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Full text of "Proceedings of the stockholders of the Raleigh & Gaston Railroad Co. at their ... annual meeting [serial]"

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PROCEEDINGS 



OF THE 



STOCKHOLDERS 



OF THE 



Hleigl k 




AT THEIR 



TWENTY-SECOND ANNUAL MEETING, 



HELD AT 



"Raleigh, July IStli, 1872. 



Also, the Annual Reports of Ihe President SuperintendeHl Treasurer, k. 



E ALEI G H: 

JOHN: NICHOLS ^ CO., BOOK AND JOB TRINTEES. 
1872. 



DIRECTORS AND OFFICERS. 



D IRECTORS. 

WM. J. HAWKIN8, A. M. McPHEETERS, 

S. S. EOYSTER, GEORGE LITTLE, 

J. B. BATOHELOR, WALTER CLARK, 

PAUL C. CAMERON. 



• OFFICERS. 
WM. J. HAWKINS, PiiESiDENT. 

A. B. ANDREWS, SurEKINTENDENT. 

W. W. VASS, Treasurer. 



COMMITTEE OF FINANCE & INSPECTION. 

T. B. VENABLE, D. M. BARRINGER, 

R. S. TUCKER, 



ANNUAL MEETING. 



Eahigh, July ISth, 1872. 

The twenty-second annual meeting of tlie Stockholders of 
the Ealeigh and Gaston Eail Eoad Company, was held, at 
12 o'clock, noon, at office of the Company. 

On motion of Dr. AV. J. Hawkins, the Hon. B. F. Moore, 
of Raleigh, was called to the Chair, and W. W. Yass and 
Thomas Badger appointed Secretaries. 

A. M. McPheeters, Esq., from the Standing Committee 
on Stock and Proxies, presented the following report : 

Capital stock of the Company, - - 15,000 shares. 

Shares represented in person, - - - 1,973 

Shares represented by proxy, - - - - 10,610 

Total representation in meeting-. - - - 12, 589 shares 

The Chairman announced that the meeting was duly or- 
ganized, and ready for business. 

The annual report of the Board of Directors for the fiscal 
year ending May 31st, 1872, was presented and read by Dr. 
W. J. Hawkins, Piesident of the Company, and on motion, 
received by the meeting. 

T. B. Venable, Esq., Chairman of the Committee of Fin- 
ance and Inspection, presented their report, which was read, 
and on motion of Hon. 1). M. Barringer, received. 

Dr. W. J. Hawkins, Piesident, read for the information 
of the Stockholders, and in compliance with a resolution 
adopted at the last meeting, the annual report of the Boaid 
of Directors of the Ilaleigh and Augusta Air-Line Rail Road 
Company. 

Joseph B. Batchelor, Esq., offered the following resolu- 
tion, which was read and adopted : 

Whereas, the resolution published in tlie proceedings of the Stock- 
holders at their last annual meeting, disapproving of the action of the 



Directors in reference to the Railroad Immigration Association of North 
Carolina, was not passed by the said meeting, but was published in the 
proceedings of the said meeting by mistake, therefore 

Hesolved, That the record of proceedings of said meeting be amended 
by striking out said resolution. 

The following preamble and resolution was offered by 
Gen. Bradley T. Johnson, of Richmond. Va. : 

Whereas, it appears by the report of the President and Directors of 
this Company to this meeting that the gross earnings of the Company for 
the past year have been |359,376 99, of which $304,876 98 have been 
expended for ordinary expenses and ^70,514 15 for extraordinary ex- 
penses being mainly for bridges built, new iron laid, new locomotive 
paid for, leaving a balance as net earning of $83,885 86, which, with 
other balances in the treasury, show the sum of over $100,000, subject to 
be divided among the Stockholders, 

And whereas, said report also shows that the bridges and track of 
said road are in good repair only needing some new iron, bridge, a loco- 
motive and freight cars to complete its equipment and put it in good or- 
der, the whole of which are estimated to cost the sum of $70,000, which 
is the sum expended last year for the like repairs and improvementis. 

And whereas, it thereby appears to this meeting that the earnings of 
the said road for the next year will have this sum necessary for extraor- 
dinary expenses and leave a balance of net earnings at least as large as 
that left by the present year's operations, but this meeting, for greater 
caution, is desirous of carrying a considerable sum over to the credit of 
the current year. 

And whereas, a dividend of five per cent, on the capital stock of the 
Company will require the sura of $75,000 and thus leave $25,000 on hand 
to be carried to the next year, therefore 

Hesohed, by this general meeting of the Stockholders of the Raleigh 
and Gaston Railroad, that the President and Directors of this Company 
are hereby directed, forthwith, to pay over a dividend of five per cent, on 
the capital stock of said Company and to carry the balance on hand over 
to the credit of the current year to be expended for extraordinary ex- 
penses of this Company. 

The preamble and resolution were freely discussed by Gen. 
B. T. Johnson, Jos. B. Batchelor, Esq., Oapt. Jos. J. Davis, 
Maj. Geo. W. Grice, of Portsmouth, Ya., and T. B. Vena- 
ble, Esq., when 

T. B. Venable offered as a substitute the following : 

Be^hed, That the Stockholders approve the action of the Board of 
Directors in not declaring a dividend for the past year. 



Hod. B. F. Moore proceeded to address the meeting and 
at the conclusion of his remarks, 

On motion, a recess was talcen until 3^ o'clock, p. m. 

The meeting was called to order, at 3h o'clock, by the 
Chairman. 

The discussion was then continued by P. C. Cameron, 
Esq., of Hillsboro', and others, when, upon motion, the ques- 
tion being called, and a stock vote demanded, the substitute 
offered by T. B. Venable, was carried by a vote of 5,014 as 
against 730 votes. 

Maj. E. S. Tucker asked and obtained leave to explain 
the vote as cast by him. 

The substitute having been adopted, on motion of Col. 
Walter Clark, a stock vote was taken on same, which passed 
by a vote of 5,019 as against 734 votes. 

The following resolution was offered by Maj. Venable : 

Resolved, Tliat the Directors be authorized to use the surphis of funds 
in hand iu improving the condition of the road and its equipment, and 
in creating a sinking fund, by proper investments, for the extinguish- 
ment of the debt of the Company. 

Gen. B. T. Johnson offered the following as a substitute : 

Resohed, That the President and Directors be directed to declare and 
pay forthwith a dividend of five per cent, on the capital stock of the 
Company. 

On motion of Maj. Geo. W. Grice, a stock vote was then 
taken, resulting in the rejection of Gen. Johnson's substitute 
— affirmative, 734 votes ; negative, 5,004 votes. 

The question then recurring upon the original resolution 
as offered by Maj. Venable, the same was adopted by the 
following stock vote : Aftirmative, 5,004 votes ; negative, 
734 votes. 

Hon. B. F. Moore, in behalf of the Committee appointed 
by the last Stockholders' meeting for the purpose of consi- 
dering the question, whether an amendment of the Charter 
of the Company, changing the mode of electing the Presi- 
dent, would transfer the control of the Charter to the Gen- 
eral Assembly, made a verbal report, declaring it to be inex- 



G 

pedient- at this tttlie, to accept such amendment of the Char^ 
ter, which elicited a lengthy discussion, participated in, by 
Son, B. F. Moore, Jos. B. Batchelor and Jos. J. Davis. 

At the conclusion of the dis^cussion, on motion of Maj. G. 
W. Grice, seconded by Hon. D. M. Barringer, the following 
was adopted: 

Resolved, Tliat, when this meeting do adjourn, it adjoili'ns to meet 
again at the same place on the first Thursdaj^, being the 3d day of Octo- 
ber, 1873, at 10 o'clock, a. m. 

The following was presented and read to the meeting : 

To the StocMioMers of the Raleigh ami Gaston Rail Road Company : 

Gentlemen: At a meeting of the Board of "The Trustees of Wake 
Forest College " held in the town 'of Charlotte in November, 1871, a re- 
solution was passed, appointing James L. Purefov, W. T. Walters and 
John G. Williams, a committee to petition the Stockholders of the Ra- 
leigh and Oaston Rail Road Company, to move the depot from Forest- 
ville to tlie College at the expense of the Trustees of the College. 

We, the undersigned, therefore, in l)ehalf of the Trustees, do most 
respectfully ask the Stockholders to move tlie depot from Forestville to 
the College in accordance with the aljov^e resolution of the Trustees, at 
your earliest convenience. 

JAMES L. PUREFOY, } 
W. T. WALTERS, [ Committee. 

July 18th, 1873. JOHN G. WILLIAMS, ) 

On motion of Maj. Grice, of Portsmouth, the foiegoing 
memorial was leferied to the Board of Directors with in- 
structions, to investigate, and report to the adjourned meet- 
ing in October. 

On motion of Alexander M. McPheeters, Esq., the meet- 
ing adjourned to the first Thursday in October next. 

B P. MOORE, Chairman. 

T^Hor'BlDGKU, 1 ^''''^^^^''' 



PRESIDENT'S REPORT. 



liALEKlH & (t ASTON EAILROAD COMPANY, 

President's Office, 
Raleigb, N. C, July 18, 1872. 

To the Stockhohlei's of the 

Bale'ujh & Gaston Railroad Company : 

Gentlemen : In compliance with your By-Laws and 
Charter, we submit our twenty-second annual report for your 
consideration and approval. 

The Eeports appended, of the General Superintendent, 
Auditor and Treasurer of the Company for the fiscal year 
just closed so fully sets forth the financial condition of the 
Company that we need say but little. 

The earnings of the Eoad for the fiscal year ending May 
31, 1872, have been as follows : 

From Freight, $271,315 00 

" Passengers, - - - - 80,086 99 

" Mail, ' 7,275 00 

$359,276 99 

The operating expenses were - - - 204,876 98 

Balance in favor of earnings, - - $154,400 01 

The extraordinary expenditures, charged to 

transportation, - - - . _ 70,514 15 

Amount of net profits of year's business, 83,885 86 
Miscellaneous receipts, and bond of R. & D. 

E. E. Co., ------ 2,976 52 

Net balance from last year, - - - 28,821 30 

Amount, - - - $115,683 68 

Payments to debt, interest, &c., per Treasu- 
rer's statement, - . - . 18,168 90 

Leaving balance on hand, May 31, 1872, of $97,514 78 
equal to about 6 per cent, on the Capital of the Company. 



8 

The Board deemed it to the best interest of the Company 
not to make a dividend of the surplus, but to hold the earn- 
ings for permanent repairs and in aid of the Kaleigh and 
Augusta Air Line R, R. We believe the extension of that 
Eoad to the Wilmington, Charlotte and Rutherford Rail 
Road would rapidly and largely increase your receipts and 
more than compensate you, by the increased value of your 
stock in the Raleigh and Gaston R. R. ; would give you a 
new aud independent short line to Charlotte, open up the 
finest naval store section in the South, and make your re- 
ceipts nearly, if not e^iual to j-our present business h'om the 
ISTorth CaroUna R. R. Its eaily completion is more than de- 
sirable. 

Your receipts were increased over ten thousand dollars, 
being entirely from the Raleigh and Augusta Air Line R. R. 
We may confidently expect a gradual increase to our receipts 
from that Road, and with every mile of extension. 

With the exception of the Iron, your Road is in good con- 
dition. Some 70 miles of this Iron was put down in 1852 
and '53, is now much worn and becoming rough ; in that 
condition it is a very bard matter to keep up the track, be- 
sides, the wear and tear of the machinery is greatly increased 
thereby. 

Your Locomotive and Car equipment is short, the in- 
creased tonnage and the necessity for reduced rates requir- 
ing more work and more mileage to produce the same results. 
We have ordered one new Engine from the Baldwin Loco- 
motive Works, of Philadelphia, which will be delivered to 
us at Weldon, in October next. We have made very favor- 
able contracts with Dr. Dowd for car and other lumber, 
which he is now delivering. 

The Bridges and Buildings ai'e all in excellent repair. The 
small bridge across Crabtree Creek should be rebuilt this 
year. We have taken out insurance on two of our bridges, 
the Tar River and Cedar Creek, both of them iron deck, 
Howe truss, expensive and valuable structures. 

The Board considered it advisable to build a Depot at 
Huntsville and one at Pacific. Out of the old and sound 
timbers from the Tar River Bridge, two Depots in part have 



9 

been framed and will soou be ready to be put up. They will 
be placed at the two points named, unless otherwise ordered 
by the Stockholders. 

There is a growing desire and disposition on the part of 
the people living and settling on the line of your Eoad, to 
build up the several stations and Depots into small towns 
and villages, greatly to the interest of the Company. The 
citizens, trustees and students of Wake Forest College desire 
the Depot at Forestville to be moved to the College, under 
the strong belief that they can soon build up at the new 
station a thriving and respectable village. Your attention 
is called to the subject. 

The Legislature at the last session passed two acts, one 
concerning the Chatham Bail Eoad, in which the Raleigh & 
Gaston E. R. or any other Eail Eoad is authorized to aid in 
the construction and extension of that Eoad (now the E. & 
A. A. L.), also, an act to amend the Charter of the E. & G. 
E. E., both of which are appended. The act concerning the 
Ealeigh & Augusta Air Line E. E. has been accepted by the 
stockholders of that Company, in general meeting called for 
that purpose. Your attention is called to the other for your 
approval or disapproval. 

The suit of the State of North Carolina against this Com- 
pany, for taxes, in the United States Court, at Washington, 
has been decided in our favor. 

Eespectfully submitted, 

W. J. HAWKINS, 

PresidenL 



10 

AN ACT TO AMEND THE CHARTER OF THE RALEIGH AND 
GASTON RAIL ROAD COMPANY. 

Section 1. The General AssemNj/ of North Carolina do enact, Tluit sec- 
tion one (1) of an Act of tlu; (ieiieral Assembly entitled ''An Act to 
amend the Charter of the Raleigh and Gaston Rail Road Company, ratl- 
iied the fonrth day of March, one thousand ciyht hundred and sixty-seven, 
l)e amended so as to reail as follows: That the Stockholders of the com- 
])imy at the regular nieetings thereof, shall elect a President and six 
Directors, each of whom shall be a Stockholder in said Company, and 
shall constitute the Board of Directors of said Company, with power to 
manage all the affairs thereof, and shall continue in office for one year, 
or until their successors are elected. In the electi(m of President and 
Directors, and whenever a vote by stock sliall be taken, each Stock- 
holder shall cast one vote for each share of stock owned by him. The 
President and any three members of the Board, or in the absence of the 
Presi<lent any four mcmliers of the Board, shall constitute a quorum for 
the transaction of bnsiness. and shall elect one of their number President 
pro tern. In case any vacancy shall occur in the office of President or 
Directors by death or resignation, or otlierwisc, such vacancy shall be 
filled by the ai)])ointment of the Board until the next election. 

Sec. 3. That all ])arts of sections and clauses of the original charter 
of said Company, and amendments tliereto, coming in conflict with this 
act, be, and the same are hereby repealed. 

Sec. 8. That U])on the acceptance of this act as a part of the charter 
of said Com])any liy the Stockholders representing a majority of the 
.stock at the lirst general meeting of the Stockholders thereof, it shall 
become and constitute a ])artof the charter of said Company. 

Sec. 4. That this act shall be in force from and after its ratification. 

Ralitied the 4th fjav of Dcceiiiber, A. D., 1871. 



AN ACT CONCERNING THE CHATHAM RAILROAD, AMENDA- 
TORY OF C-EIJTAIN ACTS, AND AUTHORIZING A CHANGE 
OF NAME. 

Sec. 1. The General AssemUy of North Carolina do enact, That the 
Chatham Railroad Company shall hereafter be known by the corporate 
name of the Raleigh and Augusta Air Line Raili'oad Company. 

Sec. 2. That it shall be lawful for the said Railroad Company to 
change the line of its road as heretofore prescribed, so as to extend it 
from its pr.'sent terminus or such point on the line of the same as it may 
deem advisable, to such point on the South Carolina line in the direction 
of Augusta, in the State of Georgia, as the said company may deem 
most eligible, and as much farther as may be authorized by the States of 
South Carolina and Georgia, and to locate and construct such branch 
road or roads, not exceeding in length, from the line of said Railroad, 
as may be authorized from time t(') time by the Stockholders ; and in 
building and the use of sueh branch Railroads the said Company shall 
have all the rights, privileges and immunities granted to it by the act to 
incorporate the Chatham Railroad Company and other acts amendatory 
and supplementary to the same, and of this act. 

Sec. ?>. If the capital stock of the said company now authorized shall 
be deemed insufficient for the purposes of this act it shall and may l)c 
lawful for the Company in general meeting from time to time to increase 
the same by the addition of as many snares as they may deem requisite, 
and the Board sf Directors, with the consent of a majority of the votes of 



11 

all the Stockholders in general meeting may make such portion of the 
capital stock alreadj'^ authorized, or of any additions to the same as tliey 
may deem advisable, a guaranteed or prefered stock, upon whicli guaran- 
teed or prefered stock, such interest or dividends may he guaranteed as 
the directors may deem advisable; and tlie directors may, with the con- 
sent of a majority of the votes of all the Stockholders in general meeting, 
secure such guaranteed interests or dividends by liens or mortgages upon 
all the property and franchise and income of the Company, or u}jon any 
portion thereof, and the Directors may in their discretion authorize sub- 
scriptions to be received for such additional stock (either common or 
guaranteed or both) at such prices and in such manner as may be pre- 
scribed by them, or may sell the same or any part thereof for the benefit 
of tlie company: Provided, That the entire capital stock so created, shall 
not exceed iive million of dollars. And the said Board of Directors, 
with the consent of a majority of tlie votes of all the Stockholders, shall 
have power to Ijorrow money for the purposes of the railroad authorized 
by this act ; and for loans made Ijy them to issue bonds with or without 
the privilege of conversion into stock in such amounts, and paytible at 
such times and ])laces, and at such rates of interest as they may determine, 
and to pledge tlie property and franchises and income of the Company 
or any poition thereof by mortgage or otherwise, for the payment of the 
principal of the same and the interest that may accrue thereon. 

Sec. 4. Authority is herelty given to the Raleigh and Gaston Railroad 
Company, or any other Railroad Company connecting therewith, to sub- 
scribe to, or purchase stock of any kind of the said Raleigh and Augusta 
Air Line Railroad Company, and in order to enable them to make such 
subscription or purchase, it shall be lawful for any such company to issue 
mortgage lionds for such amount and of such form, and of such rate of 
interest as it may deem advisable; and it shall be lawful for any such 
company to purciiase or endorse the mortgage bonds of the Raleigh and 
Augusta Air Line Railroad Company. 

Sec. 5. The said Raleigh and Augusta Air Line Railroad Company 
may at any time hereafter discharge the bonds of Chatham Railroad 
Company, deposited with the ])ublic treasurer, in the same manner and 
not otherwise, as the said Chatham Railroad Company is now authorized 
by law to do, and the Public Treasurer is hereby directed to return to 
the said Raleigh and Augusta Air Line Railroad Coni])any, the said lioiids 
of said Chatham Railroad Comiiany, on payment in the manner altove 
prescribed until the whole amount of said bonds of the Chatham Rail- 
road Company held by the state shall have been surrendered. 

Sec. 6. All acts and parts of acts heretofore passed inconsistent with 
this act are hereby repealed. 

Sec, 7. This act shall be in force from and after its ratification. 

Ratified the 13th day of December, A. D., 187L 



SUPERINTENDENT'S REPO 


RT. 

MP ANY, 

I 2d, 1872. 

t of the op- 
iy 31st, 1872. 

$359,276 99 

$204,876 98 
$154,400 01 

$70,514 15 


Ealeigh & Gaston Railroad Co 
Su/permtendenVii Office^ 
Raleigh, Is\ C, Jul^ 
Dr. W. J. Hawkins, 

President : 

Sir : I respectfully submit ray annual repoi 
erations of this Company for the year ending Mi 

earnings. 
From Freight, - - - 271,315 00 
" Passengers, - - 80,686 90 
«' Mails, - - - 7,275 00 


Total, - 

ordinary expenses. 
Conducting Transportation, 63,470 32 
Maintenance of Way, - - 45,439 48 
Motive Power, - - 63,370 07 
Insurance, - - - - 1,425 00 
Miscellaneous, including Mileage, 

&c., ... - 31,172 11 


Total, 
Earnings over Operating Expenses, 

EXTRAORDINARY EXPENSES. 

Tar River Bridge, - - 15,328 42 
Iron, Chairs, and Spikes, - 38,806 63 
New Locomotive, - - 12,976 06 
Vault, .... 1,300 00 
Real Eestate, - - - 2,103 04 


Total Extraordinary Expenses, 

Earnings over Ordinary and Ex- 
traordinary Expenses, 


$83,885 86 



For a more detailed statement of Tonnage, Mileage^ &c., 
I refer j'ou to the Auditor's Tables and Statements. 

Comparing the gross earnings of last year with the pre- 
vious yeai-, we have an increase $10,854 00. 

The whole of this increase was from the line of the Ral- 
eigh & Augusta Air Line Eail Eoad, our receipts to and 
from that Road amounting to $25,o03 87. From that 
source we may reasonably expect a healthy and continual 
increase, and if extended we may safely look for a very large 
accession to our receipts, both Passenger and Freight, 

The lease of the North Carolina Road to the Richmond 
& Danville Road, in the future, I fear, may very materially 
lessen our receipts from that line, and may continue until 
connection can be made with W., C. & R. R. R. From that 
connection we may hope to regain all that we may lose from 
the X. C. R. R. 

THE llOADWAY 

has been nuich improved in the past yeai-, and is now in 
good condition. AVe have laid 5^ miles of ;")() pound T rail 
(Fish Bar) on the oth Section, and half a mile on the 8th 
Section. We have used the best of the old rails taken from 
the oth Section in replacing the rough and worn o { rails on 
other portions of the Road. We could use to gi. t advan- 
tage at least 12 miles of new rail this year. We ur.e now 
on hand about 350 tons of old rails for sale. We ha c used 
in repairs of track, 30,177 cross ties and 221 kegs ot spikes. 
The track is being well ditched and put in condition for the 
winter. 

THE 15KIDGES 

are all in excellent condition — Tar River Bridge, just com- 
pleted, a very handsome and durable structure ; Cedar Creek 
and Deep Creek, nearly new ; Crabtree and Keuse River lat- 
tice Bridges, perfectly safe, until we are ready to re-build 
with the Howe Truss or some other pattern. AVe built a 
new bridge across the R. R. track at Hillsboro Street, Ral- 
eigh. All the buildings of the Company are in good order. 
The general condition of the Roadway and track will com- 
pare well with any previous year, except the Iron, a great 



14 

deal of which is now 20 years on the Eoad. We have used 
12,233 coids of wood ; have now on hand 8,515 cords, 3,000 
of which is 2 feet wood. 

OUll J.OCOMOTIVES (12 IN NUMIiEll), 

except the Wake, are all in rnnniug order. The Wake is in 
the Shops, beii]g rebuilt. Engine Franklin has been tho- 
roughly overhauled and a new Fire Box put in. The Ed- 
wards, a new Locomotive, from the Baldwin Locoiuotive 
Works, was received at the Shops on the 13th of January 
and put to service at once. She is an excellent machine. 
The Eoanoke lias been constantly running for two j-ears and 
will soon need some repairs. 

THE SHOPS AND TOOLS 

will compare tavoiably with any other Shops South. We 
have added many new Tools, one of Sellers & Bi'o.'s Punch- 
ing and Sheaving Machines and a Bolt-Ontting Machine, all 
of which give entire satisfaction. The Stationaiy Engines in 
both Shops have been oveihauled during the past year. We 
have also done consideiable Bridge work, built a new Baa-- 
gage Oar, 1 1 new Box Oars, and rebuilt 2 Mat Oars, built 
10 new Box Oais for tlie B. & A. A. L. 11. U. 

OUU CAllS 

are all in good oider. We have $1G,7S4 00 worth of Stores 
on hand, including a large amount of material for builtling 
new Oars. 

Our Tiains have run with the greatest regularity. It af- 
fords me pleasure to state that no accidents have occurred 
to them causing the loss of life or serious injury to any pas- 
senger or employee, nor to any of the Oompany's property. 

Mr. Gayle, the M. M , and Mr. Throwei-, the R. M., have 
each displayed skill and energy in the management of their 
respective departments. The Otticers and men employed on 
the Koad have, with few exceptions, discharged their daties 
with skill and alacrity, and I must take this opportunity of 
returning my acknowledgments to them. 
Eespectfully submitted, 

A. B. ANDREWS, 

Superintendent. 



TREASURER'S REPORT. 



Xo. 1. 

Shows the earnings of Road for liscal year ending May 31, 1872. 

No. 2. 

Shows the transportation exj)enditures for year ending May 31, 1872. 

No. 3. 

Annual statement of receipts and expenditures for year ending May 
31, 1872. 

No. 4. 

statement of the debt of Company. 

No. 5. 

liesources and liabilities of Company, May 31, 1873. 

No. G. 

Auditor's statement of the montldy earnings of road at the several sta- 
tions, for the fiscal year ending May 31, 1872, and other statements fol- 
lowing numbered from 6 to 11 inclusive. 

No. 12. 

List of stockholders in the Raleigh and Gaston Rail Road Company, 
July 1, 1872. 

W. W. VASS, Tre<i.surer. 
Office Raleigh & Gaston R. R. Co , 
July 11, 1872. 



16 



Ko. 1. 

Statement of the Earnings of Raleigh and Gaston Rail Road Company, 
from June ist, 1871, to May 31st, 1872, compared with ihe two previous 
fiscal years. 



June, 



July, 

August 

September. . 
October, ... 
November, . 
December, . 
Jauuary, . . . 
February, . . 

March 

April 

May, 



United ytatos Mail service. 



X8'7'l-'r2. 



Freight. Passengers. Total 



$14,782 23I 
14,871 9!) 
20,233 07 
35,431 94 
33,440 16: 
24,317 64J 
23,740 13 
21,703 05I 
19,270 33 
20,602 39 
24.041 68 
18,880 39 



6,771 98 
7,170 63 

7,647 20 
8.439 94] 
8,299 10, 
7,596 52 
7,583 27; 
7,008 50j 
5,277 87| 
5,003 10, 
5,957 10 
3,931 72 



$21,554 21 

22,042 62 

27,880 27 

43,871 88 

41,739 32 

31,914 16 

31,323 40 

I 

28,711 55 

24,548 20 

25,605 49 

29,998 78 

22,812 11 



$271,315 00, S80,G36 99] $352,001 99 
7,275 00 



Total, 



$359,276 99 



1870- • 1. 



Total. 

$19,465 28 
18,588 97 
25,082 13 
33,791 58 
38,532 52 
39,020 85 
36,769 96j 
30,112 SSJ 
27,235 98 
28,350 89 
21,270 75 
22,889 30 



1869- "VO- 



Total. 



$17,358 29 
17,200 68 
20,230 41 
27,707 29 
33,333 97 
25,776 76 
30,977 24 
27,879 58 
27,032 57 
26,687 18 
27,336 14 
23,050 74 



$341,110 51 $304,570 85 



North Carolina State Library 
Raleigh 



17 
No. 2. 

Transportation expenditures of the Raleigh and Gaston Rail Road Com- 
pany, from June rst, 1871, to May 31st, 1872. 



For Condyle ting Traiasportation, 

Embracing cost of conductors and traiu-hands; agents, clerks and labor- 
ers at deiJOts; stock killed, losses and damages: fuel; overcharges, and 
miscellaneous, 

iMaiiatenance of Way, 

Embracing cost of superintendence, laborers, roadway, subsistence, re- 
pairs of bridges and culverts, ties, repairs of buildings, tools, tanks, and 
miscellaneous 

Machinery Departm.ent 

Embracing cost of engine runners, firemen, cleaners, &c. ; repairs of en- 
gines and cost of materials, repairs and construction of cars and coaches, 
and of materials ; oil, tallow and waste ; and miscellaneous, 

Miscellaneous, 

Salaries— preisdent, secretary and treasurer, superintendent, auditor, . . 
Incidential Expenses — embracing printing, advertising, stationery, U. S. 

stamps, miscellaneous, &c., 

Insurance of bridges, 

Office Expenses — pay of clerk, telegraph operator, office boy, and mis- 
cellaneous, 

Mileage of Cars — paid other companies, 



Total operating expenditures, . 



Tar River bridge, 

Iron, chairs, spikes, &c., 

Equipment, (including cost of locomotive, W. N. Edwards,) 

Beat estate, 

Office vault, ... 



Total transportation disbursements, . 



f; 63,47U 32 



45,439 48 



03,370 07 


9,500 00 


7,515 39 


1,425 00 


2,108 68 


12,048 04 


$204,876 98 


15,328 42 


38,806 63 


12,976 06 


2,103 04 


1,300 00 


$275,391 13 



18 
Xo. 3. 

Annual statement of Raleigh and Gaston Rail Road Company, for the 
fiscal year, commencing June ist, 1871, and ending May 31st, 1872. 



To piiniiii^s of road from froiglit, passengers and 

mail. 

By paid on transportation account, 



:'„"i'.),276 !)9 
27o,:-'.l)I r.i 



I'rotits from transportalion for the year, if 83,885 8G 

Amount on liand May :!Ist, 1871, per last year's | 

stidemt'iit, .' $ 120,745 35!i 

By Dividend of Julv, 1871, G per cent. il 

'on 14,!) 17 shares^ $89,0.^2 00 1 

By i)ai(i internal revenue tax, 2.^ perct.. 2 2 42 o.") 111. 1)24 ()5}j 28,821 30 
Miscellaneous receipts, during the year 



Collected matured l)on(l of Richmond and DanvilU 
Rail Road Company, 



1,17G 52 
1,800 00 



Amount 1$ 115,683 1)8 

By paid on debt — reduced hiils payable, 10,480 50,, 

By paid interest on loan of 18(i8 3,150 ooi! 

By paid on general interest account 4,538 40 [ 18, 1G8 1)0 



Balance on Imnd, May 31st. 1872, ii$ '.)7.514 78 



1872. 



.Miiy ,'il, To liidiiive hi'()ui:lit forwnrd, iis surplus. 

Dividends unpiud 

Olher Ciiuipanic-s, crrdiled 



Amount 

By cash on depii.s'n in .^t.itc National Bank, !fl 13.224 2(i 

Citizens' •' " 14,0!)1 31 

Raleigh " " !),!)03 56 

Ottice of Treasurer, 162 30 



:$ 97,514 78 

I !)3!) 00 

I 4,481 58 

1$ 102,935 36 



$ 37,381 43 
By Townsend, VVhelen & Co., Bankers, Philadel- 
phia, cash on deposit ' 20,000 00 

By bills payable, including $16,000 loaned, tem- 
porarily to Raleigh & Augusta Air- Line R. R. Co., 18,3(;9 51 

By agents at stations, amount due, 14,218 28 

By United Stnles. due on transportation accou.t,.. 3,445 82 

By State of N(Mlh Carolina,, due on trans, acc't,. . . 574 01 

By ticket account, liidanc(i due 581 17 

By freight exchange, " " 8,365 14 



$102,935 36 



W. W. VASS, Treasurer. 



11) • 

No. 4. 

Statement of the Debt of Raleigh & Gaston R. R. Co., May 31st, 1872. 



To Company's note (Coufederate) to State of North Carolina, on account Chat- 
ham Kail Road Company, dated January, 18G3 

By bonds of the State of North Carolina, issued to Chatham Rail Koad Com- 
pany, of equal value, to balance 

To coupon bouds of Company— loan of IKfiS, payable January 1, 1877, 

To bills payable, amount stated. May 31, 1871 $52,030 50 

By reduced since, 10,480 50 



Total debt, May 31, 1872, 



$ 20,000 00 

20,000 00 

$ 50,000 00 

42,150 00 

$92,; 



2,150 00 



W. W. VASS, Treamrer. 



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34 
No. 10. 



A comparative statement, showing the amount of Freight at each Station 
on the Raleigh and Gaston Rail Road for the years ending May 31st, 
1870, 1871 and 1872. 



STATIONS. 



Raleigh, 

Wake 

Franklinton,. 

Kittrell's, 

Henderson,. . 
Junction, . . . , 
Ridst^way, . . 
Warreiiton,. . 

Macon 

Littleton,... 

Giii-ton, 

Wcldon, 



Southern Express Company, 



1 >! 7 . 



9 156, 
6, 

11, 
2, 

14, 
3, 



453 

048 
587 
009 
844 
712 
659 
556 
532 
015 
413 
785 
470 



18 7 1. 



196, 
6, 

12. 
1, 

15, 
2. 
6, 
6, 



102 
282 
205 
995 
124 
903 
944 
138 
870 
906 
354 
372 
543 



I 18 7 2. 



$ 203,863 97 
5,547 50 
279 69 
144 28 
177 64 
716 05 
862 31 
237 27 
445 68 
971 55 
373 84 
665 78 
029 44 



15, 
3, 

16, 
3, 
4, 
6, 
2, 
4, 



$221,088 02 I $261,744 45!l $271,315 00 



iS'uTE. — Increase of 1871 over 1870, 
•' 1872 over 1871, 



.$40,656 43 
9.570 .55 



Total Increase since 1,^70 $50,226 98 



35 



Xo. 10. ~f Continued.) 

A comparative statement, showing the amount received from Passengers 
at each Station on the Raleigh & Gaston Rail Road for the years end- 
ing May 31st, 1870, 1871 and 1872. 



STATIONS. 



Raleigli, 

Wake 

Franklinton, 

Kittreir.s 

Henderson, 

Junction, 

Riilgewaj' 

Warrenton, 

Macon, . 

Littleton, 

Gaston 

Weldon, 

Conductor's Way Bills 
From other Companies 
Commutation Tickets, 
United States, 



1870» 



187 1 



1872 



f 1(), 
2. 

:^, 

2, 
5 
1, 
1, 



602 
497 
787 
342 
679 
3:'. 6 
677 
618 
605 
162 
879 
891 
012 
717 
762 
910 



29' f 

20il 

28]; 

69 

55' 

30 , 

40' 

30 

40' 

81 

43 

24' 

21 

48; 

31 

94 



14,578 90 $ 
3,189 85 
3,955 55 
1,898 70 
5,258 75 
1,371 5l| 
1,686 15: 
3,160 35h 
552 50| 
1,459 94 ; 
921 85! 

11,605 36!; 
9,787 01 1, 

14,749 09' 
1,700 00 
3,490 55 



16,916 79 

2,951 35 

4,457 76 

2,468 24 

5,874 80 

1,567 48 

1,361 20 

3,707 65 

683 45 

1,812 77 

916 18 

12.395 33 

10,562 52 

13,982 49 

1,962 50 

1,186 48 



li iK83 482 8311 $79,366 06' 
*DedHCt for Tickets purchased and fold during the year. 



$R2.S06 99 
*2,120 00 



$80,686 99 

Note. r- Decrease of 1871 compared with 1870 $4116 77 

Increase of 1872 over 1871, ],320 93 

Total increase since 1 870, $2, 795 84 

JAMES M. POOL, Auditor. 











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40 



No. 12. 



LIST OF STOCKHOLDERS, 

Of the Raleigh and Gaston Rail Road Company, July ist, 1872. 



SHAKES 

Amis, John 7 

Amis, James S 4 

Alston, W. H. F 2 

Addison, Augustus E 105 

Ai-ringtoQ, S. P I'o 

Ayers, George W 9 

Adreon, Harrison 29 

Adreon, Jesse 36 

Anderson, Peter O 9 

Anderson, Peter B 13 

Branch, L.OB 19 

Bnrt, P. B 1 

Butler, A 7 

Brodie, T. L 7 

Bullock, John D 2 

Burwell, A. E.. 7 

Burwell, H. H 24 

Burwell. John S 2 

Beckham, M. K 1 

Brown, H. P 1 

Brown, P. J 1 

Brown, J. Wilcox 26 

Brown, J. Wilcox, Trustee, 2 

Brown, J. F. tt J. W 18 

Brown, Mary S H 

Brown, James W 9 

Bragg, W. A . 7 

Burroughs, 8. A 1 

Barrow, J. S 1 

Boiling, Robert 73 

Bradbury, T. W 1 

Bishop, Asa 1 

Broadnax, A. J 41: 

Broadnax, W. E 44 

Boylan, Jane 42 

Boylan, Jolfn S.'s Trustee, 8 

Boylan, John H 7 

Baylor, Elizabeth F 21 

Biddle, Thomas & Co., ... . 7 

Brownley, Bolivia T 22 

Biggs, Asa 10 

Brauder, James S 155 

Baker, W. J 13 

Biliosoly, E. E 13 

Branch & Co., 210 

Branch, Thomas & Co, 54 



SHARES. 

Battle, K. P 40 

Bullock, Walter 2 

Bullock, R. A 1 

Bullock, W. C 1 

Ballock, James A 1 

Barriuger, D. M 2 

Bourne, Henry A. & Co., . . 14 

Blakemau, Sylvester 16 

Batchelor, Joseph B 21 

Biliosly, A. J 13 

Bunphrey, Samuel 13 

Bourke, Nicholas 7 

Carter, D. M 172 

Citizens' Bank of Norfolk, 50 

Clifton, T. T 1 

Chamberlaiue, W. W 221 

Chamberlaine, George .... 170 

Chamberlaiue, R. H 24 

Cameron, P. C 29 

Cameron, M. C 10 

Cosby, John W 1 

Cannady, N. E 2 

Cannady, Wyatt 9 

Cannady, W.N 1 

Cheatham, E. G 1 

Calvert, S l-t 

Carroll, Thomas 16 

Cheek, E. A 7 

Crews, Rebecca A 8 

Crews, W. B ^ 

Caldwell, W. ^ l5 

Cornick, James 84 

Clarke, Thomas A ^ 

Crudup, Dr. E. A 1 

Camp, W. T 50 

Cowper, H. D 25 

Cowper, James C lO 

Clarke, Walter 28 

Cooke, CM .. . 1 

Crenshaw, Susan A -0 

Ci'enshaw, John M 5 

Chandler, Mrs. Sarah 13 

Clarkson, David 19 

Cooper, John H 16 

Colhns, Fannie E 16 

Clark, T. W 9 



SHARES I 

Channcey, Charles 93 ; 

Chauncey, Elihu 283 ! 

Courtney, T. L 13 ; 

Crocker, J. F 10 

Constable, H. B 9 

Dimn, J. B 7 

Debnam, Thomas R 2 

Dent, James 1 

Davis, Isaac 40 

Davis, Joseph J 15 

Davis, J. C 11 

Davis, W. S 19 

Davis, E. A 3 

Daves, E. Graham 31 

Davis, Roper A: Co ., 1 

Drummond, Samuel 4 

Donnau, A 11 

Donuan, David 7 , 

Dickersou, Richard 255 

Duffield, C. B 162 

Dawley, Mrs. Thomas 17 

Dawley, Virginia 12 

Dudley, Virginia T H 

Dickerson, James T 9 

Daniels, William 25 

Duke, F. J 13 

Devereux, Thos. P 1 

Edwards, L. C 2 

Ennis, James 1 

Egerton, B. J. & Pitchford, 7 

Elder, George W 19 

Edwards, J. W 13 

Ellis, L. P 13 

Freeman, Harriet G 39 

Fordham, L. H 19 

Fitchel, George 19 

Frazier, Nalbro 203 

Green, W. O 2 

Green, E 5 

Green, Rebecca Jane 2 

Gardner, Mrs.^W. F IH 

Grigg, Wesley 7 

Grimes, William 283 

Gordon, John D., Adm'r of 

R. B. B. Timberlake, . . . H 
Gordon, John D., Adm'r ct' 

F. C. Timberlake, 7 

Gatlin, Sarah 2 

Gordon, John D. & Co., . . . 200 

Gardner, Harriet C 8 

Ghio, E. G 13 

Gayle, John H 19 

Gayle, Mrs. Cira 9 



SHARES 

Guiteau, Jane 29 

Guiteau, Sallie 29 

Guiteau, Sheridan ; IS 

Grice, George W 37lJ 

Grice, George W., Trustee, 735 

Grice, A. P 10 

Grice, C. C 10 

Grice, H. H 13 

Goldsboro, A. P 13 

Gentry, J. B 9 

Haywood, Dr. F. J 17 

Haywood, Martha H 31 

Harris, J. W 7 

Harris, B. F 105 

Hood, W. H 2 

Hawkins, P 1 

Hawkins, Dr. W. J 20 

Herndon, R. N. ctD. C... 10 

Herndou, Dr. John R 33 

Herndon, H. C. .t W. G . . . 9 

Hawkins, Pliil. B 5 

Hicks, Dr. John R 7 

Hicks, Robert J 12 

Hargrove, H. W 

Hargrove, Tazewell 

Hester, Hamilton 

Hester. B. F., Executor, 
Hamilton, Robert A.... 
Hamilton, E. G 

Hamilton, H. C 

Hill, R. R 

Hariison, Dr. B. S 

Harrison, P. B 

Hai'die, Thomas A 

Hardie, W. J 

Hunt, James T 

Hurt, Branch T 

Harmonson, Lafayette. . 

Hodges, JNIary A 

Hardu), W. F 

HoUaday, J. G 

Hand, Sam T 

Hand, S. T., jr., 

Hudgins, M. L 

Hart, J. H *. . . . 

Harrison, W. D 

Hunt, J. M 

Hill, J. T 

Hill, J. T., Trustee, .... 

Hill, Mrs. Lizzie C 

Hill, Mrs. Mary E 

Hill, C. W 

Hill, Miss Fannie G 



1 

2 

3 

31) 

9 

9 

1 

152 

1 

G3 

03 

2 

2 

20 

10 

13 

9 

10 

13 

10 

10 

i) 

10 
19 
2() 
10 
10 
10 
8 



42 



Stockholders, July ist, 1872. 



SHAKES 

Hodges, Miss Emma 8 

Hodges, Mrs. Jane 12 

Harwood, Henry 19 

Harwood, Mrs. Virginia J., 16 

Higgins, Mill- J 10 

Hume, R. G 19 

Hume, Sariih C 16 

Hume, Thomas 19 

Hume, John H 16 

Hume, Mrs. Anna 10 

Jones, Alfred 26 

Jones, Martha E 22 

Jones, Ann 11 

Jones, W. H., (Halifax,). . . Cyl 

Jones, W. H., (Wake,).... 1 

Jones. Rnfus H 36 

Jones, E. P., 57 

Johns, John B 2 

Jordan, Emily C 21 

Joyner, W. H 1 

Jeffreys, L. A 1 

Johufson, Bradley T 20 

Johnson, Mrs. Bradley T. . 61 

Judkins, Thomas J 1 

Joyues, Virginia S 13 

Johnson, Henry W 13 

Johnson, J. li 4: 

Jenkins, xMrs. Delia M 2 

Kingsbury, 11. H., Trustee^ 42 

Kiugsbui-y, Florence 42 

Kingsbury, Lucy 11 42 

King, John G 45 

Kevan, Andrew 14 

Kevau, John 7 

Kyle, l)avid 24 

Kelso, Thomas 29 

Kelso, John T 29 

Keli^er, Henry 9 

Lane, Tempe 14 

Lemoine, John E 4 

Leshe, Robert 226 

Lindsay, Jesse H 126 

Lassiter, D. W., Executor,. 167 

Leavenworth, F. P 3() 

Lanier, Mrs. M. V 4 

L ' Engle, Madeline M . . . . 14 

Latimer, Henry 20 

Lawson, W. L 13 

Little, George 2 

Leslie, H. C 13 

Lindsay, Andrew D 31 

Moore, B.F 257 

Moore, Annie M 7 



SHARES 

Moore, SallieL 2 

Moore, George B 6 

Mitchell, Mary E 22 

Mitchell, Leroy 1 

Mahler, Henry 19 

Mordecai, George W 188 

Mordecai, Henry 6 

Marriott, B 2 

]\Iarriott, J. C 1 

Montague, Dr. H. W 1 

McGill, John 100 

Montague, L 7 

Maylield, J. O. K 16 

May, James 7 

McFarlaud, Caroline 1 

McHwaine, A. G 8S 

Martin, M. K 15 

Martin, Robert A 8 

Morton, L. P., Trustee of 

of L. K. Morton, 52 

McPheeters, A. M 10 

Mitchell. Mrs. E. H 8 

Morehead, James T., jr., . . 29 

Moore, Henderson 10 

McCready, W. J 19 

Maupin, James F 16 

Myers, E. T. D 10 

Neal, L. W 7 

Norwood, N. M 1 

Newton, Thomas 1 

Norris, James A 1 

Norris, Richard 7 

Nuun, James D 2 

Nash, Anna 10 

Nash, Virginia 13 

Nash, Lizzie 13 

Nash, W. C 13 

Nash, Charles R 13 

Nash, John 9 

Neal, J. B 13 

Neely, R. J 13 

O'Rorke, John 28 

Partridge, Sophia 5 

Park, J. E 33 

Proctor, 1 1 

Person, P. C 11 

Person, Sallie 4 

Person, W. M 1 

Person, W. E 4 

Person, Thomas A 14 

Perry, Dr. A. S 54 

Perry, J 7 

Perry, Seaborn 5 



43 



Stockholders, July ist, 1872. 



SHAEES 

Perry, B 1 

Perry, Charles 3 

Peace, P. P 36 

Peace, W.L.. 58 

Peace, Josephine 10 

Peace, L. E. D 31 

Peace, Margaret S 10 

Peace, Ellen A 10 

Peace, C. C 49 

Peace, Josephus A 8 

Parham, Asa 1 

Parham, Lewis 1 

Powell, W. M 1 

Parker, Sarah, Trustee,., . . 5 

Pool, Catherine 30 

Parks, Marshall 10 

Peebles, Lemuel 37 

Pelham, Eobert 94 

Penrose, Valeria F 4 

Pull<-ii, E. S 65 

Piillen, K. S., Trustee, 57 

Phybe, JohnG 19 

Parker, Jacob, Guardian, . . 4 

Pendleton, M. M 19 

Pendleton, W. S 13 

Quincey, W. A 1 

Eodman, W. B 20 

Royster & Venable, 7 

Roulhac, J. B. G 14 

Riggan, L. E 1 

Rowland, Horace H 2 

Rowland, Charles H 52 

Rowland, Mrs. Sarah R 25 

Rand, Parker 126 

Robinson, Isaac 23 

Raleigh & Gaston R. R.Co., 53 

Reid, Charles 24 

Royster, W. D 5 

Robinson, J. M 378 

Robinson, Moncure 580 

Robinson, James H 22 

Bobbins, Mrs. Elouise 16 

Robbins, W. W ' 22 

Scott, John W.. 25 

Satterwhite, E 1 

Smith, Mary L 35 

Smith, Virginia H. B 35 

Smith, Nannie M 37 

Smith, R.H 2 

Smith, J. M. &Co., 70 

Smith, Sarah E 5 

Smith, W. B 1 



SHAKES 

Souter, J. T 250 

Scarborough, Geoi'geP. ... 67 

Stewart, Thos 1 

Selby, T. H 10 

Skinner, Jolm 1 

Spivey, D. W 16 

Speed, J. J 7 

Steed, A. L 1 

Steed, J. H 1 

Shaffer, A. S 1 

Selden, W 375 

Steele, W. L 52 

Sharp, Mary L 124 

Smith, J. Marsden 24 

Seybert, Henry. 207 

Skiddy, Francis 40 

Sandford, Levi N 10 

Stanford, W. H 20 

Stout. J. H 26 

Sherwood, Mrs. O. R 16 

Southgate, R. M 19 

Savage, Sarah Chauncey. . . 295 

Staples, V. S l3 

Staples, A. K 13 

Selden, W. A ft 

Segar, John A. 9 

Sindiar, A. F 9 

Taylor, Jose^jh 7 

Taylor, Emma C 30 

Taylor, Tazewell 44 

Tally, W.W 14 

Tazewell, Ella W 21 

Tazewell, Sally 21 

Tannahill, Robert 10 

Thorpe, Benjamin P 5 

Tucker, W. H. & R. S 1 

Townsend, Whelen & Co., . 1,000 

Thompson. Joseph 19 

Tawb, A. W 13 

Treadwell, A 10 

Underbill, James W 31 

Vass, W. W 2 

Vaughan, J. W 1 

Weston, J. Carey 21 

White, Thos., Guardian of 

W. M. Haywood, 64 

White, Thos., Guardian of 

Sally White 18 

White, J. B 1 

Womble, Jordan 1 

Williams, John A 2 

Williams, W. L 8 



44 



btockholders, July :st, 1872. 



SHAIIKR 

Winston, John 2 

W.itkius, E, W 2 

Watsou. John l:! 

Wiir.l. S. Cr 1 

Wlii taker. W. S ()8 

Wilkins. Dr. E. W 102 

Withers, Thomas 7 

Wallace, Thomas oG 

Wi^ems, Mavy O 10 

Williamson. Tenipcrauce. . (5 

Wharton, David 21 

Welton, Thos. Abercrombio, 

Trustee 389 

Wilson, Colston & Co., ... . 50 

W^alke, Kiehard 30 



SH.\KNS 

Waldron, Catherine A 19 

Walker, G(>or^e INI . 19 

Whitehead, Jesse 19 

Walters. Mrs. Maria 5 

Weymouth, W. W 19 

Walton, Mrs. Virginia L. . 8 

Walton, Sarah S 16 

Woodlev, Jos. II 10 

White, "William 9 

^Valker, W. T 10 

Winston, J. B 13 

Yancy, John G 2 

Yea.stman, R. P 9 

Total .shares, 15,000 



FINANCE COMMITTEE'S PxEPORT. 



Tlie Comiiiittee ot Finance and Inspection submit the fol- 
lowing report : 

Tliat tliey liave examined tlie track way of the road and 
find it to be in ^ood order. 

The bridges are all in first rate order, having with the ex- 
ception of the bridge over Crabtree, been either rebuilt or 
thoroughly repaired. 

The bridge over Crabtree, is perfectly safe, and strong, 
but will be rebuilt at an early day. 

The depots are in good condition and well-kept. Depots 
are much ueeded at Huntsville and Pacific, and some ar- 
raugements should be made at Wake Forest College, for the 
accommodation of persons living at that place and the vicin- 
ity- 

The machine shops are well managed by Mr. Gayle, the 

Master Machinist, and should afford every facility for keep- 
ing up the rolling stock of the Company. 

Your Committee are of the opinion that the results of the 
last year's operatious of the road have been satisfactory. 

The accounts of the Treasurer have been accurately and 
well kept, and the exhibits appended to his report show fully 
the tinancial condition of the Company. 

The profits of the last year's business after deducting the 
proper operating expenses were $154,400. 

The extraoi-dinary expenditures were $70,514 15, and 
which reduced the prohts of the year to $83,885 80. 

It should be noted, however, that these expenditures Avere 
made for permanent improvements of the property of the 
Company, and adds to its real value ; and it is a matter for 
congratulation that a nett surplus has been realized from the 
operations of the last year equal to more than five per cent, 
on the capital stock of the Company. 

We think that the Board of Directors acted wisely in de- 
clining to declare a dividend, out of this fund, in view of the 



40 

calls which will have to be made for expenditures during the 
next year. Much of the iron now on the track, has been in 
use for many years, and become much worn, and should be 
replaced with new rails. 

Additional freight cars are also much needed. 

From the reports it will appear that the business of the 
Company shows an increase over the last year. This can 
only be attributed to the increase of business from the line 
of the Ealeigh and Augusta Air-Line Road. 

Indeed, this is the only route from which we may expect 
our business to be kept up, as the North Carolina Eoad will 
be operated for the benefit of the Eichmond and Danville 
Eail Eoad Company. 

As the Ealeigh and Gaston Eail Eoad Company owns 
more than six-eighths of the stock of the Ealeigh and Au- 
gusta Air-Line Eoad, it is to the interest of our Company 
to aid in every way the completion of that road, and your 
Committee would recommend that such aid be given. 

THOS. B, VENABLE, Chairman. 

July IStli, 1872. 



North Carolina State Library 
Raleigh 



:^>-' 






G' 



aulord = 
PAMPHLET BINDER 

■^^ Syracuse, N. Y. 
^^^ Stockton, Calif. 



STATE LIBRARY OF NORTH CAROLINA 




3 3091 00738 9513 




I 



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