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LIBRARY University of North Carolina. Endowed by the Dialectic and Philanthropic Societies. Call Xo. / yt 00032740561 This booh must not be taken from the Library building. LUNC-15M F.38 r>D.i con* PROCEEDINGS OF THE STOCKHOLDERS OF THE North Carolina Rail Road Co., AT THEIR THIRTY-EIGHTH ANNUAL MEETING HELD AT GREENSBORO, N. C, JULY 14th, 1887. ^MS^&r^&-n - ^ypp RALEIGH, N. C: Edwards & Broughton, Power Frinters and Binders. 1887. 3^3 •S'D- *pr* PReeEEDINGS. Greensboro, N. C, July 14, 1887. On motion of Col. THOS. M. Holt, Mr. L. BLACKMER, of Salisbury, was made Chairman, and P. B. RUFFIN and D. W. C. BENBOW, Secretaries. The Committee on Proxies reported as follows: Number of stockholders represented in person and by proxy 148. Whole number of shares owned by individuals 10,000. Whole number represented in person 1,1 10, and by proxy 6,246. Total number of shares represented 7,356. The report was adopted. The Chair announced that there was a majority of the individual stock represented ; and, therefore, the meeting was organized in accordance with the by-laws. Mr. C. M. BUSBEE presented his credentials as State Proxy, which was received and adopted. President T. M. HOLT presented his report; also that of the Treasurer and of the Finance Committee, which were adopted. Mr. C. M. BUSBEE, State Proxy, named the following gen-tlemen as Directors on the part of the State, viz. : Messrs. W. F. Kornegay, R. F. Hoke, Kerr Craige, Armistead Burwell, John L. Morehkad, R. W. Thomas, Donald McRae and M. A. Angier. On motion of Maj. Graham, the meeting went into the election of four Directors on the part of the individual stockholders. The Chair appointed Dr. R. W. THOMAS and Mr. J. W. Finch tellers. —— — *aJ®f£ ij* 4 Proceedings of the Stockholders The tellers reported the following as the result of the ballot, viz. : Dr. R. B. Haywood, 6,233; Thos. M. Holt, 6,233; H. W. Fries, 6,233 ; Moses L. Holmes, 6,233. The Chair announced R. B. Haywood, THOS. M. Holt, H. W. Fries and Moses L. Holmes duly elected. Mr. C. M. BUSBEE nominated the following gentlemen on the part of the stockholders members of the Finance Com-mittee, viz. : Messrs. S. H. WlLEY, J. L. BROWN and Jas. H. Holt, who were elected. On motion of Col. T. M. Holt, Neil Ellington, D. W. C. BENBOW and P. B. RUFFIN were appointed a committee to verify proxies at the next annual meeting, to be held in Greensboro on the second Thursday in July, 1888. On motion of Hon. Jno. W. GRAHAM, the thanks of the meeting were tendered the Chairman for the able manner in which he had presided. The meeting then adjourned to meet in this place on the second Thursday in July, 1888. LUKE BLACKMER, Chairman. D. W. C. Benbow, P. B. RUFFIN, Secretaries. North Carolina Railroad. President's I^ep0rt. Burlington, N. C, July 14, 1887. To the Board of Directors : GENTLEMEN: I herewith submit to you, and through you to the Stockholders of the North Carolina Rail Road Com-pany, my annual report of the receipts, disbursements and debts of the Company up to the end of the fiscal year end-ing May 31st, 1887: Receipts from all sources _ $274,849 43 Expenses. Salaries and Fees $ 4il8? 05 Interest, &c l8>574 OQ Directors, taxes, advertising, stationery, repairs, build-ings, &c.._ ___ 1,89921 24,66026 Leaving a balance of $250,18917 Which has been applied to the pa\ment of dividends, &c, as shown in the Treasurer's report. Debt of the Company May 31st, 18S6 357,037 00 Debt of the Company May 31st, 1887 $355-979 00 From which deduct assets on hand 149.002 50 And we have actual debt .$206,976 50 In the sum of $355,979-00 debt of the Company is in-cluded a dividend declared but not due until September 1st next of $120,000.00, which will be paid out of the semi-annual rent due by the Richmond & Danville Rail Road Co., July 1st, 1887. Proceedings of the Stockholders Of the above amount $149,002.50 "Assets," $129,921.74 is due from Maj. JOHN VV. GRAHAM, Trustee, $16,851.52 is cash on hand, the balance, $2,228.94, is fully accounted for in the Secret iry and Treasurer's report, showing the finan-cial condition of the Company. Mortgage bonds due in 1888, $210,000.00. The Finance Committee report that they have examined the accounts of Maj. JOHN W. GRAHAM, Trustee of the sinking fund, and report the balance in his hands to be, as above stated, $129,921.74. The following reports of Dr. THOMAS D. HOGG, expert for this Company, shows that the lessees have complied with the terms of the lease and the demands of the experts : REPORT OF EXPERT. Raleigh, January 4th, 1887. Col. T. M. Holt, President: Sir:—The R. & D. R. R. was required to lay one thousand tons of rails, no-less than fifty pounds to the yard, on the track of the N. C. R. R. by Decemt ber 31st, 1886. I find on the 3d January, 1887, that there has been laid west of the switch at Hillsboro depot to mile post 103, eleven hundred and nine tons {1,109) OI steel r^'ls, fifty pounds to the yard, and rails of the same weight have been distributed to the 104 mile post, so I report that the requisition of the experts for that time has been complied with. Yours respectfully, (Signed) THOS. D. HOGG, Expert for N. C. J?. R. On the 5th June I received the following report from Expert Dr. THOMAS D. HOGG, sent to me after the exami-nation made by him, and Col. SUMNER, expert for the R. & D. R. R. Co.: Raleigh, June 3d, 1887. Col. Thos. M. Holt, President: We required of the R. & D. R. R. Co. to place east of Greensboro, for 18S6, twelve hundred tons of rails, and in 1887, one thousand tons. North Carolina Railroad. We examined the N. C. R. R. on the 1st and 2d of June and we found there had been laid down in the track since December ist, 1886, twenry-four hun-dred tons of steel rails, fifty pounds to the yard. This made two hundred tons more than we had required. There is now 177 miles of steel rails in the track, of which 85^ are east of Greensboro. The wooden bridges at Caudle and Back creeks have been replaced by iron ones, and the same is being done over Haw River and West Eno. New depots are being built at Gibsons and Durham. The property is in better condition than I have ever seen it. I am, yours respectfully. (Signed) THOS. D. HOGG, Expert. The deposit in the First National Bank of Charlotte to secure the semi-annual rent due by the R. & D. R. R. Co., remains the same as reported last year, and is considered amply sufficient for its requirements. All of which is respectfully submitted. THOS. M. HOLT, President. Proceedings of the Stockholders iR&ASURER'S 1^EP0RT. Treasurer's Office, Burlington, N. C, May 31st, 1887. To the StockJwldcrs of the North Carolina Rail Road Company : GENTLEMEN : I herewith submit to you the annual report of the financial condition of the North Carolina Rail Road Company for the fiscal year ending May 31st, 1887. RECEIPTS AND DISBURSEMENTS. During the fiscal year the receipts from all sources have been $264,478.98, and amount paid out on expenses and other liabilities, $264,549.56. FINANCIAL CONDITION NOW AND ONE YEAR AGO. The debt of the Company, reported and entered on the books on May 31st, 1886, as shown by the Secretary's books was $357,037.00—to which add $24,660.26 current expenses which have been paid during the year, and $240,000.00, a dividend of 6 per cent, declared on the capital stock of the Company in January last, and we have the debt $621,697.26 on May 31st, 1887. Of which amount there has been paid during the year $265,718.26, leaving a balance of $355,979.00, which may be reduced by assets $149,002.50, leaving a bal-ance of $206,976.50 to be provided for. North Carolina Railroad. The general exhibit of the business of the Company for the fiscal year shows a decrease of their debt of $[,058.00. The total bonded debt of the Company under the mort-gage is $210,000.00 in 20-year bonds, falling due Novem-ber, 1888. Respectfully submitted, P. B. RUFFIN, Treasurer. £ IO Proceedings of the Stockholders P. B. RuMn, Treasurer, in account with N. C. Railroad Co., Receipts. From Lease of North Carolina Railroad. ' ' Rents collected . . . " Real Estate .... . Interest collected " Bills Receivable " Repairs of Buildings ... .. " M. L. Holmes, on rent account .. To cash on hand June 1st, 1S86. 260,00000 5S618 2,52000 1,181 50 115 00 1 30 7500 $ 264,478 16,922 40 281,401 38 ~^j(s~ •©*&*- North Carolina Railroad. i i Commencing June 1st, 1886, and ending May 31st, 1887. Disbursements. Dividends Coupons . Salaries Legal Expense . Interest Traveling Expenses Repairs of Buildings Real Estate.. Advertising and Stationery Taxes Dividend Scrip . To cash on hand June 1st, 18S7. 23S,6qSoo 17,960)00 3.775|oo 41205 l,774po 1,016 100 296 168 3iS 30 $ 264,549 16,851 $ 281,40138 P. B. RUFF IN. Treasurer. Proceedings of the Stockholders Statement Showing Receipts and Expenditures of the Receipts. From Lease of North Carolina Railroad - - j $ 260, ' ' Interest " Rents . . .. ..- " Real Estate " Dividends Nos. 24 and 25 00000 486(75 64768 545 00 17000 $ 274,84943 North Carolina Railroad. 13 N. G. R. R. Co, for the Fiscal Year ending May 31st, 1887. Expenditures. Salaries ... Legal Expenses . Traveling Expenses Interest .. Real Estate paid Surveying, &c . Advertising and Stationery Repairs of Buildings . .. Tax Account ... . . Balance Receipts more than Expenditures 3.775 412 r,oi6 iS.574 2Q6 I6S 99 3'8 250,189 $ 274, 43 P. B. RUFFIN, Secretary. s Proceedings of the Stockholders 5^ Exhibit of the North Carolina Railroad Company Amount of assets on hand May 31st, 1886 ' ' from Real Estate North Carolina Railroad. for the Fiscal Year ending May 31st, 1887. Expenditures. Amount of Expenses for the year " " Dividend No. 25, 3 per cent, payable March 1st, and 3 per cent. September 1st, 1887 Company's debt decreased Assets. Amount due from Individuals " " " other Companies " " " Bills Receivable " " " John W. Graham, Trustee Cash on hand May 31st, 1887 69 1,134 1,025 129,921 16,851 $ 24.66026 240,00000 1,05800 149,002 50 $ 414,72076 P. B. RUFFIN, Secretary. >A&- Proceedings of the Stockholders ^ Statement showing the Financial Condition of the North Carolina, Property and Resources. Cost of Construction and Equipment . . .. " " Old Sinking Fund " " North Carolina Railroad Stock .... " " NorihWestem N. C. R. R. Stock. " " State University Railroad Stock ... Amount due from John W. Graham, Trustee- Individuals " " " Other Companies " " Bills Receivable .. Amount cash on hand May 31st, 1887 189,001 19,500 20,000 5,000 129,921 69 1,134 I.025 16,851 $4,924,835 233.501 7i 54 149,002 50 5.307.339 75 jpp' North Carolina Railroad. Railroad Company for the Fiscal Tear ending May 31st, 1887. Capital Stock and Liabilities. Capitnl Stock . - Amount of S per cent. Mortgage Bonds ... ... Amount of Interest due on same — Amount of Dividend Certificates fundable in 20 year 8 per cent. Mortgage Bonds Amount Temporary Loan . due on Dividend No. 1 . 2 9 - - IO . 11.. 12 . 13 , - 14 15 16 . ... 17 . ... IS .... 19 21. 22 23. 24. 25- Amount to credit of Real Estate... Amount of Profit and Loss account. 210,00000 46000 m8 00 22,80000 88)00, 15000 00 00 00 00 00 00 00 00 00 00 oc 00 00 00 00 00 00 144 165 7S i"5 75 87 117 "4 126 126 114 123 I2g 59 177 243 120,291 4,000,000 355.979 2,800 948,560 $5,307.339 75 Proceedings of the Stockholders Finance 60mmittee's I^ep0rt. North Carolina Rail Road Company, Burlington, N. C , June ioth, 1887. To the Stockholders of the North Carolina Rail Road Company : GENTLEMEN: Your Committee would submit the follow-ing as their report of their examinations of the offices, books and accounts of our Treasurer and Sinking Fund Trustee, and the condition in which they were found: The Treasurer's office was found kept neatly, correctly, and with proper vouchers for all charges, which were exam-ined. The books of the Treasurer show a cash balance on hand on May 31st, 1887, of $16,851.82. After having counted $17,960.00 of coupons, we burned them. These coupons had been paid during the fiscal year of 1886—'7, and a record of this proceeding was duly entered on the books of the Treasurer. We made an examination of the books and accounts of Maj. J. W. GRAHAM, Trustee of the Sinking Fund of the North Carolina Rail Road Company, and report as follows: Amount of Bonds due in I S3S unpaid $ 210,000 OO Balance due Sinking Fund from Trustee (as valued). .$141,894 74 Mortgage Debt unprovided for 6S,io5 26 210,000 00 Amount due from Trustee May 31st, 1886 ..$ 121,616 49 Interest and Dividends received . . 8,305 25 Increase in value of N. C. R. R. Stock . _ 1 1,973 00 Total.. . ..% 141,894 74 S) North Carolina Railroad. These assets are found to be made up of the following items, viz.: 1,037 shares N. C. R. R. Stock (par value $103,700), co-t . ... ... __ ..$91,72700 Loans to individuals 3S, iqj 74 Increase in value N. C. R. R. Stock. 11,97300 Total - $ 141,894 74 The individual loans are well secured and the interest paid. We would like to call attention to the efficiency of our Treasurer and the manner in which we found his office kept; and especially would we compliment our Sinking Fund Trustee for his judicious management. Respectfully submitted, S. H. WILEY, JAMES H. HOLT, JOHN L. BROWN, Finance Committee. oAsrc- M)G 8 1904 . - ... - . ' : : • -. • -
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 | 1887 |
Subjects |
North Carolina. Railroad Company--Periodicals Railroads--North Carolina Banks and banking |
Place |
Greensboro, Guilford County, North Carolina, United States North Carolina, United States |
Time Period |
(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 | 923 KB; 34 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_proceedingsofNCrailroad1887.pdf |
Pres Local File Path-M | \Preservation_content\StatePubs\pubs_edp\images_master\ |
Full Text | LIBRARY University of North Carolina. Endowed by the Dialectic and Philanthropic Societies. Call Xo. / yt 00032740561 This booh must not be taken from the Library building. LUNC-15M F.38 r>D.i con* PROCEEDINGS OF THE STOCKHOLDERS OF THE North Carolina Rail Road Co., AT THEIR THIRTY-EIGHTH ANNUAL MEETING HELD AT GREENSBORO, N. C, JULY 14th, 1887. ^MS^&r^&-n - ^ypp RALEIGH, N. C: Edwards & Broughton, Power Frinters and Binders. 1887. 3^3 •S'D- *pr* PReeEEDINGS. Greensboro, N. C, July 14, 1887. On motion of Col. THOS. M. Holt, Mr. L. BLACKMER, of Salisbury, was made Chairman, and P. B. RUFFIN and D. W. C. BENBOW, Secretaries. The Committee on Proxies reported as follows: Number of stockholders represented in person and by proxy 148. Whole number of shares owned by individuals 10,000. Whole number represented in person 1,1 10, and by proxy 6,246. Total number of shares represented 7,356. The report was adopted. The Chair announced that there was a majority of the individual stock represented ; and, therefore, the meeting was organized in accordance with the by-laws. Mr. C. M. BUSBEE presented his credentials as State Proxy, which was received and adopted. President T. M. HOLT presented his report; also that of the Treasurer and of the Finance Committee, which were adopted. Mr. C. M. BUSBEE, State Proxy, named the following gen-tlemen as Directors on the part of the State, viz. : Messrs. W. F. Kornegay, R. F. Hoke, Kerr Craige, Armistead Burwell, John L. Morehkad, R. W. Thomas, Donald McRae and M. A. Angier. On motion of Maj. Graham, the meeting went into the election of four Directors on the part of the individual stockholders. The Chair appointed Dr. R. W. THOMAS and Mr. J. W. Finch tellers. —— — *aJ®f£ ij* 4 Proceedings of the Stockholders The tellers reported the following as the result of the ballot, viz. : Dr. R. B. Haywood, 6,233; Thos. M. Holt, 6,233; H. W. Fries, 6,233 ; Moses L. Holmes, 6,233. The Chair announced R. B. Haywood, THOS. M. Holt, H. W. Fries and Moses L. Holmes duly elected. Mr. C. M. BUSBEE nominated the following gentlemen on the part of the stockholders members of the Finance Com-mittee, viz. : Messrs. S. H. WlLEY, J. L. BROWN and Jas. H. Holt, who were elected. On motion of Col. T. M. Holt, Neil Ellington, D. W. C. BENBOW and P. B. RUFFIN were appointed a committee to verify proxies at the next annual meeting, to be held in Greensboro on the second Thursday in July, 1888. On motion of Hon. Jno. W. GRAHAM, the thanks of the meeting were tendered the Chairman for the able manner in which he had presided. The meeting then adjourned to meet in this place on the second Thursday in July, 1888. LUKE BLACKMER, Chairman. D. W. C. Benbow, P. B. RUFFIN, Secretaries. North Carolina Railroad. President's I^ep0rt. Burlington, N. C, July 14, 1887. To the Board of Directors : GENTLEMEN: I herewith submit to you, and through you to the Stockholders of the North Carolina Rail Road Com-pany, my annual report of the receipts, disbursements and debts of the Company up to the end of the fiscal year end-ing May 31st, 1887: Receipts from all sources _ $274,849 43 Expenses. Salaries and Fees $ 4il8? 05 Interest, &c l8>574 OQ Directors, taxes, advertising, stationery, repairs, build-ings, &c.._ ___ 1,89921 24,66026 Leaving a balance of $250,18917 Which has been applied to the pa\ment of dividends, &c, as shown in the Treasurer's report. Debt of the Company May 31st, 18S6 357,037 00 Debt of the Company May 31st, 1887 $355-979 00 From which deduct assets on hand 149.002 50 And we have actual debt .$206,976 50 In the sum of $355,979-00 debt of the Company is in-cluded a dividend declared but not due until September 1st next of $120,000.00, which will be paid out of the semi-annual rent due by the Richmond & Danville Rail Road Co., July 1st, 1887. Proceedings of the Stockholders Of the above amount $149,002.50 "Assets," $129,921.74 is due from Maj. JOHN VV. GRAHAM, Trustee, $16,851.52 is cash on hand, the balance, $2,228.94, is fully accounted for in the Secret iry and Treasurer's report, showing the finan-cial condition of the Company. Mortgage bonds due in 1888, $210,000.00. The Finance Committee report that they have examined the accounts of Maj. JOHN W. GRAHAM, Trustee of the sinking fund, and report the balance in his hands to be, as above stated, $129,921.74. The following reports of Dr. THOMAS D. HOGG, expert for this Company, shows that the lessees have complied with the terms of the lease and the demands of the experts : REPORT OF EXPERT. Raleigh, January 4th, 1887. Col. T. M. Holt, President: Sir:—The R. & D. R. R. was required to lay one thousand tons of rails, no-less than fifty pounds to the yard, on the track of the N. C. R. R. by Decemt ber 31st, 1886. I find on the 3d January, 1887, that there has been laid west of the switch at Hillsboro depot to mile post 103, eleven hundred and nine tons {1,109) OI steel r^'ls, fifty pounds to the yard, and rails of the same weight have been distributed to the 104 mile post, so I report that the requisition of the experts for that time has been complied with. Yours respectfully, (Signed) THOS. D. HOGG, Expert for N. C. J?. R. On the 5th June I received the following report from Expert Dr. THOMAS D. HOGG, sent to me after the exami-nation made by him, and Col. SUMNER, expert for the R. & D. R. R. Co.: Raleigh, June 3d, 1887. Col. Thos. M. Holt, President: We required of the R. & D. R. R. Co. to place east of Greensboro, for 18S6, twelve hundred tons of rails, and in 1887, one thousand tons. North Carolina Railroad. We examined the N. C. R. R. on the 1st and 2d of June and we found there had been laid down in the track since December ist, 1886, twenry-four hun-dred tons of steel rails, fifty pounds to the yard. This made two hundred tons more than we had required. There is now 177 miles of steel rails in the track, of which 85^ are east of Greensboro. The wooden bridges at Caudle and Back creeks have been replaced by iron ones, and the same is being done over Haw River and West Eno. New depots are being built at Gibsons and Durham. The property is in better condition than I have ever seen it. I am, yours respectfully. (Signed) THOS. D. HOGG, Expert. The deposit in the First National Bank of Charlotte to secure the semi-annual rent due by the R. & D. R. R. Co., remains the same as reported last year, and is considered amply sufficient for its requirements. All of which is respectfully submitted. THOS. M. HOLT, President. Proceedings of the Stockholders iR&ASURER'S 1^EP0RT. Treasurer's Office, Burlington, N. C, May 31st, 1887. To the StockJwldcrs of the North Carolina Rail Road Company : GENTLEMEN : I herewith submit to you the annual report of the financial condition of the North Carolina Rail Road Company for the fiscal year ending May 31st, 1887. RECEIPTS AND DISBURSEMENTS. During the fiscal year the receipts from all sources have been $264,478.98, and amount paid out on expenses and other liabilities, $264,549.56. FINANCIAL CONDITION NOW AND ONE YEAR AGO. The debt of the Company, reported and entered on the books on May 31st, 1886, as shown by the Secretary's books was $357,037.00—to which add $24,660.26 current expenses which have been paid during the year, and $240,000.00, a dividend of 6 per cent, declared on the capital stock of the Company in January last, and we have the debt $621,697.26 on May 31st, 1887. Of which amount there has been paid during the year $265,718.26, leaving a balance of $355,979.00, which may be reduced by assets $149,002.50, leaving a bal-ance of $206,976.50 to be provided for. North Carolina Railroad. The general exhibit of the business of the Company for the fiscal year shows a decrease of their debt of $[,058.00. The total bonded debt of the Company under the mort-gage is $210,000.00 in 20-year bonds, falling due Novem-ber, 1888. Respectfully submitted, P. B. RUFFIN, Treasurer. £ IO Proceedings of the Stockholders P. B. RuMn, Treasurer, in account with N. C. Railroad Co., Receipts. From Lease of North Carolina Railroad. ' ' Rents collected . . . " Real Estate .... . Interest collected " Bills Receivable " Repairs of Buildings ... .. " M. L. Holmes, on rent account .. To cash on hand June 1st, 1S86. 260,00000 5S618 2,52000 1,181 50 115 00 1 30 7500 $ 264,478 16,922 40 281,401 38 ~^j(s~ •©*&*- North Carolina Railroad. i i Commencing June 1st, 1886, and ending May 31st, 1887. Disbursements. Dividends Coupons . Salaries Legal Expense . Interest Traveling Expenses Repairs of Buildings Real Estate.. Advertising and Stationery Taxes Dividend Scrip . To cash on hand June 1st, 18S7. 23S,6qSoo 17,960)00 3.775|oo 41205 l,774po 1,016 100 296 168 3iS 30 $ 264,549 16,851 $ 281,40138 P. B. RUFF IN. Treasurer. Proceedings of the Stockholders Statement Showing Receipts and Expenditures of the Receipts. From Lease of North Carolina Railroad - - j $ 260, ' ' Interest " Rents . . .. ..- " Real Estate " Dividends Nos. 24 and 25 00000 486(75 64768 545 00 17000 $ 274,84943 North Carolina Railroad. 13 N. G. R. R. Co, for the Fiscal Year ending May 31st, 1887. Expenditures. Salaries ... Legal Expenses . Traveling Expenses Interest .. Real Estate paid Surveying, &c . Advertising and Stationery Repairs of Buildings . .. Tax Account ... . . Balance Receipts more than Expenditures 3.775 412 r,oi6 iS.574 2Q6 I6S 99 3'8 250,189 $ 274, 43 P. B. RUFFIN, Secretary. s Proceedings of the Stockholders 5^ Exhibit of the North Carolina Railroad Company Amount of assets on hand May 31st, 1886 ' ' from Real Estate North Carolina Railroad. for the Fiscal Year ending May 31st, 1887. Expenditures. Amount of Expenses for the year " " Dividend No. 25, 3 per cent, payable March 1st, and 3 per cent. September 1st, 1887 Company's debt decreased Assets. Amount due from Individuals " " " other Companies " " " Bills Receivable " " " John W. Graham, Trustee Cash on hand May 31st, 1887 69 1,134 1,025 129,921 16,851 $ 24.66026 240,00000 1,05800 149,002 50 $ 414,72076 P. B. RUFFIN, Secretary. >A&- Proceedings of the Stockholders ^ Statement showing the Financial Condition of the North Carolina, Property and Resources. Cost of Construction and Equipment . . .. " " Old Sinking Fund " " North Carolina Railroad Stock .... " " NorihWestem N. C. R. R. Stock. " " State University Railroad Stock ... Amount due from John W. Graham, Trustee- Individuals " " " Other Companies " " Bills Receivable .. Amount cash on hand May 31st, 1887 189,001 19,500 20,000 5,000 129,921 69 1,134 I.025 16,851 $4,924,835 233.501 7i 54 149,002 50 5.307.339 75 jpp' North Carolina Railroad. Railroad Company for the Fiscal Tear ending May 31st, 1887. Capital Stock and Liabilities. Capitnl Stock . - Amount of S per cent. Mortgage Bonds ... ... Amount of Interest due on same — Amount of Dividend Certificates fundable in 20 year 8 per cent. Mortgage Bonds Amount Temporary Loan . due on Dividend No. 1 . 2 9 - - IO . 11.. 12 . 13 , - 14 15 16 . ... 17 . ... IS .... 19 21. 22 23. 24. 25- Amount to credit of Real Estate... Amount of Profit and Loss account. 210,00000 46000 m8 00 22,80000 88)00, 15000 00 00 00 00 00 00 00 00 00 00 oc 00 00 00 00 00 00 144 165 7S i"5 75 87 117 "4 126 126 114 123 I2g 59 177 243 120,291 4,000,000 355.979 2,800 948,560 $5,307.339 75 Proceedings of the Stockholders Finance 60mmittee's I^ep0rt. North Carolina Rail Road Company, Burlington, N. C , June ioth, 1887. To the Stockholders of the North Carolina Rail Road Company : GENTLEMEN: Your Committee would submit the follow-ing as their report of their examinations of the offices, books and accounts of our Treasurer and Sinking Fund Trustee, and the condition in which they were found: The Treasurer's office was found kept neatly, correctly, and with proper vouchers for all charges, which were exam-ined. The books of the Treasurer show a cash balance on hand on May 31st, 1887, of $16,851.82. After having counted $17,960.00 of coupons, we burned them. These coupons had been paid during the fiscal year of 1886—'7, and a record of this proceeding was duly entered on the books of the Treasurer. We made an examination of the books and accounts of Maj. J. W. GRAHAM, Trustee of the Sinking Fund of the North Carolina Rail Road Company, and report as follows: Amount of Bonds due in I S3S unpaid $ 210,000 OO Balance due Sinking Fund from Trustee (as valued). .$141,894 74 Mortgage Debt unprovided for 6S,io5 26 210,000 00 Amount due from Trustee May 31st, 1886 ..$ 121,616 49 Interest and Dividends received . . 8,305 25 Increase in value of N. C. R. R. Stock . _ 1 1,973 00 Total.. . ..% 141,894 74 S) North Carolina Railroad. These assets are found to be made up of the following items, viz.: 1,037 shares N. C. R. R. Stock (par value $103,700), co-t . ... ... __ ..$91,72700 Loans to individuals 3S, iqj 74 Increase in value N. C. R. R. Stock. 11,97300 Total - $ 141,894 74 The individual loans are well secured and the interest paid. We would like to call attention to the efficiency of our Treasurer and the manner in which we found his office kept; and especially would we compliment our Sinking Fund Trustee for his judicious management. Respectfully submitted, S. H. WILEY, JAMES H. HOLT, JOHN L. BROWN, Finance Committee. oAsrc- M)G 8 1904 . - ... - . ' : : • -. • - |