the books of the Secretary, was $377,203.38, to which add $23,661.54 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 May, 1882, $400,864.92, to which add $240,000.00, a dividend of 6 per cent, declared on the Capital Stock of the Company by the Board of Directors January nth, 1882, and we have the debt of the Company $640,864.92, of which amount there has been paid during the year $271,433.54, leaving the debt of the Company, as shown by the books of the Secretary on 31st Ma)r , 1882, $369,431.38, which amount may be reduced by assets $123,010.48, leaving a balance to be paid of $246,420.90. North Carolina Railroad. h The general exhibit of the business of the Company for the fiscal year shows a decrease of the debt of the Company of $7,772.00 The total bonded debt of the Company under the Mort-gage is $227,000.00, of which amount $17,00000 is in ten year bonds, and $210,000 in twenty year bonds. Respectfully submitted, P. B. RUFFIN, Treasurer. 12 Proceedings of the Stockholders P. B. Ruffin, Treasurer, in account with N. C. Railroad Co., Receipts. From Real Estate,...' " Rents, " Interest, Premiums, &c Old Sinking Fund, ._ Temporary Loan, " Bills Receivable, Lease of North Carolina Railroad, Cash on hand and in Bank, June 1st, 1SS1, Notes J. G. Moore and Atlantic and N. C. R R. Co 30, 260, 35 North Carolina Railroad. Commencing Jane 1st, 1881, and ending May 31st, 1882. Disbursements. Paid Salaries and Fees, Traveling Expenses, " Interest, Premiums, &c, " Interest on Coupon Bonds,.. " Advertising and Stationery,. ' ' Temporary Loan, Repairs of Buildings, " Tax Account, Dividend -Scrip, Dividends, Balance. Notes }. G. Moore and Atlantic and N. C. R. R. Co Cash on hand and in Ranks, June 1st, 1882, — 5,433 1,054 2,177 16,980 232 30,000 183 3,194 24 233,39 s goo 2,967 :$ 297,676 3. sf '7 53 301,544.39 P. B. RUFFIN, Treasurer. H Proceedings of the Stockholders Statement showing Receipts and Expenditures of the N. C. Receipts. From Lease of North Carolina Railroad, " Interest, Rents, Real Estate, " Dividends Nos. 19 and 20, $ 26o,uixj 00 3,<)i5 47 5S4 O4 35 00 1 , 1 70 00 $ 270,705 North Carolina Railroad. i5 R. R. Co. for the Fiscal Year ending May 31st, 1SS2. Expenditures. Salaries, Legal Expenses, Traveling and other Incidental Expenses Interest, Premium and Discount, Advertising and Stationery, Repairs of Buildings Tax Account, Balance Receipts more than Expenses, 4,050 00 1,357 68 1,056 54 20,850 84 232J00. 183 S3 3,194 [8 239,780,04 $ 270,705 11 P. B. RUFFIN, Secretary. i6 Proceedings of the stockholders Exhibit of the North Carolina Railroad Company Amount of Assets on hand May 31st, 1SS1, Amount from Real Estate, . North Carolina Railroad. 17 For the Fiscal Tear ending May 31st, 1SS2. Disbursements. Amount of Expenses for the year, Old, ... Amount of Expenses for the year, New, . Amount of Dividend No. 20, declared January nth, 1882, 3 percent, payable March 1st, and 3 per cent, payable September ist, 1S82, Amount of judgment vs. J. P. Jones, passed to Profit and Loss by order of stockholders, . . Amount of Real Estate bought under mortgage of S. S. Carter, Agent, Company's debt decreased, . Assets. Amount due from Agents, Other Companies, Individuals, United States, Bills Receivable, N. H. D. Wilson, Trustee,.. J. W. Graham, Trustee, Amount cash and cash items on hand, 23,661 7,263 6,917 1,416 1,359 210 1,662 22,703 84,873 3,867 30,925 240,000 1,630 125 7,772 00 00 00 00 123,010 $ 403,462 P. B. RUFFIN, Secretary. ~ r Proceedings of the Stockholders Statement showing the Financial Condition of the North Carolina Property and Resources, Cost of Construction and Equipment, Cost of Real Estate, .- - - North Carolina Railroad. l 9 Railroad Company for the Fiscal Year ending May 31st, 1882. due Capital Stock and Liabilities Capital Stock, Amount of 8 per cent. Mortgage Bonds due November, 1878, Amount of Interest on same, Amount of 8 per cent. Mortgage Bond November, 1888, Amount of Interest on same, Amount of Dividend Certificates fundable in 20 years in S per cent. Mortgage Bonds, Amount due United States Post Office Depart-ment, xnt due Individuals, Temporary Loan, Dividend No. 1 , 2, Amo 9>- 10,. 11,. 12,. 13, M.. 15.- 16,. 17,- 18,. 19.- 20,. of Profit and Loss,. 17,000 40 210,000 1,260 13S 25 953 15,000 94 159 216 240 126 156 129 168 195 225 687 537 984 121,098 4,000,000,00 3f'9-43i 994,952 $ 5,364.384 P. B. RUFFIN, Secretary. Report of Finance Committee, North Carolina Railroad Company, Company Shops, June ioth, 1882. To the Stockholders of tlie North Carolina Railroad Co.: The Finance Committee report : That we have discharged the duties assigned us, and have carefully examined the Treasurer's books, accounts, and vouchers. We find all correctly kept, and every charge sustained by proper voucher. Each voucher after careful examination, was de-faced and filed. The stock and dividend books were ex-amined, found correct and in good order. Your Finance Committee of last year report $7,727.09. re-covered from the Old Sinking Fund. During the past year $3,085.27 more has been collected, and $610.05 received from the sale of $163,000.00 Confederate Bonds, which makes the sum of $11,422.41 from this source. The sum of $2,324.12 with interest from July 1st, 1877, will be recovered from the assets of the Old Sinking Fund. Your Committee reports $3,867.53 cash on hand. We burned $16,980.00 coupons that had been paid by Treasurer, and made a record thereof on the books. The Trustee presented a full statement of the Sinking Fund to the Committee. We give the following summary : Amount on hand last report, $ 89,477 40 Interest collected, 6,902 14 Total, $ 96,379 54 Paid Bond*, 1877, $ 8,000 00 Paid interest on Bonds, 1,87333 Expenses, 2 50 $ 9.875 83 $86,503 71 Deduct Judgment against J. P. Jones, by order of Stockholders, 1881, $ 1,630 00 $84,873 71 North Carolina Railroad. 21 The foregoing $8,000.00 Bonds 1S77, paid by Trustee, were properly cancelled and filed. The following are the assets in the hands of your Trustee. They are all good, being secured either by mortgage or collateral of ample value: Note of Atlantic, Tennessee & Ohio Railroad, $ 73.°7o 57 Note of R. D. Graham 4,ooo oo Note of Thos. McMahon 6 -°° °° Note of D. M. Kirkpatrick •• r > 10° °° Amount in Bank, io3 x4 Balance due Sinking Fund by John W. Graham $ 84,873 71 Due Sinking Fund by N. II. D. Wilson, 22,703 50 Total, —-• io7-577 21 Bonds of 1S77 unpaid $ 17,000 00 Bonds of 1SS8 210,00000 $227,000 00 This leaves outstanding debt due on account of Mortgage, $ 119.422 79 Your Committee bear testimony to the fidelity and ability of both Treasurer and Trustee. Respectfully submitted, S. H. Wiley, Wm. S. Roulhac, w. f. kornegay, Peter Adams, J. L. Brown, Finance Committee. M1G 8 W* . • - i . |