Annual report of the Raleigh and Gaston Rail Road Company

              Raleigh and Gaston Railroad Company
Proce^edings of the twenty-fifth annual meeting
held^'^at Raleigh, July 15, 1875
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t^orth Carolina btale LlUiuiy
^l'\-^ PROCEEDINGS
STOCKHOLDERS
Raleigh & Gaston Railroad Co,
AT THEIR
Twenty-Fifth Annual Meeting
HKLD AT
RALEIGH, JULY 15th, 1875.
Also, the Annual Reports of the President, Superintendent, Treasurer, &c.
RALEIGH:
DAILY NEWS PRINT, NO. 4, MARTIN STREET.
1875.
PROCEEDINGS
STOCKHOLDERS
Raleigh & Gaston Railroad Co,
AT THEIR
Twenty-Fifth Annual Meeting
RALEIGH, JULY 15th, 1875.
Also, the Annual Reports of the President, Superintendent, Treasurer, &c,
RALEIGH
:
DAILY NEWS PRINT, NO. 4, MARTIN STREET.
1875.
DIRECTORS AND OFFICERS.
l>IKECTOKS:
JOS. B. BATCHEl OR, PAUL C. CAMERON,
GEORGE W. GRICE, GEORGE LITTLE,
WALTER CLARK, W. W. CHAMBERLAINE.
OFFICERS:
WILLIAM J. HAWKINS, President.
A. B. ANDREWS, Superintendent.
WILLIAM W. VASS, Treasurer.
COMMITTEE OF INSPECTION:
THOS. B. VENABLE, a. M. McPHEETERS,
RUFUS S. TUCKER, W. J. BAKER.
PROCEEDINGS
TWENTY FIFTH ANNUAL MEETING
SIOCHHOLSEES OP THE UilM I mW EAILRQAS CO.,
HELD ON THURSDAY, JULY 15th, 1875.
At a meeting of the Stockholders of the Raleigh &
(iraston Railroad Company, held at the office of the Com-pany
in Raleigh, on Thursday the loth of July, 1875.
The meeting was called to order by W. J. Hawkins,
President of the Company, on whose motion Col, D. M.
Carter, of Raleigh, was called to the Chair, and W. W.
Vass and Tiiomas Badger aj)] ointed Secretaries.
The Committee appointed at the last annual meeting
on Stock and Proxies, consisting of A. M. McPheetersand
W. W. Vass, presented the fallowing report, which on
motion, was recieved and adopted :
CapitalStock of the Company—shares, 15,000
Shares represented in person, 1,753
Shares represented by proxy, 9,255
Total shares represented , 11 ,008
There being a large majority of the stock of the Com-l)
any represented, the Chairman declared the meeting
duly organized.
Dr. W. J. Hawkins submitted the report of the Presi-dent'and
Board of Directors, the reading of which was
on motion dispensed with, as the same was printed, and
in the hands of the Stockholders.
On motion of A. W. McPheeters Esq., the President's
report and accompanying reports of the Superintendent*
4 PROCEEDINGS ANNUAL MEETING
aiul of the Treasurer, were received and adopted unani-imously.
In the absence of T. B. Venable, Esq., ('hairman, A.M.
McPheeters, Esq., read the report of the Committee of In-spection,
which on motion of Col. Walter Clark was re-ceived,
adopted, and ordered to be published with the
proceedings.
The Chairman called attention to that part of the Pres-
I
ident's report, which refers to the assisting or giving aid
; to the branch roads mentioned therein, and suggested
I
that some action be taken in regard to the same, where-
: upon, Isaac Davis, Esq., offered the following resolution,
I which on motion of Maj. R. S. Tucker, was unanimously
I adopted.
1 Resolved, That that part of the President's report re-
I ferring to the building of Branch Roads connecting with
I our own, be. and the same is hereby referred to the Board
I
of Directors, with full power and authority to act and to
: accept, reject, negotiate and enforce such contracts and
1 agreements, as they may in their judgment deem best
for the interest of this Company.
! On motion of Mr. A. M, McPheeters, it was resolved to
proceed to the election of a President.
Maj. Geo. W. Grice placed in nomination Dr. W. J.
Hawkins.
The chairman appointed as tellers Messrs. Isaac Davis
and C. A. Santos, who subsequently reported that Dr.
W. J. Hawkins received all the votes cast.
Whereu})on, the chairman announced to the meeting
that Dr. W. J. Hawkins was unanimously elected Presi-dent,
for the ensuing year.
On motion of R. S. Tucker the meeting proceeded to
elect six Directors, resulting in the unanimous re-election
of the following named gentlemen :
Geo. W. Grice, of Portsmouth.
Paul C. Cameron, of Hillsboro.
Joseph B. Batchelor, of Raleigh.
STOCKHOLDERS RALEIGH & GASTON RAILROAD. 5
W. VV. Chamberlaine, of Norfolk.
Walter Clark, of Raleigh.
George Little, of Raleigh.
On motion of Maj. Geo. W. Grice, the following named
gentlemen were re-elected as the Committee of Inspec-tion
viz : T. B. Venable, A. M. McPheeters, R. S. Tucker
and W. J. Baker.
On motion of W. W. Chamberlaine, W. W. Vass and
A. M. McPheeters, were continued as the Committee on
Stock and Proxies.
On motion, the met ting adjourned sine die.
DAVID iM. CARTER, Chai'nnun.
W.W.Vass,
\ Secretaries Thomas Badger, j
REPORT OF COMMITTEE ON INSPECTION.
The Committee of inspection made the following re-port:
That they have examined the books of the Treasurer
and other accounts and that the reports appended to the
annual exhibit show a correct statement of the financial
condition of the Company.
The receipts for the last year, in view of the difficul-ties
under which the Company has labored, are very sat-isfactory.
On account of the antagonism of the North
Carolina Roilroad Company a large deficit was expected.
The returns show that it was however quite small.
The extension of the Raleigh and Augusta Road and
connection with the Carolina Central, bids fair to more
than compensate for this loss. The results of the last
year tends to show the importance of cultivating the
local business of our Road. In order to do this it will
be necessary to aid every effort made by the people in
the counties along our Road in their attempts to con-struct
branch lines connecting with this Road.
Your Committee would especially call the attention of
the Stockholders to the recommendations on this subject
REPORT OF COMMITTEE ON INSPECTION.
in the President's report and reforamend tlint aid be ren-dered
to the Road to Chirksville, and also frojn Hender-son
to Oxford. The |)rogres.-< in building the Raleigh
and Augusta Road should bo gratifying to the Stock-holdei's.
'File tracking of the Road is much improved
and new iron is being rapidly laid down, and our Road
is to-day in much better conditi( n than at any time
since the close of the war. The Depots and Buildings
are in excellent condition and well adapted to the wants
of the Comj.)any. The Shops are well provided with the
necessary tools, with few exceptions. The Company has
turned dut during tlie year passenger and baggage cars
equal to any made anjAvhere—reflecting great credit on
our home mechanics. The shed at Weldon, long needed,
has been built and affords ample accommodations to pas-sengers.
The Bridges are all in excellent order. Your Road
offers to passengers as safe and comfortable travel as any
in the South. It is fair to presume that under favorable
auspices the whole Road will be relaid in two years and
then the expenses will be much reduced. From the
Treasurer's report the balance on. ha^ul at the end of the
fiscal year may appear large, but the contracts for iron
already made and the extr lordinary expenses required
will consume a large part before the end of this year.
The financial condition of the Company is in the opin-ion
of the Committee good, and if the contemplated im-provements
be carried out, together with the completion
of the Raleigh & Augusta Road, we can see no reason
why in the early future good dividends should not be
paid.
T. B. VENABLE.
A. M. McPHEETERS.
R. S. TUCKER.
PRESIDENTS REPORT,
Offick Raleigh & Gaston R, R. Co.
Raleigh, N. (\ JalylS. 1875.
To the Stockholders of the
Raleigh & Gaston Railroad Company :
Gentlemen:—The President and Board of Directors
submit for your consideration and information their
twenty-fifth annual report with the reports of the Su-perintendent,
Treasurer and Auditor:
The receipts have been
from Freights, $181,910 94
" Passengers, 71,201 12
" Mail, 8,029 70
Total earnings, $261,141 76
Operating expenses, 165,082 05
Balance, 196,109 71
This exhibit, as compared with last year's operations,
shows a decrease in receipts of $13,661.60. The falling off
wa£ less than we anticipated or had reason to fear, as the
policy of the North Carolina Railroad will be, and has
been, to divert all its local as well as through business to
the Danville Road and over its own lines; therefore, we
need not look or hope for revenue from that quarter; but the
completion of the new line to Charlotte and Wilmington,
over the Raleigh & Augusta Air Line Road will give us
new and valuable territory from which we will be able to
draw trade, and we confidently expect a large increase of
PRESIDENT S REPORT.
business from that source. We liave expended a large
sum, $86,162.22, in improving your property during the
fiscal year just past. We have laid 12 miles of new rails,
built a new bridge of the Howe Truss pattern over Crab-tree
in the place of an old lattice bridge, and a new and
convenient passenger shed at VVeldon. We have built
three new passenger and baggage cars and another baggage
car nearly completed, all equal to any cars in use on any
Road in the country: overhauled and greatly improved
the Freight car and Locomotive equipment, adding very
much to its efficiency and the value of your investment.
The condition of all your property, we are gratified to be
able to state, is now far better tlian at anytime since the
close of the war. For full details we refer you to the
tables appended to this report. The amount expended
for improvements should be credited by the sale of old
rails, of which we have on hand some 500 tons, but their
superior quality and the depressed state of the iron trade,
induced the Directors to withhold them from the market
for the present. We still have in the Road over forty miles
of rails that have been in use at least twenty-three years,
which must at anearly day be renewed. The Board for this
purpose have ordered the purchase of 1,000 tons rails to
be delivered this Summer, as recommended by the Su-perintendent
in his report. The Board deeming it wise
and prudent, have created an investment fund to meet
the interest on our mortgage bonds and for any other
contingency that may arise, and will carry the surplus on
hand, after paying for the rails required to that fund. The
completion of the Raleigh & Augusta Air Line to the
Carolina Central which we hope will take place at an
early day, will enable that Company to pay its interes#on
the guaranteed stock held by us in said Company. We
have sold $476,000 of our mortgage bonds at par and in-terest
on account of our subscription for guaranteed stock
PRESIDENTS REPORT.
of the Raleigh and Augmeta Air Line Road, of which we
hold 5,000 shares bearing the same rate of interest as our
bonds. The interest on the stock held by us has been
paid by that Company. As soon as that is completed there
will be no necessity for an investment fund beyond a
small amount required to meet ordinary emergencies; the
surplus may then be declared and paid in dividends.
The Raleigh and Augusta Air Line Road is now com-pleted
and running some fifty-seven miles, thirteen miles
having been finished since your last annual meeting.
Forty miles more will take them through to the Carolina
Central Road touching that Road at a point some five
miles east of Rockingham, which will give us a direct
communication with Charlotte and Wilmington. It is
hoped and believed that this will be accomplised with-in
the coming fiscal year.
The people of Clarksville. Va., and along the line of
the old Roanake A^alley Railroad having obtained char-ters
from the Legislatures of Virginia and North Caro-lina
last winter for the purpose of rebuilding that road,
from Manson, a point on j'our road, to Clarksville, a dis-tance
of twenty-two miles, are now earnestly engaged in
raising funds for that purpose, and contemplate organi-zing
their company at an early date. Encouraged with
a subscription of fifty thousand dollars to begin with
they will make proposals to your Company for operating
the road or for some other aid. In view of that fact and
to facilitate and expedite matters, we would suggest that
the Stockholders authorize the Board of Directors to ac-cept,
with power to carry out any proposition that may be
made to them which they shall deem to be to the interest
of your Company.
The citizens of Oxford and the people of the county of
Granville are making an earnest effort to build a road
from Henderson or some other point on your road to Ox-
10 PKKSIDE.VT S REPORT.
ford, to be extended to Hillsboro or Roxboro. This line
if built would be a valuable and considerable feeder to
your road. We would advise such encouragement and
aid be given to it as you maybe able to render. Should,
however the Roanoke Valley Road be rebuilt, it would
bo best for your interest to urge the extension to Roxboro.
From a point on that road this line would run much nearer
Oxford than it is from Henderson to Oxford, and the
Oxford people could make their connection at much less
cost. This arrangement would afford more advantages
to your Company, and furnish railroad facilities to a
greater extent of country. Every section of our State feels
(hiily the great need of railroads, and w^iilst our people
are less able to build them than heretofore, without them
we can hardly hope for or expect immigration into the
State, except along the lines of the completed roads. Your
road possesses and offers to immigration advantages not
to be had on any other railway in the State, for it passes
through a high and healthy region of country well water-ed
with never failing streams, with sufficient timber for
all i)urposes, is free from malaria or miasmatic diseases,
has a great variety of soil, from the light sandy loam to
the stiffest clays, producing luxuriantly all the cereals,
grasses, tobacco and cotton. The vine is natural to the soil,
fruits and berries come to the highest state of perfection
here ; all parts of the road are within less than 26 hours
of New York, 23 to Phiadelphia, 20 to Baltimore, and 8 to
Norfolk, Va. Its proximity to the great centres of trade
with the advantage of easy communication to any and
all of them, and with fixed low rates of transportation,
must and will at no distant day attract the attention of
setlers who will but admire and desire to locate in such
a country. The report of the Treasurer was made up to
the 31st of May, the end of our fiscal year. On the 1st of
July the interest on our mortgage bonds matured and
tresident's report. 11
was promptly paid ; this amount of course was paid
out of the surplus funds on hand. We congratulate the
Stockholders on the auspicious future which is opening
for our roads, ^vhich must make their property valuable
and independent so soon as its connections are perfected.
In conclusion, we take pleasure in adding testimony to
the intelligent, efficient and zealous manner in which
your Superintendent, Master-Mechanic, Roadraaser and
the other offtcers and the employees of the Company have
discharged their several responsibilities and duties.
Respectfully submitted by the order of the Board,
W. J. HAWKINS, President.
SUPERINTENDENTS REPORT.
Raleigh & Gaston Railroad Company,
Superintendent's Office,
Raleigh, N. C, July 1st, 1875.
Dr. W. J. Hawkins, President R. & G B. R. :
Sir:— I have the honor to submit the following state-ments
showing the operations of the Road for the year
ending May 31st, 1875:
The earnings have been as follows :
From Freights $181,910 94
" Passengers 71,20112
" Mails 8,029 70
Total $261,141 76
The operating and other ex-penses
for conducting
Transportation are $59,388 65
Maintenance of Way 49,064 42
Motive Power and Maintenance
of Cars 44,440 43
Miscellaneeus as per Treasur-er's
report 12,138 55
Total operating and otlier ex-penses
$165,032 05
Or a little more than 63 per cent.
Leaving a balance over operat-ing
expenses of $96,109 71
The tables in the Auditor's and General Ticket Agents'
reports will exhibit the mileage, tonnage, &c. As you
superintendent's report. 13
will see by comparison with the previous year's operations,
our receipts have fallen off $13,661.60. This is attribut-able
almost entirely to opposition and cut rates at Raleigh.
We also had some thirty-three hundred dollars of govern-ment
transportation last year over the year just closed.
The road-way and track have been much improved
during the year. We have put down twelve miles of new
rails (53 pounds) on that part of the road needing it most
(Sections 2, 5, 6 and 11.) The best of the old rails taken
out which could be used for repairs have been used on
other portions of the track where we still have the u
rails. We have used in repairs 33,786 cross ties.
I most earnestly recommend the purchase of 1,000 or
1,200 tons of new rails. The demand required by the
road owing to the rapid wear of the old iron now nearly
twenty-three years in service, and the low price of new
rails makes the present a very opportune one to make
the purchase. We still have over forty miles of old rails
in the track.
The bridges are all new and in excellent condition ex-cept
the bridge over Neuse River which is a lattice bridge
and should be replaced with a Howe Truss at no distant
day. This bridge has now three spans. With a Howe
Truss and a span of 192 feet and change of one of the
abutments we could make the crossing at the same or
less expense than at present, with a great saving always
in future.
PASSENGER SHED.
We have during the fiscal year just passed, erected at
Weldon, a neat and comfortable passenger shed, at a cost
of $1,500, covered with corrugated iron which adds much
to the protection of the Company's property, and the
comfort of the travelling public.
water.
We are now erecting, whenever we can do so at a small
14 SUPERINTENDENT S REPORT.
cost, water rams, to furnish our supply of water. We
have now on the road, four rams, with a combined daily
capacity of 1 4,4/30 gallons. This water is pumped at a
cost of less than one-fifth the cost of that pumped by hand.
The Machine shops are in excellent condition. We
have, during the past year, built a large stationary boiler
for the machine and blacksmith shops, at a cost of $2,127
33, the old one having been condemned. During the
3'ear we have taken in the shops and repaired nine en-gines.
All of our engines (13) are now in good condition
except nos 3, 4 and 7. No 7 is now in shops under re-pairs—
no 3, a small engine bought in 1852. is very much
out of repair, and I doubt the economy of re-building it.
No 5 is in running order. No 10 having been entirely
re-built, is now a first class engine in every respect.
SUPERINTENDENT S REPORT. 15
945 miles at an average cost of $0 583 for repairs per mile.
THE SHOP TOOLS
generally are in good condition. We need a large wheel
press, as the one we have is inadequate to our present
work. We also need a heavy 40 inch lathe for turning
axles, boring driving boxes and other heavy work. The
one now in use being very much worn, and nearly unfit
for service. The purchase of the above tools is almost a
necessity to enable us to do the work of the Company
required.
Our passenger car eqipment has been very much im-proved,
having been thoroughly overhauled, and most
of the cars repainted. We have now two (2) new Pas-senger
Coaches with all the modern improvements that
will compare favorably with any cars in the Country,
built at our own shops at a cost of less than $5,000 each.
One new Baggage Car completed and another nearly
finished, which are handsome and convenient cars.
Built 3 new Box and 3 new Flat cars.
Our Car equipment consists of 5 first class Coaches.
5 Second Class Coaches.
3 Conductors Cars.
1 Express Car (extra.)
4 Baggage, Express and Mail Cars.
3 Shanty or Caboose Cars.
88 Box Cars.
40 Flat Cars.
10 Gravel Cars.
THE TRAINS
have run with great regularity, no loss of life or an ac-cident
worthy of notice. I have been very much aided
in the discharge of my duties by the indefatigable efforts,
zeal and attention rendered by the Master Mechanic,
Road Master and other ofiicers and employees of the
Company, who deserve commendation at your hands.
Respectfully Submitted.
A. B. ANDREWS.
Superintendent.
TREASURER'S REPORT.
No. 1—Earnings of Road for fiscal year ending May-
Si, 1875.
No. 2—Transportation expenditures for year ending
May 31, 1875.
No. 3—Annual statement of receipts and expenditures
for year ending May 31, 1875.
No, 4—Resources and liabilities of Company, May 31,
1875.
No. 5—Auditor's statement of the monthly earnings
of Road at the several stations for the fiscal year ending
May 31, 1875.
No. fi—Auditor's statement of tonnage and miles at
each station, North and South, for the year ending May
31, 1875.
No. 7—Statement of General Passenger and Ticket
Agent for the year ending May 31, 1875.
No. 8—Table of annual receipts from Freight and
Passenger, from organization to May 31, 1875.
W. W. VASS,
. Treasurer.
Office Raleigh & Gaston R. R. Co.,
July, 1875.
North Carolina State Library
RaiOir;]!
treasurer's report. 17
^
IS TREASURER S REPORT.
No. 2.
Transportation Expenditures of the Raleigh & Gaston
Railroad Company from June 1, 1874, to May 31, 1875.
Conducting Transportation :
Embracing cost of conductors and train-hands, engine run-ners,
firemen and wipers, ' c, clerks and latiorat .lepots; slock
killed; f ael ; osses atid damages, overcharges,
Maintenance of Way :
Embracing cost of superintendence, labor roadway; suiisis-tenoe;
repairs bridges and culverts; ties; repairs, tools,
tanks,
Machinery Departments :
Enabracing cost repairs of engines, construction and repairs
cars and coaches—including material, oils, <4c.,
Miscellaneous :
Salaries of Officers—President, Superintendent, Treasurer
and Secr(»tary, and Auditor,
Office Expenses ,
Printing and Advertising, &c.,
Amount operating, and ordinary expenses,.
For Crab Tree Bridge,
'' Shed at Weldon,
" Buildings and repairs,
" Agencies,
" Attorney's fees, and court costs,
'• Incidental expenses,
" Insurance bridges, > Ci,
" Draw-backs
" Jno. L. Long—war debt,
' Land,
" Iron Ral s—balance,
Total,.
859,388 65
46,776 01
44,440 43
811,625 00
513 55
2,288 41
$165,032 Oi
11,13t 57
1,500 00
5,238 62
3,742 48
2,864 80
2,368 28
1,849 75
3,446 41
217 71
75 00
53,722 60
82,51,193 27
TREASURER S REPORT. 19
No. 3.
Annual Statement of Raleigli & Gaston Railroad Company
from June 1, 1874, to May 31,1875, inclusive :
EARNINGS from freight, passengers and mail, for year ending
May 31. 1875,
Expenditures :
Operating and ordinary 8165,032 05
Extraordinary, including iron rails, 86,161 22
Excess of earnings over expenditures,
Balance from last fiscal year 3107,867
Net sales 1st Mortgt».ge Bonds, at par, 167,8.56 88
Interest on Guaranteed Stock 26,400 00
Interest on Sinking Fund, to January 1st, „ 4,334 13
Transferred from S nking Fund 1,000 00
Amount,
Paid interest on 1st Mortgage Bonds, 23,027 82
Paid interest on first loan 2,820 00
Paid general interest account and premium, 4,423 9'
Paid on account of Investments, 22,257 50
Paid for purchase of 1,700 shares Guaranteed 8 per ct.
Stock of Raleigh & Augusta Air-Line R. R, fo. par, 170,000 00
Balance on hand. May 31, 1875,
Balances :
Cash in Banks, 860,080
Cash invested on call 1,650 72
Townsend, Whelen <fe Co., 455 22
Agents at Stations, 18,728 26
Bills Receivable 4,111 51
Other Companies balance, 4,774 01
Ticket account balance 269 16
United States ior freights, 1,090 92
Post-office Department 2,143 33
Che ks, e27 48
J. M. Pool, Auditor, etc 432 41
Thos. Badger, General Ticket Agent, 120 00
J. M.McCarrick, Trace Agent, 300 00
City of Raleigh, 566 15
$95,049 99
Less Cr., 172 00
8261,141 76
251,193 27
S9,948 49
307,458 79
8317,407 28
222,529 29
$94,877 99
894,877 99
W. W. VASS, Treasurbb,
20 TREASURER S REPORT.
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auditor's rkprot. 23
24
AUDITOR S REPORT. 25
No. 7.
statement of Tonnage and Miles at each Station, North
and South, During the Fiscal Year ending May 31, 1875.
26 AUDITOK S REPORT.
PAMPHLET BINDER
Syracuss, N. Y.
^^ Sfockfon, Colif.
STATE LIBRARY OF NORTH CAROLINA^
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