PROCEEDINGS
OF THE
^50th Annual Meeting^
^Jand Special Meeting!/
OF THE
STOCKHOLDERS
OF THE
Atlantic I N. C. R. R. Co.
HELD AT
NEW BERN, N. C.
Thursday, Sept. 1st, and Monday, Sept. 22, 1904,
TOGETHER WITH
REPORTS OF OFFICERS
AND
COPY OF LEASE.
PROCEEDINGS.
New Bern, N. C, September 1st, 1904.
Pursuant to notice, in accordance with the provisions of the
by-laws of the company, a Special Meeting of the Stockholders
of the Atlantic & North Carolina Eailroad Company is held in
the company's offices in the City of New Bern, N. C, on Thurs-day,
September 1st, 1904, at 12 o'clock M.
The meeting was called to order by President James A.
Bryan, who requested Joseph E. Eobinson, of Goldsboro, N. C,
to act as Temporary Chairman, George Green, of New Bern, N.
C, as Secretary, and such representatives of the press as were
present, as Assistant Secretaries.
The Proxy Committee through its Chairman, Henry R.
Bryan, Jr., reports that there are present and represented at the
meeting in person and by proxy 17,262 shares of stock, which
are entitled to cast 1410 votes; that the State of North Carolina
is duly represented by the State Proxy, J. W. Grainger, and that
more than ten stockholders are present in person.
On motion of James A. Bryan, the meeting thereupon ad-journs
to reassemble at three o'clock P. M. in the Atlantic Hotel
Ball Eoom at Morehead City, N. C.
Morehead City, N. C, September 1st, 1904.
Pursuant to the order of adjournment the meeting reassem-bled
at three o'clock P. M. in the Atlantic Hotel Ball Eoom, at
Morehead City, N. C.
The Proxy Committee through its Chairman, Henry E.
Bryan, Jr., submits the following report, which is read by the
Secretary, and on motion of E. C. Duncan, unanimously adopted,
to-wit:
—
September 1st, 1904.
To the Stockholders of the Atlantic & North Carolina
Eailroad Company:
Gentlemen:—We, your Proxy Committee, beg to report that
we have examined all the Proxies presented to us, and find the
following stock to be represented in person and by proxy, to-wit:
PROCEEDINGS.
E. C. Duncan 416 shares, 207 votes
Dempsey Wood . . 1675 " 380 «
Co. of Lenoir by Dempsey Wood, proxy.
.
500 " 56 "
Henry R. Bryan, Jr 90 " 37 "
C. M. Busbee 10 « 5 "
Jas. A. Bryan 250 " 148 "
Co. of Craven by Jas. A. Bryan, proxy. . . 1293 " 135 "
C. L. Ives 1 " 1 "
Geo. N. Ives 1 " 1 "
Co. of Pamlico by C. A. Flowers, proxy.
.
202 " 26 "
G. V. Kicharclson 1 " 1 "
C. E. Foy 132 " 51 "
Thos. J. Jarvis 18 " 8 «
L. G. Daniels 5 " 3 "
Willis Briggs 2 " 1 "
State of N. C. by J. W. Grainger, proxy . . 12666 " 350 "
17262 " 1410 "
From the above it will be seen that there are present and
represented in this meeting 17262 shares of stock, which are
entitled to cast 1410 votes, there being more than a mojority of
all of the shares of the stock in the said company, owned and
held by individuals present in person or by proxy, and that the
State of North Carolina is duly, properly and regularly repre-sented
by its duly authorized State's Proxy, J, W. Grainger, and
that more than ten Stockholders are present in person.
Respectfully submitted,
Henry R. Bryan, Jr., Chmn.
The Chairman thereupon announced that a quorum of the
private stock was present, that the State of North Carolina was
duly and regularly represented by its Proxy, and that the meet-ing
was ready to proceed with the transaction of its business.
On motion of James A. Bryan the temporary organization
is made permanent.
The State's Proxy presents to the meeting the following
propositions to Lease the Railroad of this Company, which said
propositions, in words and figures as follows, are thereupon read
by the Secretary.
PROCEEDINGS.
Morehead City, N. C, Aug-. 27th, 1904.
To His Excellency, the Governor of North Carolina, Raleigh, N. C.
Sir:—The undersigned, who have agreed among themselves to
organize under the laws of North Carolina, a corporation to be known
as the Goldsboro, New Berne & Morehead City Railroad Company,
to which majr be executed a lease of the Atlantic & North Carolina
Railroad, do hereb}1, make the following proposition on behalf of the
said contemplated Railroad corporation:
—
1st. That it will lease the Atlantic & North Carolina Railroad
for the term of ninety-three }
Tears, and pay or cause to be paid as
rental therefor the following sums:
For the first 10 years 3 per cent, per year on capital stock now
outstanding.
For the second 10 years 3 per cent, per year on capital stock
now outstanding.
For the third 10 years 2% per cent, per year on capital stock
now outstanding.
For the fourth 10 years 4 per cent, per year on capital stock
now outstanding.
For the fifth 10 years A l /2 per cent, per year on capital stock
now outstanding.
For the sixth 10 years 5 per cent, per year on capital stock
now outstanding.
For the balance of the term 6 per cent, per pear on capital stock
now outstanding.
Or if the Atlantic & North Carolina Railroad Co. shall prefer
to lease for only 60 years that it will pay the rentals specified above
for the 1st 10 years to the 6th 10 years inclusive; or if the Atlantic &
North Carolina Railroad Company shall prefer to lease for only 50
years it will pay the rentals above specified from the 1st 10 3
rears to
the 5th 10 years inclusive. That the said lease shall embrace all the
property, contracts, rights, privileges, appurtenances and franchises
of every kind and description belonging to the said Atlantic & North
Carolina Railroad Company, all of which shall be delivered to the
said contemplated corporation at the beginning of the term free from
all liens, incumbrances, debts, claims and liabilities except the
present bonded indebtedness of the Atlantic & North Carolina Rail-road
Company.
2nd. That it will assume and pay during the continuance of
said lease the interest accruing on the present bonded indebtedness
of the Atlantic & North Carolina Railroad Company as the same
falls due, but that it shall not be in any manner liable for the pay-ment
of the principal of the said bonded indebtedness.
3rd. That it will pay all taxes of every character which may
PROCEEDINGS.
hereafter be assessed against the said Atlantic & North Carolina
Railroad Company during the continuance of said lease.
4th. That it will pay all the expenses of keeping alive the or-ganization
of the Atlantic & North Carolina Railroad Company, and
all expenses of inspection to be made from time to time by competent
railroad experts to be appointed by the Atlantic & North Carolina
Railroad Company with the view of ascertaining whether or not the
terms of the lease are complied with on the part of the lessee, all of
which expenses shall not together exceed the sum of $1200 per year.
5th. That it will enter into proper covenants to protect and save
harmless the Atlantic & North Carolina Railroad Company from all
loss or damage that may arise on account of the negligence or torts
of the lessee during the continuance of said lease.
6th. That it will take all the supplies on hand at the time of
the delivery of the proferty under the lease at the true market value
of the same, and will pay therefor in cash or secure the payment of
the same in such manner as the Atlantic A North Carolina Railroad
Company may require.
7th. That it will keep and maintain the said railroad, rolling
stock and fixtures in good condition at all times during the contin-uance
of said lease, and at the termination of the said lease will
retarn the said property to the Atlantic & North Carolina Railroad
Company in relatively as good condition as when received.
8th. That to secure the payment of the rentals above recited as
well as the due and proper performance of all the stipulations con-tained
in the lease it will deposit with the Treasurer of the State of
North Carolina, or such depository ae may be agreed upon, $100,000
in such securities as the Atlantic & North Carolina Railroad Com-pany
may require, and keep the same or such other securities as
may be agreed upon on deposit during the term of this lease.
This proposition is made with the express understanding and
agreement that if the same is accepted and if the Goldsboro, New
Bern & Morehead City Railroad Company is chartered and organ-ized,
and said lease executed to it, the undersigned shall not be
liable either as individuals or as partners for or on account of any-thing
contained in this proposition.
Very respectfully,
"W. L. Kennedy,
E. B. Borden,
Wm. Dunn,
W. S. Chadwick,
Committee.
PROCEEDINGS.
Asheville, N. C, August 29th, 1904.
To His Excellency, the Governor of North Carolina, Raleigh, N. C.
Sir:—I have the honor to submit the following- proposition for a
lease of the Atlantic & North Carolina Railroad:
First. I will lease the Atlantic & North Carolina Railroad for
the term of ninety-three years and pay, or cause to be paid, as rental
therefor the following- sums, viz:
—
For the first ten years 3 per cent, per year on the principal of
the capital stock now outstanding.
For the second ten years 3 per cent, per year on the principal of
the capital stock now outstanding.
For the third ten years 3}4 per cent, per year on the principal of
the capital stock now outstanding.
For the fourth ten years 4 per cent, per year on the principal of
the capi'al stock now outstanding.
For the fifth ten years 4% per cent, per year on the principal of
the capital stock now outstanding.
For the sixth ten years 5 per cent, per year on the principal of
the capital stock now outstanding.
For the balance of the term 6 per cent, per year on the principal
of capital stock now outstanding; or, if the Atlantic & North Caro-lina
Railroad Company shall prefer to lease for only sixty years,
then I will pay the rentals above specified from the first ten years to
the sixth ten year periods inclusive;
Or, if the Atlantic & North Carolina Railroad Company shall
prefer to lease for only fifty years, I will pay the rentals above speci-fied
from the first ten years to the fifth ten years inclusive. The
said lease shall embrace all the property, contracts, rights, privi-leges,
appurtenances and franchises of every kind and description
belonging to the said Atlantic & North Carolina Railroad Company,
all of which shall be delivered to me at the beginning of the term
free from all liens, encumbrances, debts, claims, and liabilities,
except the present bonded indebtedness of the Atlantic & North Caro-lina
Railroad Company.
Second. I will assume and pay during the continuance of the
said lease the interest accruing on the present bonded indebtedness
of the Atlantic & North Carolina Railroad Compan}7 as the same
falls due, but I shall not be in any manner liable for the payment of
the principal of the said bonded indebtedness; provided, however,
that if the said indebtedness should be refunded at any time during
the continuance of the said lease, the rate of interest shall be the
lowest practicable rate at which the said bonds can be sold at par,
and I shall have the privilege of placing the said bonds at par; and I
PROCEEDINGS.
shall not be required to pay on this account a greater rate of interest
than that which the said refunded debt shall bear, and in no event
shall I be required to pay a greater rate of interest thereon than
that which the said indebtedness now bears, to-wit: 6 per cent, per
annum.
Third. That I will pay all taxes of every character which may
be hereafter assessed against the Atlantic & North Carolina Rail-road
Compan}' during the continuance of the said lease.
Fourth. That I will pay all the expenses of keeping alive the
organization of the Atlantic & North Carolina Railroad Company,
and all expenses of inspection to be made from time to time by com-petent
railroad experts, to be appointed by the Atlantic & North
Carolina Railroad Company, with the view of ascertaining whether
or not the terms of the lease are complied with on the part of the
lessee, all of which expenses shall not together exceed the sum of
Twelve Hundred ($1200.00) Dollars per year.
Fifth. That I will enter into proper covenants to protect and
save harmless the Atlantic & North Carolina Railroad Company
from all loss or damage that may arise on account of the negligence
or torts of the lessees during the continuance of the said lease.
Sixth. That I will take all the supplies on hand at the time of
the delivery of the propert}' under the lease at the true market value
thereof, and will pay therefor in cash or secure the payment of the
same in such manner as the Atlantic & North Carolina Railroad
Company may require.
Seventh. That I will keep and maintain the said railroad, roll-ing
stock, and fixtures in good condition at all times during the
continuance of the said lease, and at the termination of the said lease
will return the said property to the Atlantic & North Carolina Rail-road
Company in relatively as good condition as when received.
Eighth. To secure the payment of the rentals above recited,
and as well the due and proper performance of all the stipulations
contained in said lease, I will deposit with the Treasurer of the
State of North Carolina, or such other depository as may be agreed
upon, One Hundred Thousand ($100,000.) Dollars in United States
bonds or North Carolina bonds, or such other bonds as ma}r be
a.greed upon, and keep it on deposit during the term of this lease, or
until such other arrangement is made as shall be satisfactory to the
State of North Carolina and to the Atlantic & North Carolina Rail-road
Company; and in addition thereto I will enter into a covenant,
to be made a condition in the said lease, that I will expend and
apply, or cause to be expended and applied, to the permanent better-ment
of the road-bed, terminal facilities, and equipment of the said
railroad, within the period of three years, beginning from the date
PROCEEDINGS.
of the delivery of the property to me under the lease, the sum of Two
Hundred and Fifty Thousand ($250,000.) Dollars.
I propose to organize under the laws of North Carolina a corpora-tion
to operate the said road under this lease, or to assign it to The
Howland Improvement Company, a corporation already organized
under the laws of this State, for the purpose of operation—I being
now the President and the principal stockholder of the said Kowland
Impeovement Company.
The form and details of the said lease to be settled by counsel.
Very respectfully,
Richard S. Howland.
Upon the submission of the above propositions to lease the
railroad the following "letter of instructions" from the Board of
Internal Improvements is read by the State's Proxy, to-wit
:
"I am directed by the Board of Internal Improvements to
lay before the Stockholders of the Atlantic & North Carolina
Railroad two propositions to lease the said road.
"That the Board of Internal Improvements desire me to vote
for the lease, which is more satisfactory to the Private Stock-holders.
"I accordingly present the "two leases" to you, and indicate
to you my purpose to support that lease, which satisfies the
Private Stockholders."
C. B. Aycock,
B. W. Ballard.
The following Resolution is offered by E. C. Duncan, to-wit:
"Resolved that the proposition this day submitted by Richard S.
Kowland to lease, hire and farm out the Atlantic & North Carolina
Railroad be, and the same is hereby accepted, and the Officers and
Directors of this Company are hereby authorized, empowered, direct-ed
and instructed to take all such proper action as may be necessary
to carry out this resolution according to its true intent and meaning,
and that the}' cause to be prepared under the direction of Counsel a
lease for the farming out, hiring and letting the said Railroad, with
its privileges, rights of transportation, works and property, includ-ing
among- other things its superstructure, road-bed, right of way
incident thereto, depots, warehouses, shops, piers, wharfs, water
fronts, water privileges, buildings, fixtures, engines, cars, and rail-road
equipment, and all other things necessary, incident and appur-tenant
to the free, easy, and convenient operation of the railroad,
and including the property situate in the town of Morehead City
known as the Atlantic Hotel, with all of its rights, privileges and
PROCEEDINGS.
appurtenances, and the furniture, fixtures, equipment and appli-ances
for a term of ninety one (91) years and four (4) months from
this date, which said lease they shall cause to be executed and de-livered
to the Rowland Improvement Compan}', a corporation duly
created, organized and existing under and by virtue of the laws of
the State of North Carolina when and upon the performanca by the
Rowland Improvement Company of the conditions precedent required
by it, and particularly the deposit by it with the Treasurer of the
State of North Carolina of the sum of One Hundred Thousand
(100,000.00) Dollars or United States bonds or bonds of the State of
North Carolina, or other marketable securities acceptable to the
directors of this company and having- a market value of not less than
said sum, as security for the payment of the rentals, interest and
charges and the performance of the conditions of said lease.
That upon said deposit being made and said lease executed the
said directors and proper officers of this Company are authorized
and directed to put the Howland Improvement Company into the
possession of the Atlantic & North Carolina Railroad and its prep-erty,
rights and franchises.
Pending a discussion of the resolution, C. E. Foy moves that
an adjournment be taken to the fourth Thursday in September,
next.
The motion to adjourn is lost.
C. E. Foy then asks that his protest be entered on the min-utes
against the lease of the road, and states that if the road is
leased legal proceedings will be instituted to set the lease aside
On motion of Henry R. Bryan, Jr., Chairman of the Proxy
Committee, the Proxy Committee is allowed to amend their re-port
as to the stock of C. M. Busbee, making the same 26 shares
8 votes, instead of 10 shares, 5 votes.
After considerable discussion a stock vote is ordered and
taken on the resolution offered by Mr. Duncan, and the resolu-tion
is adopted by the following vote, to-wit:
For Resolution 893
iigainst Resolution 97
J. W. Grainger, State's Proxy, votes the State's stock of 350
votes for the resolution.
The resolution is declared adopted.
On motion of James A. Bryan a recess is taken to nine
o'clock P. M.
PROCEEDINGS.
Pursuant to recess adjournment the meeting reassembles at
nine o'clock P. M.
On motion of E. C. Duncan a recess is taken to eleven
o'clock P. M.
Pursuant to recess adjournment the meeting reassembles at
at eleven o'clock P. M.
On motion of Dempsey Wood a committee of two, consisting
of Dempsey Wood and James A. Bryan, -are appointed to revise
the By-Laws and report at the next annual meeting of the Stock-holders.
James A. Bryan on behalf of the Board of Directors reports
back to the Stockholders the Consummated Lease for their rati-fication
and approval.
On motion of Henry E. Bryan, Jr., the Lease is ratified and
adopted by a stock vote of 1305 voting in favor thereof and 68
in opposition thereto.
The said Lease is thereupon duly signed, executed and de-livered.
On motion of E. C. Duncan the meeting adjourns sine die.
JOSEPH E. ROBINSON,
GEORGE GREEN, Chairman.
Secretary.
>
lease:
TO THE
HOWLAND IMPROVEMENT COMPANY.
This indenture, made this the first day of September, A. D. 1904,
by and between the Atlantic & North Carolina Railroad Company,
a corporation incorporated by the State of North Carolina, party of
the first part, and hereinafter called the Lessor, and the Howland
Improvement Company, a corporation incorporated also by the State
of North Carolina, party of the second part, and hereinafter called
the Lessee, witnesseth:
That whereas, it is provided under section eighteen of the Act of
the General Assembly of North Carolina, incorporating- the Atlantic
& North Carolina Railroad Company, "That the said Company may,
when they see proper, farm out the right of transporation over said
railroad, subject to the rules above mentioned, and the said Com-pany
and every person who may have received from them the right
of transporation of goods, wares and produce on said railroad, shall
be deemed a common carrier as respects all goods, wares and mer-chandise
entrusted to them:"
And whereas, at a meeting of the Stockholders of the said At-lantic
& North Carolina Railroad Company, held in the City of New
Bern and adjourned over to and continued at Morehead City, in the
said State of North Carolina, after due notice, on the first day of
September, 1904, a proposition to lease the road, franchises, proper-ty,
rights, privileges of every kind whatsoever, was made by R. S.
Howland, a citizen of the City of Asheville, in the State aforesaid,
for and on behalf of the Howland Improvement Company, the Lessee
hereinbefore named, and the same was duly considered, and being
so considered was submitted to a vote of the Stockholders of said At-
Atlantic & North Carolina Railroad Co. and the same was approved
by a majority of the private stockholders and the State of North
Carolina, as provided in the Charter and the by-laws of the said
Atlantic & North Carolina Railroad Company:
And whereas, it now seems to the Atlantic & North Carolina
Railroad Company to be fit and judicious and to the advantage of
the said Company to farm out its entire railroad, with all its fran-chises,
rights of transporation, works, and property of every kind
thereunto belonging and used and connected therewith, as herein-after
described, to the Howland Improvement Company, with the
reservations hereinafter particularly set forth:
LEASE.
Note therefore, for and in consideration of the several sums of
money, rents, covenants, agreements, and stipulations hereinafter
specified and agreed to be paid, kept, and performed by the Howland
Improvement Company, the said Lessor, namely: The Atlantic &
North Carolina Railroad Company, has demised, let, hired, farmed
out, and delivered and b}T these presents doth demise, let, hire, farm
out and deliver to the said Lessee, namety, the Howland Improve-ment
Company, the entire railroad of the Lessor, with all its fran-chises,
privileges, rights of transportation, works, and property,
including among other things its superstructure, road bed, right of
way incident thereto, situated in the State of North Carolina, and
extending from Morehead City, in the County of Carteret, to the
City of Goldsboro, in the County of Wayne, in the said State; and
also all depots, houses, shops, piers, wharves, water fronts, water
privileges, buildings, fixtures, engines, cars, and railroad equipment,
and all franchises, rights and privileges and other things, if any,
of whatsoever kind or nature to the said Lessor belonging, and
necessar}', incident, and appurtenant to the free, easy and convenient
operation of the said railroad leased hereby and now or heretofore
used in that behalf; and also including the property situated in the
said Morehead City, known as the Atlantic Hotel, with all its rights,
privileges, hereditaments and appurtenances, and the furniture,
fixtures, equipments and appliances now therein or used therewith,
and also all lands and interests in lands, timber, timber rights and
contracts now owned by the Lessor, for the full term of ninety-one
(91) years and four (4) months from and after the first day of Septem-ber,
1904. and to be fully ended, commencing the first day of Sep-tember,
1904.
And the said Lessor, for itself, its successors and assigns doth
covenant and agree to and with the Lessee, its successors and
assigns, that at the time of the ensealing and deliver}' of these pres-ents,
it is seized and possessed and entitled to the premises, property,
rights, franchises, and privileges above conveyed in the estate and
for the term demised, except as is hereinafter stated, and has good
right, full power, and lawful authority to lease, farm out, convey
and deliver the same in the form and manner aforesaid, and that
the same are free and clear from all liens and encumbrances of
whatever kind or nature soever, save and except the lien and en-cumbrances
of a certain deed of trust or mortgage to secure certain
coupon bonds of the said Lessor heretofore issued and now outstand-ing,
and amounting to about Three Hundred and Twenty-five
Thousand ($325,000) Dollars; that the said Lessee, its successors and
assigns, shall during the entire term aforesaid have and enjoy quiet,
peaceful, and uninterrupted possession of all the property, rights,
privileges, franchises, and estate hereinbefore leased and farmed
LEASE.
out; and that the said Lessor and its stockholders and directors will
not do anything- or take any action as such stockholders and directors
that may or can interfere in any way whatsoever with the free use
and operation and conveyance of said railroad and other properties
so hired, let, farmed out, and delivered to the said Lessee, according-to
the terms and intents of these presents.
And for and in consideration of such demising, letting, hiring,
farming- out, and delivery of said railroad, works, and property,
including roadbed, superstructure, right of way, and all transporta-tion,
depots, houses, buildings, shops, fixtures, engines, cars, fran-chises,
and privileges, and other things incident and appurtenant
thereto, the Lessee doth covenant with and oblige itself to the Lessor
to pay to it rent as follows:
From September 1st, 1904, to December 31st, 1904, the sum of
Thirteen Thousand Four Hundred and Seventy-nine ($13,479,00)
Dollars, which shall be paid on or before the first day of February,
1905; and for and during the next suceeding twenty years, after the
first day of January, 1905, the sum of Fifty-three Thousand Nine
Hundred and Sixteen ($53,916.00) Dollars annually, to be paid in
equal installments of Twenty-six Thousand Nine Hundred and
Fifty-Eight ($26,958.00) Dollars each on the first day of July and
first day of January in each of the said years; and for and during
the next succeeding ten years, from and after the first day of Jan-uar}',
1925, the sum of Sixty-two Thousand Nine Hundred and Two
($62,902.00) Dollars annually, to be paid in equal installments of
Thirty-one Thousand Four Hundred and Fifty-one ($31,451.) Dollars
each on the first day of July and the first day of January of each of
the said years; and for and during- the next succeeding ten years,
from and after the first day of January, 1935, the sum of Seventy-one
Thousand Eight Hundred and Eighty-eight ($71,888.00) Dollars an-nually
to be paid in equal installments of Thirty-five Thousand
Nine Hundred and Forty-four ($35,944.00) Dollars each, on the first
day of July and first day of January of each of the said years; and
for and during the next succeeding ten years, from and after the
first day of January, 1945, the sum of Eighty Thousand Eight Hun-dred
and Seventy-four ($80,874.00) Dollars annually, to be paid in
two equal installments of Fortj- Thousand Four Hundred and Thirty
seven ($40,437.00) Dollars each, on the first day of July and the first
day of January of each of the said years; and for and during the
next succeeding ten years, from and after the first day of January,
1955, the sum of Eighty-nine Thousand Eight Hundred and Sixty
($89,860.00) Dollars annually, to be paid in two equal installments of
Forty-four Thousand Nine Hundred and Thirty ($44,930.00) Dollars
each, pa}'able on the first day of July and the first day of January
of each of the said years; and for the remainder of the said term the
LEASE.
Lessee will annually pay the sum of One Hundred and Seven Thou-sand
Eight Hundred and Thirty-two ($107,832.00) Dollars, payable
in equal installments of Fifty-three Thousand Nine Hundred and Six-teen
($53,916.) Dollars each, on the first day of July and on the first
day of January of each and every year until the expiration of the
said term.
But it is expressly stipulated and agreed between the parties
hereto that the Lessee shall not be liable for any rents until he shall
have been put into actual possession of the property hereby demised.
And the said Lessee does further covenant to and with the said
Lessor that it shall pay, in addition to the rental reserved as afore-said,
and as a part of the rent to be paid for the property herein de-scribed,
all taxes lawfully imposed upon the said leased property or
upon the franchises of the said Atlantic & North Carolina Railroad,
or its income whether by the State of North Carolina or any County,
City, Town, or Township thereof, or by the United States; all of
such taxes shall be paid by the Lessee so as to entirely relieve the
Lessor from payment of taxes of any nature whatever during the
continuance of this lease, upon the property leased or upon the fran-chises
of the Lessor, or its income from the leased property; and the
said Lessee does further covenant to and with the said Lessor that it
will pay, in addition to the rental reserved as aforesaid, and as a
part of the rent to be paid for the property herein described, during
the continuance of the said lease, the interest accruing on the pre-sent
bonded indebtedness of the Atlantic & North Carolina Railroad
Company, as the same falls due ( but the Lessee shall not be in any
manner liable for the payment of the principal of the said bonded
indebtedness), provided, however, that the principal of the said
bonded indebtedness does not exceed Three Hundred and Twenty-five
Thousand ($325,000) Dollars; and provided further that if the
said indebtedness shall be refunded at any time during the contin-uance
of this lease, the rate of interest shall be the lowest practica-ble
rate at which the said refunded bonds can be sold at par; and
the Lessee, its successors and assigns shall have the privilege of
placing said refunded bonds at par, and the Lessee, its successors
and assigns shall not be required or liable to pay on this account a
greater rate of interest than that which the said refunded debt shall
bear, and in no event shall the Lessee, its successors and assigns,
be required to pay a greater rate of interest thereon than that which
the said indebtedness now bears, to-vvit, six per centum per annum.
And the Lessee doth further covenant to and with the Lessor, its
successors and assigns, that it will keep, during the continuance of
the said lease, the warehouses, depots, offices, shops, and other build-ings
now erected and used and necessary to the operation of the said
railway, and also the Atlantic Hotel at Morehead City aforesaid, in-
LEASE.
sured in some safe and reliable insurance Company or Companies
lawfully doing business within the State of North Carolina, in the
aggregate sum of not less than Sixty Thousand ($60,000) Dollars,
of which $18,000 shall be on the Atlantic Hotel at Morehead City,
until the balance of the purchase money hereinafter mentioned is
paid.
And the Lessee doth further covenant to and with the Lessor,
its successors and assigns, that it, the said Lessee, its successors
and assigns, will, within three years from the delivery to it of the
property hereby demised, expend and apply, or cause to be expended
and applied, to the permanent betterment of the roadbed, terminal
facilities, and the equipment of the said railroad the sum of Two
Hundred and Fifty Thousand ($250,000) Dollars.
And the Lessee doth further covenant to and with the Lessor,
its successors and assigns, that it will keep the said railroad, road-bed,
superstructure, depots, buildings, houses, shops, engines, cars,
fixtures, and other property of every kind and part thereof, so hired,
let, farmed out, and delivered, in equally as good condition and
repair as the property is at the date of this lease, or to keep in the
place of the same like things of equally good condition and repair;
and to return at the end of the said term, or at other termination of
the said lease, to the Lessor, its successors and assigns, the said
railroad, road-bed, superstructure, depots, houses, buildings, shops,
engines, cars, fixtures, and other property, and all and every part
thereof, in like good condition and repair, or other property when
any part of said property shall be worn out, destroyed, or abandoned,
as good in quality and substance and in like good order and repair.
The condition of the said railroad and property under this provision
to be ascertained by examination and inspection by experts or their
umpire, as hereinafter provided.
But there shall be no claim or liability during the continuance
of this lease, or at its termination, by the Lessee, its successors or
assigns, upon the Lessor, its successors or assigns, for any im-provement
of said property over the condition of the said property at
the date of this lease, but all such improvements shall be and remain
the property of the Lessor, its successors or assigns, subject to the
provisions of the lease as hereinafter set forth.
And the Lessee further covenants to and with the Lessor, its
successors and assigns, to indemnify and save harmless the said
Lessor against and from any and all damages which may be recov-ered
from or against it, according to law, by reason of any failure
of the said Lessee, its agents, employees, successors or assigns, to
perform in all things, or its or their violation of, their duties and ob-ligations,
whereby the Lessor may become liable to any party in-jured
or sustaining injury in his or her person, reputation or prop-
LEASE.
ertj7
; and the Lessor, on its part, covenants to and with the Lessee
that whenever any suit or action shall be instituted against it, the
said Lessor, for any causes of action for which the Lessee would be
liable to the Lessor under the terms of this lease, the Lessor will
immediately give due notice and tender defense of such suit or action
to the Lessee—such notice to be given to the resident agent of the
Lessee at either of the following named places, to-wit, Morehead
City, New Bern, Kinston, or Goldsboro, all in the State of North
Carolina.
And Whereas, there is now in existence a contract between the
owners of the one part, and the Lessor, of the other part, whereby
the said owners have agreed to sell and convey to the Lessor the
propertj- in Morehead Cit}' known as the Atlantic Hotel, for the sum
of about Fourteen Thousand ($14,000) Dollars, and on!}' a portion
thereof, to-wit, about Two Thousand ($2,000) Dollars has been paid,
and the remainder is to be paid in successive annual installments
of One Thousand ($1000.00) Dollars each, with interest. The Lessee
covenants that in addition to the rental agreed by it to be paid as
hereinbefore set forth, and as a part of the said rental of the said
demised propert}', it will pay the said installments yet remaining
due upon the purchase of the said Atlantic Hotel property; Provided,
however, it shall not be required and does not undertake to pay a
greater sum than Twelve Thousand ($12,000) Dollarsand its interest,
nor to paj7 this except in successive twelve annual installments, n
And the Lessee doth futher covenant to and with the Lessor, its
successors and assigns, that it will, during the continuance of said
lease maintain in the operation of said railroad a regular train ser-vice,
both passenger and freight, at least equal to that which has
been in operation for the twelve months prior to the execution of this
lease, that it will not at any time during the continuance of the said
term fix or establish rates on freight called local freight at a higher
average price or rate from station to station than the average rat§
for local freight tariff as lawfully fixed and established by the Les-sor
at the time of the execution of this lease; and the rates for the
transportation of passengers shall not exceed the local rates as law-full}'
fixed and established on the date last above made.
' And to secure the prompt and faithful payment of the said rents
and sums as above stipulated to be paid, and of all taxes payable
on the demised railroad and property as herein provided, and the
faithful performance of the covenants entered into herein by the
Lessee, as herein set forth, the Lessee does covenant to and with the
Lessor, its successors and assigns, that it will deposit and keep on
deposit with the Treasurer of the State of North Carolina, or any
such bank or banks, or other depository, as may be approved by
the Directors of the Lessor, from year to year, and all the time
LEASE.
during- the continuance of the said lease, the sum of One Hundred
Thousand ($100,000) Dollars in United States Bonds, or bonds of
the State North Carolina, or other marketable securities acceptable
to the Directors of the Lessor and having- a market value of not less
than said sum, which said deposit- and security, or any equivalent
for it which may be substituted therefor, may be applied by the
Lessor to the satisfaction and discharg-e of an}' such sum of money
so semi-annually due and remaining- unpaid, or if any such taxes
due and remaining- unpaid, interest on funded debt of Lessor, or any
judgment or judgments recovered in any court of the State or of the
United States, when finally adjudicated, for any tort, wrong-, injury,
negligence, default, done, made, or permitted by the Lessee, its suc-cessors,
assigns, employees, ag-ents, or "servants, for which the Lessor
shall be adjudged liable, whether the Lessor is sued jointly with or
separately from the Lessee, or any final judgment or judgments
recovered b}' the Lessor against the Lessee for any other breach of
this contract, provided that the Lessor shall have given to the Lessee
a notice of the suit hereinbefore provided for; and in case of any ap-plication
of said deposit or an}' part thereof for such purposes, then
the Lessee shall renew the same from time to time, as often as such
application of any such deposit may become necessary; but any and
all bonds so deposited shall be deposited and held in such manner
as to enable the Lessee, its successors or assigns, to receive the in-terest
accruing- thereon from time to time as the same shall become
due and payable.
But if the Lessee, its successors or assigns, shall make defaul;
in the payment of the sum of money the Lessee has agreed to pay on
the rental for the said railroad, as hereinbefore provided, for thirty
days or more, after the same shall become due and payable, or if it
shall make such default in the payment of am' part thereof, or shall
fail to pay all taxes lawfully levied and assessed against the Lessor,
which by the terms of this lease it has agreed to pay for and on
account of the party of the first part; or, if it shall fail to keep on
deposit said sum of money or bonds as it has covenanted to do, or if
it shall fail to keep the property enumerated insured as hereinbefore
provided, then the Lessor shall, upon giving to the Lessee at least
thirty days notice, have the right, should the Lessee still remain in
default, to dispose of and apply the deposit to any unpaid rent or
unpaid taxes, or unpaid insurance, or interest on funded debt of
Lessor, or unpaid judgments lawfully rendered against the Lessor,
which by the terms of this lease it has agreed to pa}' for and on
account of the Lessor, and shall have the right to enter upon and
resume possession of the said railroad and of the other property,
rights, franchises, of every kind and description, and the term and
estate of the Lessee herein shall at once cease and determine; Provi-
LEASE.
ded, however, this stipulation shall not be so construed as to abridge
or discharge any of the said covenants which require and provide
for the payment of such semi-annual rent, or for every part thereof,
and for the payment of the other sums hereinbefore provided, and
for the return of the said railroad and other property, according to
the terms of such covenants at any termination of said term; and
Provided further, that the same shall be so construed that the said
Lessor shall be entitled to all the rent due at any termination of
said lease, and to have the said road and other property of every
kind returned as aforesaid, to the said Lessor, and any damage for
any failure to so return the same.
It is further mutually agreed by and between the parties that a
fair valuation and inventory of the said railroad and all and every
part and parcel of the said other property shall be made and taken
as soon as practicable, and before the first day of January next,
after the execution of these presents, by two competent experts, one
to be selected by the Lessor and the other by the Lessee, who shall,
in case of disagreement, select an umpire, and the valuation and
inventory so made and taken shall be finally established, kept, re-cognized,
and acted upon at all times; and annually thereafter in the
first week of October in each year, if the Lessor shall so require, a
like valuation and inventory shall be made and taken by like compe-tent
experts and their umpire, to be chosen as aforesaid, and in
case the said railroad and said property are not in like good condi-tion
and repair as provided in the covenants in that respect herein-before
set out, then the Lessee may have until the first da}' of Janu-ary
next after such default so to make good said railroad and said
other property; and the said party of the first part shall not have
the right to enter and take possession of said railroad and other
property for such default and breach of such covenant until the said
first day of January next after such default; and not then on such
account if said default in the meantime shall be repaired to the sat-isfaction
of the said experts or their umpire.
It is further mutually agreed by and between the said parties
that at any termination of said lease and term, whether by its
own limitation or otherwise, the said railroad and all the said prop-erty
of every kind whatsoever, shall be valued and an inventory
thereof taken by like competent experts and their umpire, to be se-lected
as aforesaid.
It is further mutually agreed by and between the said parties
that if the said lease shall be determined otherwise than by its own
limitation, the Lessor shall only be entitled to have the rent due at
such termination thereof and the interest on the funded debt then
accrued, and to have the said railroad and all and every part and
parcel of said property returned to it, or damages for failure to do
LEASE.
.
so, and indemnity for any loss which may be sustained by reason of
any default or neglect of the said Lessee as herein imposed.
And it is further mutually agreed by and between the parties that
the Lessee, its successors and assigns, shall have leave to change
any shops, tracks, houses, and other things, in such way as to pro-mote
the convenience of shipments of freight, travel, and the safety
of the road and property, without charge to the party of the first
part; and shall have also leave, without charge to the Lessor, to
change the gauge of the said railroad track, but should it make such
change, it shall restore the gauge to what it now is at the termina-tion
of the said lease if required so to do by the Lessor, its succes-sors
or assigns.
It is further mutually agreed between the parties that within ten
days after the execution of these presents, an inventory and valua-tion
shall be had and made of all supplies, fuel, and materials on
hand or in store at the said date, and which has been paid for or
which may hereafter be paid for by the Lessor, and the Lessee will
purchase and take the said supplies, fuel, and material at the val-uation
so fixed and pay therefor within thirty days thereafter.
And the Lessee doth further covenant to and with the Lessor, its
successors and assigns, that it will pay during the continuance of
the said lease all the expenses of keeping alive the organization of
the Atlantic and North Carolina Railroad Company; and will pay
all expenses of inspection to be made from time to time by the experts
herein mentioned; Provided, however, the maximum amount of such
expenses of organization and inspection shall not in any one year
exceed Twelve Hundred ($1200.00) Dollars, and the Lessee does not
assume and shall not be liable for any other or greater amount on
this account.
And Whereas, it may be that the corporate existence of the Les-sor
may terminate under terms of the act incorporating it and the acts
amendatory thereof, at a period prior to the time fixed for the expi-ration
of the lease as hereinbefore provided, it is now mutually cove-nanted
and agreed by and between the parties hereto that in the
event there shall be such termination of the corporate existence of
the said Lessor, then the Lessee shall have and enjoy its term and
estate hereunder until such expiration of the corporate life of the
Lessor; but, if the corporate existence of the said Lessor shall be
continued by any means to a period equal to or beyond the period
limited for the lease hereinbefore, or if the Lessor possesses the power
under its present charter, then the Lessee, its successors and as-signs,
shall have and enjoy all the rights, benefits, estate, and inter-est
which are or have attempted to be conferred upon it by this lease
for the said term of ninety-one (91) years and four (4) months.
LEASE.
It is mutually agreed between the parties that the office furni-ture
contained in the offices of the President and Treasurer, in the
City of New Bern, belonging- to the Lessor, are not included in this
lease, but are retained by the said Lessor.
It is further agreed between the parties that all cash on hand
and all bills and accounts receivable, due and payable to the Lessor,
at the date this lease goes into effect, shall not pass by this convey-ance;
nor shall the Lessee be liable for any debts of the said Lessor
at said date.
In Testimony Whereof, the Atlantic & North Carolina Railroad
Company has caused these present to be signed in its name by its
President, attested by its Secretary, and its corporate seal to be
hereto affixed all by the order of its Stockholders and of its Directors
in meetings duly called and held. And the Howland Improvement
Company has caused its name to be hereto signed by its President,
attested by its Secretar}', and its corporate seal to be hereto affixed,
all by the order of its stockholders and directors in meetings duly
assembled, all on this the day and year first above written.
(Signed)
The Atlantic & North Carolina Railroad Company,
Attest: By James A. Bryan, President.
M. Manly, Sec'y & Treas.
(Seal)
(Signed)
Howland Improvement Company,
Attest: By Richard S. Howland, President.
Walter B. Gwyn, Sec'y.
(Seal)
LEASE.
North Carolina, Craven County.
This is to certify that on the 1st day of September 1904, before
me personally came M. Manly, Secretary of the Atlantic & North
Carolina Railroad Company, with whom I am personally acquainted,
who, being- by me duly sworn, says that James A. Bryan is the
President, and M. Manly is the Secretary of the Atlantic & North
Carolina Railroad Company, the corporation described in, and which
executed the foregoing instrument; that he knows the common seal of
said corporation; that the seal affixed to the foregoing instrument is
said common seal, and the name of the corporation was subscribed
thereto by the said President, and the said President and Secretar}-
subscribed their names thereto, and said common seal was affixed,
all by order of the board of directors of said corporation, and that
the said instrument is the act and deed of said corporation.
Witness my hand and notarial seal this the 1st day of Septem-ber,
1904.
(Signed) Robert R. Boyd,
(Seal) Notary Public.
North Carolina, Craven County.
This is to certify that on the first day of September 1904, per-sonally
came Walter B. Gwyn, Secretary of the Howland Improve-ment
Company, with whom I am personally acquainted, who being
by me duly sworn, says that Richard S. Howland is the President,
and Walter B. Gwyn, is the Secretary of the Howland Improvement
Company, the corporation described in, and which executed the
foregoing instrument; that he knows the common seal of said cor-poration;
that the seal affixed to the foregoing instrument is said
common seal, and the name of the corporation was described thereto
by the said President, and that said President and Secretary sub-scribed
their names thereto, and said common seal was affixed, all
by order of the board of directors of said corporation, and that the
said instrument is the act and deed of said corporation.
Witness my hand and notarial seal this the 1st day of Septem-ber,
1904.
(Signed) Robert R Boyd,
(Seal) Notary Public.
PROCEEDINGS.
New Been, % C., Sept. 22d, 1904.
The 50th Annual Meeting of the Stockholders of the At-lantic
and North Carolina Railroad Company was held at the
Company's Offices in New Bern, N. C, on Monday, September
22d, 1904.
The meeting was called to order by President James A.
Bryan, who called L. G. Daniels to the chair, and C. L. Stevens
and E. W. Rosenthal, as Secretaries.
The Proxy Committee, through its chairman, Henry R.
Bryan, Jr., submitted the following report, which was read by
Secretary, and on motion adopted, to-wit:
New Bern, N. C, Sept. 22d, 1904.
To the Stockholders of the Atlantic & North Carolina Railroad Co.
Gentlemen:—We your Proxy Committee beg to report that we
have examined all of the Proxies presented to us and find the follow-ing
stock to be represented in person and by Proxy:
County of Lenoir by Dempsey Wood 500 shares, 56 votes.
Dempsey Wood 2332
Jas. A. Bryan 230
W. H. Smith 5
W. H. Bagley 5
Count}7 of Craven by Jas. A. Bryan 1293
Henry R. Bryan, Jr 91
J. C. Parker 7
L. Harvey 7
L. G. Daniels 5
C. M. Busbee 26
County of Pamlico by D. B. Hooker 202
E. C. Duncan 18
R. W. Taylor 5
Total Private Vote 4726
State of North Carolina by L. Harvey 12666
689
141
3
3
135
37
4
4
3
9
26
7
3
1120
350
Total 17392 1470
Respectfully submitted for the Committee,
H. R. Bryan, Jr., Chairman
r
PROCEEDINGS.
A majority of stock being represented the meeting was de-clared
organized, and temporary organization made permanent.
President Jas. A. Bryan read hi§ report, which was adopted
and ordered spread upon the minutes.
i •
,
• ••r
The Committee appointed to revise By-Laws made its report
through its chairman Dempsey Wood, as follows:
REPORT OF COMMITTEE TO REVISE BY-LAWS.
Whereas on account of the lease of the Atlantic and North Caro-lina
Railroad and its property the service required of the different
officers has been very much lessened and relatively changed. The
stockholders of said corporation resolve:
1st. That section three (3) of the by-laws, with reference to the
directors, be and the same hereby is amended by striking out the
words "at least once in two months" in the first and second lines
thereof, and inserting in their place the following: "twice in each
year.
"
2nd. That section one (1) of the by-laws, with reference to the
president, be and the same hereby is amended by striking out the
figures $1800 in the fourth line thereof and by inserting in their
stead the figures $100.
3rd. That the resolution of the stockholders at their annual
meeting in 1902, fixing the salary of the president at $2500, be and
the same hereby is repealed.
4th. That so much of section four (4) of the by-laws, with refer-ence
to the duties of the president as requires him to see that monthly
reports are made by the subordinates, and also requiring a report
to the stockholders of a list of persons in the company's employment,
and also as much of said section as provides an annual salary of
$1800 for the president and $1200 for the secretary and treasurer, be
and the same hereby is repealed.
5th. That section three (3) of the by-laws, with reference to
secretary and treasurer, be amended by striking out the words,
"over and above the sum of $2000" in lines six and seven and the
words "to the president a monthly account of all his transactions"
lines nine and ten thereof.
6th. That section six (6) of the by-laws, with reference to secre-tary
and treasurer, be amended by striking out the figures $1200, in
line two thereof, and by inserting instead thereof the figures $300.
PROCEEDINGS.
7,th.,, That section one (1) of the by-laws, with reference to com-mittee
of finance, be amended by striking out the word "quarterly"
in lines fi,ve and six thereof and by inserting- instead thereof the
word "semi-annually."
., We the undersigned committee, recommend the above as the
amendments made desirable on account of the changed condition of
the road on account of the Lease.
Dempsey Wood,
James A. Bryan,
W. C. Munroe,
Sept. 22d, 1904. Committee.
Jas. A. Bryan offered resolution that by-law making proxy
committe 24 be repealed, making proxy committee seven.
, L. Harvey announced the appointment of the following
Directors on the part of the State, to-wit:
James A. Bryan, of Craven County.
J. W. Grainger, of Lenoir County.
C. M. Busbee, of Wake County.
W. H. Bagley, of Wake County.
W. H. Smith, of Wayne County.
J. C. Parker, of Jones County.
R. W. Taylor, of Carteret County.
D. B. Hooker, of Pamlico County.
Upon motion of C. M. Busbee, the following were elected
Directors on the part of the private stockholders:
E. C. Duncan, of Carteret County.
Dempsey Wood, of Lenoir County.
C. E. Foy, .of Craven County.
Henry Weil, of Wayne County.
Upon motion of Dempsey Wood, the following Finance
Committee was elected:
G-. H. Roberts, W. L. Areudell, J. A. Meadows.
Upon motion of Dempsey Wood, the following were elected
Proxy Committee
:
H. R. Bryan, Jr., E. B. Hackburn, J. H. Potter, J. J. Bax-ter,
Dr. Henry Tull, Simeon Wooten, W. L. Arendell.
Upon motion of R. W. Taylor, the meeting adjourned.
PROCEEDINGS.
After the stockholders meeting adjourned, the directors met
and elected J. W. Grainger, of Kinston, President, and D. J.
Broadhurst, of Goldsboro, Secretary and Treasurer of the Atlan-tic
and North Carolina Railroad Company for the ensuing year.
L. G. Daniels,
C. L. Stevens, Chairman.
E. W. Rosenthal,
Secretaries.
PRESIDENT'S REPORT.
New Bern, N. C, September 22nd, 1904.
To the Stockholders of the Atlantic & North Carolina R. R. Co.,
Gentlemen:—We beg to submit for your consideration this,
the SOth Annual Report of the condition of your company for the
fiscal year ending- June 30th, 1904.
Your bridges, trestles and roadway have been kept in good and
safe condition, your motive power has been maintained at a high
standard, and your rolling stock has been kept in fairly good order.
Your roadway, while in every respect safe, needs more crossties,
which will probably be supplied during the present year. The iron
bridge across the Neuse, near Kinston, is too light for the present
traffic and should be replaced by a heavier structure.
The permanent improvements mapped out for the year having
been completed, the men employed upon them were discharged and
the force reduced to the lowest point consistent with the safe and
efficient conduct of the road.
Many improvements and betterments are still needed, and will
undoubted^ be made by the progressive management into whose
hands your property has just passed.
The need for more rolling stock, motive power and heavier rails,
to which your attention was called in my last report still exists, and
will, I predict, be quickly recognized and supplied by your Lessee.
Had the recommendations introduced in that report been heeded,
I feel confident in saying that your road would, before to-day, have
been upon a profitable basis and in a position that would have guar-anteed
an annual dividend equal to the rental which j'our Lessee is
to pay, and I also venture the assertion that those members of your
Company desiring returns upon their stock, having become satisfied
as to the profitable future of their property, the question of a receiv-ership
would not have arisen, and the lease, probably, not have been
made, but as they did not seem to the controlling power of sufficient
importance to merit favorable consideration, the wise step on the
part of those wishing to put it upon a paying basis, and to make it,
as it was intended to be, a potent factor in the development of this
section, was to lease it, and I have every reason to hope and believe
that the transfer of its management from the control of your Company
President's Report—Continued.
to that of The How land Improvement Company, presages the dawn
of a prosperity to this section that will bring its waste places into
cultivation and gladness into the hearts of thousands of toilers along
its line.
The Gross Earnings of your road have been.
.
$331,332.80
Its Operating Expenses have been $221,820.17
Fixed Charges, Interest and Taxes 30,693.02 252,503.19
Leaving its Net Earnings $ 78,829.61
Which have been expended as follows:
Permanent Improvements and Extra. Repairs $24,360.37
New Equipment, Machinery, &c 8,589.25
Real Estate and Woodland 8,929.96
Balance 36,950.03 $78,829.61
Leaving Balance on Hand $ 36,950.03
For a statement more in detail you are respectfully referred to
the reports of the Auditor, Treasurer, Master Mechanic and Road
Master.
In view of the many harsh criticisms upon the management of
your property which have appeared in some of the public prints of
the state, based upon the ex parte statements of certain men, stran-gers
to truth and noted wherever known, for their mendacity, I have
deemed it not inopportune to lay before you the subjoined statements
of the earnings, operating expenses, and expenditures for better-ments
and improvements from June 30th, 1890 to June 30th, 1904 in-clusive,
covering a period of fifteen years, and embracing the ad-ministrations
of four different managements, to-wit: those of Messrs.
Chadwick, Hancock, Patrick and my own.
By reference to the statement covering the first ten years 1890
—
1899 inclusive of the period referred to, and embracing the adminis-trations
of Messrs. Chadwick, Hancock and Patrick, it will be seen
that,
The Gross Earnings amount to $1,548,390.02
Operating Expenses, fixed charges 1,120,553.48
Leaving the Net Earning for 10 years 427,836.54
Which was expended as follows:
For Betterments and Improvements $ 141,212.72
Dividends 215,632.00 356,844.72
Leaving a surplus during ten years of $ 70,991.82
or an average yearly surplus of $7,099.18.
President's Report—Continued.
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President's Report—Continued.
By reference to the statement covering- the last five years, 1901 to
1904 inclusive, that the road was in your possession or the period
known as the Bryan Management, you will find that during those
five years
The Gross Earnings were $1,351,183.98
or within $197,206.04 of the total Gross Earnings
of the ten peceeding years.
Operating Expenses, fixed charges were 1,028,486.62
Leaving the Net Earnings 322,697.36
or an average yearly surplus of $64,539.47, being for the
five years just $105,139.18 less than the3T were for the
preceeding ten years.
A further reference to the statement, which is made up from the
books and vouchers in the hands of the Auditor and Treasurer will
show you in detail every item to a penny for which that $322,697.36
was expended.
The examining committtee sent by the Governor to investigate
the mendacious charges made by parties connected with the receiver-ship
and others, which with the aid of McBee's Attorney, W. W.
Clark, of New Bern, they did most thoroughly, in their report to him,
pronounce those books and accounts correct, and went out of their
wa}' to compliment the Treasurer upon the business-like manner and
the exactness with which he kept them.
This statement taken, as stated above, from the books and
vouchers in the offices of the Auditor and Treasurer, ai.d made up
by the Auditor in person, should be and is, to every right thinking
man who prefers truth to falsehood, a full and complete refutation
of the charges made against my administration and against me per-sonally,
and when sustained, as it is, by the testimony of expert
accountants who at the instance of the State examined every book
and voucher in their offices, and by the report of the Governor's
Committee, should be convincing.
In order that you may better understand and more fully appre-ciate
the business progress of your road during the last five years of
your control under the management of the present Officers of your
Company, I beg to call your attention to the subjoined statement of
its annual earnings during that period.
As stated on a former occasion when in Sept. 1899 we first as-sumed
its management, its earnings for that fiscal year ending June
President's Report—Continued.
30th, were the largest in its history, to-vvit: $187,562.20
For the year 1900 they were 218,165.96
H .< (< igol «« " 240.544.93
<< u a 1902 « << 257,032.70
" " " 1903 " " 304,107,59
" " " 1904 " " 331,332.80
Being- an increase in 1904 over the earnings of 1899 of 143,770.60,
or an annual average increase of $28,754.12 during the five years of
my administration.
The report made to the Governor upon the condition of the road
in connection with the charges made by McBee and others, and pur-porting
to be made by the Committee of Investigation, was, in reality,
not the report of that Committee, but the report of three members of
it only, it being signed by Messrs. R. T. Gray, W. T. Lee and
Henry A. Page, Messrs. Beckwith and Ballard, the other two mem-bers,
and who are also members of the Board of Internal Improve-ment,
for reasons satisfactor}' to themselves, declined to affix their
signatures to it, and Mr. Beckwith submitted a dissenting report.
In regard to that report which reflected upon your directors as well
as myself, any one caring to examine the testimony taken before the
Committee will find that many of its statements are not sustained by
the evidence, and we do not deem it essential to refute the many in-accuracies
which it contains.
It is amply sufficient for us to state that, notwithstanding said
report, and the many unfair and unjust newspaper criticisms, the
Governor has seen fit, after full knowledge and investigation of all
that has transpired to reappoint every member of 3'our Board of Di-rectors
who are appointed bjr the State, except Mr. D. Harvey, whom
he has promoted to the position of State Proxj*.
This alone, is a sufficient refutation, and in every detail, a com-plete
and comprehensive vindication.
I regret that upon an occasion like this I should have found it
necessary to call your attention to matters pertinent to myself, but
this being the last report that I shall make }'ou as President of your
company, my private affairs and the duties I have assumed in con-nection
with the construction of another road requiring my almost un-divided
attention, I have selected this as the most opportune moment
to do so, and with the allusions I have made above leave the whole
matter in your hands.
I have conscienciously endeavored to discharge my full duty in
the management of your property, and in every instance, have done
what I thought best, with an eye single to your interest. As an evi-dence
of my efforts I again point you to the fact that when I assum-ed
its control five years ago, its greatest earnings for any one 3'ear,
President's Report—Continued.
1899 were but 8187,562.20, whereas I leave it with its earnings
during this, the last year of my administration, $331,332.80, and to
the further fact that its stock which was selling at $20. to $25. per
share, now has a market value of $65. to $70. per share.
For these results, you are indebted not to me alone, but also to
your Board of business-like Directors, to whose judgment and wise
counsel I owe much of the success which has attended my adminis-tration.
On the first of this month, as 3
Tou know, by a very large majority
vote, you leased your property to The Howland Improvement Com-pany,
of which Mr. Richard S. Howland, of Asheville, is the pro-gressive
and enterprising President.
Inventories of supplies on hand, cars, engines, machinery, &c.
,
are being taken, and Mr. Charles Dewey, of Goldsboro, who is
looked upon as a thorough machinist and practical man of affairs,
has been employed on the part of your Company to go over your road
with the expert on the part of The Howland Improvement Company,
and to make a report on the condition and value of your roadway,
rails, warehouses, trestles, water tanks, piers, shops, machinery,
cars, engines and all other property belonging to you, which when
completed will constitute the basis of agreement as to values and
conditions between 3
Tou and your Lessee.
In leasing j'our property to The Howland Improvement Company,
while there was, as was to be expected, some opposition to it, the
impression is becoming general that your act was a wise one, and
will result, in the near future, in the development and upbuilding of
the entire section along its line, a condition much needed and long
hoped for, but, until now, with but little prospect of realization.
The terms of the lease, in so far as they relate to the money
rental are as follows:
Rent from September 1st, 1904, to December 31st, 1904 $13,479.50
For the next succeeding 20 years, annually 53.916.00
" " " " 10 " " 62,902.00
" '• " " 10 " " 71,888.00
" " " " 10 •' " 80,874.00
" " " " 10 " " 89,860.00
For the remainder of the term, 31 years, annually 107,832.00
Making a total of 91 years and 4 months.
All of which is respectfully submitted,
JAMES A. BRYAN,
President.
REPORT OF FINANCE COMMITTEE.
To the Stockholders of the Atlantic & N. C. Railroad Co.
:
"We beg to submit the following- report of Earning and Expenses
of your Company at the close of the present year ending June 30th,
1904, as shown by the accounts of the Auditor.
Gross Earnings $331,332.80
Fixed Charges 30,683.02
Extraordinary Expenses 41,879.58
Operating Expenses 221,820.17
Balance Net Profit 36,950.03
$331,332.80 $331,332.80
Respectfully submitted,
G. H. Roberts, Chmn.
F. W. Hughes,
T. A. Green,
B. W. Canady,
J. A. Meadows,
Finance Committee.
REPORT OF FINANCE COMMITTEE.
To the Stockholders of the Atlantic & A7
. C. Railroad Co.:
We herewith submit the following report of the Financial Con-dition
of 3'our Company at the close of the present year ending- June
30th, 1904, as shown by the books of the Treasurer.
The Cash Receipts, Disbursements and Balances are as follows:
CASH "RECEIPTS AAJTD D1SBUKSEMEMTS
From June 30th, 1903, to July 1st, 1904.
RECEIPTS. MONTHS. DISBURSEMENTS.
42,007.55
47,890.94
41.014.79
48,590.26
47,804.72
36,224.67
39,011.43
38,562.84
4,218.97
23.817.71
32,564.55
52,144.75
41,924.78
2,603.64
33,605.71
July
September . . .
October
November . .
.
1903
4 i
i <
1 i
i i
51,198.59
46,850.06
40,245.78
39,041.75
50,055.81
4 4
1904
4 4
i i
39,775.93
45,321.74
44,993.91
March
t c
4 4
4 4
13,170.69
38,193.40
April 4 4
4 4
8,635.45
42,598.56
May
June
4 4
4 (
44,143.59
121.80
4 4 4 4 24,768.95
531,987.31
12,259.21
Tot al
Jt
526,115.51
Balance,
June 30, 1903
Ba1
me
ance.
30, 1904 18,131.01
$ 544,246.52 Grand Total $ 544,246.52
Respectfully submitted,
G. H. Roberts, Chmn.
F. W. Hughes,
T. A. Green,
B. W. Canady,
J. A. Meadows,
Finance Committee.
ATLANTIC & NORTH CAROLINA R. R. CO.,
TREASURER'S OFFICE,
New Bern, N. C, Sept. 21, 1904.
To the President and Directors of the Atlantic & North Carolina
Railroad Company,
Gentlemen :
—
I have the honor to submit to you herewith the annual state-ments
of the Receipts and Disbursements by the Atlantic & North
Carolina Railroad Company for the fiscal year ending 30th June,
1904 ai.d the financial condition of the Company.
Accompanying- the statement is a list of the Officers and Em-ployees
of the Company at the close of the fiscal year, and a list of
the Stockholders up to and including the 23th day of August, 1904.
Very Respectfully,
M. MANLY,
Sec'y & Treas.
Dr. M. MANLY, Treasurer, in Account with the
Balance, June 30th, 1903. $ 12,259.21
1903-1904 Cash received during- fiscal year
ending- June 30th, 1904, as follows:
—
From Agents $359,688.65
Conductors 8,730.81
Southern Express Co 21,683.50
U. S. Mail 8,751.44
Sale Old Material 1,515.55
Rents 610.81
Note discounted 79,000.00
Gen. Frt. and Pass. Agent... 16,419.75
A. C. L. Freight Traffic 8,669.55
Atlantic Hotel 5,711.97
Miscellaneous 21,205.26 531,987.31
$544,246.52
Atlantic & North Carolina Railroad Company. Cr.
1903-1904 Cash paid General Officers
Shop Hands
Sec. road & bridge hands
Station Agents & Hands
Train Hands
For Wood
For Cross Ties
Bl'ks, Stat'ny & Printing
Legal Expenses
Taxes-State, Co. & Mun.
Directors and Fin. Com.
Coupons
Interest
Judgments
Insurance
Stock Killed
Steel Rails
Atlantic Hotel
Notes
Current Vouchers .
Cash on hand June 30th, 1904
* 6,124.98
45,528.34
27,615.45
30,097.01
10,384.67
33,037.70
5,428.85
2,652.42
2,763.78
9,292.58
800.00
19,500.00
2,389.73
600.00
2,112.07
974.93
5,793.44
21,730.71
85,000.00
214,289.05 526,115.51
18,131.01
$544,246.52
TREASURER'S REPORT.
To Capital Stock, authorized $1,800,000.00
Less " " not issued 2,800.00
To Capital Stock outstanding- $1,797,200.00
CURRENT ASSETS.
Due from Agents of this Company (Auditor) $15,159.86
" Other R. R. and S. S. Companies, (Auditor) 12,253.57
" Individuals, (Auditor) 444.78
" " U. S. for Transportation of Mail 2,191.36
" " Southern Express for Transportation of Mdse ... 1,673.70
Material and Supplies on hand, Shops $21,981.93
Wood 9,714.47
Ties 180.00 31,876.40
Cash on hand June 30th 18,131.01
$81,730.68
CURRENT LIABILITIES.
Not including Bonded Debt $325,000.00.
Interest on First Mortgage Bonds $ 9,750.00
Bills Payable, Notes discounted 23,000.00
" Acme Machine Works Co $1,780.78
Atlantic Hotel, (purchase) 12,000.00
J. H. Hackburn, (Real Estate)... 2,000.00
Hardie Tynes Co., Hotel lighting 379.00
J. J. Wolfenden for woodland 91.00 39,250.78
Accounts paj'able, open account (Vouchers) 9,991.28
Proportion of Taxes due 685.64
Due to other R. R. and S. S. Companies, (Auditor) 4,444.30
Due to Agents of this Company, (Auditor) 21.74
Due to Individuals, (Auditor) 442. 11
Wages due Employees for month of June, (Pay Roll) 8,511.80
Dividends not called for 1,799.00
Excess of Current Assets over Current Liabilities 6,834.03
$81,730.68
Director elected by the Stockholders,
LIST OF OFFICERS AND EMPLOYEES
OF THE
ATLANTIC & NORTH CAROLINA RAILROAD COMPANY
30th June, 1904.
Per Annum
J. A. Bryan, President $2,500.00
M. Manly, Secretary and Treasurer 1,200.00
Per Month
S. L. Dill, G. F. and P. Agent and Gen. Supt $125.00
M. L. Willis, Anditor 75.00
B. A. Newland, Master of Transportation 100.00
J. A. Brvan, Director appointed by the State,
C. M. Busbee, " " " " "
W. H. Smith, " " " "
L. Harvey, " " " "
J. C. Parker, " " " "
rSmJSmSaaam,W. H. Bagley,
"
" " "
R. W. Taylor, " " " "
D. B. Hooker,
C. E. Foy,
E. C. Duncan, " " " "
Henry Weil, " " " " "
Dempsey Wood, " " " " "
G. H. Roberts, Ch. Fin. Com. elected by Stockholders,
F. W. Hughes, " " " "
J. A. Meadows, " " " " "
B. W. Canady, " " appointed by Directors,
T. A. Green,
H. L. Finlayson, Soliciting- Agent $10.00
H. P. Dortch, Soliciting Agent 75. 00
C. D. Lane, Ticket Agt. at New Bern and Tel. Operator 50.00
H. B. Chestnut, Clerk in General Office 50.00
J. F. Gearge, Clerk in General Office 50.00
E. A. Gulley, Clerk in General Office 50.00
J. C. Lewis, Clerk in General Office and Train Dispatcher.. 95.00
J. H. Green, Master Mechanic 120.00
J. P. C. Davis, Agent at New Bern 75.00
E. W. Chad wick, Assistant Agent at New Bern 60.00
Henry B. Lane, Clerk at New Bern 50.00
S. B. Moore, Clerk at New Bern 40.00
J. W. Massey, Tel. Operator 30.00
J. J. Broadhurst, Agent at Goldsboro 75.00
E. Powell, Assistant Agent at Goldsboro 40.00
J. E. Stanly, Yardmaster 40.00
A. L. Thompson, Clerk at Goldsboro 40.00
J. L. Royall, Ticket Agent at Goldsboro 12.00
I. W. Graham, Agent at LaGrange 60.00
Pay of
Directors
and Finance
Committee
$5. per day
attending
meetings.
Per Mo.
List of Officers and Employees.
Per Month
Horace West, Agent at Kinston 60.00
H. H. Grainger, Assistant Agent at Kinston 60.00
D. A. Measley, Agent at Dover 45.00
H. C. Wooten, Clerk at Kinston 50.00
B. S. Guion, Clerk at New Bern Freight 60.00
S. H. Lane, Clerk at New Bern Freight 50.00
T. Newland, Shifter at New Bern 40.00
M. A. Hill, Agent at Cove 25.00
C. A. Bell, Agent at Newport 30. 00
W. M. Lewis, Clerk at Morehead City, Pier 1 40.00
A. H. Webb, Jr., Agent at Morehead City, up town 50.00
0. Ipock, Telegraph Operator at Dover 20.00
B. Wetherington, Agent at Tuscarora 25.00
J. E. May, Agent at Best's, 10 per cent, on Frt. Rec'ts & Tkt. sales.
1. Dawson, Agent at Falling Creek, 10 per cent, on Freight receipts.
J. P. Kelly, Agent Caswell 10 per cent, on Freight receipts.
A. D. Tisher, Agent at Riverdale 10 per cent, on Ticket sales.
N. C. Williams, Agent at Croatan 10 per cent, on Ticket sales.
J. H. Hunter, Agent at Havelock 10 per cent on Ticket sales.
W. C. Murdock, Agent at Wild wood. . . .10 per cent, on Ticket sales.
Per Month
J. B. Davis, Conductor $60.00
D. R. Williams, Conductor 60.00
C. K. Hancock, Conductor 60.00
E. C. Bizzell, Conductor 60.00
W. K. Hinnant, Conductor 60. 00
E. B. Royall, Baggage Master at Goldsboro 5.25
Chas. Simpson, Baggage Master on Mail Train 30.00
John Stanly, Night Watchman Goldsboro 30.00
C. W. Bell, Night Watchman at New Bern 30.00
J. C. Thomas, Night Watchman at New Bern 30.00
E. H. Hardison, Night Operator at New Bern 40.00
N. Case, Yardmaster at New Bern . 35. 00
Per Diem
J. W. Fulford, Flagman 1.00
D. W. Davis, Sunday Watchman at Morehead City station .. .75
Per Month
C. D. Duncan, Engineer $100.00
W.P.Marshall, " 100.00
W. B. Sanford, " 95.00
J. H. Neal, " 100.00
P. M. Prior, " 100.00
W. M. Pettway, " 100.00
R. M. Flowers, " 95.00
N. H. Russell, " 100.00
G. W. Meredeth, " 95.00
E. K. Bryan, Time Keeper 50.00
List of Officers and Employers.
Per Diem
J. N. Charlton, Engineer $ 3.16
J. W. Harper, Machinist 2.50
G. L. Case, " 2.50
K. T. Springle. " • 2.00
J. C. Scales, Blacksmith 2.50
J. B. Aldridge. Moulder 2.00
W. I. Per ry, Car Inspector 1. 75
D. R. Fulford, Pattern Maker 2.50
Carl Kano, Carpenter 2. 25
J. Willis, Tinner 2.00
J. R. Whitehead. Boiler Maker 3.00
H. Scales, Blacksmith 2.00
J. D. Whitford, Engineer 2.25
T. H. Green, Machinist 2.50
W. H. Hancock, Carpenter 2.00
T. E. Marshall, " 1.65
W. E. McKay, " 2.00
D. W\ Harper, " 2.25
J.P.Harper, " 2.00
W. E. Gaskins, " 1.75
J. P. Lewis, " 2.00
F. J. Hardison, " 1.50
O. M. Banks, " 2.35
W. B. Parker, " . . 1.50
J. D. Riddle, «' 2.25
S. C. Ezzell, " 2.00
Henry Winfield, Blacksmith 2.00
J. B. Congdon, Machine Man 2.35
W. Fulford, Painter 1.50
A. M. Franklin, Painter 1.75
A. McDermond, Car Inspector, Goldsboro 1.60
Per Month
W. T. Pelletier, Section Master No. 1 35.00
W. L. Oglesby,
L. B. Daniels,
J. W. Bullock,
F. C. Ipock,
Walter Glover,
H. F. Boney,
I. F. Lane,
W. M. Merrett,
T. H. Pigford,
" 2 35.00
" 3 35.00
" 4 35.00
" 5 35.00
" 6 35.00
" 7 35.00
" 8 35.00
" 9 35.00
New Bern Yard 40.00
W. F. Carlisle, Road Master 75.00
I. N. Riggs, Pumping and Bridge Watching 16.50
S.G.Parker, " " " " 20.00
C. H. Squires, Trent River " " 25.C0
Wm. Coaker, Neuse River " " 15.0(.»
W. C. Coward, Foreman Trestle Force 60.00
A. W. Cook, Foreman Carpenter Force 60.00
J. J. Jones, Foreman Extra Force 45. 00
In addition to above, 141 persons are employed as clerks, road
hands, firemen, train hands, apprentices, pump hands and laborers.
LIST OF STOCKHOLDERS
-OF THE-ATLANTIC
& NORTH CAROLINA RAILROAD COMPANY
August 255th, 1904.
NAME.
Abbott, S. H
Andrews, A. B
Archer, Jennie P .......
A. C. L. Co. of Conn
Arendell, B., Estate of..
M. F., Est. of.
W. L
Abernethy, C. L
Barrow, C. P
Batchelor, J. B
Battle, R. H
Bell, C. C
" Mary F
" Standi C
" W. S. Jr
Best, M. J
Biddle, J. W
Bizzell, J- W
J. S
K. E
M. E
Boney, D. E
" G
" G. J
" W. J
Borden, E. B
Jno. L
W. H
Bowden, W. B
Bray, Alice E
Brock, R. M
Brown, T. B
Bryan, A. McW
Charles S
Henry R
Henry R., Jr
" James A
J. R
" James W
" Mary S., Est. of
Mary W., Est. of
" OctaviaW. Est of
" Washington ....
C. S.,Tr.G.McW
2
1
2
8
1
5
1
1
1
1
1
1
1
1
1
1
2
1
6
1
1
1
1
1
1
6
3
1
1
1
1
1
12
1°
1
2
15
10
1
1
8
1
34
3
V.
1
1
i!
4]
1
i
ll
1
1
1
1
i1
1
3
1
1
1
1
1
1
3
2
1
1
1
1
1
6;
6
1
i
1
1
4
1
10
NAME.
Bryan, C. S., Tr. M. S.
" " " M. N.
Buck, Fannie A
Busbee, F. H CM
Branson, Clara S
Mrs. W. H....
Blades, W. B
Bovette, Frank
Lula V
Baxter, J. J
Britt, W. G
Bagley, W. H
'Brig-g-s, Willis G
Brooks, F. F
Caho, W. T
Canady, B. W
Garmer, Annie E
Carraway, J. R. B
Katie L. ...
L. E
J.R.B.,Tr.R
J. E
Carrow, S. J., Estate of
Chapin, Wm. H., Est. of
Charleton, G. W., Est. of
Clark, C. C
" H. J. B., Est. of.
" W. W
Cobb, W. H., Jr
Collier, Wm. O., Est. of
Cox, Albert G
E. F
" Eliza H
" James G
" James W
•' Mary Ann
Crawford, W. W
Crabtree, C. W
Cronly, R. D
Cutler, Addie H
B. B
L. H
" Tr. L. H. Jr.
S.
3
3
1
1
26
2
1
1
2
1
1
1
5
2
1
1
1
1
1
1
1
1
3
1
1
1
1
1
1
1
1
1
1
1
1
2
1
3
2
3
12
1
9
1
LIST OF STOCKHOLDERS—Continued.
NAME.
Cutler, Fannie
Laura D
Cuvler, Agnes
Emilv P
" John P
" Mississippi . .
.
Chad wick, Annie D. . .
M. F
Mabel
W. W
w. s
L. B
Collins, Plato
Daniels, J. W
Marv C
Ruby B
Thomas
L. G
Darden, Joseph
Davis, A. C, Jr
Geo
" James C
" J. Henry
" John D
" Mollie D
" D. R
Dean, W. H
Dees, George
" J. T
Dewe}', Charles
C, Tr. E. M ..
" " " G. S...
" " " T. A ..
" " " Hattie .
" " " Hannah
Dill, J. R
" Samuel L
" W. F
Divine, A. E
J. F
J. S
M. E
M. W
S. A
V. Stella
w. c
Dixon, George
D. V
Dortch, H. P
Isaac F., Ex...
" W. T
Duffy, F. S
Walter
S. V.
2 1
1 1
12 6
17 7
37 10
14 6
1 1
10 5
10 5
10 5
10 5
5 3
1 1
1 1
1 1
1 1
5 3
c 3
1 1
5 3
40 10
1 1
1 1
1 1
1 1
5 3
1 1
1 1
2 1
5 3
1 1
1 1
1 1
1 1
1 1
1 1
1 1
1 1
3 2
12 6
3 2
3 2!
3 2
6 2
3 2
3 2|
3 2
1 1
1 1
1 1
5 3:
1 l
1 l
NAME.
Duffy, Walter, Est. of .
.
" Chas
Sophia B
Duncan, J. A
W. B
E. C
(I II rr\
" " B.C.","Jr!
" "C.L.,Jr.
" " W.B.,Jr.
" " Julius ..
D. J !
Thos
A. C
J. L
Dunn, B. R
" E. C
" Henry
" Janie B
" John
" Mary J
" Wm
" Willia A
" S. W
Daughertv, J. E
Edgerton, J. B
Edwards, John W
Ellington, Ethel J
Erwin, Cora A
G. P., Exr
Fairbairn, Thos. Est. of
Eaircloth, Eveline ....
Jas. B., Est. of
Fidelity Bank
Fields, John Jr
" Mrs. Bettie
Lillian
" Bernice
" Wheeler Martin.
Fife, W. P
Finley, Charles B
Finlayson, H. L
Hattie L
Fonveille, I. B
Fort, W. B
Foust, J. H
" M. A
Foy, Agnes C
" A. E
" A. G
" Claudius B
" C. E
S. V.
1
2
5
5
10
18
22
21
34
33
7
8
5
5
6
1
5
1
5
1
5
1
1
12
3
1
12
41
2
17
1
2
1
1
1
1
1
1
1
1
1
1
1
5
1
10
6
4
10
62
1
1
3
3
5
7
8
8
10
9
4
4
3
4
4
4
3
1
3
1
3
1
3
1
1
6
2
1
6
10
1
7
1
1
1
1
1
1
1
1
1
1
1
1
1
3
1
5
3
2
5
12
list of stockholders—continued.
NAME. S.
Foy, Chas. H
" D. F
" F. A
" H. A
Frankenfield, H. G
Franklin, J. R., Est. of.
Fulford, W. B
Finch, K. S
Garner, L. A
" Samuel M
Gaskins, N. B
Gaskill, Joseph
Gibson, P. H
Giddcns, L. D
R. J
Gordon, J. W
Grainger, Henry
H. F., Est. of
J. W
Grantham, D. A
J. M
Granger, W. P
Gray, C. L
" J. E
41 M. A
" T. D
Green, John C
" T. A
" George
" Tr. G. G. Jr.
" " A. D. G.
T. A.,tr. W. H. G.
Grimsley, W. P., Est. of
Grist, Franklin R
Guess, W. W
Guion, O.H., Tr. Rodman
«' J. A ...
" O.H.Jr.
" L. R ..
" Mrs. PattieR
" O. H
Gulley, L. D
Griswold, W. J
Grady, N. H
Ora B
Hackburn. E. B
Hahn, J. L
M
Hall, A. E
" W. G., Estate of..
Hancock, F. W
Robert
V.
3
1
1
1
1
1
1
47
2
1
1
10
-» o
1
1
1
1
1
5
1
1
1
3
1
1
1
1
9
1
1
1
5
5
16
1
1
1
1
1
1
3
15
5
1
5
5
1
1
3
2
1
1
1
NAME.
2: .Hancock, R. D.
1
ll
1
ll
li
li
10
1
l|
1
5'
<?'
i
1|
1!
1]
li
li
1
1
1
2
i:
i
i
i
S|
i
i
i
3!
3!
71
l!
1!
li
1
1
1
2
6
3
1
3
3
1
1
2
1
1
1
1
lHanrr, John F., Estate of
iHanks, J. B
;Harper Henry D
jHadley, Maud W
(Harrison, J. M
M. E
.Hart, Horace
jHartsfield, J. L
Harvey, C. F
I Chas. Felix
Haskitt, J. P
Hatch, G. K
Jas. R
Hay, Robert C
Heartt, Leo D
Henderson, Carrie and |
Osgood, Hannah.... \
Henrv, Walter
David P
" Emma J
Herring, Wm. I
Hill, IsaacS., Estate of
" John B
" W. F
Hilton, Daniel
Hinsdale, E. E
J. W " Jamuel J., Jr
Hodges, J. M
F. R
Hollo well, J. M
Holman, S. W
W. C
Home, A
Haskins, B. J
Howard, George
J. J
Hughes, J. B
F. W
[Humphrey, L. W., Est. of
Hunter, Wm
J. H
jHurtt. D. W
Hutchinson, Chas. G..
Henry H .
John
John, Jr .
Maria S .
W. B ....
Hyatt, John
iHyman, T. B
Harvey, L
S. V.
1
1
1
1
1
1
3
1
1
1
1
1
1
1
->
1
1
1
1
1
1
1
1
3
6
1
1
1
1
1
1
1
1
6
2
27
2
1
1
1
1
1
2
1
1
1
1
1
7
LIST OF STOCKHOLDERS—Continued.
NAME.
Hutton, P. C
Havwood, Ernest
Hewitt, T. D ,
Holt, Thos. J
" Wm. P
" S. I
" Richard R ,
" Wm. N
Ipock, W. G
Ireland, David
Isler, Stephen W
Ives, Geo. N
" C. L
Jackson. H. W
'
' Jesse
J. Q
Jarvis, T. J
Jerman, B. S
Johnson, Alex
Jones, Harry
" T. W
" W. G
" J. B
" C. D
Joyner, Addie N
J. Y
John
" Laura
Lucy J
Keeler, Thos. P., Est. of
Kennedy, A. T., Est. of
J. L
W. L
Kinsey, R. B
Kirby, G. L
Mary E
Kline, Chas. D
Kornegay, Mrs. D. O...
G. E
W. P
Koonce, John D
Lassitter, Jesse M
" Stephen
Latham, C. H., Est. of .
Julia A
S. W
J. E
Lane, B. F
Lathrop, M. A
Lee, Henry
Lodge, Euphemia, Est. of
Loftin, Elijah P
Joel
1
5
1
2
2
1
1
1
1
1
1
1
1
1
1
1
1
2
5
1
1
1
1
8
1
3
3
1
1
1
1
1
5
1
2
1
1
1
1
1
10
1
1
1
1
5
1
2
12
1
1
1
1
V.
1
3
1
1
1
1
1
1
1
1
1
1
1
1
1
1
3
1
1
4
1
2
2
1
1
1
1
1
3
1
1
1|
1
1
1!
1
s
1
1
1
1
3
1
1
6
1
1
}\
NAME.
Loftin, S. H
Long, Wm. S
Mallison, T. H
Manly, Matt
A. H
Marks, M. M
O
" Tr. H. B. M..
" " H. L
" " " B. E
" Mrs. Fannie
Ella R
Martin, H. P
McCain, D
McCov, Fred, Estate of .
" " W. S., Estate of
McDowell, Chas. S
McGowan, J. C. and S. F
J. S
Meador, S. C
Meadows, E. H
J. A
Metts, Sarah E
" W. P
Mewborne, Jno. F
Mewborn, T. W
Miller, Alex., Jr
A. R
J. F
" Martha
Mitchel, S. E. Est. of. .
.
Moore, R. W
W. H
Morehead, J. Lathrop .
L. L
M. W
Moye, Macon, Estate of.
Murdoch, Wm. A
Mace, W. A
Moseley, H. E
Nason, Adelbert M
Nelson, M. D
Nichol, Susan C
Noble, A. M
" Izzariah
Norwood, Geo. A., Jr...
Oettinger, Abe
Bros
«« David
" Tr. H. O.
" " " B. O.
" " " A. O.
" " " M. O.
V.
5
4
2
1
5
1
1
1
1
1
1
1
1
1
2
1
2
1
4
4
2
6
1
1
5
1
1
1
1
1
1
1
1
12
23
12
1
5
8
3
2
1
1
3
1
1
1
1
1
1
1
1
1
1
1
1
1
2
2
1
** o
1
1
3
1
1
1
1
1
1
1
1
6
8
6
1
5
LIST OF STOCKHOLDERS—Continued.
NAME.
Oettinger, D., Tr. L. O.
" " " F. O.
" " " E. O.
" " D. O.
" " E. O.
" " " c. o.
" " " c. o.
" " L. O.
" " J. O.
" " " M. O.
" " L. O.
" '• " E. O.
" " " W. E.
" " C. E.
Sol
Oliver, J. F
M. L
Outlaw, F. P
Oglesby, Abegail
Mary Lee
Ormond, Issaac F
Parmer, A. B., Estate of
Parker, T. B
J. C
Parrot, John A., Est. of
J. M
Pearsall, P. M
M. H
Perry, B. L
D. E., Est. of.,
J. W
Peterson, J. E
Phillips, J. R
L. L
R. A
Piggott, E. J
Pollock, Ann
Kate
Pope, W. J
Porter, D. W ,
John
& Godwin
Powell, D. A ,
Pridgen, J. A
Primrose, Ann, Estate of
C. S., " '
H. S
R. S
Patrick, D. W
Patterson, F. T
Potter, J. H ,
Perkins, J. J ,
\V. W
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
8
1
1
1
1
1
1
7
1
4
5
1
1
1
4
1
5
3
4
1
1
1
5
i
1
20
1
1
1
1
5
2
12
3
1
1
1
NAME.
Richardson, Eleanor S
H. V., Est. of
W. F
G. V
Rixford, George C
Roberts, F. C
G. H
" Trustee..
H. J
L. C
Robinson, G. J
" James J
Rosenthal, Joe
E. W
Rountree, Alice E
Julia J
" Mattie C
Willie M
Rouse, John
" N. J
Thos. R
" Mrs. Mattie R...
Russell, L. T
R. A
Rogers, J. R
Sanderlin, Mrs. E. W .
.
jSaunders, E. W., Est. of
ISawyer, W. H
[Short, H. B
Simmons, F. M
Slocumb, J. C
Smith, C. G
Jno. D
W. H
Spicer, J. D
Stanley, E. R., Estate of
W. F
Steadman, J. H
Street, J. J
" N. H
Stewart, J. W
Styron, L. F
" Inez
Sutton, E. L
" Hermon
Wm
J. W
Swindell, I. H
Stanton, D. M
Strud wick, E
Sumrell, G. W
McCoy
Taylor, R. W
S. V.
2
1
1
1
1
1
1
5
1
1
1
1
5
2
2
1
1
1
2
1
1
1
1
1
30
15
1
5
2
2
1
1
1
5
1
1
1
1
1
1
4
1
1
1
1
2
1
1
1
7
1
1
5
LIST OF STOCKHOLDERS—Continued.
NAME. S. V
Taylor, W. T... 1 1
J. F ... 1
1
1
1
1
1
Thomas , C. R .. 1
4 4 W. G.. 1
11 W. G.. 1
Thorpe,
Tolson,
E. J 1
Finetta, Est. of. 1 1
Tomlinson, S. Finlay. .
.
1 1
Tucker, F. P . . . 1351
1
141
Tull, Kenrv 1
Wagner , J. R., Estate of 1 1
Wahab, H. W .
.
1
1
1
1
1
Walker , Grizella
R. M ..
A 1
4 c 1
1 4 4 Farrar & Co...
¥7alters , H., Tru stee 1 1
t< 4 < 4 4 1 1
>< 44 44 1 1
Washing-ton, George . • 5 3
Waters H., Sr .
W. R .
1
1
1
1
2
1
1
5
1
& &
1
Watkins. B. B 1
£ I J. C .. 1
Webb, W. M 1
1
<« r. d
Whitaker, F. A
ison, Wm 1
Willian . H 3
Watson. A. A. .. 3
4
?,
Weil, Henry 2
" H., Trustee M. W. 3 2
(i 4 4 4 L. W. 3 2
i t ( 44 G. w. 3 2
<< 4 44 H. w. 3 2
1
1
4 44 J. w.. 3 2
<< 4 4 4 A. R.. 3 2
< t 4 44 E. R.. 3 2
i i 4 4 4 A. A.J 3 2
a 14 44 H. J.. 3 2
NAME.
44
41
Weil, H., Trustee S. E.
" " " H. E.
" " J. R.
Solomon
Sol., Trustees. W.
" E.W.
L.W.
H.W.
" H. & Bro
Wellons, Mary
West, Katie T
Whitfield, J. E
Theo
Whitford, Bessie
Clark
John D
" Johnes
" Mary J
" Ried
Willard, W. H
Willis, A. L
J. K
Wilson, Thos
W. S
Wolfenden, J. J
Wood, Dempsey
" L. S
" D. E
!Woolard, Eliza E
Wooten, Council S
J. F
S. I
IWilson, Mrs. M. R
Whitaker, T. C
R. A
Winston, M. C
Woodward, J. E
Yelverton, W. T
S. V.
3
3
2
4
3
3
3
3
52
5
1
2
1
3
3
12
3
3
3
1
1
1
3
2
1
13
1
1
1
3
2
5
1
5
1
1
1
1
2
2
1
2
2
2
2
2
12
3
1
1
1
2
2
6
2
2
1
1
1
2
1
1
6
1
1
1
2
1
3
1
3
1
1
1
1
NAME. Shares Votes
Individual Shares 3,311
12,666
500
1,293
202
State of North Carolina 350
56
" " Craven 135
" " Pamlico 26
17,972
ATLANTIC & NORTH CAROLINA RAILROAD CO.
AUDITOR'S OFFICE,
New Bern, N. C, June 30, 1904.
To the President and Directors of the Atlantic & North Carolina
Railroad Company,
Gentlem en :
—
The accompanying- statements for the year ending June 30th,
1904, embraces the general accounts, earnings and expenses, in
detail, and accounts of permanent improvements, extraordinary
repairs, etc.
Very Respectfully,
M. L. WILLIS,
Auditor.
AUDITOR'S REPORT.
ATLANTIC & NORTH CAROLINA RAILROAD COMPANY
Expenses in Detail for the Year Ending June 30th, 1904.
HEADS OF ACCOUNTS.
Maintenance of Way and Structures.
New Operating
Work. Expenses.
1 Repairs of Roadway $23,584.09
3 Renewal of Ties
4 Repairs of Bridges and Culverts. .
.
5 " Fences, Cross. & Cattle Gds.
6 " Buildings and Fixtures
7 " Docks and Wharves
9 Stationery and Printing
10 Other Expenses
Total.
7,985.58
1,803.44
221.96
2,697.47
1,123.47
19.50
41.37 37,476.88
Atlantic Hotel Construction $15,806.89
New Depot Best's.
" Depot Cove .
.
Sidings
4 ' Depot Havelock
" Water Tank Stoney Creek
" Depot Riverdale
" Rails 5,883.48
Extra Expenses, Fenders Trent River 1,836.29
463.90
15.29
154.63
35.35
146.24
18.30
24,360.37
Total 61,837.25
Maintenance of Equipment.
11 Superintendence
12 Repairs of Locomotives
Passenger Cars . .
.
Freight Cars
Work Cars
Marine Equipment
Shoy Machinery...
18 Stationery and Printing
19 Other Expenses
13 i ( i
14 CI i
15 t i i
16 it i
17 a <
2,170.54
11,762.78
10,251.85
10,262.56
703.80
235.82
2,997.69
583.01
2,354.24 41,322.29
New Shop Machinery 821.10
" Logging Cars 4,077.24
" Box Cars 991.89
" Flat Cars 381.93
" Passenger Cars 2,317.09 8,589.25
Total 49,911.54
AUDITOR'S REPORT—Continued.
Conducting Transportation.
20 Superintendence $ 1,301.80
21 Engine and Round-House men 16,166.41
22 Fuel for Locomotive 31,256.14
23 Water Supply for Locomotives 781.66
24 Oil and Waste for Locomotives 1.43
25 Other Supplies for Locomotives .... 23.91
26 Train Service 10,192.11
27 Train Supplies and Expenses 4,811.09
28 Switchmen, Flag-men & Watchmen 1,625.44
29 Telegraph Expenses 511. 10
30 Station Service 29,780.64
31 Station Supplies 2,047.03
33 Car Service Balance 12,279.80
34 Hire of Equipment Balance 175.00
35 Loss and Damage 2,546.83
36 Injury to Persons 874.81
37 Clearing Wrecks 211.69
39 Advertising 92.50
40 Outside Agencies 1,806.84
41 Commissions 23.66
44 Rents of Buildings & other property 90.11
45 Stationery and Printing 2,225.72
46 Other Expenses 154.67
46 Stock Killed 1,039.68 120,020.07
Total 120,020.07
General Expenses.
47 Salaries of General Officers $ 6,194.98
48 " " Clerks and attendants . 5,581.55
49 General Office Expenses & Supplies 1,048.30
50 Insurance 2,964.87
51 Law Expenses 4,817.28
52 Stationery & Printing (Gen. offices) 730.96
53 Other Expenses 901.39
53 Pay of Directors and Committees .
.
761.60 23,000.93
Taxes 9,568.61
Real Estate 566.70
Interest Ordinary 1,614. 41
" Coupons 19,500.00
Wood Land 8,363.26 39,612.98
Total 62,613.91
AUDITOR'S REPORT—Continued.
RECAPITULATION.
Heads of Accounts.
Operating
Expenses.
Extraordinary
Repairs
and
Permanent
Improvements.
Fixed
Charges.
(Interest
and
Taxes.)
m
rj
Va
"S
Maint. of Way & Structures
" " Equipment
Conducting Transportation
General Expenses
$37,476.88
41,322.29
120,020.07
23,000.93
$24,360.37
8.589.25
$61,837.25
49,911.54
120,020.07
8,929.96 30,683.02 62.613.91
41,879.58 30,683.02 294,382.77
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AUDITOR'
E^aming:** from Transportation frJm
Date.
July ....
August .
September
October . .
November
December
January .
February
March . . .
April ....
May
June
.1903
1904
Totals.
GOLDSBORO.
Pass'grs
1,436.25
2,747.90
1,546.65
1,349.10
1,243.95
1,431.55
1,223.00
1,033.60
1,164.20
1,218.20
1,526.83
1,874.85
Freight.
17,796.08
3,895.94
2,613.32
3,423.57
4,168.97
3,825.90
3,738.65
3,118.53
3,334.42
3,827.49
2,802.57
6,120.28
8,372.66
49,242.30
Pass'grs
Best's.
Freight.
56.30!$
102.95
31.90
59.90
25.90
51.65
32.40
39.85
44.90
36.65
36.10
47.55
566.05
27.59
24.49
16.77
18.81
8.87
39.29
39.03
49.95
457. 52
342.00
36.30
56.97
1,117.59
LaGrange.
Pass'grs
562.15
643.60
454. 19
462.45
358.30
469.60
365.45
285.00
328.95
326.35
401.11
569.25
5,226.40
Freight.
534.20
660.64
664.07
784.05
540.03
432.89
581.79
646.05
629.14
523.45
372.74
356.01
6,725.06
Fa::
ass
1
Date. Cove.
Pass'grs Freight.
July ....
August .
September
October .
.
November
December
January .
P^ebruary
March .
.
April . ,
May
June ....
.1903 224.
9.9.5
1904
Totals.
140.15
225.10
220.15
221.50
181.85
135.35
164.00
143.25
153.30
189.60
2,224.71
* 109.' 96
88.38
104.06
134.06
136.22
121.04
101.47
111.53
204. 59
170.43
128.47
175.66
1.585.87
TUSCARORA.
Pass'grs Freig-ht.
98.05
120.55
82.10
97.75
82.65
119.95
79.45
75.95
68.35
61.30
61.05
75.90
1,023.05
63.03
38.07
51.59
46.48
352.16
227.86
210.99
304. 41j
205.65
95.30
91.54
106.93
1,794.01
New Bern.
Pass'grs Freight.
2,694.30$
2,265.88
1,695.06
2,266.68
1,937.89
2,031.84
1,746.40
1,565.25
1,892.87
1,942.52
2,406.93
3,381.84
25,827.46
2,846.84
2,801.80
4,568.98
5,987.09
6,161.89
6,320.06
5,680.49
6,661.86
9,461.93
9,472.33
4,835.71
5,505.89
70,304.87
a>>
Date.
July 1903
August ... "
September "
October ... "
November. "
December. "
January . .1904
February .
"
March .... "
April "
May "
June "
Totals
WlLDWOOD.
Pass. Frt.
$30.75 $16.65
45.40 10.53
31.25 20.54
36.65 13.19
36.55 16.88
23.75 18.20
25.85 38.89
24.85 19.56
15.75 25.51
20.40 20.32
65.35 33.85
32.25 25.78
388.80 259. 90|
M. City—Up Tn
Pass. Frt.
$ 405.10 $ 702.84
405.18 630. 35
383.97 778.14
325.80 858.78
386.65 595:70
387.75 618. 29
327.85 559.68
277.58 610.02
511.65 1,231.41
539. 77 1,144.25
939.79 1,424.29
646.60 1,127.96
5,537.69 10,281.71
M. City
Pass.
—Pier 1
Frt.
$ 253.30
201.40
444.35
244.95
327.40
154.20
164.05
38.65
$ 256.47
329.47
378. 10
454.04
302.73
664.99
251.92
419.97
71.75
1,828.30 3,129.44
Foreign
Tickets
2,574.25
844.13
603.95
435.66
463.05
765.91
379.44
318.60
362.93
465.17
478. 48
1,645.16
9,336.73
Way
Travel
1
1,439.81
1,210.75
767.1
674.7
604. 3q
659.6,
572.00
478.35
516.70
530.35
499.55
787.45
8,740.81,1
P.
REPORT.
«tx* July 1st, 10O3 to June 30th, 1904.
Calling Creek.
ass'grs Freight.
Kinston.
Pass'grs Freight.
2,323.05$
2,309.70
1,807.94
1,918.42
1,662.25
1,801.61
1,429.90
1,186.68
1,275.95
1,438.35
1,686.49
2,366.60
1,935.24
1,586.06
1,666.81
1,907.11
1,742.10
1,560.47
1,857.56
2,135.53
3,269.56
3,076.68
2,864.81
3,183.19
Pass'grs
Caswell.
Freight.
21,206.94 26,785.12
36.00
72.15
44.75
25.10
27.70
44.95
24.30
22.20
31.25
33.70
38.45
31.05
431.60
10.75
2.89
3.72
16.91
2.69
14.61
13.25
79.08
89.12
74.81
25.46
18.32
Dover.
Pass'grs Freight.
351.61
395.60
367.65
323. 46
340.65
307.70
398.45
251.20
295.35
277.10
312.15
363.05
390.00
$
4,022.36
304.95
322.11
274.61
247.99
251.20
501.84
246. 27
249. 66
368.33
536.85
656.31
294.57
4,254.69
Croatan.
Pass'grs | Freight.
63.90
54.45
30.50
36.20
43.00
49.30
23.60
37.90
44.20
32.80
48.80
46.25
510.90
$ 32.74
39.39
37.57
33.03
23.80
21.44
23.36
33.20
27.52
27.85
37.80
29.01
Havelock.
Pass'grs
366.71
141.50
123.05
89.65
118.80
111.60
196.71
88.00
78.30
99.45
110.00
162.00
122.05
Freight.
Newport.
Pass'grs | Freis ht.
1,441.11
36.26
17.13
28.09,
32.98
29.57
21.90
32.70
36.32
36.75
34.70
36.32
30.97
$
373. 69
166.25
159.15
107.30
216.75
131.95
147.70
124.60
130.70
118.80
125.25
221.85
184.90
1,835.20
152.04
106.94
81.69
152.06
80.55
114.34
112.53
181.01
144.24
144.88
125.11
200.44
1,595.83
Irregular.
Pass. Frt.
727.00
181.50
15.15
12.75
12.50
12.50
12.50
23.50
112.50
12.50
12.50
12.50
147.40
i 1,238.18
1,843.08
1,218.02
2,054.66
2,440.46
1,346.61
1,309.84
1,289.62
846.18
13,586.65
Southern
Ex. Co.
i 1,284.06
1,280.48
2,092.53
3,604.21
2,172.13
1,453.21
1,085.65
1,196.04
1,544.22
2,387.61
1,977.83
1,673.70
21,751.67
u. s. Rents Misce
Mail. lane's
$ 728.12 12.50 19.40
728.12 13.60 253.45
728.12 22.83 2.50
728. 78 126.33
728. 78 8.33
728. 80 76.00
728. 78 44.66
730. 45
730. 35 227.33 264. 00
730.45 85.53
730.45 34.00
730.45 34.83
8,751.65] 685.94 539.35
Total.
Pass'grs Freight.
> 13,761.57
12,244.69
8,260.12
9.175.41
7,999.54
9,247.47
7,113.49
6,250.56
7,135.65
7,426.41
9,222.73
12,523.90
5 12,231.81
11,199.85
13,383.92
17,000.03
16,578.39
15,815.01
14,228.52
16,209.40
21,139.56
18,562.37
16,843.29
19,543.46'
Trans-portation.
110,361.54 192,735.61
$28,037.46
25,720.19
24,490.02
30,634.76
27,487.17
27,320.49
23,201.10
24,386.45
31,041.11
29,192.37
28,808.30
34,506.34
334,825.76
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MASTER MECHANIC'S RERORT.
To Hon. Jas. A. Bryan, Prest. A. & N. C. Railroad Co.:
Sir:—I respectfull}'- submit the following- Report of work done
and expenses incurred in this department, for the year ending- June
30th, 1904:
Maintenance of Way and Structures.
I Repairs of Roadway $ 483.69
4 " " Bridges and Culverts 64.53
5 " " Fences, Road Crossings and Cattle Guards.. 9.91
6 " " Buildings and Fixtures 648.96
7 " " Dock and Wharves 45.43
$1252.52
Maintenance of Equipment.
II Superintendence $ 610.54
12 Repairs and Renewals of Locomotives 11740.00
13 " " " " Passenger Cars 12016.46
14 " " " " Freight Cars 13673.22
15 " " " " Work Cars 552.35
16 " " " " Marine Equip. (Pile Driver). 3.72
17 " " " " Shop Machinery and Tools... 1677.54
19 Other expenses 2202. 30
$42476.13
Conducting Transportation.
21 Engine and Round-house men $16077.45
22 Fuel for Locomotives 19876.50
23 Water supply for Locomotives 564. 06
24 Oil, Tallow and Waste 152.56
27 Train Supplies and Expenses 4595. 46
28 Switchmen, Flag-men and Watchmen 415.52
31 Station Supplies 310.25
37 Clearing Wrecks 22.12
$42013.92
MASTER MECHANIC'S REPORT—Continued.
General Expenses and Sundries.
35 Loss or Damage $ 15.53
36 Injury to persons 80.08
49 General Office expenses and supplies 95.78
Atlantic Hotel 747.30
Individual account 223.68
$1162.37
New Cars—Cost Included in M. of E. Nos. 13 and 14.
Box Cars $ 991.89
Flat Cars 391.83
Log- Cars 3986.51
New Passenger Cars 2317.09
$7687.32
Credits.
By sales of old material $1560.44
Inventory of Machinery.
Valuation of old machinery now on hand $12434.75
"new " " " " 1723.00
" " material in stock 21981.93
Summary.
Conducting Transportation $42013.92
Maintenance of Way and Structures 1252.52
Maintenance of Equipment 42476.13
General Expenses and Sundries 1162.37
$86904.94
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MASTER MECHANIC'S REPORT—Continued.
REPORT OF WORK PERFORMED IN SHOPS DURING
THE YEAR ENDING JUNE 30th, 1904, WITH
INVENTORY OF ROLLING STOCK.
New Bern, N. C, June 30th, 1904.
Hon. Jas. A. Bryan, President A. & N. C. R. R. Co.,
Dear Sir:—The following is a synopsis of work performed in
the shops of this Company, during the year ending June 30th, 1904:
Engines.
General repairs have been made to seven locomotives as follows:
Nos. 8, 11, 13, 14, 15, 16, 19. No. 9 now in shops for new boiler.
New smoke stacks have been put on engines Nos. 8 and 11 and new
boiler tubes put in Nos. 11, 12 and 18.
Passenger Cars.
We have made general repairs to and painted passenger cars
Nos. 10, 11, 18, 27, 14, 19, 20, and parlor car "Vance."
Mail and Express Cars.
Mail car No. 14 has been thoroughly repaired and Postal room
enlarged, with entire change of letter cases and paper boxes, to con-form
with U. S. requirement. We have built and nearly completed
one new Mail, Express and Baggage car.
Box Cars.
We have built two Standard box cars of 60,000 capacity, Nos.
420 and 421, and have rebuilt and equipped with automatic couplers
the following box cars: Nos. 233, 242, 236, 241, 407, 414, 402, 401,
606, 600, 610, 612, 614 and 604.
Flat Cars.
The following flat cars have been thoroughly repaired and
equipped with automatic couplers: Nos. 60, 61, 310, 316, 320, 447,
459, 471, 500, 508, 510, 514, 518, 519, 520, 521, 522, 523. 524, 525, 526,
517, 527, 530, 532, 533, 535 and 536. We also had to repair eleven
Foreign cars that were wrecked on our line.
Log Cars.
We have built 18 new log cars and rebuilt five that were wrecked.
Caboose Cars.
Two caboose cars, Nos. A and C, have been thoroughly repaired
and painted.
Trucks.
We have built 22 Ware-house trucks.
MASTER MECHANIC'S REPORT—Continued.
Miscellaneous Work.
We have made 2 Ticket cases for Auditor's office, and 2 Push
cars for P. O. & W. R. R.
We have also built 3 Locomotive cabs, 4 bridge guards, 1 watch-man's
booth and 1 Rip saw table.
Shops and Machinery.
We have built during- the year, one Cut-off saw frame, complete
for Carpenter shop. Have also placed in shops one 33 in. x 33 in.
x 8 ft. Planer, one 20 in. x 10 in. Lathe, one 16 in. x 8 in. Lathe,
one 4 ft. Radial drill, one water emery grinder and one grindstone
and iron frame. All of these machines are now in daily service and
add greatly to our shop facilities.
MASTER MECHANIC'S REPORT—Continued.
Condition of Rolling Stock.
Engines.
Nos. 8. 11, 12, 13, 15, 16 and 18 in good order.
No. 9 in shops for new boiler.
No. 10 in running order, but needs repairs.
No. 14 in fair order, needs repairs to boiler.
No. 17 needs tires turned, otherwise in good order.
No. 19 needs new boiler tubes, otherwise in good order.
Nos. 1 and 2 need new boilers and rebuilding before they can be
used again.
Passenger Cars.
Nos. 4, 10, 11, 15, 16, 18, 22, 23, 24, 25, 28 and Parlor car "Vance,"
in good order.
No. 17 needs general repairs and painting.
Combination cars Nos. 28 and 27 in good order.
Mail and Express cars Nos. 12 and 14 in good order.
Express or Fish cars Nos. 19, 20 and 21 in good order.
Caboose Cars.
Caboose cars A and C in good order. B needs painting.
Box Cars.
19 Box cars, 60,000 capacit}', good order; M. C. B. couplers.
9 " " 50,000 " need centre sills, M. C. B. couplers.
17 " " 40,000 " good order; M. C. B. couplers.
Flat Cars.
11 Flat cars, 60,000 capacit3', good order, M. C. B. couplers.
4 " " 50,000 " " " " "
2 " '• " " needgeneral repairs, M.C.B. couplers
46 " " 40,000 " good order, M. C. B. couplers.
1 " car 40,000 " needs end sills; M. C. B. couplers.
1 " " " " needsdrafttimbers; Straightcouplers
1 " " " " " " " ; M. C. B. couplers
6 " cars " " good order, Straight couplers.
2 old flat cars have been condemned and will be destroyed.
Gondolas.
3 40,000 capacity Gondola cars, need rebuilding, Straight
couplers.
2 30,000 " " " need rebuilding, Straight
couplers.
1 10,000 capacity Gondola car needs rebuilding, Straight
coupler.
Logging Cars.
97 Log cars 30,000, good order, cast couplers.
13 " " 20,000 capacitj', need Standard trucks, Cast couplers.
Shanty Cars.
11 Shanty cars, in running order, M. C. B. couplers.
12 " " •' running order, Straight couplers.
MASTER MECHANIC'S REPORT—Continued.
RECAPITULATION.
Locomotives 14.
Passenger cars 20.
Caboose cars 3.
Box cars 45.
Flat cars -74.
Gondola cars 6.
Logging- cars 110.
Shanty cars 23.
Passenger train cars classified as follows:
7 First-class coaches.
5 Second-class coaches.
2 Combination cars.
2 Mail and Express cars.
3 Express or Fish cars.
1 Parlor car.
RECOMMENDATION.
Our facilities in shops would be greatly improved by adding to
our machinery, the following, which should be purchased at once:
1 Air compresser.
1 Bolt-cutting machine.
1 Punch and shear machine.
Respectfully submitted,
JOS. H. GREEN,
Master Mechanic.
ROAD MASTER'S REPORT.
New Bern, N. C, June 30th, 1904.
To the President and Directors of the A. <fc N. C. R. R. Co.
Gentlemen:—I have the honor to submit to you my annual report
on conditions and expenditures on Maintenance of Ways, Depots,
Grounds and Buildings for the fiscal year ending June 30th, 1904:
Repairs of Roadway $23,584.09
Renewal of Ties 7,985.58
Repairs of Bridges and Culverts 1,803.44
" " Fencing, Crossings and Cattle Guards 221.96
" " Buildings and Fixtures 2,697.47
" " Docks and Wharves 1,123.47
Stationery and Printing 19.50
Other Expenses, Salaries, etc 41.37
$37,476.88
New Work.
Atlantic Hotel 15,806.89
New Depot at Best 463.90
New Dept at Cove 15.92
New Sidings 154.63
New Depot at Havelock 35.35
Pump and Water Tank at Stoney Creek 146.24
New Depot at Riverdale 18.30
New Rails 5,883.48
Extra Expense : Fenders at Trent River Draw Bridge 1, 836. 29
$24,361.10
Wood, Cross Ties, Piles and Lumber Bought.
Cross Ties, 20,902 at 31c 6,479.62
Piles, 135 at 2.60 351.00
Lumber, 118.178 feet, at 14.62 per M, 1,727.76
Wood Inspected from various people 7791 cords at 165, 12,855.15
B. W. Ives, 4638 cords, at $2.00 9,276.00
F. C. Overman, 3315^ cords at $2.00 6,631.00
In Racks, 4S92>y2 cords at $1.75 8,038.57
Cross Ties used 21,189 at 31c. . .$6,568.59
$45,359.10
New Side Tracks aggregating 2000 feet.
ROAD MASTER'S REPORT—Continued.
Inventory of Material on Hand Belonging to A. & N. C. R. R. Co.
Roadway Department, Year Ending June 30th, 1904.
at 37.20, $ 37.20
at 36.00 .... 36.00
at 34.65', 34.65
at 36.00 36.00
at 36.00 36.00
at 34.00 34.00
at 36.00 36.00
at 36.00 36.00
at 34.00 34.00
at 34.00 34.00
at 21.80 218.00
at 20.45 81.80
at 17.20 51.60
at 17.20 17.20
at 18.00 72.00
at 24.55 171.85
at 21.10 105.50
at 22.00 88.00
at 21.10 21.10
at 19.00 19.00
at 6.00 186.00
at 6.00 36.00
at .2U .... 27.50
at .57 171.00
at 9.00 90.00
at .06^ ... 1.96
at .08 24
.at .70 20.30
,at .75 3.75
at 6.00 6.00
at 2.25 24.75
.at .05 2.65
at .07 12.32
at 1.00 4.00
at 5.00 80.00
at .25 4.75
at ,30 2.70
at .25 10.50
at 1.50 4.50
at .09 5.85
at .50 12.00
One No. 9 Left hand Sprin ir Frog 60 lb Rail
( 8 i i 1 1 a 1
1
56 1
1
1
< 9 i * 11 i i ii 50 ii ii
t 9 << n ii 1
1
56 1
1
ii
i 6 < < i ( (< ii 56 1
1
4 9 Right hand Spring Frog 56 ii 1
1
C 8 «« ii it 1
1
56 ii 1
i 9 i i (i ii ii 56 ii it
< 9 n 1
1
1
1
1 1 45 ii ii
9 Left il ii ii 45 1
1
1
Ten 1
t
9 Stiff Frogs 56 1
ii
Four i i 9 11 < i 50 ii ii
Three i i 6 II It 56 i • ii
One tt 5 II << 56 1
1
Four i i 9 II a 45 1
1
1
7 Sets s witch Poi nts 15 ft. Ion g, 50 lb rail,
5 " <« II 12 " i 1 55 1
1
1
1
4 " < i II IS " II 50 1
ii
1 " i i I ( 12 " l t 50 1
1
ii
1 " << 11 12 " i l 45 • i ii
31 Kegs Track Bolts J(x3^
6 " " " % x 4
5 " O. G. Washers, 1,000 lbs,
300 Sheets galvanized iron roofing, 28 x 96,
10 Barrett Track Jacks
31 Spike Maul Handles
3 Adz Handles
29 Short Handle Shovels
5 Long " "
1 Set of Rigging for Sway Pipe to Tank.
11 Kegs Nails
53 Pick Handles
176 Track Braces
4 Guages
16 Gallons Mosur Vermillion
19 Coal Chisels
9 Track Wrenches ,
42 Switch Cuffs
3 Monkey Wrenches
65 Track Drill Points s
24 Switch Locks
ROAD MASTER'S REPORT—Continued.
120 Feet Wire Rope at .12 14.40
4 Track Jack Leavers at .20 80
80 Bolts 1 x 32 at .05 31.50
46 Barrels Nazareth Portland Cement at 2.25 103.50
19 " Rosendale Cement at 1.25 23.75
670 Angle Bars for 50 lb. Rail at .25 167.50
339 " " " 56" " at .25 84.75
214 Fish Plates " 50" " at .20 42.80
32 Keg-s Railroad Spikes 9-16 x5 at 4.60 147.20
132 Bolts 1 x 22, 750 lbs, at .05 37.50
at .05 75.00
at .05 126.75
at .05 36.25
16^,490 1bs, at .05 24.50
71015 Feet Lumber, at 14.62 per M, 1,038.74
5630 Cords of Wood, at 1.80 per cord, 10,134.00
635 Cross Ties, at .31, 196.85
38 Tons New 60 lb Steel Rail, at 31.00, 117.80
72 " 50" " " at 25.00, 1,800.00
21 " Old Chain Rail at 22.00 462.00
Scrap Iron at 20.00 40.00
$16,602.24
250 i i 1 x 24, 1500
815 ( i Xx 18, 2535
250 i t ^x 17, 725
175 i i ¥x 16J£, 491
1
ROAD MASTER'S REPORT—Continued.
Inventory of Tools in Service in tha Roadway Department Belonging
to A. & N. C. R. R. Co., Year Ending June 30, 1904.
Adz 10
Augers 5
Axes 10
Claw Bars 24
Pinch Bars 22
Brush Hooks 30
Briar Scythes 25
Water Buckets 12
Oil Cans 10
Hand Cars 12
Lever Cars 12
Cold Chisels 15
Track Drills 12
Red Flags 15
Grind Stones 11
Spiking- Hammers 25
Track Levels 12
Mattocks 15
Track Jacks 24
Red Lanters 10
White Lanterns 10
Picks 22
Cross Cut Saws 8
Hand Saws 3
Long Handle Shovels 60
Tape Lines 50
Track Guages 10
Monkey Wrenches 12
Boring Machine 1
Blocks 2
Jack Screws 4
Hatchets 2
Velocipedes 2
Pile Hammers 3
Hoisting Engine and Boiler 1
Respectfully submitted,
W. F. CARLISLE, R. M.
ATLANTICc aTId INORTH CAROLINA RAILRcHI <COMPANY.
Statement of Earnings and Expenses during the Bryan Administration—July 1st, 1899 to June 30th, 1904 Inclusive.
Year
Ending
June 30th
1900
1901
1902
1903
1904
To Amount of Operat ng Expenses as folic ws:
1
s.
6
)0
14
42
»
J5
Dr. By Amount of Gross Earnings as follows:
Cr.
Year Ending June 30. 19HI1 s 218,165.96
1901 ... 240,544.93
1902 257,032.70
1903.... 304. 1117.59
1904, . 331,332.80
Structures. - Equipment. Transportation. Expense
* 32, 770. 43 $ 22,670.43 S67.246.57 S 15,135.
32,879.09 25,731.73 80,189.78 13,234.
43.168.47 29.737.38 83,754.13 15,101.
43,855.45 41,169.10 94.603.16 15,934.
37,476.88 41.322.29 120,020.07 23,000.
S 137.822.59
152.035.20
171.761.12
195.562.13
221,820.17
879,001.21
149,485.41
0,630.93 445,813.71 82,406.
1900
To Amount of Fixed Charges as follows:
Interest Taxes. Total Fixed Cha
» 20,830.00 $ 5,259.75 $26,089.75.
ges.
1902
| 1903
I 1904
22.354.23 5.093.60.
21,621.66 11.094.63
21,114.41 9.568.61
27,447.83.
32.716.29.
30,683.02.
49,485.41,
Balance—Net Earnings.
1,028,486.62
322,697.36
t 1.351.183.98 * 1.351.183.93
To Amount of Construction, Equipment, Real Estate and Permanent Improvements.
ITEMS. 1900 1901 1902 1903 1904 Totals, By Amount of Net Earnings 322,697.36
322,697.36 1
Locomotiv
Parlor Ca
Passenger
Combinati
Freight Ci
Logging C
S 23,098.50
4.216.18
12,734.68
$ 10,460.00 $ 10,175.00 $43,733.50
4.216.18
23,150.12
862. 70
13,011.58
14,325.47
11,367.14
3,742.51
187.65
305.04
338.41
245.36
9.345.10
523.65
23,708.35
746 18
7,104.95
1,402.10
1,322.51
1,964.87
1,935.32
537.58
311.71
523.49
275.78
41,655.31
15,532.56
65.84
14.49
873.47
1,206.56
1,391.96
542.09
410.83
606. 16
151.02
621.70
60.64
701.81
448.83
2,385.75
3.618.41
25,132.27
5,802.02
2,863.64
973.96
500.00
91.93
106.74
202.50
14,311.61
12,097.86
1,836.29
299.393.50
23,303.86
322.697.36
8,098.35
862.70
2.317.0=
9,081.75
1,604.27
4,452.55
3,020.52
187.65
305.04
338.41
245.36
1,846.72
523.65
18.034.79
355.06
1,759.39
3,483.58
1,715.53
796.62
3,505.99
3,135.20
1,373.8:
4,077.2-1
821. 1C
1.654.39
1,242.76
~j*| Paint Sho 721.99
• Oil House
Waiting R
'Covered P
Warehous
(Depot, Th
Fi
At
'Waiting R
Atlantic H
1 Foundry &
fi Engine He
iron Rack
Fish Platf MWater Ta
jflTrent Riv<
BfTurn Tab
Track Sea
I Rails Pur
flside Trac
New Bern
atform, Atlantic Hotel .
.
4,207.22 3,291.16
5,198.93
391.12
6,280.00
164.70 309.93
824.95
269.18
1,287.16
1,114.62 18.30
35.35
463.90
15.29
1,500.97
1,920.03
537.58
273.25
518.49
Ids 38.46
5.00
275.78
25,848.42 15.806.89
Carp'tr Shop, New Bern 12,311.00 3,221 .56
50.00
14.49
873.47
1,133.81
15.84
orm. (Express) New Bern
72.75
1,391.96
523. 15
410.83
170.33
18.94
435.83
151.02
621.70
60.64
555.57 146.24
448.83
e. New Bern 410. IS 1,975.57
932.64
9,987.00
2,141.89
1,872.60
7.411 82
1,306.58
2.863.64
973.96
500.00
91.93
106.74
813.17
1,849.97
626.53 ' 1,572.39
5,883.48
154.63
• Engine an
Sewerage,
SLight Pla
•iTvpe Writ
Real Esta
HWood Lai
TlExtr. Exn
er Machine, Genl. Office 202.50
8,280.60 627.60 2,063.01 2,773.70
3,734.60
566.70
8,363.26
.58
Bala
101,999.94 57,793 34 47,837.89 49,832.75 41.87S
I
<