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Library 

OF THE 

University of NortK Carolina 

This book was presenteti by 

Members of the family of the late 

COL. A. B. ANDREWS 









>.- 



This book must not be 
taken from the Library 
building. 



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J>& 



PROCEEDINGS 



OF THE 



STOCKHOLDERS 



OF THB 



North Carolina Railroad Co., 



AT THEIR 



TWENTT-EISHTH ANNUAL MEETINS, 



HELD AT 



SALISBURY, JULY 12th, 1877. 



RALEIGH: 

THB RALEIGH NEWS STEAM JOB PRINT. 
1877. 



PROCEEDINGS. 



Salisbury, N. C, July 12th, 1877. 

The Stockholders of the North Carolina Railroad Com- 
pany convened in the Court House this day at 11 A. M. 
to hold their twenty-eighth annual meeting. 

On motion of Col. W. R. Myers, of Charlotte, a tem- 
porary organization was effected by calling Mr. A. H. 
Boyden, of Salisbury, to the chair, and by requesting J. 
A. McCauley to act as Secretary and Mr. J. J. Bruner as 
Assistant Secretary. 

The committee on proxies reported as follows: The 
number of stockholders represented in person 14, by 
proxy 420 ; whole number of shares owned by individuals 
10,000 ; whole number of shares represented in person 
838, and by proxy 7,955. Total number of shares repre- 
sented 8,793. 

The Chair announced that there was a large majority 
of the individual stock represented, and therefore the 
meeting wes organized in accordance with the charter 
and by-laws. 

On motion of Col. W. R. Myers the temporary organ- 
ization was made permanent. 

Col. J. A. Gilmer presented his credentials as State 
proxy which were received. 

The President read his annual report. 

On motion of Mr. N. H. D. Wilson, the reading of the 
Secretary and Treasurer's reports was dispensed with. 



4 PROCEEDINGS OF THE STOCKHOLDERS 

Mr. D. A. Davis, Chairman of the Finance Committee, 
read the report of said committee. 

On motion of Mr. Mnrdock, of Salisbury, the reports 
of all the officers were referred to a committee of four to 
be appointed b}^ the chair. 

The Chair appointed Messrs. W. J. Yates, Wm. Mur- 
dock, J. T. Morehead and H. W. Fries. 

Mr. L. "W. Barringer offered the following preamble 
and resolution, viz: 

Whereas, Owing to the great depreciation of railroad 
securities; and whereas, under the lease of the N'orth 
Carolina Railroad to the Richmond and Danville Rail- 
road the lessee 'deposited as collateral for the fulfilment 
of the covenant large amount of bonds ; now therefore, 

Be it resolved, That a committee of three stockholders 
be appointed to examine the same and report, 

1st. If the bonds are now worth $150,000 in cash. 

2d. If they are marketable securities. 

3d. What bonds are deposited, and 

4th. And that the committee report to the stoc"kholders 
by circular in one month. And also that the same commit- 
tee report what security the Richmond and Danville 
Railroad gave for keeping the road in repair, and wdiat 
is the nature of the bond, and who are the sureties. 

Mr. R. Y. McAden offered the following resolution as 
a substitute to Mr. Barringer's preamble and resolution 
which was adopted, viz: 

Resolved, That the Board of Directors be requested to 
examine carefully into the collaterals deposited by the 
Richmond and Danville Railroad Company to protect 
the lease and to report to the Stockholders in a circular 
within thirty days: 1st. What these collaterals consist of. 



NORTH CAROLINA RAILROAD CO. 



2d. Giving full description of same. 3rd. Reporting 
market value of same, and 4th. Whether or not the col- 
laterals are sufficient according to the terms of the lease. 
Should the collaterals be insufficient the Directors are re- 
quested and required to at once notify the lessee to make 
good the'collaterals according to the terms of the lease. 

That the Directors enquire as to the bond given ac- 
cording to the terms of the lease to keep up the road, &c., 
and report fully in the circular the obligors on the bond 
and as to its solvency. 

Mr. J. T. Morehead on the part of the committee ap- 
pointed to examine the reports of the officers, presented 
the following report which was adopted, viz: 

The committee to whom were referred the reports of 
present officers of the Compan}^ and Finance Committee 
respectfully report: That the limited time allowed the 
committee render it impossible for them to do more than 
glance over the printed information turnished, and so 
far as they can judge they have no reason to doubt their 
correctness, and suggest that they be approved. 

In regard to the suggestions of the President as to cer- 
tain debts due the Company being charged to the account 
of profit and loss, we recommend that the Finance Com- 
mittee be empowered at their discretion to carry into 
effect the recommendation of the President. 

Your Committee heartily approve the recommendation 
of the Finance Committee made to the Trustee, viz : That 
great caution be exercised in loaning the funds in his 
charge to individuals on collateral or mortgage. 

W. J. Yates. 



Salisbury, July 12th, 1877. 



H. W. Fries, 

Wm. Murdock, 

J. Turner Morehead. 



6 PROCEEDINGS OF THE STOCKHOLDERS 

Mr. J. T. Morehead offered the following resolution, 
which was adopted, viz : 

Mesolved, That it shall be the duty of the Secretary and 
Treasurer annually to prepare and deliver to the Directors 
five days before the regular annual meetings of the Com- 
pany in addition to the usual published statements a full 
and complete itemized statement of the receipts and ex- 
penditures of the Company, and also an itemized sched- 
ule of the assets of the company, which statement shall 
be produced by the Directors during the meeting of the 
stockholders for reference and inspection. 

On motion the meeting proceeded to the election of 
four Directors on the part of the individual stockholders. 

The chair appointed Mr. J. H. Welbourn and Mr. J. 
A. Hedrick tellers. 

The tellers reported the following as the result of the 
balloting, viz : Mr. H. W. Fries, 8788 ; Mr. M. L. Holmes, 
8657; Col. T. M. Holt, 8646; and Dr. R. B. Haywood, 
8406 ; scattering, 371. 

The chair announced that Messrs. H. W. Fries, M. L. 
Holmes, T. M. Holt and R. B. Haywood were duly 
elected. 

Mr. R. Y. McAden offered the following resolution, 
which was unanimously adopted, viz : 

Resolved., That the stockholders of the North Carolina 
Railroad Compan}^ with pleasure learn from the reports 
of the officers the good condition of the roadbed and 
machinery, the condition of the same appearing sufficient 
for any reasonable speed. 

Resolved, That the stockholders respectfully recom- 
mend to the Post Office Department this line for the fast 
mail service, it being the shortest and most direct line 
between New York and New Orleans, and in other re- 
spects the equal if not superior to any other line. 



WRTH CAROLINA RAILROAD CO. 7 

Resolved., That the Secretary of this Company be re- 
quired to send a copy of the foregoin,^ resolutions to the 
Post Office Department at Washington City. 

On motion Messrs. John L, Brown, Peter Adams and 
F. C. Robbins were elected on the Committee of Finance. 

Col. W. R. Myers offered the following resolution, 
which was adopted : 

Resolved^ That the managers of the Richmond & Dan- 
ville and North Carolina Railroad Companies are en- 
titled to the thanks of this convention for the accom- 
modations afforded the stockholders in attendance in this 
convention in the way of transportation, &c. 

Mr. W. J. Yates offered the following resolution, which 
was adopted : 

Resolved^ That the thanks of this meeting be tendered 
to the Chairman and Secretaries for the efficient and 
satisfactory manner in which they have discharged their 
duties. 

On motion of Mr. D. A. Davis the chair appointed the 
following gentlemen a committee to verify proxies for 
the next annual meeting, to be held at Hillsboro, N. C, 
viz : Messrs. P. B. Ruffin, James Webb, Jr., and J. U. 
Kirkland. 

On motion the meeting adjourned. 

A. H. BOYDEN, Chairman. 

J. A. McCaulbt, Secretary. 

J. J. Bruner, Asst. Secretary. 



REPORT OF THE BOARD OF DIRECTORS. 



Office North Carolina Railroad Company, 
Company Shops, N. C, June 15th, 1877. 

Ill compliance with the requirement of the charter, the 
Board of Directors have the honor to submit the follow- 
ing reports, showing the business of the Company for the 
fiscal year ending May 31st, 1877. 

The report of the President with the accompanying 
tables show the condition of the Road in full. 



10 PROCEEDINGS OF THE STOCKHOLDERS 



PRESIDENT'S REPORT. 



President's Office^ N. C. R. R. Company, 

Company Shops, N. C, June 15th, 1877. 

To the Board of Directors : 

Gentlemen: — I submit to you, and through you to 
the stockholders of the North Carolina Railroad Compa- 
ny, the following reports of the receipts, expenditures and 
debts of the Company up to the end ef the tiscal year end- 
May 31, 1877. 



Receipts from all sources $273,637 54 

Expenses for the year, 85,290 34 

Paid in settlement of old claims and ex- ^ 

penses of Board of Directors and Fi- >■ 2,602 81 

nance Committee. J 
Paid interest on debt 33,216 20 —41,109 35 



Leaving a balance of $232,528 19 

Out of the above balance we have paid 

dividends to the amount of 120,781 00 

Leaving still a balance of $111,747 19 

Which has been applied to the Sinking Fund and other purposes, 
fully shown in detail in the report of the Treasurer. 

DEBT OF THE COMPANY. 

The total debt of the Company reported at 

the last Annual meeting was $433,295 72 

The- debt of the Company now is $513,681 11 

From which deduct amount of assets, 292,536 99 

And we have the actual debt of the Com- 
pany $221,144 12 

Of the above $292,536 99, assets $48,509 88 is cash deposited with 



NORTH CAROLINA RAILROAD CO, 11 



Banks and Bankers, and cash items; anu $191,019 70 is cash in the 
hands of the Trustee for the redemption of mortgage bonds. 

The remainder amounting to $53,007.41, consisting of 
old accounts atrainst individuals, other companies and the 
State of North Carolina, as shown in the Secretary's ex- 
hibit, may be considered as worthless, except probably 
the amount of $1,000, which maybe collected from the 
whole list. These accounts known to be worthless, ought 
to be charged to profit and loss, so as not to appe&r as 
assets from year to year. 

You will see that the debtof the coinpany ismore now 
than one year ago, which v,'as caused by a dividend be- 
ing declared, three per cent, of which is not yet due, but 
is reported as a debt against the company. 

MORTGAGE. 



Amount of bonds issued under the mortgage, $790,000 00 

Cash and bonds paid into the sinking fund, 605,519 70 

SINKING FUND. 

The company has paid during the year to Rev. N. H. D. 
Wilson, trustee, $93,734 44 



OLD DEBT. 



The amount of the loan of 1857, outstanding at your last annual 
meeting has been paid during the year. 



REMARKS. 

According to the ierms of the lease made with the 
Richmond & Danville Railroad Company, September 
11th, 1871, the road bed, rolling stock, bridges, buildings 
and all property belonging to this company is required 



12 PROCEEDINGS OF THE STOCKHOLDERS 

to be examined by two experts in October of each year, 
one selected by this company, and one by the Richmond 
& Danville Railroad Company, and report to the Board 
of Directors of this company whether the property is in 
all respects in as good condition as when the lease was 
made. Mr. William Murdock, of Salisbur}'^, was selected 
on the part of the North Carolina Railroad Company, 
and Col. T. J. Sumner, of Salisbury, on the part of the 
Richmond & Danville Railroad Company. They went 
over the entire length of the road and made the neces- 
sary examination as required by the lease, and reported 
to the Board of Directors of this Company on the 23d 
day of October, 1876, which is as follows, viz : 

Company Shops, N. C, 
October 23d, 1876. 

To the President and Board of Directors of the North Caro- 
lina Railroad Company, and the Richmond ^ Danville 
Railroad Company: 

Gentlemen: — We have inspected the property of the 
North Carolina Railroad Company leased to the Rich- 
mond & Danville Railroad Company, and submit the fol- 
lowing report : 

ROAD BED. 

Considerable improvement has been made upon the 
roail bed. It is more thoroughl}' ditched than heretofore, 
and the ballasting has been well maintained, while par- 
ticular attention has been given to moving the dirt and 
rubbish from the ends of the cross ties, thus improving 
the drainage, general appearance and stabilityof the road 



NORTH CAROLINA RAILROAD CO. 13 

bed. We were pleased to see that some attention had 
beei. bestowed upon the ri^^ht of way, in cleaning it of 
trees and bushes, thus increasing the security of the 
trains while improving the appearance of the property. 

CROSS TIES. 

The timber in the track is generally sound, a suffi- 
ciency of ties having been put in during the year to sup- 
ply all decay. 

TRACK. 

« 

The general surfacing and alignment of track have 
been improved by the good condition of the road bed, 
and by the constant effort of officers and employees in 
making the best use of all available means for this pur- 
pose, but in our opinion, it will require twelve hun- 
dred and fifty (1250) tons of 56 lbs. T rails during the 
next year to replace worn rails. 

BRIDGES. 

The bridges are in good condition. A New Howe 
Truss Bridge at South Potts Creek, replaces the Lattice 
bridge former]}' there. The new bridges have not been 
covered, but we are informed the material is ordered for 
that purpose. 

BUILDINGS. 

The buildings generally are in fair order, only a few 
minor repairs being required. The dwellings at the Com- 
pany Shops have been improved. We would rqspectfully 



14 PROCEEDINGS OF THE STOCKHOLDERS 

suggest the propriety of selling these dwellings and lots 
to the employees. The companies would be relieved of 
troublesome and combustible property and the employees 
who purchase would become permanently located and 
more deeply identified with the interests and success of 
the Company. 

WATER AND WOOD. 

The supply of these are sufficient. 

PASSENGER AND FREIGHT CARS. 

The passenger and freight equipment have been in- 
creased and improved. One passenger car built at Com- 
pany Shops; 30 box and 16 flats added; new standard 
draw bars put upon 58 cars ; 4 box, 11 flats and 8 shanty 
cars were condemned and destroyed during the year. 
The number of cars has therefore been increased by 26 
box and 5 fiats, the shanty cars decreased by 8. 

MOTIVE POWER. 

The locomotives are in better order than last year, two 
new boilers having been added. They number one less 
than last year. One was condemned as unfit for service. 

MATERIAL. 

The supply of material in store is less than last year. 
This material last year was composed largely of wheels 
and axles, which have since been applied to the construc- 
tion of cars. 

All of which is most respectfully submitted. 

WILLIAM MURDOCK. 
T. J. SUMNER. 



mRTH CAROLINA RAILROAD CO. 15 



From which report 3'OU will observe that the road bed, 
bridges, buildings, track, rolling stock, &c., are equal to 
and in as good condition as when leased, except the item 
of iron. They r^^port that it will require twelve hundred 
anri fifty tons of 56 pound Trails to go in the track by Oc- 
tober next. The Richmond and Danville Railroad Com- 
pany has already put a portion of the iron in the track 
and the president of said company in reply to a notice 
served on him by this company, has assured the board 
of directors that the amount of iron required shall be 
furnished within the time specified. 

The securities deposited by the Richmond and Dan- 
ville Railroad Company are considered amply sufficient 
to cover any deficiency which may arise. The last Legis- 
lature appointed a committee to examine into the secu- 
rities deposited with this company by the Richmond and 
Danville Railroad Company and report to the General 
Assembly, whether the cash market value of the securities 
were equal to the amount required by the lease. I was 
summoned before said committee and gave them a mem- 
orandum of said securities which was considered by them 
amply sufficient. 

At your annual meeting of the stockholders in 1875, a 
resolution was adopted authorizing the board of directors 
to purchase bonds issued by the State for the purpose 
of building the road, and known as construction bonds, 
I have to report the board of directors have not as yet 
purchased any of said bonds. 

All of which is respectfully submitted, 

THOS. M. HOLT, 

President. 



16 PROCEEDINGS OF THE STOCKHOLDERS 



TREASURER'S REPORT. 



Treasurer's Office, IST, C. Railroad Co. 
Company Shops, N. C, June 14th, 1877. 

To the Stockholders of the N. C. R. R. Company : 

Gentlemen: I here\\'ith submit to you the annual re- 
port of the financial condition of the North Carolina 
Railroad Company for the fiscal year ending the 31st 
day of May. 1877. 

RECEIPTS AND DISBURSEMENTS. 

During the fiscal year the receipts from all sources 
have been ^269,417 15, and the amount paid out on ex- 
penses, bonds and other liabilities of the company $287,- 
888 70, which will be fully set forth in the accompanying 
tables. 

FINANCIAL CONDITION NOW AND ONE YEAR AGO. 

The debt of the company reported and entered on the 
books of the company on the 31st day of May 1876, as 
shown by the books of the Secretary, was $438,295 72, to 
which add $34,317 45 of old debts not reported and en- 
tered on the books of the company, but which have been 
paid during the year. Wo have the total debt on the 31st 
day of May 1876, $467,613 17, to which add $240,000 00 
a dividend of six per cent, declared on the capitol stock 



NORTH CAROLINA RAILROAD CO. 17 



of the company by the board of directors, January 11th, 
1877, and we have the debt of the company $707,613 17 
of which amount there has been paid during the year, 
$193,932 06, leaving the debt of the company as shown 
by the books of the Secretary on the 81st day of May, 
1877, $513,681 11, which amount may be reduced by 
assets $292,536 99, leaving a balance to be paid of $221,- 
144 12. 

The general exhibits of the business of the company 
for the fiscal year shows an increase of the debt of the com- 
pany of $80,385 39, which is caused by the declaring of a 
dividend, three per cent, of which is uot due until Sep- 
tember 1st 1877. 

The total bonded debt of the company under mortgage 
is $375,500 00 of which $165,500 00 is in ten year bonds 
and $210,000 00 is in twenty year bonds. 

$38,000 00 the remainder of the loan of March 1st, 
1857, has been paid during the fiscal year. 
Respectfully submitted, 

J. A. McCAULEY, 

Treasurer. 



18 



PROCEEDINGS OF THE STOCKHOLDERS 



J. A. McCauley in Account -with the N. O. R. R. Co., 



RECEIPTS. 



From Rents 

" Real Estate 

•' Interest, Premiums and Discounts 

" United States Tax Collected..., 

*•' Certificates issued Dividend No. 9 

'' Individuals 

" Bills receivable 

" Lease North Carolina Railrokad 

and Cash Items on hand and with Banks and 
Bankers June 1st, 1876 



Cash 



776 02 

648 25 

7,156 81 

5 70 

42 00 

39 37 

749 00 

260,000 00 

66,981 43 



$336,398 58 




Commencing June 1st, 1876, and ending May 31st, 1877. 



DISBURSEMENTS. 

Legal Expenses 

Salaries 

Advertising and Stationery 

Traveling expenses and other incidentals 

Dividends 

N. H. D.Wilson, Trustee 

Interest on Coupon Bonds 

Loss and Damage 

Taxes paid 

Dividend Scrip 

Loan of March 1st, 1857 

Other debts paid 

Pay Rolls (old) 

Interest and Premiums 

Cash and Cash Items on hand and with Banks and 
Bankers, May 31st, 1877 



1,739 25 

3,000 00 

498 34 

1,501 56 

120,781 00 

88,714 74 

32,360 00 

1,101 25 

52 75 

42 00 

38,000 00 

28 61 

20 00 

49 20 

48,509 88 



$336,398 58 




20 PROCEEDINGS OF THE STOCKHOLDERS 



Statement showing Receipts and Expenditures of the N. O, 



BECEIPTS. 

From Lease of North Carolina Railroad... 
" Interest 



" Rents 

" Real Estate. 



1260,000 00 
12,183 51 



$272,183 51 
805 78 
648 25 



J73,637 54 



NORTH CAROLINA RAILROAD CO. 



21 



R. R. Company for the Fiscal year ending May 31st, 1877. 



EXPENDITURES. 

Traveling expenses and other incidentals 

Loss and Damage 

Advertising and Stationery 

Salaries 

Legal Expenses 

Interest, Premiums and Discounts 

Tax Account 

Balance receipts more than expenses 



$1,501 


56 


1,101 


25 


498 


34 


3,000 00 


1,739 


25 


33,216 20 


52 75 


232,528 


19 



$273,637 54 



J. A. :\IcCAULEY, Secretarij. 



22 



PROCEEDINGS OF THE STOCKHOLDERS 



Exhibits of the North Carolina Railroad Company 



Amount of Assets on hand at the com 
mencement of this fiscal year as shown 
by report May 31st, 1876 

Amount from sale Real Estate 



Amount of 1st payment Dividend No. 15 
on stock owned by the North Carolina 
Railroad Company, passed to profit 

and loss 

Amount from Rent account , 

" " Interest 

" " Lease of the N. C. R, R, 



Company's debt increased., 



6219,038 41 
648 25 



805 78 

12,183 51 

260,000 00 



219,686 66 



585 GO 



272,989 29 
80,385 39 



)73,646 34 



NORTH CAROLINA RAILROAD CO. 



28 



for the Fiscal year ending May 31st, 1877. 



DISBUESEMENTS. 

Amount Expenses for the year (old).. 
K " " " " (new). 



Amount of Dividend No. 15 declared 
January 11th, 1S77. 3 per cent pay- 
able March 1st, 1877. and 3 per cent, 
payable September 1st, 1877 



ASSETS. 



Amount due from Station Agents 

Other Companies 



Cash on hand. 



Individuals 
Freight Exchanges 

United States 

State Xorth Carolina. 
Bills Receivable 

Supplies 

N. H. D. Wilson, 
Trustee 



34,317 45 

6,791 90 



11,11G 

12 U75 

424 

210 

11.683 

3,171 

5.963 

191,019 

48,509 



41,109 35 
240,000 00 



-292,536 99 



1573,646 34 



J. A. McCAULEY, Secretary. 



24 



PROCEEDINGS OF THE STOCKHOLDERS 



Statement Sho"wing the Financial Condition of the N. O. 



PROPERTY AND RESOURCES. 

Cost of Construction, Equipment and 
Keal Estate 

Amount Sinking Fund (old) 

" Chatham Railroad stock 

" North Carolina Railroad stock 
" Northwestern N. C. R. R. stock 

Amount due from Station Agents 

" " Other Companies.., 

" " Individuals 

" " Freight Exchanges. 

" " United States 

" " State North Carolina 

*' " Bills Receivable... 

" " N. H. D. Wilson, 

Trustee 

Amount of Supplies 

" Cash on hand 



204,000 00 
74,700 00 
19,500 00 
20,000 00 



11,116 47 

8,363 33 

12,075 25 

424 12 

210 48 

11,683 09 

3,171 Ob 

191,019 70 
5,963 12 

48,509 88 



4,934,136 47 



318,200 00 



292,536 99 



5,544,873 46 



NORTH CAROLINA RAILROAD CO. 



25 



R. R. Company for the Fiscal year ending May 31st, 1877. 



CAPITAL STOCK AND LIABILITIES. 



Capital Stock 

Interest due on loan of 8 per cent., due 

March 1st, 1867 

Amount of 8 per cent. Mortgage Bonds 

due November, 1877 

Interest due on same 

Amount of 8 per cent. Mortgage Bonds 

due November, 1888 

Interest due on same...- , 

Dividend certificates fundable in twenty 

year S per cent. Mortgage Bonds 

Dividend No. 9 balance payable in twenty 

year 8 per cent Mortgage Bonds 

Amount due on Dividend No. 1 

" 10.......'.' 

«< << II 11 

12.'.".'.'.'!.'." 
" " 13 

" << " 14 

15.;!;;!.'.' 

Amount due Other Companies 

" " Station Agents , 

" " Individuals 

" " P. Department 

" Pay Rolls 

" Taxes retained 



" Profit and loss account. 



807 99 

1(55,500 00 
1,380 00 i 

210,000 00 
1,540 00 

186 00 1 

336 00 
116 OOl 
192 00 
390 00 
270 OO! 
498 OOl 
399 00 
702 OOl 
121,260 OOl 
259 95 
55 34 
4,658 21 
25 55 
4,421 16 
683 91 



4,000,000 00 



—513,681 11 
1,031,192 35 

$5,544,873 46 



J. A. jMcCAULEY, Secretary. 



26 PROCEEDINGS OF THE STOCKHOLDERS 



REPORT OF FINANCE COMMITTEE. 



Office North Carolina Railroad Company, 

Company Shops, N. C, June 19th, 1877. 

To the Stockholders of the N. C. Railroad Co7npany : 

The Committee of Finance has made the usual exami- 
nation of the affairs of the company for the year 1877. 

The Treasurer's account has been examined at the bi- 
monthly meetings of the conamittee and have ever found 
the books neatly and accurately kept, all the charges 
sustained by proper vouchers and the committee take 
pleasure in commending the diligence, fidelity and cour- 
tesy of the treasurer and secretary of the company. 

The bonds of the issue of 1857, due in 1867, amounting 
to $38,000 have been paid, examined by the committee 
and cancelled. This measure has been frequently recom- 
mended by this committe and is now fully approved. ij 

Amount of ten year bonds due 1st of ITovember, 1877, jj 
now unpaid is $165,500. These bonds will be provided 
for by the trustee out of assets of the sinking fund. 

Amount of twenty 3^ear bonds unpaid and maturing 
1st November 1888, is $210,000. 

We find in the hands of N. H. D. Wilson, trustee, 
$191,019 70, consisting of the following items, to-wit : 



NORTH CAROLINA RAILROAD CO, 27 



No. 1. Claim on Atlantic, Tennessee and Ohio R. R. ) ^r,o 070 Kr, 

from Charlotte to Statesville. ] 9<^,o/u 0^ 
Of this item 848,788 80 is in a Judj^taent, and 
124.881 77 is in gold bonds. 

No. 2. 13 N. C. R. R. Bonds, of the 20 year class 6,000 

No. 3. Note R. B. Haywood 3,000 

No. 4. " W. A. Graham and R. D. Graham 800 

No. 5&6 " R. D. Graham 4,000 and 5,000 9,000 

No. 7. Deposit Farmer's and Saving's Bank, Charlotte 5,000 

No. 8. Certificate of Deposit Wilson and Shober 25,000 

No. 9. " " " 22,000 

No. 10. Note Thos. Settle 10,000 

No. 11. '■ W.F.Bowman 12,000 

No. 12. •' V.G.Hundley 4,000 

No. 13. 10 U. S. bonds 67's cost 11,64150 

No. 14. Deposit in State National Bank Raleigh 7,223 92 

No. 15. Cash in hands of Trustee 1,684 71 

$191,019 70 
The Committee would suggest the exercise of great 
caution on the part of the trustee in loaning these funds 
to individuals on collaterals or mortgages. The fluctuat- 
ing character of collaterals and the very great difficulty 
of realizing under forced sales of real estate in times like 
the present, justify in the judgment of the committee, 
this suggestion to the trustee. 

The investment of the trustee in the claim on the A. 
T. & 0. Railroad is approved and highly commended by 
the committee a,sa wise and judicious use of the fund, as 
well for ihe intrinsic value of the property as for the col- 
lateral advantages given to the N. C Railroad by the 
control of their claim. 

D. A. DAVIS, Chairman, 
C. G. YATES, 
J. H. WELBORN, 
W. F. HEiTDERSO^^, 
THOS. B. KEOGH. 




Names, Shares. 

Albright, W. R 6 

Alexander, Cyrus A 20 

Alexander, Alphonso 10 

Adams, Peter 29 

Albright, J. R 3 

Allison, R. W 22 

Allison, John 5 

Allen, James E 9 

Adams, Lynn 2 

Adderson," R. Stokes 1 

Apple, Lewis J 2 

Allison, J. Y 1 

Allison, J. P 1 

Avery, Mrs. M. Corinna H 

Alexauder, J. M. gard 17 

Andrews, A. B 5 

Adams, James H 4 

Adams, L, H 2 

Albright, D. H 1 

Anthony, Sarah J 1 

Allen, Laura L 1 

Aaron & Rheinstien 1 

Armfield, Emsley 1 

Brown, Margaret 5 

Beal, James F 2 

Baker, D. B 1 

Burruss, J. T 20 

Bellamy, John D 5 

Bason, Joseph R 1 

Boon, Lewis S 2 

Benson, William 1 

Bernhardt, M. A 2 

Bason, Jere'h 1 

Black, John M 1 

Barrier, Daniel 5 

Barrier, Moses 5 

Barrier, Mathias 5 

Barnhardt, Jacob C 6 

Belo, E 343 

Boren, A. P 3 

Bane, John 5 

Brown, Allen 2 

Bingham, W. J 30 

Brown, Letitia & Martin 

Richwine 6 



Names. Shaves. 

Ban-inger, David 27 

Branch, L. 0. B 1 

BurtcPB 1 

Barringer, ]\Iartin L 5 

Battle, Kemp P 5 

Brown, James N 1 

Baile}% Thomas 4 

Barringer, C A 1 

Boydeii, Nathaniel 10 

Barnhardt, G. M 55 

Bradford, 'John 3 

Barringer. Rufus 37 

Blalock, John M 1 

Bost. M. L 5 

Black, E. C 1 

Bowman, G W 2 

Brewer, Thomas 2 

Bragg. W 2 

Blacknall, K 1 

Beard, H. H 5 

Boyden, John A 1 

Berry, John 2 

Brown, John L 10 

Boylan, Jane 5 

Bo'ylan. Kate 10 

Boylan, Jolm S. trustee 3 

Boylan William M 5 

Boylan, John H 7 

Barnes, Geo. T. trustee 113 

Branch, Thomas 38S 

Batchelor, J. B 6 

Blackmer, Luke 1 

Bell,M, T 20 

Ball, R. J 1 

Borden, E B. adm'r 3 

Ballard, B T 30 

Branch, Thomas & Co 9 

Bulbrd, A. .^ 5 

Bullock, B. T. Sr 21 

Brevard, Robert A 18 

Barringer, Catherine A 1 

Bain, Geo. M. Jr 5 

Burwell, A. trustee 180 

Barnhardt, John M 1 

Barnhardt, M. L 1 



Names. Shares. 

Earnhardt, James E. H 4 

Barnliardt, M. L, trustee... 1 

Branch, M. L. M 5 

Barringer, Lewin W, guar.. 16 

Barruiger, Lewin W 22 

Bank of Greensboro 3.38 

Bason, W. F 15 

Benbow, D. W. C 5 

Bell, Caroline 2 

Cochran, It. M 15 

Carter, John 25 

Cummings, Wm. M 3 

Clapp, Daniel F 1 

Caldwell, David F 131 

Cameron, Mildred C 17 

Cameron, Paul C 50 

Cannon, E J 5 

Cook, Mathias ,.. 3 

Carigan, W. A 40 

Clouse, William 10 

Cobb, John 1 

Corsbic, John 1 

Cummings, E. F 3 

Clapp, Jacob 1 

Caldwell, R. C 5 

Cook, Thomas E.... 1 

("aims, George A 2 

Crump, R R 2 

Carson, James H 70 

Cable, Israel 2 

Caldwell, W. P 5 

Charlotte, Columbia & Au- 
gusta R. R. Co 55 

Clapp, John E 2 

Caldwell, J. E 2 

Cook, Thomas E. executor 16 

Cutherell, Joseph T 5 

Cole, Stephen W 137 

Cobb, Margaret 1 

Cramer, Jennie T 17 

Clapp, Abram 1 

Cowles, Calvin J 1 

Couch, A. B 1 

Corl, Julia A 1 

Cabaniss, Charles I.. 4 

Donnell, Edmund 2 

Donnell, Wm. & Thomas B 2 

Donnell, George 3 

Davis, James 3 

Deaton, James 5 

Donnan, David Jr 3 

Donnan, John 3 

Dunkin, Wm. C 1 



Names. Shares. 

Dibble & Brothers & W. H. 

Washington 1 

Davis D."a 34 

Dobbins, N. M 2 

Dawson, J. & Co 5 

Dickenson, A. C 1 

Dewey, C. F 1 

Dewey, Charles 2 

Dancy, John 8 11 

DeRossette, A. J 30 

Drake, Caroline A 27 

Davidson, A. Brevard 109 

Dick, Mollie G 5 

Dick, Mrs. P. P 5 

Dick, Anna W 5 

Dowd C 7 

Dockery, 0. H. & Fannie 

Settle, his wife 5 

Dorland, Luke 7 

Darr, Elizabeth A 17 

Davis, I. H 1 

Davis, L. F 1 

Davis, W. K. guar 44 

Eccles, Henry 5 

Eilers, H. B 1 

Erwin, J. J 18 

Elias & Cohen 50 

Erwin, Charles H 5 

Erwin, RichardF 1 

Evans, Jane M. ex 2 

Evans, A, E 11 

Evans, C. N. B 1 

Erwin, Elizabeth M 1 

Fonville, F. W 1 

Faucette, John 1 

Fuller. J. N 2 

Fink, John 24 

Foil ]\Ioses 5 

Fries, Francis 114 

Fries, Henry 40 

Fogleman, Peter 1 

Foust, Daniel 3 

Fraley, B F 6 

Foy, J. M 1 

French, G. R 3 

Ferrall, Patrick 1 

Faucette, George A 5 

Freeland, C. J 4 

Faucette, J. R 5 

Freeland, T. J 3 

Fitzgerald, M. B 1 

Fraley, Jacob S 

Fife, W. W 18 



Names. Saares 

Foard. R. W... 33 

Foust, Daniel P 9 

Fairoloth, W. T.. 5 

Foard, T. C 1 

Fix, Joseph 2 

Foard. Fred C 1 

Furr, Paul \V 1 

Farmers' iSaviugs Bank 20 

Fries, F. H 23 

Fries, J. W 5 

Fuller, A 1 

Gant, Jessee 7 

Guthrie, George 1 

Graves, Calvin 10 

Gilmer, James F 1 

Gilmer, Wm. S 1 

Gray, Win 2 

Graham & Dunn 1 

Gorrell, Ralph 11 

Guess, W. W" 1 

Graliam, W. A 20 

Gholson, Thomas 2 

Gibson, Sarah E 1 

Gheen, G H 1 

Green, George 8 

Grice, George \V 5 

Green, 1\ :> IJ 

Gluj^as, Thomas 1 

Gluyas, William 1 

Goodman, Henry 10 

Gully, Wm. Gaston 5 

Guion, J. A 5 

Gregory, Richard J 9 

Gray, J. A 11 

Graham, John W 5 

Graham, William A. Jr 5 

Graham, James A 5 

GuUey, Joseph P 1 

Graham, Susan W 5 

Gaithers, Thomas H 1 

Graham, Augustus W 5 

Hughes, A. G 1 

Hazelle, Benuett 14 

Holt, E. M 139 

Holmes, William 1 

Holt, Peter F 1 

Holt, Jerry'h 1 

Harden. Peter R 1 

Holt, Jacob 6 

Harris, Kiah P 2 

Harder, Joseph 1 

Harris, Solomon 5 

Harris, William S 5 



Names. Shares. 

Harris, Charles 1 5 

Hargravos, Alfred 20 

Hedriek, John L lo 

HedricI:, B. S 3 

Hedriek, J. A 3 

Harris, T. D 3 

Hairston. Peter W 5 

Hiatt. Wilson 1 

Hiatt, David 1 

Hanner. Samuel & Co 5 

• Hendrix, James 1 

Houston, J. H 10 

Hackette J. C 1 

Holt, John 1 

Heart. Dennis -z 

Heart, Edwin A 2 

Harrison, B P 1 

Horah, John M 2 

Hoa hman, William 5 

Harris, George 3 

Heart, Levi A 5 

Havwood. George W 4 

Hifl, Fred C 1 

Holmes, M L 141 

Havwood. K. B 5 

Hogg. Thmias D 10 

llolieniai:. W. H 2 

Haywood, Fabias J 10 

Hamilton, Robert A 12 

Haynes, Wm. H 2 

Hoyle, :\[rs E. W 5 

Howeli, Josiah 4 

Hooker, 5 

Holmes. Reuben J 118 

Holt, Joseph S 3 

Holt, JamesH 1 

Holt, Henry 4 

Houston, Joseph A 1 

Hawkins Phil B lo 

Hendon, Lydia M 7 

Hughes. Samuel W 1 

Hoit, C G 3 

Heilig, Paul N 40 

Hall, Wm J 3 

Heathman, John N ' 3 

Holt, T. M 24 

Holt, W. E 1 

Harvey, Mary A 1 

Hathaway, J, L 4() 

Heart, Alice E 1 

Huftman, D. W. M 1 

Hay, Thomas 5 

Heron, William 50 



82 



LIST OF STOCKHOLDERS 



Names. Shares. 

Henderson, W. F 5 

Humphrey, L W 75 

Hays, M. T 2 

Harris, M. A 2 

Harris, S. W 5 

Holmes. M. L. trustee 5 

Howertoii, fc?. W 1 

Harris, Hammet 3 

Harden, Sarah E 6 

Holt, Catherine 3 

Hill&Skinker 20 

HicLs, W. J 19 

Holt, E. M., sons 1 

Heilig, Amelia 5 

Hauglianoul, Amanda 1 

Ipock, Arthur 5_ 

Irwin, .John F 1 

Jones, Pride 1 

Jones, Wesley 5 

Jones, Kimbro 10 

Joli;;sti n, George W 15 

Jolmstou, Nancy 1 

Johnston, Ljdia 7 

Johnston, Charles AV 7 

Justice, J. C 16 

Johnston, Milas W 3 

Johnston, Levi E 1 

Johnston, 1). W. C 1 

Johnston, William trustee, 120 

Johnston, S. H 33 

Jones, Dena C 6 

Jarvis, A. S 138 

Jones, W. 1 

Kerr, D. W 5 

Kerr, Samuel 5 

Kirkland, John U 10 

Kahnweiler, S. B 1 

King, Elam 2 

Kelly. Charles 5 

Kirkman, Levin 2 

Kerr, Martha J 6 

King, Elam guar 3 

Kimmons, Dorcas 1 

Knox, Mrs. E. H 15 

Keogh, T. B 101 

Kornegay, W. F 45 

Kirkman, James S 1 

Lindsey, A. H 1 

Lindsey, J, A 2 

Long, J. M 11 

Lambeth, Jane 2 

Lambeth, D. T 13 

Logan, J. E. & Isabella 3 



Names. Shares. 

Lindsey, Jesse H 50 

Lamb, (J. & J 1 

Lamb, Anderson 1 

Latta, John C 1 

Lattimer, C. M 16 

Leslie, Robert 25 

Leach, M. W 6 

Leach, L. M 1 

Lippett, J. J 1 

Little, George 2 

Latimer, Zebulon 182 

London, John R 4 

London, Fred Hill 25 

Lambeth, R. S 10 

Logan, John E 3 

Loftii, David 5 

Long, F H 5 

Long, Helen C 1 

Lon'u, Lilly W 1 

Long, Fanny 1 

Long, Thomas W 1 

Lassiter, D. W. ex 4 

Lassitor, I). W 4 

Leuiiey, H. A. & Edwin 

Shaver, adm'rs 280 

Lemiey, W. A 20 

Ligoa, D. P 4 

Manaey, Ephrim 13 

Manney, Valeutine 13 

McCallock, Josiah 3 

Moose, Daniel M 1 

Moose, John 10 

Moose, John F 1 

Monan, Wm. P 10 

McEachern, J. E 4 

Morri.s, P. M 9 

Morrison, J E 2 

McDonald, John 5 

Moss, A. H 3 

Mendenhall, Judith J 1 

McLean, F. B 2 

Mendenhall, Cyrus P 2 

McGullock, J. D 1 

McLean, J. M. & Co 4 

McLean, Thomas G 1 

McLean & Co 5 

McLean, John M., Jr 1 

Miner, James 1 

Millis, James N 2 

McAdoo, C. N 6 

Mendenhall, R. J 1 

Mclver, James 3 

Mitchell, Elishua 8 



NORTH CAROLINA RAILROAD CO. 



33 



Names. Shares. 

Mcllwaiue, A. G 15 

Millikeu, Eleazer 1 

Murdock, William 3 

Mears. Gaston 1 

McRee, A. C 1 

McRae, John 220 

IMordecai, George W 80 

McRae, Donald 185 

Morris, Jere 9 

McKee, W. H 1 

Martin, John 1 

Melchoir, Ciiris 10 

Misenheimer, Joseph 10 

Moss, Margaret E 1 

Moss, Mary Jane 1 

Moss, Edmund A 1 

Moss, John A 1 

Marsh, Edward H 4 

Moss, J. B 5 

Maloue, John 16 

Moore, Dr. J. A 1 

McAdoo, John 9 

Morehead, J. Turner 9 

Myers, W. R 224 

McAlister, A. C 1 

McPheters, A. M 2 

Murray, Albert 2 

Morehead, J. L 214 

Morehead, Eugene 14 

McRae, Donald, guard 22 

McRae, Walter G 25 

McKinley, Charles D 1 

Murphy, Susan W 6 

McCubbins, J. S. guar 6 

McCubbins. J. S. guar 6 

Murchison, K. M 40 

Morehead, J. T. jr 5 

Mock, Charlotte C 6 

Michaux, Richard V 12 

Mebane, C. P 2 

Morehead, J. T. sr 22 

Murray, W. J 2 

Mail, A. T 2 

Martin, Sarah E 17 

Murrow, Joshua S 2 

McAden, R. Y 40 

Manney, E. adm'r 1 

McRary, W. H 22 

Newlin, John & Son 10 

Neal, Elam 1 

Newlin, James 3 

Nutt, H 12 

NixoQ, N. N 3 

5 



Names. Shares. 

Nelson, C. J 1 

Norris, Jessee A 5 

Neely, Providence 3 

Norwood, John W 30 

North Carolina Railroad 

Company 195 

Norwood, Rebecca W 1 

Overman, William 5 

Odell, J. M 2 

Patterson, George 1 

Parker, J. W 1 

Philips, James 5 

Poole, W. R 19 

Primrose, Eliza guar 5 

Palmer, John C 2 

Purify, J. L 1 

Pharr, H. S 1 

Perry, R 1 

Peace, William 10 

Pharr, Samuel 5 

Pharr, Wm. R 7 

Plunkett, Francis E 5 

Pharr, John . 3 

Parker, Henry 5 

Parker, Sarah trustee 5 

Phifer, John L 1 

Pass, J. C 20 

Patterson, R. L. guar 10 

Pegram, M. P 6 

Patterson, R. L. guar 1 

Parks, D. C 5 

Porter, Mary E 5 

Pinnix, Flora A 9 

Phipps, Robert 8 2 

Pegram, M. P. cashier 40 

Pullen, R. S 34 

Perry, S 2 

Pharr, Isabella V 1 

Plant, H. B 209 

Ray, Angeletta 5 

Reed, Joel 10 

Roney, B. F 2 

Riley, George 1 

Roberts, W. W 1 

Rowlett, John 1 

Ruffin, P. B 5 

Robbins, Ahi 5 

Rice, John 1 

Roulhac, J. B. G 10 

Rumple, Jethro 1 

Rice, John adm'r B, H 3 

Rice, John adm'r S. T 3 

Rankin, Robert C 2 



84 



LIST OF STOCKHOLDERS 



Names. ' Shares. 

Raleigh National Bank 20 

Ruffin, T. Jr 1 

Reynolds, Hugh 5 

Rodman, W. B 40 

Rumple, Catherine 1 

Reid, Hugh K 4 

Royster, Maria P 7 

Rountree, R. H 5 

Rankin, Louisa M 8 

Rankin, Henrietta 1 

Rankin, John A. guar 4 

Repiton, A. Paul 4 

Scott, John 3 

Simpson, T. R 1 

Smith, It. a 1 

Stirewalt, Jacob Jr., guar.. 5 

Stirewalt, Jacob Jr 5 

Stewart, James A 2 

Sellers, Benjamin A 1 

Smith, M. D 5 

Stafford, John B 5 

Stratford, Henry B 2 

Stanly, E. R 16 

Smedes, Aldert 6 

Selby. Thomas H 3 

Shinpock, John 5 

Strayhorn, Wm F 1 

State of North Carolina.. .30,000 

Scott, John D 8 

Stephenson, David H 1 

Sellers, Griffin 2 

.■strange, Robert 5 

Swain, Lyndon 2 

Simonton, R. F 7 

Smith, W. A 26 

Sasser, Millie 20 

Sasser, Ellen 20 

Smith. Roger A 10 

Smith, C. W 10 

Scott, John 5 

Springs, A. B 150 

Ktarbuck, D. H 10 

Springs, A. B. Ag't 36 

Shaw, Eliza A 1 

Springs Richard A 35 

Staftbrd, f-am'l Mc 8 

Settle, David 1 

Smith, E. L.... 1 

Sowers, Jacob A 1 

Scales, J. 1 10 

Spicer, John D 65 

Summers, Elizabeth 1 

Summers, Narcessia 2 



Names. Shares. 

Strayhorn, Sidney G 2 

Smith, Mrs. E L 3 

Shaflfner, J. F 25 

Swepson, Virginia B 10 

Stafford, R. M 2 

Smith, Annie 1 

Sullivan, N. D 13 

Scott, S. K. Ag't 6 

Stewart, John 135 

Shaw, Eliza J 1 

Troleuger, W. H 1 

Trolenger, John 28 

Trolinger, Jacob T 1 

Thompson, Patterson 1 

Trolengei', James 1 

Tomlinson, Enos 7 

Thomas, Jesse 1 

Turner, Wilford 29 

Taylor, Fisher B 

Thacker, Isaac 30 

Tinnen, David 5 

Tinnen, C.C 8 

Trott, S. 8 1 

Turner, Samuel 2 

Tucker, W. H. & R. S 45 

TuU, John G 10 

The Trustees Sugar Creek 

Church 5 

Turrentine, W. H 2 

Turrentine, James A 5 

Tetter, Doi'cas S 5 

Tate, George W 2 

Tate, Hugh A 10 

Thomas, R. W 29 

Thomas, Mary 18 

Thomas W. D 17 

Thomas, J. Wesley 84 

Thomas, P. C 17 

Thomas, H. C 17 

The State National Bank of 

Raleigh 5 

Upcliurch, Bartley 1 

Unthank, Jennie E 1 

Vanbokkelin, A. H 2 

Vogler, Julius R 97 

Walker, Morgan A 1 

White, S. A 1 

Watson, E. F 3 

White, Sam'lM 1 

Watkins, Sam'l 1 

White, R. J 1 

Winecoff, M 5 

Wideuhouse, M 5 



NORTH CAROLINA RAILROAD CO. 



35 



JJames. Shares. 

Wilson, Isaac 31 

White, A. B 1 

Winecoff, 11 1 

Watson, J. S 1 

Wharton, John 5 

Wharton, J. C 2 

Wiley, Shannon 2 

Wilson, William 1 

Wharton, David 11 

Weatherly, Joseph A 1 

Watson, John 1 

Webb, Thomas 32 

Wilson, Alexander jr 1 

Wilkins, Edmund 6 

Withers, Thomas 5 

Wood, W. A 1 

Wright, W. A 5 

Wright, Thomas H 10 

Watson, J. W. B 50 

Wilson, Samuel M 5 

Williams, Alfred 3 

White, J. B, 1 

Womble, Jordan 2 

Williams, H 2 

White, George W 1 

Wilson, Thomas J 5 

Walker, Sarah 2 

Worth, Daniel 2 

Williams, Sarah A 5 

Walker, Mary 2 

White, C. R. adm'r 5 

Wagoner, Simeon 1 

Wilson, Robert 1 



Names. Shares. 

Williams. J. S 2 

Walker, L. H H 

Welker, G. W 20 

Wilson & Shober 317 

Webb, James jr 34 

Wiley, S. H 80 

Woodson, Obediah 1 

Wharton, C. E 10 

Weir, Mrs. Susan J 27 

Westbrooks, A. C 1 

Williams, Margaret C 10 

Williams, John G., Prest... 18 

Welbourn, John H 20 

Williams, John G 1 

Wilson, Joseph H 20 

White, Harriett N 5 

White, Mary P 5 

Winstead, W. H 10 

Wilson, J. E 1 

Webb, Margaret T 1 

Williams, Geo. W., Jas. S. 
Gilbert, F. I. Pelzer, 

trustees, 50 

Young, J. C 1 

Yates, C. G 3 

Yates, William J 16 

Young, W. M 1 

Yokely, Jacob M 9 

York, N. F 1 

York, Lenora H 1 

York, A. J. jr 1 

York, John F 1 



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