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.