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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.