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PROCEEDINGS 



STOCKHOLDERS 



RALEIGH & GASTON R. R. CO., 



AT THEIR 



TwENTY-JTlNTH ^NNUAL ^MEETING, 



RALEIGH, October ist, 1879. 
Also, Annual Reports of President, Superintendent, Treasurer, &c. 



TO WHICH IS APPENDED THE 

BY-LAWS OF THE COMPANY, 



RALEIGH: 

FEKEELL, BOOKER & CO., BOOK AND JOB PRINTERS. 

1879. 



X; 



Directors and Officers. 



DIRECTORS: 



JOS. B. BATCHELOR, PAUL C. CAMERON, 
W. J. HAWKINS, W. W. CHAMBERLAINE, 

WALTER CLARK, R. S. TUCKER. 



OFFICERS: 



JOHN M. ROBINSON, President. 
JOHN 0. WINDER, Superintendent. 
WILLIAM W. VASS, Treasurer. 



PROCEEDINGS 



OF THE 



TWENTY-NINTH ANNUAL MEETING 



OF THE 



STOCKHOLDERS 



OF THE 



RALEIGH & GASTON R. R. CO. 



Raleigh, N. C, October 1st, 1879. 

The stockholders of the Raleigh and Gaston Rail Road 
Company met, pursuant to appointment, at their Hall, in the 
City of Raleigh, on Wednesday, the 1st of October, 1879. 

On motion of Maj. R. S. Tucker, the Hon. Paul C. Came- 
ron, of Hillsboro', was called to preside, and, on further mo- 
tion, W. W. Vass and J. B. Martin were appointed Secre- 
taries. 

The report of the Standing Committee on proxies being 
called for, Mr. A. M. McPheeters reported, as follows: 

Capital Stock of the Company, ... 15,000 shares. 
Represented in meeting, in person, 1,304 shares. 
" " " by proxy, 7,482 " 



Total shares represented, - 8,786 

The Chairman announced that the meeting was regularly 
organized, and ready for business. 



PROCEEDINGS. 



JohnsM. Robinson, Esq., President of the Company, sub- 
mitted and read the annual report of the President and 
Board of Directors, and of the Superintendent, and > f the 
Treasurer; all of which, on motion of A. M. McPheeters, 
Esq., were received, and ordered to be printed with the pro- 
ceedings. 

The report of the Inspection Committee was read by T. B. 
Venable, Esq., Chairman, and, on motion of Mr. Joseph B. 
Batchelor, was adopted and directed to be published. 

The following, as amendatory of the By-Laws of the Com- 
pany, offered by John fit. Robinson, Esq., and amended at 
the suggestion of Mr. John C. Blake, were unanimously 
adopted: 

TREASURER AND SECRETARY. 

The offices of Treasurer and Secretary shall be combined, 
until the Board of Directors shall deem it necessary to sepa- 
rate them. The Treasurer shall be appointed by the Board 
of Directors, and shall give bond or other security in such 
sum as the Board of Directors may determine, to be ap- 
proved by them, and shall receive for his services the sum 
of two thousand five hundred dollars per annum. Provided, 
That no Director of the Company shall, during his continu- 
ance in said office, hold the office of Treasurer. 

It shall be the duty of the Treasurer and Secretary to 
keep a full and fair journal of the meetings and proceedings 
of the Board of Directors; to take charge of and safely keep 
all the money, books, and other valuable effects of the Com- 
pany, and to disburse the same under the direction of the 
President, and to take proper vouchers for such disburse- 
ments, and to perform all such other duties as may be pre- 
scribed by the Board of Directors. 

The Auditor, or other proper officer, as may be designated 
by the President or Board of Directors, shall deposit all 
moneys belonging to the Company at such place or places 
as may be designated by the President and Board of Direc- 



PROCEEDINGS. 



tors, arid- he shall keep a regular and accurate account of 
such receipts for money as go into his hands, and deposits of 
the same; making daily reports to the Treasurer of all such 
receipts and deposits, and to the President and Board of Di- 
rectors, as often as he may be directed to do so. 

The Treasurer shall render to the President and Directors 
an account of all his transactions, once in three months, and 
as much oftener as they may require; all bills and accounts 
against the Company are to be examined by the Auditor, 
Chief Clerk, or other proper officer as may be designated by 
the President or Board of Directors, who, after satisfying 
himself of their correctness, and finding thereon the approval 
of the officer contracting said account, shall issue a warrant 
on the Treasurer for payment thereof, and the Treasurer 
shall, upon examination of said account and of warrant is- 
sued therefor, and being satisfied of the correctness thereof, 
shall sign the said warrant, which then shall be a check upon 
the hank on which it is issued. All drafts drawn by the 
Treasurer shall be countersigned by the Auditor, or other 
proper officer, and by him deposited to the credit of the 
Company. 

The President and Board of Directors shall institute such 
forms as may be necessary tor the carrying out of the above 
resolution. 

The President shall cause a monthly examination of the 
Treasurer's books by an expert, who shall certify to their 
correctness. 

The Treasurer and Secretary shall likewise record in a 
book to be kept for that purpose, all the proceedings of the 
stockholders in the general or called meetings, and shall 
carefully preserve all books and papers connected with such 
meetings. 

The proceedings of the meetings of the stockholders shall 
be printed within thirty days after the adjournment of each 
meeting. 

On motion of Dr. W. J. Haw kins, 



PROCEEDINGS. 



Ordered, That the By-Laws be so changed that all gen- 
eral meetings of the stockholders shall be held in Raleigh on 
the first Thursday in October in each and every year, unless 
otherwise specially called. 

On motion of John C. Blake, Esq., the stockholders pro- 
ceeded to ballot for a President of the Company for the en- 
suing year — R. S. Tucker and A. M McPheeters acting as 
tellers, who subsequently reported through the Chairman of 
the meeting that John M. Robinson, Esq., having received 
8,804 votes, was unanimously re-elected President of the 
Company. 

On further motion of Mr. Blake, the meeting went into 
the election of six Directors — Messrs. Tucker and McPhee- 
ters acting as tellers: 

Paul C. Cameron received - 8,694 votes. 

William J. Hawkins " - 8,694 " 

Wm. W. Chamberlaine " - 8,694 " 

Joseph B. Batcuelor " - 8,694 " 

Walter Clark " • - S,542 " 

Rufus S. Tucker " - 8,694 " 

The Chairman announced the above vote and declared the 
gentlemen named to be duly elected Directors of the Com- 
pany. 

On motion of R. C. Hoffman, Esq., of Baltimore, the old 
Committee on Proxies, A. M. McPheeters and W. W. Vass, 
was continued for the next year. 

On further motion of Mr. Hoffman, the meeting adjourned 
sine die. 

PAUL C. CAMERON, 

7r W m VASS ' 1 Secretaries. Chairman, 

J. B. Martin, \ 



REPORT OF COMMITTEE ON FINANCE 
AND INSPECTION. 



The Committee of Finance and Inspection report: 

That they have performed this duty, and made a thorough 
examination of the roadway, bridges, depots, shops, rolling 
stock, equipment, and other property of the Company, and 
have also examined the books and accounts of the Treasurer. 

The roadway is being constantly repaired, and properly 
ditched, and is in good order. 

The track is in first rate order, and is fully capable of sus- 
taining the increased traffic of the Company. 

The bridges have been thoroughly examined by your Com- 
mittee, who were accompanied by a competent expert, and 
they find them sound and every way in perfect order and 
safe. Most of them are new, and all in thorough repair. 

The depots generally are kept in a neat condition and of 
sufficient capacity to accommodate the freights. We would, 
however, recommend that a reception-room for passengers 
be built at Henderson, and those at all the depots be more 
comfortably arranged for the accommodation of passengers, 
especially for ladies. 

The shops, under the superintendence of B. R. Harding, 
are in an admirable condition; much new machinery has been 
added, and the capacity for supplying, and repairing the en- 
gines and cars of the Company very much increased. 

The engines and cars are in good order, but, in view of 
the increasing business of the Company, there is a necessity 
for additions to the number of freight cars and engines. 

We note with pleasure the condition of long needed im- 
provement made at Raleigh in the erection of a suitable and 
convenient office for the freight agent, and increased accom- 
modation for freights, and the building of a fire-proof store- 
house and oil-house, and alfo a house for the storage of lum- 
ber. 



8 Report of Committee on Finance and Inspection. 

The road has been much improved, under the efficient man- 
agement of the President and Superintendent, which has been 
both prudent and economical; and the stockholders may con- 
gratulate themselves that their property is in such excellent 
condition in all its departments. 

The financial exhibit as shown in the report of the Trea- 
surer, is a correct statement from the books; and the receipts, 
disbursements and statements made therein, have been veri- 
fied by an examination of the vouchers. 

It is true that while the exhibit .'-hows that the amount 
charged to the account of transportation expenses, to-wit: 
the sum of $5225,767.34, appears large in comparison with the 
receipts of $295,051.05, yet, that amount includes large ex- 
penditures for buildings and other permanent improvements, 
and also for the purchase of iron and machinery. If a state- 
ment were made eliminating these extraordinary expenses, 
the actual transportation expenses would appeal 1 , and com- 
pare favorably with other years. 

The balance on hand of available funds after paying the 
dividend declared, in the opinion of your Committee should 
be sufficient to meet all necessary liabilities and place the 
equipment of the road in perfect order. 

It is a matter of congratulation that the financial condition 
is such as to justify the payment of the dividend of three 
per cent., which has been declared especially, as the exhibit 
shows that this dividend is real and not forced. 

The exhibit also shows that the assets of the Company, 
which might be properly placed to the account of a sinking 
fund, are amply sufficient to pay all the bonded debt. 

The interest of this Company in the Raleigh and Augusta 
Air Line Rail Road is becoming daily more valuable, and 
will be a large element in its success. The connection by 
the Carolina* Central enables this Company successfully to 
compete for through business, as it furnishes the shortest 
and best route to the seaboard from the interior markets; but 
while this should encourage hopes for the future, from the 
through business, and although such business adds greatly 



Report of Committee on Finance and Inspection. 9 

to the receipts of the road, yet the local traffic along the line 
of the road should not be overlooked, but should be encour- 
aged and fostered. 

We notice with pleasure evidences of improvement along 
the line of the road, especially at Kittrell's and Henderson 
All these indicate a permanent increase in the local freights. 
The movements of a large quantity of tobacco, both manu- 
factured and in the natural state, and cotton and other pro- 
duce, is a source from which we may look for increased 
local business. 

From Henderson, the railroad from that place to Oxford 
is in process of construction, which bids fair to open an in- 
creased business, and draw freights to this road, which have 
heretofore taken other directions, and also by opening a new 
market, and establishing manufactures add much to the busi- 
ness of this Company. 

By giving such aid in the construction of this road as the 
affairs of this Company will justify, your Committee think 
that the interests of this Company will be materially promot- 
ed. By pursuing a policy of granting aid in the construction 
of roads which, when constructed, are feeders to this road, 
its interest will be permanently promoted, and enable it to 
sustain itself when, by unforeseen contingencies, its through 
business may be affected by the competition of other com- 
panies. THOMAS B. VENABLE, 

R. S. TUCKER, 
A. M. McPHEETERS. 



PRESIDENT'S REPORT. 



Office Raleigh & Gaston R. R. Co., 

Raleigh, October 1st, 1870. 

To the Stockholders of the 

Raleigh and Gaston Mail Road Company : 

Gentlemen: Pursuant to a resolution passed at your 
last annual meeting, the President and Directors submit their 
report for a period of fourteen months. 

The receipts of the Company have been as follows: 

From Freight, - $223,217 69 

" Passengers, ... 65,474 72 

" Mails, .... 5,953 83 

" Miscellaneous sources, - - 404 81 



Making total receipts, - - - $295,051 05 

The Company's expenses have been - 225,767 34 



Leaving a balance of - $69,2«3 71 

For the same corresponding months, ol a year ago, which 
have been compiled for the purposes of contrast, the receipts 
of the Company were - - - 1272,906 88 

Showing an increase in receipts, - - 22,144 17 

A comparison of receipts, for twelve months, ending May 
31st, 1879, with receipts for twelve months ending May 31st, 
1878. 

Exhibits for 1879, receipts, - - §264,409 63 

" " 1878, " 242,478 41 



Being an increase of $21,931 22 

The attention of stockl olders will at once be called to the 

amount of expenditures, incurred during this fiscal year of 



President's Report. 11 

fourteen months, by which the Company's apparent net pro- 
fit has been materially lessened notwithstanding an increase 
of receipts. 

The Superintendent's report exhibits in detail are expen- 
diture of §61,546.05, the greater portion of which should 
not be included in the expenses of the year without this ex- 
planation, $15,060.00, being for two additional locomotives, 
#5,836.16, for additional shop-tools and improved machin- 
ery, $5,995 43, for new buildings, and $30,903.26, being the 
cost of steel rails over value of old rails sold. 

It was deemed advisable by the board to make these ex- 
penditures, and they have the satisfaction of reporting to you, 
that the Company's property has been materially improved. 

It was reported to the stockholders at their last meeting 
that the Raleigh and Augusta Air Line Rail Road, in which 
this Company is so largely interested, had been completed to 
a point of junction with the Carolina Central Rail Road. 
Satisfactory business connections were not, however, finally 
formed with the Carolina Central Rail Road Company until 
the 10th of last February. 

Since then, however, a through traffic has been created, 
which has proved satisfactory. 

The Raleigh and Augusta Air Line Rail Road has not 
been able to pay in cash all the interest due to this Com- 
pany upon the Guaranteed Stock, to which this Company 
subscribed; nevertheless, so far as was possible, cash pay- 
ments have been made, and to an extent that with the net 
earnings of this Company from its own road, the President 
and Board felt justified in declaring a dividend of three per 
cent., payable to the stockholders, on and after October 1st. 

Although the Raleigh and Augusta Air Line Rail Road 
Company have not been able to pay in cash all the interest 
due to this Company, yet their debt has been met to a great 
extent by transferring to this Company seventeen hundred 
and twenty-five shares of this Company's stock owned by 
them, which the directors of this Company agreed to accept 
at a valuation of $79,435.50. 



12 



President's Report. 



The boiid of one thousand dollars, due July 1st, 18*77, re- 
ported to the stockholders at their last meeting as unre- 
deemed, has since then been paid. 

A claim of the United States of uncertain amount, pend- 
ing for several years, has been finally compromised and set- 
tled by the payment of #2,070.95, which payment is included 
in the statement of expenses for the year. 

The attention of stockholders is invited to the report of 
the Superintendent, aud to the Treasurer's statements. By 
the first, the condition of the Company's property is accu- 
rately shown, and by the other, is exhibited in much detail 
the Company's financial condition, and statements of receipts 
and expenditures. 

By an arrangement with the Seaboard and Roanoke Rail 
Road Company, passenger trains and engines have been run 
between Raleigh and Portsmouth since December 16th, 1878, 
and it is believed that this arrangement is economical to 
both companies. 

The road has been operated without accident during the 
year. 

This report is respectfully submitted by order of the Board 
of Directors. JOHN M. ROBINSON, 

President, 



SUPERINTENDENT'S REPORT. 



Raleigh and Gaston Rail Road Company, 
SiqwrintendenCs Office, 
Raleigh, N. C, August 1st, 1879. 

John M. Robinson, Esq., President: 

Sir: I have the honor to snbmit the following report of 
the operations of this road for the period of fourteen months 
ending July 31st, 1879. The fiscal year having been, at the 
last annual meeting, changed to end July 31st, instead of 
May 31st, as heretofore. 

The receipts have been as follows for fourteen months: 

From Freights, - - - $223,217 69 

" Passengers, - 65,474 72 

" Mail, - - - - 5,953 83 

" Miscellaneous, - - 404 81 

Total, $295,051 05 

Expenses, ordinary and extraordinary, for the 
same time: 

Conducting Transportation, - $65,845 41 

Maintenance of Way, - - 38,557 01 

Machinery Department, - - 49,896 75 
Miscellaneous, (including Salaries, 
Agencies, Revenue Tax settled, 
Insurance, Attorneys' Fees, Mile- 
age and New Locomotives, &c, 71,468 17 

$225,767 34 



Leaving a balance of profit of $69,283 71 



14 Superintendent's Report. 



It is proper a comparison should be made for the twelve 
months ending May 31st, 1879. 
Receipts for twelve months: 

From Freights, - - - $202,052 92 

" Passengers, - - - 56,471 27 

" Mail, - - - - ' 5,497 69 

" Miscellaneous, - - 387 75 

$264,409 63 



Expenses for same time: 

Conducting Transportation, - $57,247 84 

Maintenance of Way, - - 30,287 95 

Machinery Department, - - 43,152 65 

Miscellaneous, - - . 54,784 21 



S185,472 65 



Leaving a balance of profit - - - $78,936 98 

By comparing the receipts to the 31st May as compared 
with last year, it will be seen that there has been a gain of 
$21,931.22, and by comparing fourteen months the gain has 
been $22,144.17. It will be observed that our expenses have 
been unusually heavy, but a large amount is not properly 
charged to ordinary expenses, as the following expenditures 
will show: 

Two Locomotives, $15,060 00 

Air Brakes, - - - - - - - 3,319 71 

New Tools in Shop, 2,516 45 

Sleeping Car, 1,346 10 

Cover to Cedar Creek Bridge, - - - 1,874 34 

Hillsboro' Street Bridge, .... 530 76 

Lumber Shed, .-.-.. 692 83 

Brick Store-room and Oil-room, ... 3,661 02 

Warehouse and Agent's Office, (Raleigh,) - 1,641 58 

Steel rails after credit by old rail, - - 30,903 26 

$61,546 05 



Superintendent's Report. 15 



These are improvements which should not properly be 
charged to one year, but, as they are necessarily so charged, 
I have deemed it proper to call your attention to the items. 

You. will observe that the ordinary operating expenses 
for the year are no greater, indeed not as much as last year, 
which leads to the conclusion that we may reasonably look 
forward to a revenue sufficient to pay our interest and a small 
dividend. 

The amount of new rails is unusually large, and all the other 
betterments are such as were deemed necessary, but which 
the road never before had; in other words, they are not re- 
pairs, but properly come under the head of construction. 

The new warehouse at Raleigh adds ten fold to our facili- 
ties for the delivery of freight; formerly only two drays could 
be served at once, now twenty can be accommodated. The 
new office for the agent was a great necessity, and it is not 
only a convenience to the agent, but also to our patrons, and 
is an ornament to the street. The new lumber shed is large 
and well adapted to the purpose for which it is intended; it 
has an iron roof and in all respects substantial. The brick 
store-room and oil-room are, as far as can be made with rea- 
sonable cost, fire-proof, and I have not thought it necessary 
to include them in our list for insurance. The new tools for 
our machine shops consist of a lathe, wheel-press, and boring 
machine. They are first class tools, and enable us to do very 
much more work than formerly. We have purchased during 
the year two locomotives of the Baldwin Works, the largest 
we have ever had, being 16^24. They come fully up to 
our expectation. Should our business increase the next year, 
as we have reason to expect it will, I recommend the pur- 
chase of two Mogul engines. We have attached the West- 
inghouse Air Brake to four locomotives and ten cars, which 
enable us to run faster schedules with more safety. 

Our engines and cars are in excellent repair, except one 
engine, the No. 9, which will probably require a new boiler 
before the close of the next fiscal year. 

During the year all of our engines have been kept em- 



16 



Superintendent's Retort. 



ployed, sand have made an increase of mileage of 27,456 miles 
over last year. Engines, Nos. 4, 10, 12, 13, 14 and 15, 
have been overhauled, and are now in thorough repair. 

During the year we have built a new mail, baggage and ex- 
press ear; have converted one of our old coaches into an ex- 
ceedingly comfortable sleeper, which is being run between 
Raleigh and Charlotte; have built twelve large box cars with 
iron trucks, having thirty-three inch wheels, capable of carry- 
ing twelve tons; and have reconstructed two flat cars and 
several hand cars for track men, besides the ordinary repairs. 

The value of stores on hand on the 31st of July, 1879, is 
$9,938.82. 

The following is a list of engines and cars belonging to 
the Company: 



No. of 
Engine. 


anieter 
of 
linder. 


anieter 
Driver. 


■5>§ 

'3 H 




CONDITION. 


P. o 


P. o 


£:S 






] 


11 x 22 


4 ft. 


20 


Built in 


1870, good order. 


2 


11 x 26 


4* " 


18 


cc 


1854, running order. 


3 


16 x 24 


4^ « 


32 


CC 


1878, new. 


4 


11 x 24 


5 « 


20 


cc 


1872, good order. 


5 


11 x 22 


4* " 


20 


cc 


1877, good order (yard) 


6 


16 x 24 


H " 


32 


cc 


1879, new. [pairs. 


1 


13 x 24 


5 « 


22 


cc 


1854, in shops for re- 


9 


13 x 24 


5 " 


22 


cc 


1855, old boiler, ditch- 


10 


14 x 24 


5 " 


25 


<( 


1874, good order, [ing. 


11 


13 x 24 


5 " 


22 


cc 


1859, " " 


12 


15 x 24 


4i " 


26 


(i 


1867, " " 


13 


15 x 24 


4| " 


26 


a 


1870, " " 


14 


15 x 24 


4^ " 


27 


cc 


1872, " 


15 


15 x 24 


4| " 


27 


cc 


1872, « 



PASSENGER CARS AND FREIGHT CARS. 



2 First Class Coaches. 

1 Sleeper. 

9 Second Class Coaches. 



Superintendent's Report, 



2 First Class Mail, Baggage and Express Cars. 

1 Second " 

5 Old Baggage Cars, used as Shanty Cars. 

2 f. Box " " " " 
1 " Express " " " 

1 Officer's 

1 Paymaster's " 
100 Box " 

43 Flat 
10 Gravel " 



The condition of the roadway is good, and has been very 
much improved by the steel rails, which have been laid be- 
tween Weldon and Gaston and Littleton and Macon, where 
they were most required, and in future all the new rails will be 
laid at that end of the road. When we get the new rails which 
are contracted for in the road, the track will be greatly im- 
proved, and will only need ballast, of which we stand much 
in need, to make it first class. Should our means warrant it, 
I recommend the purchase of a rock crusher with a view of 
making stone ballast, which, while it is costly as compared 
with gravel, will, in time, be the cheapest we ean use. 

I regret that we have been compelled to renew the string- 
ers and iron roof and gutters on Cedar Creek Bridge, and 
the same will have to be done to Tar River and Deep Creek 
Bridges; the iron and timber seems to have been of an infe- 
rior quality. In future, I think, it will be economy to use 
what is called "round timber," instead of that which has 
been worked for naval stores. The life of the latter seems 
to go with the turpentine. 

During the year a turnout has been put in at the Quarry, 
rendered necessary by the increased demand of the stone by 
the Seaboard & Roanoke R. R. and Wilmington & Weldon 
R. R. The turnout at Middleburg has been considerably 
lengthened, and also the one at Henderson, and a new turn 
table put in at the latter place. Most of the old frogs have 



Superintendent's Report. 



been replaced by new steel ones, which give much more 
satisfaction. 

The warehouses at the local stations have been kept in 
good repair. The bridge on Hillsboro street, in Raleigh, over 
this road we have had to rebuild, it being uusafe; we now 
have a cheap but substantial bridge. 

Nearly or quite all of the open wooden drains across the 
track have been replaced by terra cotta pipe, and at road 
crossings the pipe is used and covered with earth, which ob- 
viates the necessity of keeping up plank crossings. We have 
purchased during the year 12,279 cords of wood and have 
used 6,664 cords, leaving on hand 5,615 cords. 

We have received during the year, with what we had on 
hand at the close of last year, 50,741 cross-ties, and have put 
in the track 47,567, leaving on hand 3,172. 

Our connection with the Raleigh and Augusta Air-Line 
Rail Road has caused an increase of business and a conse- 
quent increase of revenue, and the prospect seems quite as 
good for the future as it has been for the past. 

We have reason to congratulate ourselves upon our con- 
tinued good fortune in exemption from accident. While 
other roads have suffered much from the ravages of terrible 
storms we have escaped entirely. 

I cannot conclude without commending to your favorable 
notice the officers and employes, who have been faithful, 
prudent and economical, and have performed their various 
duties satisfactorily. 

Respectfully submitted, 

JOHN C. WINDER, 

Super i) i ten dent. 



TREASURER'S REPORT 



Office Raleigh & Gaston R. R. Co., 

Raleigh, September, 1879. 

John M. Robinson, Esq., President: 

Sir: — I hand herewith Statements for the fiscal year of 
fourteen months, ending July 31st, 1879, namely: 

Statement A — showing the earnings from Transporta- 
tion for the year. 

Statement B — showing the Transportation Expendi- 
tures for the year. 

Statement C — showing the Receipts and Disbursements 
during the year. 

Statement D — showing the general financial condition 
of the Company, on July 31st, 1879. 
Respectfully, 

W. W. VASS, Treasurer. 

















































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Treasurer's Report. 



21 



STATEMENT B.— Transportation Expenditures of the Ralelgli and 
Gaston Rail Road Company, from June 1st, 1878, to July 31st, 1870. 



Conducting Transportation: 

Embracing cost of Conductors and train hands; engine run- 
ners and firemen; agents at depots and labor and expenses; 
stock killed; lost and damaged goods; fuel and miscella- 
neous, 

Maintenance of Way: 

Embracing cost of Superintendence; labor— roadway; sub- 
sistence; repairs bridges and culverts; repairs; tools; and 

• miscellaneous, 

Cost steel rails in excess of old rails sold, 

Machinery Department: 

Embracing cost of improved machinery and tools for shops; 
repairs engines; construction and repairs of cars, including 
material; oils, and varnish; and miscellaneous, 

Cost of two first-class locomotives, 

Miscellaneous : 

Salaries of Officers; printing and advertising; building and 
repairs; incidental expenses- insurance; attorneys' fees 
and court costs; mileage paid; real estate for depot pur- 
poses; United States Revenue Department for old claim 
compromised and miscellaneous, 

Total, 



8 65,845 41 



38,557 01 
30,903. 26 



49,896 75 
15,042 50 



25,522 41 
$225,767 34 



22 



Treasurer's Report. 



STATEMENT C— Annual Statement of the Receipts and Disburse- 
ments of the Raleigh and Gaston Rail Road Company, for the fiscal 
year of fourteen months, from June 1st, 1878, to July 31st, 1879, 
inclusive. 



RECEIPTS. 

Cash on hand, May 31st, 1878, 

Transportation Earnings— from June 1st, 1S78, to July 31st, 1879— 

received this sum, 

Interest on guaranteed stock of the Raleigh and Augusta Air-Line 

Rail Road Company, received in part of accrued interest, 

Interest received from temporary loan of surplus cash, 

Sale of lots at Kittrell's— received on account, 

Interest received on Raleisch City Bonds and Scrip, 

Investment Fund sold Raleigh City Bonds, 

Debts due by the Company increased, 



t 84,449 10 

295,051 05 

89,435 50 

1,843 31 

154 90 

67 08 

700 00 

17,109 74 



$488,810 68 



DISBURSEMENTS. 

Transportation expenditures, from June 1st, 1878, to July 31st, 1879, 
paid this amount, 

Coupon bond of Company, No. 24, paid in full balance of loan due 
July, 1877, 

Interest on bond, No. 24, 

Discount on sale Raleigh City Bonds and Scrip, 

Paid interest on mortgage bonds, 

Paid interest in full on mortgage bonds due January 1st, ls79, 

Paid interest on mortgage bonds due July 1st, 1879, in part, 

Investment paid for 1,725 shares Raleigh &* Gaston R. R. stock, 



Debts due to the Company increased,. 
Cash in Raleigh National Banks, 



$225,767 34 

1,000 00 
101 00 
190 99 
33,240 00 
32,800 00 
32,400 00 
79,435 50 

54,246 51 
29,629 34 



$488,810 6S 



W. W; VASS, Treasurer. 



Treasurer's Report. 



23 



STATEMENT D.— Statement of the financial condition of the Raleigh 
and Gaston Rail Road Company on July 31st, 1879. 



RESOURCES. 

Road, engines and property, cost, 

Investments: 

Guaranteed stock of Raleigh and Augusta Air 
Line Rail Road Company, cost, 

Common stock of Raleigh and Augusta Air 
Line Rail Road Company, (nominal,) 

Bonds and Stock of Atlanta and Charlotte 
Air Line Rail Road Company, cost, 

Stock of Raleigh and Gaston Rail Road Com- 
pany last year, $ 5,600 0(1 

Increased since, cost, 79,43.5 50 

Current Assets: 



Bills receivable, 

Debts due to Company, July 31st, 1879, on 
Ledger account, 

Cash in Raleigh Banks in Raleigh, $29,629 34 

" Baltimore" 38,533 09 

" Philadelphia 1,367 22 



$1,000, 
150, 
17, 



000 00 
000 00 
257 50 



85,0*5 50 



$32,400 65 
30,745 42 

69,529 65 



$1,500,000 00 



1,252,293 00 



132,675 72 



$2,884,968 72 






24 



Treasurer's Report. 



STATEMENT D.— Statement of t-He financial condition of the Raleigh 
and Gaston Rail Road Company on July 31st, 1879. 



LIABILITIES. 



Capital Stock of Company, 15,000 shares, 

First Mortgage Bonds, due January, 1898, 

Debts due by the Company, in open Ledger ac- 
count, July 31st, 1879, 



Profit and Loss: 

Balance, May 31st, 1878,. 
Surplus, May 31st, 1878,.. 



Receipts from ■ Transportation earnings and 
from other sources for the year, $386,551 84 

Deduct cost of Transportation, and for 
payments made, 324,499 33 



Net revenue, $62,052 51 



$.352,578 50 
127,921 52 



$180,500 02 



62,052 51 



$1,500,000 00 
820,000 00 

22,416 19 



542,552 53 



$2,884,968 72 



W. W. VASS, Treasurer. 









Auditor's Report. 


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BY-LA WS 

OF THE 

RALEIGH & GASTON RAIL ROAD CO. 



[AS AMENDED.] 



MEETING OF THE STOCKHOLDERS. 

All general meetings of Stockholders shall be held in Ral- 
eigh, on the first Thursday in October in each and every 
year, unless otherwise specially ordered. 

The Stockholders, in general meeting, shall elect by bal- 
lot six Directors, who shall continue in office until the next 
general meeting, and until their successors shall be appoint- 
ed. The President, or any two Directors, or a number of 
stockholders representing one- third of the stock of the Com- 
pany, shall have power to call occasional meetings of the 
Stockholders, at such time and place as they may think pro- 
per, first giving twenty days' notice thereof in two or more 
newspapers published in Raleigh, Petersburg and Norfolk. 

PRESIDENT. 

The President shall be elected annually by the Stockhold- 
ers by ballot, and shall receive as compensation for his ser- 
vices, the sum of twenty-five hundred dollars per annum, 
over and above his necessary traveling expenses, incurred on 
business of the Company. 

The President shall have the general superintendence and 
control of all the officers of the Company, and shall prescribe 
their duties, unless otherwise provided by the rules and regu- 
lations of the Board of Directors: he shall carefully examine 
into the performance of their duties, and from time to time 
report to the Board of Directors all and every matter touch- 
ing the interests of the Company, which shall come to his 
knowledge. 



By-Laws. 31 

The President shall keep the seal of the Company, and, 
with the consent of a majority of the Directors, shall affix 
the name to all conveyances and other instruments to which 
the attestation of the seal may be necessary, and sign the 
same on behalf of the Corporation During the absence of 
the President, he may appoint, in writing, any one of the 
Board of Directors, President pro tern. 

The annual reports of the President and Board of Direc- 
tors and Treasurer shall be printed, and distributed among 
the Stockholders previous to the annual meetings of the Com- 
pany and shall be read in meeting, referred, and reported 
upon before the election of Directors. 

TREASURER AND SECRETARY. 

The offices of Treasurer and Secretary shall be combined, 
until the Board of Directors shall deem it necessary to sepa- 
rate them. The Treasurer shall be appointed by the Board 
of Directors, and shall give bond or other security in such 
sum as the Board of Directors may determine, to be ap- 
proved by them, and shall receive for his services the sum 
of two thousand five hundred dollars per annum. Provided, 
That no Director of the Company shall, during his continu- 
ance in said office, hold the office of Treasurer. 

It shall be the duty of the Treasurer and Secretary to 
keep a full and fair journal of the meetings and proceedings 
of the Board of Directors; to take charge of and safely keep 
all the money, books, and other valuable effects of the Com- 
pany, and to disburse the same under the direction of the 
President, and to take proper vouchers for such disburse- 
ments, and to perform all such other duties as may be pre- 
scribed by the Board of Directors. 

The Auditor, or other proper officer, as may be designated 
by the President or Board of Directors, shall deposit all 
moneys belonging to the Company at such place or places 
as may be designated by the President and Board of Direc- 
tors, and he shall keep a regular and accurate account of 



S2 By-Laws. 

such receipts for money as go into his hands, and deposits of 
the same; making daily reports to the Treasurer of all such 
receipts and deposits, and to the President and Board of Di- 
rectors, as often as he may be directed to do so. 

The Treasurer shall render to the President and Directors 
an account of all his transactions, once in three months, and 
as much oftener as they may require; all bills and accounts 
against the Company are to be examined by the Auditor, 
Chief Clerk, or other proper officer as may be designated by 
the President or Board of Directors, who, after satisfying 
himself of their correctness, and finding thereon the approval 
of the officer contracting said account, shall issue a warrant 
on the Treasurer for payment thereof, and the Treasurer 
shall, upon examination of said account and of warrant is- 
sued therefor, and being satisfied of the correctness thereof, 
shall sign the said warrant, which then shall be a check upon 
the bank on which it is issued. All drafts drawn by the 
Treasurer shall be countersigued by the Auditor, or other 
proper officer, and by him deposited to the credit of the 
Company. 

The President and Board of Directors shall institute such 
forms as may be necessary for the carrying out of the above 
resolution. 

The President shall cause a monthly examination of the 
Treasurer's books by an expert, who shall certify to their 
correctness. 

The Treasurer and Secretary shall likewise record in a 
book to be kept for that purpose, all the proceedings of the 
stockholders in the general or called meetings, and shall 
carefully preserve all books and papers connected with such 
meetings. 

The proceedings of the meetings of the stockholders shall 
be printed within thirty days after the adjournment of each 
meetings. 



By-Laws. 33 



DIRECTORS. 



The President, with any three or more Directors, or in the 
absence of the President, any four Directors shall constitute 
a quorum for the transaction of business. 

In case f a vacancy in the office of President or any Di- 
rector, from death, resignation or otherwise, such vacancy 
shall be supplied by appointment of the Board until the 
next regular meeting. 

The President and Directors shall have full power and 
authority to make contracts with any person or persons, on 
behalf of the Company, for all work, material, supplies and 
labor necessary for the road, and generally to transact all 
the necessary business of the Company during the intervals 
of the general meetings of the Stockholders. 

The Board of Directors shall meet at least once in every 
three months at such places as they may think proper, and 
the President shall be at liberty to convene the Board as 
much oftener, as, in his opinion, the interests of the Com- 
pany may require. 

The Directors shall receive as compensation for their ser- 
vices five dollars for every day they may be in attendance 
on the business of the Company, and for every day they may 
be tra\ eling to and from the place of meeting. 

The President and Directors shall have power to employ 
engineers and such other officers and agents as they may 
think proper, and fix their compensation; and shall make a 
report of all such appointments to the regular general meet- 
ings of the Stockholders. 

The Board of Directors shall have power to establish a com- 
mon seal, with suitable devices; to ascertain and define the 
duties of the officers, clerks and servants of the Company, 
and direct them in the performance thereof, and to dismiss 
from the services of the Company any officer or agent, clerk 
or servant appointed by them, at pleasure. 



34 By-Laws. 



PROXIES. 



AH proxies shall be in writing, signed by the party, and 
none but a stockholder or a guardian for a stockholder shall 
be a proxy, except in cases of corporations holding stock, 
directly or indirectly, who may appoint a delegate to repre- 
sent them. 

CONTRACTS. 

Contracts shall be made under such rules and regulations 
as the Board of Directors may prescribe; and, when signed 
by the President, shall be binding on the Company, either 
with or without the seal of the corporation. 

No officer of the Raleigh and Gaston Rail Road Company, 
nor any person appointed a commissioner or agent thereof, 
shall become an undertaker of, or make any contract for his 
own benefit, under any appointment by said Company to 
make a contract, or be in any manner concerned or inter- 
ested in making such contract. 

LOANS. 

The President and Directors shall have full power and au- 
thority, from time to time, to make temporary loans in anti- 
cipation of the ordinary receipts of the Company, but no per- 
manent loan shall be made by them, except with the sanc- 
tion and by express direction of the stockholders in general 
meeting; and, in making such loans, no personal or indivi- 
dual liabilities shall be incurred, except with the consent of 
the individual stockholder, given in writing, either in person 
or by proxy.