Proceedings of the stockholders of the North Carolina Rail Road Company

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UNIVERSITY OF
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Proceedings of Stockholders
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North Carolina
Railroad Company
Sixty-fifth Annual Meeting
Greensboro, North Carolina
July 8th, 1915
i^-
North Carolina Railroad Company
__ PROCEEDINGS OF__
THE STOCKHOLDERS
Sixty-Fifth Annual Meeting
Greensboro, N. C, July 8th, 1915
1915
PATE PRINTING COMPANY
Burlington , N. C.
PROCEEDIINGS
OF THE SIXTY-FIFTH ANNUAL MEETING
OF THE
STOCKHOLDERS
North Carolina Railroad
Company
STOCKHOLDERS' MEETING.
Guilford Hotel, Greensboro, N. C, July 8th, 1915.
In accordance with the by-laws and after notice reg-ularly
given, the stockholders of the North Carolina Rail-road
Company met in the city of Greensboro, North
Carolina, at 12 o'clock, noon, July 8th, 1915.
Col. Bennehan Cameron moved that Col. James T.
Morehead be called to the chair, which motion was duly
seconded and unanimously adopted.
Col. Morehead came to the chair, and asked the Sec-retary,
J. P. Cook, to record the minutes of the meeting.
The Chairman then called for the report of the Proxy
Committee, appointed at the annual meeting of 1914, to
wit: Messrs. C. D. Benbow, L. M. Michaux and J. W.
Graham; thereupon Mr. Michaux, for the committee, re-ported
as follows:
Private Stock represented in person, 275
by proxy, 7,283
Total private stock represented 7,568
The Proxy Committee reported also that stock owned
bj' the State was represented by the State's Proxy, to
4 Proceedings of the Stockholders
wit: 30,002 shares.
Chairman Morehead called upon the State's proxy to
present his credentials, and thereupon Mr. Robert Hair-ston
presented his commission signed by Locke Craig,
Governor. The Chairman then announced that there was
a quorum present and that the meeting was duly organ-ized
for the transaction of business.
Upon request of the Chairman, the Secretary then
read the minutes of the 1914 stockholders" meeting,
which, without objection, were approved.
President W. H. Wood then read his report and sub-mitted
the reports of the Secretary and Treasurer, the
Finance Committee, the Land Committee and the Expert,
the same being printed on advance sheets and were
passed around amongst the stockholders.
Col. Cameron offered a motion, duly seconded and
unanimously adopted, that the several reports be accept-ed
and ordered printed in pamphlet form along with the
proceedings of this meeting.
The Chairman announced that the election of Direct-ors
was in order, consisting of twelve, four on the part of
the private stock and eight on the part of the State.
Mr. Michaux nominated for directors on the part of
the private stockholders, Col. Wm. E. Holt, Mr. Hugh
McRae. Col. B. Cameron and Col. Alexander Webb, and
there were no further nominations. The Chairman asked
the Proxy Committee to collect and cast the vote, and
thereupon Mr. Michaux on behalf of the Proxy Commit-tee
cast 7,558 votes for the four j^ersons above named,
and the Chairman declared them duly elected Directors
for the ensuing year
Mr. Robert Hairston, State's Proxy, then placed in
nomination on the part of the State for Directors:
Messrs. W. H. Wood, W. T. Brown, J. Q. Gilkey, J. M.
Allen, J. P. Yount, C. S. Tomlin, J. E. Carraway and Col.
North Carolina Railroad
L. Banks Holt, and there were no further nominations,
and he thereupon cast the vote represented by the
State's stock, to wit: 30,002 shares, for aforesaid persons,
and the Chairman declared that they had been duly elect-ed
Directors of the Company for the ensuing: year.
The Chairman then announced that the election of a
Finance Committee on the part of the State was in order
and the State's Proxy nominated and cast the vote of the
State for Mr. Ed. Chambers Smith, of Raleigh, Mr. J.
Beal Johnson, of Puquay Springs, Mr, J. G. Steed, of Mt.
Gilead, Mr. J. T. Wood, of Asheboro and Mr. Prank P.
Tate, of Morganton, and the Chairman announced that
they had been duly elected.
Col. Alexander Webb nominated for members of the
Finance Committee on the part of the private stockhold-ers
Col. Bennehan Cameron and Mr. J. E. Carraway.
These gentlemen received the unanimous vote, and the
Chairman declared them elected members of the Finance
Committee for the ensuing year.
Col. Bennehan Cameron then moved the election of a
Proxy Committee for the next annual meeting, consisting
of three, to-wit: Mr. L. M. Michaux, of Goldsboro, Mr. C.
D. Benbow, of Greensboro, and Maj. J. W. Graham, of
Hillsboro.
Upon motion of Mr. McRae, seconded by Mr. J. P.
Yount, the thanks of the stockholders were heartily and
unanimously extended to Col. Morehead and the Proxy
Committee for their able services in the conduct of the
meeting.
No other business coming to the attention of the
meeting, on motion of Col. Alexander Webb, the meeting
adjourned. '
[Signed] J. T. MOREHEAD,
Chairman.
By J. P. COOK, Secretary.
6 Proceedings of the Stockholders
President's Report
North Carolina Railroad Co.
President's Office.
Burlington, N. C, July 8tb, 1915.
To the Stockholders and Board of Directcrs of the North
Carolina Railroad (gmpani):
Gentlemen:
—
I beg to submit herewith for your consideration the
reports of your officers and committees; Secretary and
Treasurer, Finance Committee, Land Committee and Ex-pert.
These reports all show the Company to be in good
condition in every particular.
Respectfully submitted,
W. H. WOOD, President.
North Carotjna Railroad
Secretary and Treasurer's Report.
Burlington, N. C. July 8th, 1915.
To the President and Directors of the North Carolina Railroad
Company.
Gentlemen:—I herewith submit the annual statement of the North
Carolina Railroad Company, showing the financial condition for the
fiscal year ending May 31st, 1915, also statement of receipts and
disbursements of the Company for the same period.
Very respectfully,
J. P. COOK,
. _ Sec'y. & Treas.
Proceedings of the Stockholders
ASSETS.
Construction and Equipment $4,975,627.53
State University Railroad Stock 5,000.00
North Carolina Railroad Stock 250.00
CASH ASSETS.
Dividend Tax 17.95
Bills Receivable 300.00
Cash on Hand May 31st, 1915 14,822.85
$4,996,018.:
North Carolina Railroad
LIABILITIES.
Capital Stock $4,000,000.00
Profit and Loss 852,221.83
FLOATING DEBTS.
Dividend Certificates 108.00
Unpaid Dividends • 3,639.50
SV2% on Dividend No. 53 due August 1st, 1915 140,049.00
$4,996,018.33
10 Proceedings of the StocivHOLders
RECEIPTS.
From Lease of Road $286,000.00
Lease Union Passenger Station at Raleigh, N. C. ... 988.79
From Sale of Real Estate 250.00
Dividend 14.00
Interest 357.43
Rent 63.00
From Southern Railway, Excise Tax 4,205.53
Dividend Checks Withdrawn 1,486.00
U. S. Government, Refund Excise Tax 6,871.84
Cash on Hand May 31st, 1914 12,025.37
$312,261.96
North Carolina Railroad 11
DISBURSEMENTS.
Dividends Paid $279,902.00
Salaries and Allowance, Clerk Hire 4,575.08
Incidentals 1,374.17
Tax Account, State, County, City, Federal 4,725.54
Southern Railway Co., Refund Excise Tax 6,862.32
Cash on Hand June 1st, 1915 14,822.85
$812,261.96
12 Proceedings of the Stockhoi^ders
REPORT OF LAND COMMITTEE.
To the President and Directors of the North Carolina Railroad
Company:
The Land Committee begs to report that since last meeting of
the stockholders there has been paid into the treasury for land sold
$250.00 prior to May 31st.
There have, however, been sold six lots, deeds to which have not
been delivered, nor the purchase money received, at the total sum
of $3,390.00.
Respectfully submitted,
L. BANKS HOLT,
ALEXANDER WEBB,
W. T. BROWN,
July 8th, 1915. Land Committee.
North Carolina Railroad IB
REPORT OF FINANCE COMMITTEE.
Burlington, N. C, June 22ncl, 1915.
To Hon. W. H. Wood, President, and to the Board of Directors of
the North Carolina Railroad Company:
Your Finance Committee has examined all the books and vouch-ers
of your Secretary and Treasurer and find same correct, show-ing
a balance on hand of $14,822.85. Of this amount $13,403.00
is deposited on ceititicates bearing interest at 4% with various
banks as follows:
Alamance Loan & Trust Co., Burlington, N. C $ 1,000.00
American Exchange Bank, Greensboro, N. C 1,000.00
Cabarrus Savings Bank, Concord, N. C 1,000.00
American Trust Co., Charlotte, N. C 1,000.00
The Charlotte National Bank, Charlotte, N. C 1,000.00
Citizens Bank & Trust Co., Concord, N. C 1,000.00
Citizens Bank & Trust Co., Concord, N. C 520.00
Merchants National Bank, Raleigh, N. C 1,000.00
Merchants National Bank, Raleigh, N. C 1,000.00
The Concord National Bank, Concord, N. C 1,000.00
The Commercial National Bank, Raleigh, N. C 1,000.00
Bank of Waynesville, Waynesville, N. C 1,000.00
Wachovia Bank & Trust Co., Winston-Salem, N. C 1,000.00
Wachovia Bank & Trust Co., Winston-Salem, N. C 802.50
Wachovia Bank & Trust Co., Winston-Salem, N. C 80.50
Total $13,403.00
We have also examined and verified the dividend and stock books
and find them correctly and accurately kept.
Your Committee again takes plea.sure in testifying to the accu-racy
with which the records and accounts of the company are kept;
as well as to the unfailing courtesy of your Secretary and Treas-urer,
Mr. Cook, and his able assistant, Mr. Paul E. Morrow.
Respectfully submitted,
James E. Carraway,
Frank P. Tate,
J. T. Wood,
' E. Chambers Smitli,
J. G. Steed,
... Finance Committee.
14 Proceedings of the Stockholders
Richmond, Va., November 16th, 1914.
Mr. Fairfax Harrison, President,
Southern Railway Company,
Washington, D. C.
Mr. W. H. Wood, President,
North Carolina Railway Co.,
Charlotte, N. C.
Gentlemen:
We beg to submit the following supplementary report of Annual
Inspection of the North Carolina Railroad from Goldsboro to Char-lotte,
made the 5th day of October, 1914, for the fiscal year ending
September 30th, 1914:
BETWEEN GREENSBORO AND SALISBURY.
Guard Rail Clamps Applied 195
Sets Switch Plates and Braces Applied 80
Tie Plates Applied 13,584
LOCATEION NATURE OF WORK
High Point—Changes Men's Toilets
Greensboro—Toilets at Coal Chute New
Pomona—150-Ton Track Scale New
Rowan County���Standard Road Crossings New
Salisbury—Paving Driveway New
Salisbury—Toilet in Freight Depot New
Greensboro—Rearrangement Telegraph Office
Salisbury—Wiring "MY" Yard Office New
Lexington—Electric Lights in Passenger Depot New
Salisbury—4-Ton Depot Scale in Freight House New
Salisbury—Retaining Wall New
Sf.lisbury—Installation 10 Incandescent Lamps in Passenger
Car Yard New
Thomasville—Two Watchmen's Houses New
BETWEEN GOLDSBORO AND GREENSBORO.
Guard Rail Clamps Applied 53
Tie Plates Applied 27,332
North Carolina Railroad 15
LOCATION NATURE OF WORK
Goldsboro—Paving Street Crossings New
Rose—36-inch Pipe Line . New
Mebane—Shed West End Depot ' New
Glen Raven—Platform New
Mebane—Electric Lights in Depot New
Burlington—Paving Streets New
BETWEEN SALISBURY AND CHARLOTTE.
Manganese Insert Frogs put in, releasing plain frogs 14
Tie Plates put in Main Line curves where none previously used 6,875
Bumping Posts, new and additional 1
Anti-Rail Creepers 606
Heat Treated Track Bolts 6,000
Respectfully submitted,
T. M. ARRINGTON,
Expert for North Carolina Railroad.
. R. E. SIMPSON,
4 GeneraF Superintendent Southern Railway.
Richmond, Virginia, October 5th, 1914.
CoL A. B. Andrews,
First Vice President,
Southern Railway Company,
Raleigh, North Carolina.
Mr. Word H. Wood,
President N. C. Railway,
Charlotte, North Carolina.
Gentlemen:
—
One of the terms of the lease of the North Carolina Railroad to
the Southern Railroad Company is that a representative of each
Company shall make an annual inspection, during the month of
October, of the property of the North Carolina Company.
. We submit herewith our report of the annual inspection made this
5th day of October 1914.
16 Proceedings of the Stockholders
RAIL:
North Carolina Railroad 17
Salisbury
18 Proceedings of the Stockholders
CROSSINGS.
H-40.8 New Construction.
H-44.8 New Construction
Charlotte Paved East 7th Street
Charlotte Paved Park Avenue
Goldsboro Paved 5 street crossings on Crater St. with brick
WATER STATIONS.
Nothing to report.
COALING STATIONS.
Nothing to report.
CULVERTS.
Rose Repaired
H-83, 1 Repaired
We find the roadway structures, etc., in good condition, as to
strength, appearance and maintenance.
Respectfully submitted,
T. M. ARRINGTON,
Expert N. C. Railroad.
R. E. SIMPSON,
General Superintendent Sou. Ry.
North Carot.ina Railroad 19
STATEMENT SHOWING MAINTENANCE OF NORTH CARO-LINA
RAILROAD EQUIPMENT AS OF
SEPTEMBER 30th, 1914.
Original
20 Proceedings of the Stockholders
6076
North OAROrjNA Railroad 21
G078
Proceedings of the Stockholders
North Carotjna Railroad 23
24 Proceedings op the Stockholders
1G046
North Carolina Railroad 25
BOARDING CARS.
26 Proceedings op the Stockholders
G45
North Carotjna Railroad
OFFICERS,
102 Sold 7
COPY.
Office General Superintendent Motive Power and Equipment,
Washington, D. C.
Respectfully submitted,
T. M. ARRINGTON,
Expert N. C. Railroad Co.