Annual report of the Raleigh and Gaston Rail Road Company

              3^
PROCEEDINGS
STOCKHOLDERS
RALEIGH & GASTON R. R. CO.
AT THEIR
THIRTY-SEVENTH ANNUAL MEETING,
RALEIGH, NOVEMBER 10th, 1887.
ALSO ANNUAL REPORTS OK
President, General Superintendent and Treasurer.
4
RALEIGH, N. C. :
Edwards & Broughton, Power Printers and Binders.
~+
.*
DIRECTORS AND ePFie&RS.
R. C. HOFFMAN,
W. J. HAWKINS,
JOS. B. BATCH ELOR,
W. W. CHAMBERLAINE,
PAUL C. CAMERON,
R. S. TUCKER.
JOHN M. ROBINSON. President,
R. C. HOFFMAN, Vice-President.
JOHN C. WINDER, General Superintendent.
WILLIAM SMITH, Assistant Superintendent.
WILLIAM W. VASS, Treasurer.
J. B. MARTIN, Auditor.
ANNUAL MEETING.
Office Raleigh & Gaston Railroad Company,
Raleigh, November 10th, 1887.
The o7th Annual Meeting of the Stockholders of the Ral-eigh
& Gaston Railroad Company was held at the office of
the Company on Thursday, November 10th, 1887.
On motion of Jno. M. Robinson, Esq., of Baltimore, the
meeting was called to order, and, on further motion of same,
Mr. JEnoch Peatt, of Baltimore, was elected Chairman of
the meeting, and \V. W. Vass and J. B. Martin appointed
Secretaries.
The Committee on Stock and Proxies, through A. M. Mc-
Pheeters, made the following report
:
Capital Stock.of the Company 15,000 shares.
Represented in the meeting in person 3,571 "
by proxy 7,422 "
On motion, the report was received and adopted.
The Chairman then declared the meeting regularly or-ganized
and ready for the transaction of business.
John M. Robinson, President of the Company, submitted
to the Stockholders the financial statement of the Company,
and read the annual report of the President and Board of
Directors, the report of the General Superintendent, and of
the Treasurer, all which, on motion of Col. J. W. Hinsdale,
were received and ordered to be filed.
The following resolution was offered by Jos. B. Batch elor
and unanimously adopted :
Resolved, That the following be added to the by-laws of the company,
after the paragraph prescribing the duties of the President
:
That the Board of Directors have authority to appoint a Vice-Presi-
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PROCEEDINGS.
dent, with all the duties delegated to the President during his absence,
and all such other duties as may be delegated to him by the President.
On motion of Mr. Batchelor, the Stockholders went into
the election of a President for the ensuing year.
The Chairman appointed R. T. Gray and A. M. Mc-
Pheeters tellers, who subsequently reported the unanimous
re-election of Jno. M. Robinson, Esq.
On motion of Col. Jno. \V. Hinsdale, the Stockholders
proceeded to ballot for six Directors, to serve during the en-suing
year, Messrs. Gray and McPheeteks acting as tellers,
who subsequently reported the election of the following
named gentlemen, viz.
:
W. J. Hawkins received 10,47-9 votes.
R. S. Tucker received 10,479 votes.
P. C. Cameron received 10,479 votes.
R, C. Hoffman received 10,479 votes.
W. W. Chamberlaine received 10,479 votes.
J. B. Batchelor received 10,479 votes. •
On motion of W. W. Chamberlaine, the old Committee
on Stock and Proxies—W. W. Vass and A. M. McPheeters
—was continued
On motion, the meeting adjourned sine die.
ENOCH PRATT, Chairman.
W. W. Vass, 1 « , .
T A/I- ' > secretaries.
J. B. Martin, J
A~
PRESIDENTS REP0RT.
Office of the Raleigh & Gaston R. R. Co.,
Raleigh, N. C., November 9th, 1887.
To the Stockholders of the Raleigh & Gaston R. R. Co.:
The Board of Directors of the Raleigh & Gaston Railroad
Company respectfully submit to the Stockholders the follow-ing
report for the fiscal year ending September 30, 1887.
The Company's receipts have been as follows :
From Freight $309,856.94
" Passengers 83,306.00
" Mail 10,288.75
" Express'- 4 314.86
-' Miscellaneous sources and mileage 58,459.15
$466,225.70
From other sources, being interest, dividends,
premiums on bonds sold, sales of old rails for
cash, and miscellaneous, 63,794.58
Making a total of $530,020.28
< The- Company's expenditures have been .- 323,320.43
Leaving a balance of $206,699.85
Besides which, the Company have received in
bills—payable for sales of old rails to the Caro-lina
Central Railroad Co 32,524.70
~l r
6 president's report.
In this statement of expenditure-are included :
Cost of stone ballast put under track during the
year ^ $ 30,145.72
New engine house at Raleigh ... 12,794.46
New engine house at Weldon 3,556.22
Real estate bought 2,073.79
New rails for new engine house, 3,2 S9.43
Cost of fifty additional flat cars 18 651.75
$ 70,511.37
By the Superintendent's Report it will be noticed that with
the stone ballast put under the track during the last year,
thirty-eight and one-half miles of track are on heavy stone
ballast. The track on this portion of the road will fairly
compare, in condition, with any track in the country. The
balance of the road is fairly well ballasted, and is in good
condition. The Company's rolling stock is in excellent
order The Board can report that the condition of the Com-pany's
property has never been better, if as good.
Under authority given by the Stockholders to the Board
of Directors at their last meeting, the Company has sub-scribed
at par to twenty-five hundred shares, of one hundred
dollars each, of the capital stock of the Georgia, Carolina &
Northern Railroad Co. The Georgia, Carolina & Northern
Railroad Co. are building a road from Monroe, a point on the
Carolina Central Railroad, via Chester, Abbeville, Elberton
and Athens, to the city of Atlanta. In connection with the
Seaboard & Roanoke Railroad Company, by the subscription
above referred to, an ownership of a majority of the stock of
the Georgia, Carolina & Northern Railroad Co. is assured,
conjointly to this Company and the Seaboard & Roanoke
Railroad Co. The line of the Georgia, Carolina & Northern
Railroad is under contract between Monroe and Chester, and
will be completed between those points during the early part
of next year.
president's report.
This Company has also subscribed to fifteen hundred
shares of the capital stock of the Durham & Northern Rail-road
Co., a line of railroad about being put under contract
from the town of Durham to the town of Henderson, and to
which the town of Durham has subscribed one hundred
thousand dollars and the town of Henderson forty thousand
dollars. The seaboard & Roanoke Railroad Co. have agreed
hereafter to purchase from this Company an amount of stock
of the Durham & Northern Railroad Co. equal to the pro-portionate
interest they may derive in business to and from
this road upon its completion. In enabling the Board to
subscribe to these enterprises on the part of the Company
the Stockholders have been wise. With the completion of
the two roads above referred to, it is believed by the Board
that the future of the Raleigh & Gaston Railroad Co. is as-sured,
as the business to be derived from them will be far
more than commensurate with the amount expended in
making subscriptions to their Capital Stock.
The report of the General Superintendent enters into much
detail, and this, with the statements of the Treasurer, are
respectfully submitted.
By order of the Board of Directors.
JNO. M. ROBINSON, President.
GENERAL SUPERINTENDENT'S REP0RT.
RALEIGH & GASTON RAILROAD CO,
General Superintendent's Office,
Raleigh, N. C, October 28th, 1887.
Jno. M. Robinson, Esq, President:
Sir:—The following report of the operations of this road
for the fiscal year ending September 30, 1887, is respect-fully
submitted. The statement of receipts and expenses is
made from the Treasurer's books.
Receipts have been as follows:
From Freights $309,856.94
'• Passengers 83,306.00
" U.S. Mail 10,288.75
" Car Mileage 53,692 82
" Express 4,314.86
" Telegraph 564.07
" Louisburg Railroad 51813
" Miscellaneous 3,68413
$466,225.70
Expenses
:
Transportation Department $ 51,395.65
Machinery Department 124,990.85
Road and Bridges Department-- 107,383.90
Miscellaneous 39,550.03
123,320.43
Leaving balance $142,905.27
SUPERINTENDENT S REPORT.
Included in the above expenses are the following items :
Ballasting $ 30,145.72
New engine house at Raleigh 12,794.46
Real estate .". 2,073.79
New engine house at Weldon 3,556.22
New rail 3,289.43
Fifty flat cars, with brakes, added to equip-ment
18,651.75
$ 70,511.37
The general condition of the roadway is good, but the
ditching has been somewhat neglected, the ditching train
having been for some time employed in grading for the en-gine
house at Weldon. We hope to get much of the ditch-ing
done before the severe winter weather sets in. During
the year there has been twelve miles of road ballasted, mak-ing
in all 38^ miles ballasted. The work was stopped for
over two months during the winter.
The piers under Neuse River, Cedar Creek and Tar River
bridges were found to 'require extensive repairs. After a
thorough examination of them it was thought best to grout
them with cement and sand, and there were several hundred
barrels of cement and sand poured in until we thought we
had a solid pier of stone and cement mortar. I hope they
will never require any more repairs.
We have commenced the construction of a brick engine
house at Weldon for the joint use of this road and the Sea-board
& Roanoke Railroad, to be paid for by the two Com-panies
; it has been long needed. It was contemplated to
build it of wood, but the people of Weldon urged the use of
brick, as they are requiring all buildings to be built of brick
or stone in the town. I think it better that it should be of
brick.
We succeeded in getting some real estate near our shops
in Raleigh, which was very much needed.
10 superintendent's report.
Our warehouses and passenger houses are all in good re-pair.
A cotton platform has been built at Wake, and a sec-tion
house has been built near Crabtree bridge.
We have put in track during the year 37,854 cross ties,
and we have on hand 5,632. We have used 12,950 cords of
wood, and have on had 6,351 cords.
On the Louisburg Railroad we have put in two turn tables,
one at Franklinton and one at Louisburg, each 46 feet long.
A side track near Franklinton has been put in, at a planing
mill.
As we may confidently look to an increase of business, I
suggest that you take into consideration the improvement of
the line from Gaston Summit north. The present grade is
very heavy, and all full trains have to double the grade some
three miles, causing great delay Some years ago the Com-pany
had a survey made which showed that a very much
better line could be had than the present, with only a forty-five
foot grade to the mile. I have not the figures, but my
recollection is that it could be done at no very great cost.
MACHINERY DEPARTxMENT.
The locomotives are in good condition ; 14 of them have
been overhauled, and one is now in shop for new tires The
No. 4 has been condemned and is stripped. As we will re-quire
an engine for the Carthage Railroad during the year,
it will be necessary to purchase an engine, that we may
place a small engine on that road. We now have but one
spare engine. We have one under construction in shops,
but, of necessity, the work progresses very slowly, as the re-pairs
generally occupy the time of the men. There has been
put in a drop table for taking out driving wheels and trucks
of engines at a cost of $345.90. This is an admirable ap-pliance,
does the work in one-fourth the time and lessens the
chance of accident. We have purchased a grinding ma-
T •-+-
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superintendent's report. 11
chine to take the place of the grindstones, doing the work
very much better. We occupied the new engine house, at
Raleigh, on the 12th of May. It is a handsome and con-venient
building, and would do credit to any road.
Ity your permission a reading room for the employees has
been fitted up and supplied with many books, papers and
magazines. Valuable donations have been made by some of
the leading citizens of Raleigh and Baltimore. I hope and
believe it will prove a blessing to the men, and in their be-half
I thank the Company for it.
On November 30, 1886, an extensive fire occurred on
our cotton platform, at Raleigh, and most fortunately for the
Company and city our water works for fire purposes were
complete, and we were enabled to save the compress and
most of the platform, and, no doubt, much of the city. Our
fire compan}7 did most of the work, and no water was ob-tained
except from our supply. Our loss was covered by in-surance
and has been paid.
We have added to our car equipment 50 new flat cars,
built by the North Carolina Car Company. We have re-constructed
7 flats and 1 box car, 1 passenger coach, 12 sec-tion
cars, 3 water tanks and prepared lumber for 3 turn
tables and 3 section houses. We now have under construc-tion
2 new coaches, 50 feet long, to be used on freight trains ;
they will be combination passenger and baggage cars.
Since the change of gauge, we find our cars get a long
way from home, and are not returned as promptly as they
should be, hence we feel the necessity for more cars, espe-cially
is this the case with flat cars, as we ship a great deal of
lumber and receive few flats in return. I have been forced
to refuse to allow our cars to go off the road in many in-stances,
as our local business suffered for want of cars.
Jt
—
12 superintendent's report.
Our equipment consists of:
28 Locomotives.
1 Officers' Car.
1 Pay Car.
6 First Class Cars.
15 Second Class Cars.
4 Combination Sleeping and Thoroughfare Cars.
2 Combination Cars, Passenger and Baggage
370 Box Cars.
292 Flat Cars.
The mileage of engines for the year has been 527,314
miles, being 19,544 miles in excess of last year.
-¥
SUPERINTENDENTS P.EPORT. 13
l>elo\v you will find a list of locomotives owned by the
Company, showing the size and condition of each :
cc
Si
3
cc
S
Driving
Wheels.
Tons.
When
Built.
Condition.
1 16 x 24 43 32 1884 Good.
2 16x24 43 32 1883 "
3 16x24 54 82 1878 Medium.
4 1 1 x 24
11 x 24
60
54
20
20
1872
1877
Cc
Ri
ndeuined.
5 inning.
6 16x24 54 32 1879 Good
.
7 13 x24 60 22 1854 Running.
8 15 x 24 54 26 1872 Good.
9 16x24 54 32 1883
10 14 x 24 60 25 1874 "
11 13 x 24 60 22 1859 Running.
12
13
15 x 24
15x24
60
54
26
26
1867
1870
Running, (tires thin).
Good.
It 15 x 24 54 27 1872 "
15 11 x 24 54 27 1872 "
16 15 x 24 60 26 1868 "
17 14 x 24 54 25 1869 In Shops.
18 16 x 24 54 32 1879 Good.
19 16x24 54 32 1*80 *
20 16 x 24 54 32 1880 '
21 16x24 54 32 1880 '
22 16x24 54 32 1881 '
23 16 x 24 54 32 1881 '
24 16x24 54 32 1883
2.-> 16 x 24 54 32 1883 '
26 14x24 60 28 1885 '
27 16 x 24 60 32 1884 '
28 16x24 60 32 1885 '
29 16 x24 60 32 1885 "
30 Under con struct on.
On October 21, 1880, a negro man was killed under the
shed at Weldon when the train was backing in. The con-ductor
reports that every care was taken, and that the speed
of train was not more than three miles an hour. June 29,
1*87, a white man, named James Brook, was killed about
two miles south of Weldon by night train. No blame is at-tached
to the Company in either case, though in the first a
suit has been brought against the Seaboard & Roanoke Rail-road.
Respectfully submitted,
JNO. C. WINDER, General Superintendent.
—-»»-,
o~
14 treasurer's report.
STATEMENT OF THE FINANCIAL CONDITION OF THE
OF THE FISCAL YEAR
Resources.
Cost of Road, Engines and Property.
Cost of Louisburg Rail Road
Investments _
Stores
Bills Receivable . . . . . . . . . .
Cash . . . .
Debts due by other Companies, per ledger account
$ 1,500,000:00
21,26057
1,694.
14.
141.
14
64,
,145]08
.97P81
.05762
.535 84
,351 41
$3,510,32833
TREASUUERS REPORT. 15
RALEIGH & GASTON RAIL ROAD COMPANY AT CLOSE
ENDING SEPTEMBER 30. 1887.
Liabilities.
Capital Stock of the Company
Mortgage Bonds due January, 1898
Dividend No. 32, due October 1, 1887
Debts due to other Companies, per ledger. ..
Profit jiik! Loss September 30, 1886.
Profits of Transportation for year ending
September 30, 1887:
Earnings $466,235 70
Expenses 323,320 43
-$142,905 27
Interest on preferred stock of Ral-eigh
& Augusta A. -L. Rail Road •
"
Conpany, in part 25,000 00
Interest on bills receivable 4,891 21
Dividend on stock (R. & G.) Oct.,
1886, and April, 1887 • . 7,152 00
Sundries. 4 0!)
Profit on re-sale of bonds pur-chased
during current year. __ 1,750 00
Premiums received of Ga., Car, &
Northern Rail Road Co. , on their
sale of R. & A. A.-L. R. R. Co.'s
bonds ... 1.948 00
Sales of Rails. Fastenings, &c. . . 53,892 25
Sale of Real Estate 1,348 20
Rent from Compress Company. .
.
333 62
$239,224 55
Deduct as follows :
Interest on Mortgage
Bonds, January and
July, 1887 $ 80,000 00
Note charged off 500 00 80,500 00
Net Revenue, . . .... $158,724 55
Dividend No. 31, of
April, 1887 $ 30,000 00
Dividend No. 32, of
October, 1887 30,000 00 60.000 00
Surplus.. .. .. ...
Profit and Loss, October 1, 1887. _
S 881,280
•IllOt". •>•»!' I
$ 98,724
SI)
$ 1.500.00000
1,000,000|00
30,00000
322 89
:>.-,
$ 980,005 44
$ 3,510.328! 33
W. W. VASS, Treasurer.
"*"*?
16 TREASURERS REPORT.
ANNUAL STATEMENT OF THE RALEIGH & GASTON RAILROAD
COMPANY, FROM OCTOBER 1, 1886, TO SEPTEMBER 30, 1887,
INCLUSIVE.
Receipts.
Cash on hand, September 30, 1886
Transportation Earnings
:
Freight _
Passengers ..... ...
Telegraph .... . . .
Express . ...
Mail
Mileage of Cars ... ... . . . . .
Miscellaneous __
Louisburg Railroad (net earnings)
Receipts from other Sources :
Interest on preferred stock. R & A. A.-L.
R. R. Co...
Interest on bills receivable . . .
Dividends, on stock, (R. & G.)Oct.. 1886.
April, 1887
Sundries ... . . . .
Profit on re-sale of bonds purchased during
year. ... ...
Premiums received of Ga., Car. & North-ern
R. R. Co
Sale of real estate . _ ....
Rents from Compress Co .
Sales of rails, fastenings, &c . .
Investments reduced—R. & A. A.-L. bonds
Dividend No. 32. payable Oct. 1, 1887
Total
Disbursements.
Transportation and current expenses
Interest on mortgage bonds, Jan. and Julv.
1887
Dividend No. 30, of Oct. 1, 1886
Dividend No. 31, April, 1887 .
Dividend No. 32, Oct., 1887... ...
Note charged off (I. M. P.)
Bills receivable—-increased .
Stores—increased
Louisburg R. R.—construction increased
Investment increased—by stock in Ga., Car.
&No. R. R. Co .'
_.
Debts of Company—increased
Cash on hand, Sept. 30, 1SS7
309.856
83,306
4.314
10,288
53.692
3,684
51S13
323,320
80.000
30,000
30.000
30,000
500
51,912
5,164 21
1,208 50
250,000
4,598
74,535
38,695 80
564 07
466.225 70
376,319 28
881,240 78
4:)
$ 881.240 78
W. W. VASS, Treasurer.