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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
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