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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- -+- 4- 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 •-+- ^r 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.
Object Description
Description
Title | Proceedings of adjourned annual meeting of stockholders |
Creator | Raleigh and Gaston Railroad Company. |
Date | 1887 |
Subjects |
Raleigh and Gaston Railroad Company--Periodicals Railroads--North Carolina--History--Periodicals Railroads--North Carolina--Periodicals Transportation |
Place |
North Carolina, United States |
Time Period | (1876-1900) Gilded Age |
Description | Caption title. |
Publisher | Raleigh, N.C. :[The Company],1872. |
Rights | State Document see http://digital.ncdcr.gov/u?/p249901coll22,63754 |
Physical Characteristics | 9 p. ;22 cm. |
Collection | Health Sciences Library. University of North Carolina at Chapel Hill |
Type | text |
Language | English |
Format |
Annual reports |
Digital Characteristics-A | 1695 KB; 22 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 |
Audience | All |
Pres File Name-M | pubs_edp_proceedingsraleighgaston1887.pdf |
Pres Local File Path-M | \Preservation_content\StatePubs\pubs_edp\images_master\ |
Full Text | 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- -+- 4- 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 •-+- ^r 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. |