THE LIBRARY OF THE
UNIVERSITY OF
NORTH CAROLINA
THE COLLECTION OF
NORTH CAROLINIANA
C385.1
N87p
1903-17
UNIVERSITY OF N.C. AT CHAPEL HILL
00032740455
This book musf not
be token from the
Library building.
PR.OCEEDINGS
cjf STOCKHOLDERS
north Carolina
HaUroad Company
FIFTY-FOURTH
ANNUAL MEETING
GREENSBORO. NORTH CAROLINA
J\ily 14th. 1904
North Carolina Railroad Co.
PROCEEDINGS OF THE
STOCKHOLDERS
FIFTY-FOURTH ANNUAL MEETING
Greensboro, N, C, July l_/.t/j, ^904
MILL NEWS JOB PRINT
Charlotte, N. C.
1904
PROCEEDINGS
OF THE
FIFTV-FOURTfl ANNUAL MEETING
OF THE
STOCKHOLDERS
NORTH CAROLINA RAILROAD CO.
MEETING OF BOARD OF DIRECTORS.
Greensboro, N. C, July 14, 1904.
The Board of Directors of the North Carolina Railroad
Company met at the BenboAV Hotel, in the city of Greens-
boro, N. C, on Thursday, July 14th, 1904, at 11 o'clock a. m.
Present: H. G. Chatham, President; V. E. Turner, L.
Banks Holt, W. H. Williams, S. C. Penn, C. M. Cooke, Jr.,
Geo. P. Pell, L. M. Michaux, Hugh McRae, Benehan Cam-
eron and William E. Holt.
On motion, the sevei-al reports submitted by the President
of the Company, the Land Committee, the Finance Com-
mittee, the Secretary and Treasurer and Expert, were re-
ceived and referred to the Stockholders' Meeting to convene
this day.
On motion of Hugh McRae, the Secretary and Treasurer
was directed to pay to Col. A. B. Andrews, the First Vice-
President of the Scnithern Railway Company, the sum of
PROCEEDINGS OF THE STOCKHOI.DERS
nine hundred and three and 58-100 dollars, to euver olaini
for taxes paid on the Union Passenoer Station at Raleigh,
N. C, for the benefit of the North Carolina Railroad Com-
pany.
On motion of Hugh McRae, the folio-wing pi'eamble and
resolution was adopted :
"Whereas, An application has been made to this Board
to cdiange the securities now on deposit in the First National
Bank of Charlotte, N. C, under the terms of the lease to
the Southern Railway Co., by the North Carolina Railroad
ComjDany, it is
"Resolved, That as the United States 4 per cent, bonds
recently deposited by the Southern Raihvay Company with
the First National Bank of Charlotte, N. C, and accepted
by this Board as security for the lease money, are thoroughly
satisfactory and desirable, and strictly in accordance with
the specific terms of the lease; therefoi'e, it is the sense of
this Board that it is not advisable to permit a change of
said securities at the present time. ' '
On motion of Dr. V. E. Turner, it is ordered that H. G.
Chatham, President of this Company, be appointed to con-
fer Avith Col. A. B. Andrews, First Vice-President of the
Southern Railway Company, with refernece to the rebuild-
ing of the hotel at Burlington, N. C, and that he insist that
the terms of the lease be complied with strictly in that be-
half.
On motion, the Board adjourned.
H. G. Chatham,
D. H. McLean, President.
Secret arv and Treasurer.
NORTH CAROLINA RAILROAD
MEETING OF STOCKHOLDERS.
Greensboro, N. C, July 14, 1904.
The Sto(Mvluil(lers of the North Carolina Railroad Com-
pany met at the Benbow Hotel, in the city of Greensboro,
N. C, on Thnrsday, July 14th, 1904, at 12 o'clock m.
B. S. Jerman, Esq., was unanimously cliosen Chairman
and D. H. McLean was elected Secretary. The Chairman
called upon the Proxy Committee, composed of Benehan
Cameron, C. D. Benbow and C. G. Wright, to make their re-
port. The Proxy Committee reported that of the 10,000
shares of the private stock of the Compimy, there were
8,158 shares represented in the meeting, either in person or
by proxy — 1,120 in person and 7,0.38 by proxy. Dr. J. R.
McLelland presented his commission as State's proxy, rep-
resenting the State's stcek of 30,000 shares in the Com-
pany. The Chairman announced that under the by-laws
there were a sufficient number of shares of stock of the Com-
pany represented for the transaction of business, and called
on the Secretary and Treasurer for his annual statement
of the financial condition of the affairs of the Company,
which report was read, apj^roved and ordered printed, to-
gether with the report of the President and other reports
and proceedings of the meeting.
The following jDersons were unanimously elected Direc-
tors of the Company on the part of the State for the ensu-
ing year, to-wit : L. Banks Holt, V. E. Turner, H. G. Chat-
ham, L. M. Michaux, ^Y. H. Williams, S. C. Penn, C. M.
Cooke, Jr., and Geo. P. Pell. The following gentlemen were
nominated as members of the Committee of Finance, to-wit:
B. S. Jerman, W. E. Holt, Benehan Cameron, E. H. Fries
and E. Chambers Smith.
The Secretary was directed to cast the vote, on the part
of the i^rivate stockholders, for Benehan Cameron, William
E. Holt, R. F. Hoke and Hugh McRae; whereupon these gen-
tlemen ewre declared elected directors of the company.
PROCEEDINGS OF THE STOCKHOLDERS
On motion of Benelian Cameron, the by-laws were amended
as follows :
Section 1, under the head of transfer of stock, shall be
amended by striking out the words ''first day of June of
each year," and substituting the words "fifteenth of June
of each year. ' '
On motinn, the Proxy Committee was continued as here-
tofore constituted.
B. S. Jerman,
D. H. McLean, Chairman.
Secretary.
MEETING OF BOARD OF DIRECTORS.
Greensboro, N. C, July 14, 1904.
The Board of Directors was called to order by the Pres-
ident of the Company at the Benbow Hotel, in the city of
Greensboro, N. C, on Thursday, July 14th, 1904, at 3 o 'clock
p. m.
Present: H. G. Chatham, W. H. Williams, C. M. Cooke,
Jr., Hugh McRae, S. C. Penn, Geo. P. Pell, William E. Holt,
L. Banks Holt, V. E. Turner, L. M. Michaux and Benehan
Cameron.
On motion. Dr. Y. E. Turner was elected Cliairman.
On motion of Benehan Cameron, H. G. Chatham Avas unan-
imously elected President for one year from this date, re-
ceiving nine votes.
On motion of W. H. Williams, D. H. McLean was elected
Secretary and Treasurer of the Company for the ensuing
year, unanimously by ballot, receiving ten votes.
On motion, S. M. Gattis was unanimouslj^ elected as At-
torney for the Company for the ensuing year.
On motion, S. M. Gattis was allowed by the Board thirty-
two dollai's for his expense account.
On motion, R. F. Hoke, L. Banks Holt and Y. E. Turner
NORTH CAROUNA RAI1.ROAD
were elected as the T^aiul Committee for the ensuing year.
On motion, William E. Holt and Benehan Cameron were
elected members of the Finance Committee, on the part of
the private stockholders, and B. S. Jennan, Ed. Chambers
Smith and F. H. Fries were elected on the same committee
on the part of the State.
On motion, a resolution heretofore adopted with regard
to the issuance of passes to the stockholders of the North
Carolina Railroad Co., to the annual meeting, was amended
by substituting the words ''Agent of the Southern Railway
Company" for ''Agent of the Richmond & Danville Rail-
road Company."
On motion of Dr. V. E. Turner, the Treasurer was ordered
to pay the August Dividend, due the State of North Caro-
lina, to the State Treasurer immediately, and take his re-
ceipt for the same. D. H. McLean,
Secretary.
PROCEEDINGS OF THE STOCKHOLDERS
PRESIDENT'S REPORT.
NORTH CAROLINA RAILROAD CO.,
President's Ofice.
Elkin, N. C, July 14, 1904.
To the Stockhcklers and Beard of Directors of the North
Carolina Eailroad Company:
Gentlemen: In compliance with tlie by-laws of your Com-
pany, I herewith submit the rejDorts of your Secretary and
Treasurer, Expert and Finance Committee. They give sub-
stantial evidence of the excellent condition of your property
and the wise and efficient manner in which you have con-
ducted its affairs. The report of your Expei't shows the
physical condition of the j^roperty to be good. Your Fi-
nance Committee reports the books and records of your
Secretary and Treasurer and his office in correct and proper
shape, and your Secretary and Treasurer reports that the
indebtedness of $10,000, which you found upon the books
of the Company at the beginning of this administration, has
been paid in full, and that he has to his credit the sum of
$1,943.25 in cash and more than $2,000.00 in bills receivable.
In the jDayment of this debt it is but just to your adminis-
tration to say that $4,803.37 has been saved from the amount
allowed you for organization expenses, and the balance of
$5,196.63 has been realized from the sale of real estate in
the city of Burlington. Your Company still owns a large
number of valuable lots in and near Burlington that are
rapidly enhancing in value, as the city is 'ouilt up. This
property is being wisely managed by your efficient Land
Committee, to whose report I refer you for detail of the
transactions made under their direction.
On February 3rd, last, your Directors met at the office of
the First National Bank, in the city of Charlotte, and re-
ceived from your Lessee, The Southern Railway Co., by its
First Vice-President, Col. Andrews, United States bonds in
the sum of $175,000, maturing in the year 1925, in exchange
for a like amount then held, which were subject to call in
1908. These bonds, according tt) the requirements of your
korth carol,iisa raii.road
lease, are now en deposit in the said First National Bank of
Cliarlotte, as eollatei-al security for the prompt and faith-
i'ul perfin'mance of the obligations of your Lessee.
I oongratulate you upon the conditions which have made
possible this flattering report, and bespeak during your in-
cumbency your Continued wise guardianship of tliis valual)le
proi)erty. Respectfully submitte(i.
H. G. Chatham,
President.
RSPORT OF FINANCE COMMITTEE.
Burlington, N. C, June 21, 1904.
Your Finance Committee beg to report that we have made
the examination of the books and accounts of the Treas-
urer, and that we found them properly kept and correct.
The dividend and stock books were also carefully exam-
ined and verified.
The cash balance on hand June 1st, 1904, we found to be
$1,943.2.-).
During the year the sum of .$6,880.90 was received from
the sale of real estate.
All the bills payable of the Company, aggregating seven
thousand dollars, have been paid off and cancelled.
Respectfullv sul)mifted.
■ W. E. Holt,
B. Cameron,
Ed. Chambers Smith,
B. S. Jerman,
Finance Committee.
SECRETARY AND TREASURER'S REPORT.
Burlington, N. C, July 14. 1904.
To the Stockholders of the North Carolina Railroad Co.:
Gentlemen: I herewith submit the annual statement of
the North Carolina Railroad Company, showing the financial
condition f(n- the fiscal year ending May 31, 1904; also state-
ment of receipts and disbursements of the Company for the
same period. Very respectfully,
D. H. McLean,
Sec'v and Treas.
10
PROCKEDINGS OF THE STOCKHOLDERS
Financial Condition of the North Carolina Railroad Co.
ASSETS
PROPERTY ASSETS
Construction and Equipment
$4 975,627
5 000
53
00
14,980,627
State University Railroad Stock
5S
CASH Assets
Dividend Tax
17
300
95
00
1 3J7
1,943
Bills Receivable '•
95
Cash on hand May 31 1904
•''5
1
^4,982,888
73
NORTH CAROLINA RAILROAD
U
For Fiscal year Ending May 51. 1904-
LIABILITIES
Capital Stock..
Profit and Loss .
FLOATING DEBT
Dividend Certificates
Unpaid Dividends:
Dividend Nos. 1 to 37 inclnsive
Dividend No. S
Dividend No. -^9
Dividend No. "40
Dividend No. 4l
Dividend No. 42 due Aug. 1st, 1904
108
00
2,487
101
94150
126'00
14700
140,073 50
,000,000 00
839,751 23
143.137
$4,982,888
50
73
12
PROCEEDINGS OF" THE STOCKHOLDERS
Receipts and Disbursements of the Treas. N. C. R. R. Co.<
RECEIPTS
Lease of Road..-
Rents
From Union Passenger Station,.
Raleigh, N. C
Dividend Refunded
Interest Refnnded
From Sale of Real Estate
Cash on hand Jnne 1st, 1903
$286,000 00
50
988
3
5
6,880
50
90
293,929
2,111
$296,041
NORTH CAROI.INA RAII^ROAD
13
Commencing Junel. 1903, and Ending May 31, 1904.
DISBURSEMENTS
Dividends paid
1279,940
8,000
3,722
2,018
130
287
00
00
04
98
00
34
294,098
1,943
Teniporarv Loan
Salaries and Fees
Incidentals
Interest
Tax Account
36
Cash on hand June 1st, 1904
25
$296,041
61
14 PROCEEDINGS OP THE sTOCkHOLDERS
Burlington, N. C.
To the Board of Directors of tlie North Carolina Railroad
Company, in Session at Greensboro, N. C, July 14th, 1904;
Gentlemen : We, the undersigned Land Committee of the
said North Carolina Railroad Company, beg to submit .the
following report as a full and complete record of our trans-
actions with the Company's undeveloped real estate in the
city of Burlington, N. C. :
According to the new survey of the said Company's lands,
which survey is a sub-division of the old survey, the old
survey being a plan of said city of Burlington, the new
survey has been incorporated in the map of said city, Avhich
makes it a part of the jjlan of said city.
The following lots have been sold and deeds delivered and
cash received and turned over to the Secretary and Treas-
urer :
On Hawkins and Ruffin Street
Lots No. 180, 183, 179, to the City uf Burlington ^1,100.00
On F"ront Street
Lots No. 1 and 2 to J. L. Wilson 600.00
Lot No. 3 to Mrs. Flora A. Andrew 200.00
Lot No. 4 to C. V. vSellars 195.00
Lot No. 5 to J. T. Love 190.00
Lot No. 6 to W. J. Thompson 205.00
Lots No. 10, 11, 12, 13 to the City of Burlington, 9^200 each 800.00
Lot No. 14 lo Andrew .' ." 300.00
Lot No. 15 to Frank Moore 300.00
Lot No. 16 to H. V. Simpson 300.00
Lot No. 17 to W. H. Carroll 250.00
On Tarplev Street
Lots No. 24, 25, 26, 15, 16 to R. C,"Hay 1220.00
Lot No. 17 to T. S. Evans 185.00
Lot No. 18 to Geo. H. Cook 195.00
Lot No. 19 to C. L. White & Bro 155.00
On Ruffin Street
Lot No. 187 to J. M. Browning 500.00
On Ireland Street
Lots No. 45, 46 to Mrs. C. V. Heritage, 1200 each 400.00
Total amount cash sales 7,095.00
Balance in full paid by Geo. H. Troxler 85.90
Total amount received 7,180.90
Less commission of 7^< per cent paid to Jno. M. Cook,
Land .^gent, on sales to amount of $5,995.00 449.62
Total Amount realized from land sale $6,731. 28
NORTH CAROLINA RAILROAD 1 ')
Making in all a total number of lots sold twenty-eight
(2S), and the tola! amount of cash sales is $7,095.00.
"W'e liavr not felt it our duty to throw all the Company's
property on the market at one time, but have sold such prop-
erty as in demand and would bring its full value. Hence
we have materially assisted in the growth of the town, at
the same time getting full value for the Company's property
in each instance, and by reason of improvements now going
on on the property we have sold, it is rapidly increasing the
value of the Company's land, which still remains unsold,
and whicli was less desirable and lield but little inducement
for investors. Respectfully sul)mitte(l,
L. Banks Holt,
V. E. Turner,
For Land Committee.
k;
PROCEEDIXGS OF THE SToCKHOI,DERS
ANNUAL REPORT OF EXPERTS APPOINTED TO EX-
AMINE NORTH CAROLINA RAILROAD, 1903.
Greensboro, N. C, October 14, 1903.
Mr. Samuel Spencer, President Sonthern Ry., No. 80 Broad-
way, New York City; Mr. H. G. Chatham, President N.
C. R. R., Elkin, N. C:
Gentlemen: We have to report that the North Carolina
Railroad was examined by us from Charlotte to Goldsboro
on October 7th and 8th, inst.
From Charlotte to Greensboro, we find it a first-class
single track road, in every respect. From Greensboro to
Selma the road is rock ballasted, and has rail 60-lbs. and
above, and is in very excellent order. From Selma to Golds-
boro there is no rock ballast, and a small portion of 50-lb.
rails are still in the track. This portion of the line is bet-
ter than when leased, and in view of the fact that the roll-
ing stock is heavier and the speed faster, we recommend
that the line from Selma to Goldsboro be ballasted.
The following list shows the more important betterments
that have been made since last inspection :
Main Line, N. C. R. R., Between Greenboro and Goldsboro,
BALLAST :
6,050 cubic yards crushed stone put in track.
SIDE TRACKS:
I^OCATION
Pine Level
H-34 1 M. P...,
H-59 M. P
Wilsons Mills
Mebane ..
Goldsboro
Goldsboro
Burlington
Burlington
Efland
FOR WHAT PURPOSE
Pine Level Oil Mills New
NEW
OR EX
W. C. Iseley
R. M. Jones
Empire vSteel &Iron Co.
Melville Brick Co
Dewey Bros
A. T. Griffin
J. O. Gant
Carolina Bridge & Steel Co....
Loading track
Hillsboro , Eno Cotton Mills
Burlington 2062 tt. passing track taken up
Ext.
New
LENGH
FEET
Ext.
334
350
305
13047
495
533
1750
1162
1992
505
200
NORTH CAROIJNA RAII^ROAD
17
CROSS TIES:
Number used in renewals 35,074
Number used in new side tracks 6,373
SWITCH TIES :
Number sets used in renewals 34
Number sets used in new side tracks 2
BRIDGES :
A new steel bridge is nnw being erected at Little
River, replacing last of wt)oden spans in this line.
TRESTLES:
No extensive work done.
BUILDINGS :
Gibsonville — New combination depot erected.
Universitv — Addition to combination depot.
UNDER GRADE CROSSINGS :
None put in.
WATER STATIONS:
None erected.
COALING STATIONS :
Bui'lington, N. C. — IS x 50 foot bin erected.
CULVERTS:
None put in.
Main Line, IT. C. R. R., Greensboro to Charlotte.
BALLAST :
15,474.36 cubic yards crushed stone put in track.
SIDE TRACKS.
INDUSTRIAL:
LOCATION
FOR WHAT PURPOSE
Uinwood Linwood Veneering Co
High Point Rankin Coffin & Casket Co
High Point High Point Upholstering Co...
Hill Top I T. b. Spencer & Co
Lexington I Atlas Talile Co
Lexington
Thonia-ville
Salisbury
Concord
Concord
Oneida Chair Co
Ryder Wagon Works
vSalislnirv Hosiery Mills ..
Odell Mill Spur..'.
Cabarrus Mills
Concord ' K.J. Craven
Charlotte Highland Park Mfg. Co ...
Charlotte Peoples Ice & Fuel Co. ...
Charlotte Mecklenburg Cotton Mills.
NEW Ileng'h
OR EX| FEET
New
Ext.
New
Ext.
New
Ext.
New
334
618
100
320
350
982
1182
275
190
150
240
1640
50
1450
18 PROCEEDINGS OF THE STOCKHOLDERS
COMPANY:
Harrisburg, N. C- — Passing track. New
under construction 2,400 feet.
Charlotte, N. C— Spur track, Liddell,
extended 162 feet.
Charlotte, N. C. — -Cross over, neAV 150 feet.
CROSS TIES:
Number used in renewals 40,447
Number used in new side tracks 31,372
SWITCH TIES:
Number sets used in reneAvals 48
Number sets used in new side tracks 64
BRIDGES :
Abbott's Creek, 316.3 M. P. Two new plate girder
spans, 105 feet 9 inces, and 107 feet 11 inches, in
length put in, releasing two through Pratt Truss
spans.
Deep River, M. P. 297.9. One 107 foot new plate
girder span put in, releasing one span through Pratt
Truss.
Harrisburg (Rocky River). New steel bridge.
TRESTLES :
No extensive work done on trestles.
BUILDINGS :
Greensboro— New mail room.
High Point — New brick freight depot is now being
erected.
Landis, N. C. — New combination depot.
Harrisburg — New combination depot now being
erected.
Salisbury — Freight depot and transfer, general re-
pairs.
UNDER GRADE CROSSINGS :
None.
WATER STATIONS:
None.
COALING STATIONS:
No new coaling stations have been established.
CULVERTS :
No new culverts constructed; slight repairs made
to existing cuherts at small expense.
NORTH CAROLINA RAILROAD 19
CROSSING GATES :
New crossino' grates are being installed at Concord
and Ninth Street, Charlotte.
General condition of road bed between Goldsboro and
Charlotte has been maintained. Ditches have been kept in
good condition, and embankments at many places strength-
ened.
General condition of cross ties good, and renewals have
been kept up to the standard.
Respectfully submitted,
Thos. D. Hogg,
Expert N. C. R. R.
S. J. Collins,
. ■ * , . Expert Southern Railway.
