Proceedings of the stockholders of the North Carolina Rail Road Company

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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*
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