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

R36 , 
Ri:lst 

1973 



''^'f^atuii 




Raleigh and Gaston Railroad Company- 



Proceedings of the twenty-third annual 
meeting, held at Raleigh, July 17 and 
August 21 & 22, 1873 



Raleigh 



f^^Mi^: 



j^^wfC;' 



-?^, PROCEEDINGS 

\ \ * OF THE 

STOCKHOLDERS 

OF THE 



itm & mi Ki IB ca 



AT THEIR 



TWENTY-THIRD ANNUAL MEETING, 

HELD AT 

RALEIGH, JULY 17th, AND AUGUST 21st & 22d, 1873. 

— ALSO — 

The Annual Reports of the President, Superintendent, Treasurer, &c., 

AND THE CODE OF BY-LAWS. 

[The Adjourned Meeting of October 3rd, 1872, appended.] 



RALEIGH: 

GORMAN, MARCOM & LEE, BOOK AND JOB PRINTERS. 

1873. 



&MS.L 



j^5£3x*l 



PROCEEDINGS 



OF THE 



STOCKHOLDERS 



OF THE 



I 



iiileiul k AaEl0!! 






I) 



0- 



AT THEIR 



TWEXrV-TIIIRD ANNUAL ^fEEriNO, 



HELD AT 



Raieigh, July 17th, and Aug. 21st and 22d, i873. 

[the adjouf.xed meeting of OCT. 3d, 1872, appended.] 



Usfl tlis km\ Reports of the President, unperintendeat, Treasmer, k. 



AND TIIE code OP BY-LAWS. 



EALEIGH: 

GORMAN, MARCOM & LEE, BOOK AND .JOB PRINTERS. 
1873. 



DIRECTORS AND OFFICERS. 



DIRECTORS. 

JOS. B. BATOHELOR, PAUL C. OAMEEOI^, 

GEORGE W. GRIOE, GEORGE LITTLE, 

WALTER CLARK, W. W. GHAMBERLAm. 



OFFICERS. 

WILLIAM J. HAWKINS, Peesident. 
A. B. Al^DREWS, Supeeintexdbnt. 
WILLIAM W. VASS, Teeasuree. 



COMMITTEE OF FINANCE & INSPECTION. 

THOS. B. YEI^ABLE, DAN'L M. BARRINGER, 

RUFUS S. TUCKER, A. M. McPHEETERS, 

W. J. BAKER. 



PROCEEDINGS 

OF THE 

TWENTY-THIRD AN^^UAL MEETING 

OF THE 

Stocldioldefs of i!ie Ra!e|!i li Saslon R. R, Companf, 

J^ELD AT JIaLEIGH, ON THE I7TH DAY OF JuLY, 1873. 



The Stockholders of tbe Ealeigh and Gaston Eail Eoad 
Company, having this day assembled, on motion of Dr. W. 
J. Hawkins, Col. David M. Carter, of Washington, was ap- 
pointed Chairman, and W. W. Yass and Thomas Badger 
requested to act as Secretaries. 

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

Capital Stock of the Company, - - $15, 000 shares. 

Shares represented in person, 1,339 

Shares represented by proxy, , 897 

Total representation, 2,236 shares. 

Whereupon the Chairman stated to the meeting that the 
charter of the Company required a majority of the whole 
stock to be represented in all of the meetings of the Stock- 
holders, and a quorum not being present, the meeting could 
not proceed to business until the requisite proportion of 
Stock could be reported. 

After considerable discussion, the meeting adjourned to 
4 o'clock P. M. 



4 O'CLOCK, P. M. 

The meeting was called to order by the Chairman. 
The Committee on Proxies and Stock, made further re- 
port as follows : 



PEOCEEDINGS ANNUAL MEETING 



Shares rei->resented in person, - . - - - ],1?4 shares. 
Shares represented by proxy, 1,180 

Total number of shares represented, - . - - 2,354 shares. 

Tlie Cbairman announced that there was still no quorum 
of Stock represented. 

On motion of Jos. J. Davis, Esq., of Louisburg, the meet- 
ing adjourned to meet again on Thursday, the 21st day of 
August, 1873, at 11 o'clock, A. M. 



Ealeigh, August 21, 1873. 

The Stockholders of the Ealeigh and Gaston Eail Eoad 
Company re-assembled this day, according to adjournment, 
at 11 o'clock, A. M. Hon. D. M. Carter in the Chair, W. 
W. Vass and Thomas Badger acting as Secretaries. 

Maj. W. W. Vass, on the part of the Committee on Proxies 
and Stock, reported to the meeting as follows : 

Number of shares represented in person, - - - 2,477 shares. 
Num^ er of shares represented by proxy, - - - - 8,640 

Total stock represented in meeting, - - - , 11,117 shares. 

The Chairman stated to the meeting that a large majority 
of the Stock of the Company was represented, and that the 
meeting was duly organized for the transaction of business. 

On motion of Col. E. S. Tucker, the reading of the Presi- 
dent's Annual Eeport was dispensed with, it being printed 
and in the hands of the Stockholders present, and that the 
same be received by the meeting. 

On motion of Hon. B. F. Moore, the meeting took a recess 



31 O'CLOCK, P. M. 

The Chairman resumed his seat and called the meeting 
to order. 



STOCKHOLDERS RALEIGH & GASTOX llAILEOAD 5 

The Presidout of the Company, in answer to inqniiies 
made bj Mr. Jos. J. Davis, explained in regard to Compa- 
ny's Sinking Fund, giving tlie present valne of tlie ditferent 
secnrities beld by tbat fund ; also tbat $220,000 of Compa- 
ny's first mortgage bon.ds had been sold at par and delivered 
to the purchasers, and stated what disposition had been 
made of the funds received therefrom. 

The following resolution, offered by Mi'. Jos. J. Davis, 
and amended by Maj. Geo. W. Grice, was adopted by a vote 
of yeas 8,039, nays 3,085 : 

Itesoleed, That instead of holding a Sinking Fund for the payment of 
the iuuebtedupss of the Company at a future day, the Directors be and 
they are hereby instructed to apply the money on hand, in their dhcre- 
ti-on^ to the payment of the funded debt of the Company, provided the 
creditors will receive the same at par or under. 

By Mr. Jos. J. Davis, and adopted : 

BeKolced, That tlie Presldeut and Dii-ectors lie respectfully requested 
to inform the Stockholders at thei.' next mcedng- what part was taken, 
if any, by the Directors and Officers of the Raleigh and Gaston Rail Road 
Company, in procuring the passage of the "Act to regulate mortgages 
oy corporations and sales under the same," passed by the General As- 
sembly at its session of 1872-'73, and what interest or purposes, if any, 
the Raleigh and Gaston Railroad had in the passage of said act. 

By Hon. B. F. Moore, and adopted : 

Besolced, That the proceedings of the stockholders at the adjourned 
meeting, held on the first Thursday of October, 1872, be fo'.thwith pui)- 
iished by the Secretary of the Company, as part of the proceedings of the 
Annual meeting of 1873. 

By Mr. Moore : 

Besolubd, That the following lie adopted as aBy-LaM': The proceedings 
of the meetings of the Stockholders shall be printed within thirty days 
after the adjournment of each meeting, and one copy at least be forth- 
with sent to each Stockholder. 

By Mr. Moore, and adopted : 

Resolved, That the President and Directors be requested to publish 
with the proceedings of the meeting, the code of by-laws which now 
govern the Company. 

On motion of ]\rajor Geo. AY. Grice, the meeting adjourned 
over to to-morrow rnorninir. 



PEOCEEDINGS AXNUAL MEETING 



August 22, 1873—10 o'clock, A. M. 

The Stockholders met pursuant to adjournment, Hon. D. 
M. Carter in the chair. 

Maj. T. B. Veuable read the report of the Committee of 
Inspection, which, on motion, was received, and ordered to 
be published with the proceedings. 

On motion of Mr. Moore, the reading of the reports of the 
Superintendent and Treasurer was dispensed with, as printed 
copies of same were upon the table ; and on further motion 
by Mr. Yenabie, the said reports were received and directed 
to be published. 

The election of President being in order, Maj. Tucker 
nominated Dr. W. J. Hawkins, and S. P. Arrington, of Pe- 
tersburg, nominated WilUam Grimes, Esq., of Ealeigh. The 
Stockholders proceeded to ballot, Messrs. Arrington, Yass 
and Badger acting as Tellers, who subsequently reported 
the vote as follows : 

For W. J. Hawkins, 8,504 votes. 

For William Grimes, 2,313 " 

The Chairman announced that Dr. W. J. Hawkins had 
been duly elected President for the ensuing j^ear. 

On motion of l^Ir. Yenabie, the meeting balloted for six 
Directors, resulting in the election of the following named 
gentlemen : 

DIRECTORS: 

Joseph B. Batchelor, of Ealeigh, received 8,488 votes. 
Paul C. Cameron, of Hillsboro', received 8,488 votes. 
George Little, of Ealeigh, received 8,488 votes. 

Walter Clark, of Haliftix, received 8,488 votes. 

George W. Grice, of Portsmouth received 8,488 votes. 
W. W. Chamberlain, of Norfolk, received 7,493 votes. 

On motion, the following named gentlemen were unani- 
mously re-elected members of the Committee of Inspection, 



STOCKHOLDEKS KALEIGH & GASTOX EAILEOAD 



to-wit : T. B. Yenable, E. S. Tucker, D. M. Barringer, A. 
M. McPheeters, and W. J. Baker. 

Hon. B. F. Moore offered the following, wliich he desired 
should be spread upon the minutes : 

Whereas, The President and Directors of the Raleigh and Gaston 
Rail Road Company have reported at this meeting of Stockholders, that 
under and by virtue of certain resolutions adopted at the adjourned 
meeting of the Stockholders, the said President and Directors have car- 
ried into effect the said resolutions, by executing a deed in trust of the 
franchise, property, estate and effects of the said Company, and issued 
and sold tlie bonds of the Company under and by virtue of said resolu- 
tions, notwithstanding the protest against the doing thereof bydivers 
Stockholders of said Company, entered on the minutes of proceedings at 
the time of the passage of said resolutions: And wliereas, we, the under- 
signed, Stockholders of said Company, l)eing unwilling to withdraw or 
modify our opposition to the proceedings against which we have pro- 
tested, or in any manner, or to any extent, or in any degree, to sanction 
the proceedings of the Directors in executing said resolutions. 

Now, therefore, we do hereby renew our dissent against the said reso- 
lutions, and do protest against all action under them, as well in relation 
to the acts done,' as to the expense incurred in doing the same. 
(Signed,) Jos. J. Davis, for self and Wm. Grimes. 

" B. F. Moore, for self and Ann M. Moore. 

" S. P. Arrington, for self and Thos. Branch & Co. 

" P. P. Peace. 

By Hon. B. F. Moore : 

Resolved, As the opinion of the protesting Stockholders, and of such 
as concur with them, that all money which may have been received from 
the sale of the bonds, issued under the resolutions of the October meet- 
ing, 1872, of the Company, ought to be returned to the bond-holders, 
and'the said bonds be cancelled, and if this cannot be effected, then that 
the money received from the proceeds of the sale of said bonds, be in- 
vested and held until it shall be determined that the issuing of them was 
valid. 

Resolved, That the deed in trust recently made and registered in the 
several counties in which the Raleigh and Gaston Rail Road runs, was 
made without due authority of law, contrary to the act of the General 
Assembly, ch. 131, March 1, 1873, and is inoperative to secure payments 
of the bonds purporting to be issued by the Company under the resolu- 
tions of 3d day of October, 1872. 

Resolved, That even if such bonds may ultimately be held to be valid 
and binding, it is unjust in the Company, as well as to the purchasers of 
said bonds, to place them in market with a cloud on their validity. 

On motion of Mr. Veuable, the consideration of the fore- 
going resolutions was indefinitely postponed by the follow- 
ing vote, directed to be recorded in full : 



PROCEEDINGS ANNUAL IMEETIXG 



Yeas : 
W. J. Hawkins, .... 

T. B. Venable, 

P. C. Cameron, for self and as proxy, 

George W. Grice, " " '' " " 

W. W. Chamberlain, for self and as [)roxv, 

W. J. Baker " " " " " 

George Little, . . . . 

D. M. Carter, . - - - 

Total, 

Is AYS : 

Jos. J. Davis, for self and as proxy, 

John Gatling, " " " " " 

B. F. Moore, " " " " " 

S. P. Arrington, for self and as proxy, 

H. H. Harris " " " " •' - 

W. A. Quincy, " '^ " " ii 

Dr. B. S Harrison, 

W. L. Peace, .... 

P. P. Peace, ... - 

Dr. E. W. Wilkius, 

J. B. Williams, 

Total, 

By Jos. J. Davis, and adopted : 



20 votes 


7 


u 


237 


n 


5,076 


(( 


9fl5 


u 


1,807 


(, i 


2 


11, 


173 


'• 


- 8,370 


votes 


499 


votes 


6 


" 


401 


i i 


1,088 


'• 


30 


1 1 


3 


>( 


153 


" 


58 


u 


30 


il 


102 


11 


23 


11 


2,444 


votes 



Iiesohed, That the Committee on Stock and Proxies, in reporting to 
each meeting of the Stockholders, report the names of the Stockliolders 
present in person, and by proxy, and record the same in a separate book, 
to be kept by the Treasurer for that puryjose. 

By Jos. J. Davis, as follows : 

liesolced, That the following l)e one of the By-Laws of the Raleigh and 
Gaston Rail Road Company: The Secretary and Treasurer shall report to 
the annual meeting of the Stockholders the number of free tickets or 
passes issued, to whom issued, and the consideration for which so issued. 

A Stock vote was called for, and the foregoing rosolati^m rejected by 
yeas 2,017, nays 8,143. 

On motion of Maj. George W. Griee, A. M. McPbeeters 
and W. W. Vass were contiuiied as the Committee on 
Proxies and Stock. 

On motion, the thanks of the meeting were tendered to 
the Chairman, for the faithfnl discharge of his duties. 

On motion, adjourned sine die> 

D. M. CARTER, 

Chairman. 
W. W. Yass, 
Thomas Badger, 



:,] 



Secretaries. 



North Carolina btate Lioicj.y 
Raleigh 



PRESIDENT'S REPORT. 

Office Raleigh & Gaston R. R. Co., 

RaJeigli, N. C, July 17th, 1873„ 

To the Siochholders of the 

Raleigh & Gaston Railroad Company: 

Gentlemen : We herewith submit our twenty-third au- 
nual report, with the reports of the several officers of tlie 
Company. 

The reports of the Superintendent, Treasurer and Audi- 
tor, will show in detail the operations for the past fipcal year, 
ending the 31st of May. 

The earnings have been : 

From Freights, $276,023 60 

" Passengers, 82,466 50 

" Mail, 7,184 CO 

Miscellaneous Receipts, _ - - - 3,372 26 

Total, --..-- $369,606 30 
Transportation and other expenses, - -, 261,913 64 

Leaving a balance of - - - - $107,752 75 

This balance will be required, under a resolution of the 
Board, to ])urchase iron to replace that already worn out. 
About seventy (70) miles of your irou has been in use twen- 
ty-one years ; no better iron was ever imported. 

In pursuance of the order of t'ae Board, contracts have 
been made in Pennsylvania for one thousand tons, or twelve 
miles, of iron of extra quaUty, to 'oe delivered in July and 
August of the present year, which will cost the Company, 
when in place on the track, about $100,000. One-half of 
this amount we will be required to pay on the 1st of Au- 
gust and the other half the 1st of September, absorbing the 
funds at present in the hands of the Treasurer. This will 



18 pkesident's eepokt. 

prevent the paying of a dividend this year. After using the 
thousand tons we have contracted for, we still have in the 
Road fifty-eight miles of old rails, one-half of which should 
be renewed the coming year, in order to make the road ca- 
pable of doing its legitimate business. 

The operating expenses for the past year have been very 
satisfactory — a little over fifty per cent, of the receipts ; and 
the receipts, notwithstanding the heavy falling off from the 
North Carolina Railroad, increases over last year $7,088 14, 
with a corresponding increase in tonnage. 

The contract with the North Carolina Railroad, which has 
been in operation for the past five years, for the transporta- 
tion of freights, will terminate on the 1st day of August 
next. The management of that Road having passed into 
the hands of the Richmond & Danville Railroad, it will not 
be possible for us to renew the contract, and we may expect 
to see the entire business of the North Carolina Railroad 
diverted iuto other channels, via Goldsboro' and Greensboro'. 

We hope, by the encouragement that the Company 
is now giving to immigration, the local improvements along 
the line, the fostering of our local business, and the traffic 
from the Raleigh & Augusta Air Line Road, particularly 
when the latter is extended South, will, to a great extent, 
make good the losses of business heretofore enjoyed by the 
Company from the North Carolina Railroad. 

Since your last annual meeting the Richmond «& Danville 
Railroad declared its intention of changing the gauge of the 
North Carolina Railroad from Greensboro' to Charlotte, to a 
five foot gauge, that of the Piedmont, Charlotte & Atlanta 
Air Line. Early in June they commenced to make the 
change, which was prevented by an injunction sued out by 
the State. Such a change would prove a serious injury to 
your Road, and all the Roads east of Greensboro'. The ques- 
tion was taken by appeal, by both parties, to the Supreme 
Court, and will be decided at this term of the Court. 

In pursuance of a resolution passed at the adjourned 
meeting of the Stockholders in October last, the Boaj\l of 



president's kepokt. 19 

Directors, on the 23d dsiy of April, made and executed a 
mortgage on the Eoad and franchises for one million of dol- 
lars, and i^repared one thousand bonds of one thousand dol- 
lars each, payable in 1898, bearing 8 per cent, interest. We 
are informed by our financial agents that $220,000 of these 
bonds have been sold and delivered for par and interest. 
We beheve the whole of this loan can be negotiated at par 

and interest. 

W. J. HAWKINS, 
President. 



DEED OF TRUST 

By the Raleujh and Gastaii Railroad Company, to Edmund 
Randolph Robinson, of Neio York, William Nevins 
Whelen, of Philadelphia, and William E. Anderson, of 
Raleigh, North Carolina, to secure the punctual 'payment of 
the interest and principcd of one thousand, first mortgage 
eight per cent, bonds, of $1,000 each, and, copy of bond. 

Whereas, " An Act to incorporate the Raleigh and Gaston 
Rail Road Company,'' was passed by the General Assembly 
of the State of North Carolina, at the session of 1835, and by 
a subsequent act of the thirteenth day of December, 1871, the 
General Assembly of the same State authorized the Raleigh 
and Augusta Air Line Rail Road Company to increase its 
capital stock, and authorized the Raleigh and Gaston Rail 
Road Company to subscribe to, or purchase stock of any kind 
in said Raleigh and Augusta Air Line Rail Road Company, 
and in order to enable them to make such subscription or 
purchase, made it lawful for said Company to issue mortgage 
bonds for such amount, and of such form, and for such rate 
of interest as it may deem advisable : And ivhereas, the 
stockholders of the Raleigh and Gaston Railroad Company 
in general meeting resolved, as set forth in their resolutions 
of the third day of October, 1872; and the President and 
Directors of said Company resolved, as set forth in their res- 
olutions of the twenty-third of April, A. D. 1873; copies of 
which resolutions, as well as of the stockholders as of the 
directors, are hereto subjoined. 

Therefore, this deed made on the day last mentioned, be- 
tween the Raleigh and Gaston Rail Road Company, of the 
first part, and Edmund Randolph Robinson, of New York, 
Williams Nevins Whelen, of Philadelphia, and William E. 
Anderson, of Raleigh, N. C, of the second part; witnesseth, 
that this deed is made for the purpose of securing the punc- 
tual paj^ment of the interest, and the payment of the principal 
of the coupon bonds, which may be sold and delivered under 
said resolutions; by each of which said bonds, the Raleigh 
and Gaston Railroad Company acknowledge themselves in- 



DEED OF TRUST, &C. 21 



debted in the sum of one thousand dollars, and promise to 
pay the same to the order of W. W. Vass, Treasurer of said 
Company, on the first day of January, 1898, with interest, at 
the rate of eight per centum per annum, payable semi-annu- 
ally, on the first days of January and July in each year, free 
of all taxation; the payment to be as the holder of a bond 
may prefer, at the office of the Company in Ealeigh, or in 
Philadelphia. And the Ealeigh and Gaston Rail Road Com- 
pany, in consideration of the premises, and of ten dollars to 
said Company paid before the sealing and delivery hereof, hath 
granted, bargained and sold, and by these presents doth grant, 
bargain, sell, convey, assign, transfer and set over unto the 
parties of the second part, the said Company's rail road and 
franchises, and all its works and property of every description. 
To have and to hold the same unto the parties of the second 
part, their heirs, successors and assigns, in trust, that until 
there shall be default in paying some of the interest or princi- 
pal herein provided for, the said Company may retain posses- 
sion of its works and property, and enjoy the same, with the 
rents, tolls and other income thereof; and the President and 
Directors may manage and operate said works and property, 
and apply the proceeds thereof in accordance w^ith the charter 
of the Company and the deeds made to and by it. And at 
any time or times before such default, the said parties of the 
second part, or any two of them, or the survivor of them, or 
his executor or administrator, may sell and convey any of the 
real, and permit the sale and transfer of any of the personal 
property of said Company, and reinvest the j)roceeds of such 
sale or sales in said coupon bonds, or in bonds of the United 
States, or in other property; holding what is so invested, 
with the interest and other income thereof, upon the same 
trusts as are declared in respect to the property, out of the 
sale whereof the proceeds so reinvested shall arise. But in 
case there shall be default in paying on any first day of July 
or first day of January, on the principal of any of said coupon 
bonds, interest as stipulated, at the rate of eight per cent, 
per annum, free of all taxation, or though there shall have 
been no previous default in paying such interest, yet in case 
there shall be default in paying the principal, or any part 



22 DEED OF TEUST, &C. 

or the principal of any of said bonds, at the time thereby- 
stipulated for such payment, then in either of said cases, if 
the default shall continue for two months, the said parties of 
the second part, or any two, or either of them, or the executor 
or administrator of the survivor of them, may proceed per- 
sonally, or by attorney or agent, to take possession of the 
Company's works and property, and manage tlie same, and 
apply so much of the rents, tolls and other income thereof, as 
may be necessary to defray taxes, charges for repairs, and the 
expense of operating the rail road and conducting its business; 
and whether such possession be taken or not, the parties of 
the second part, or any two, or either of them, or the executor 
or administrator of the survivor of them, may, and if required 
by creditors entitled to the greater part of the money due and 
unpaid on said coupon bonds, shall give notice of the time 
and place of sale of all the Company's works and property, by 
advertisement published not less than three times a week, for 
six weeks, in two daily newspapers in the City of New York, 
and in one newspaper in each of the cities of Philadelphia, 
Norfolk and Raleigh, if and so far as the same may be practi- 
cable, and at said time and place, or such time and place as the 
sale may be adjourned to, shall make a sale under this deed 
for cash, or upon,such credit as maybe prescribed by creditors 
entitled to such greater part of the money so due and unpaid, 
and after receiving the purchase money, shall make pursuant 
to the sale, a conveyance, by which sale and conveyance there 
shall pass to the purchaser at the sale, not only the works and 
property of the Company as they were at the time of making 
this deed, but any works which the Company may after this 
time and before the sale have constructed, and all other pro- 
perty of which it may be possessed at the time of the sale, 
other than debts due to it. And all the money which may 
be received in the execution of this trust, whether for income 
or proceeds of sale, shall be applied first to the payment of 
necessary expenses, including a commission, to be divided be- 
tween the acting trustees, of five per cent, on the first one 
thousand dollars, and three per centum on the residue of such 
income or proceeds, and then pro rata to the payment of the 
holders of said coupon bonds, of the principal of said bonds. 



DEED OF TRUST, &C. 23 



with interest tliereon as aforesaid, whether the sale be made 
before or after the first day of January, 1898, and the surplus 
shall be subject to the payment of all money for which the 
Company may at the time of said sale be liable, otherwise 
than in respect to said coupon bonds. And after payment of 
all debts due by the Company, then whatever may remain of 
said surplus shall be distributed among the holders of shares 
of stock of the Company according to their respective interest. 
If before a sale and conveyance by virtue hereof, any of the 
parties of the second part shall die or become incapable of 
acting in the execution ot the trust, the survivors or survivor 
ot sad parties may by an instrument of writing, signed and 
sealed, appoint successors or a successor in the place and stead 
of them or him so dead or incapable. Such instrument, after 
being duly acknowledged or proved, sliall be registered in tlie 
counties wherein this deed is registered, and from the time of 
the complete registration thereof, such successsor shall, with- 
out any further conveyance, be invested with all the right, 
estate, power and authority which the party in whose place 
and stead he is appointed had, when such party died or be- 
came incapable of acting. 

Sealed with the common seal of the Ealeigh and Gaston 
Rail Road Company, and signed by the President thereof, and 
two other members of the corporation: also signed and sealed 
by the parties of the second part. 

W. J. Hawkins, President 
Paul C. Cajieron, Director. 
Jos. B. Batchelor, Director. 
Edmund Randolph Robinson, Trustee. 
William Nevins Whelen, " 

W. E. Anderson, " 

Attest^, ly tliefdlming witnesses : 

^ „ ) Witnesses as to the 

Thomas Badger, I execution by the 
W. \V. VASS, > Pres't and Directors. 

Charles E. Mills, ( As to 

Charles Nettlkton, \ Ednmud Randolph Robinson. 

Samuel L. Tati.or, \ As to 

Charles M. Robinson, \ William TSTevins Whelen. 

Thomas Badger,— As to W. E. Anderson. 



Copy of the Resolutions referred to in the deed hereto annexed. 
Hesolutioiis adopted, by the Stockholders' Meeting, Odoler 3, 
1872. Yeas, 10,927 votes, Nays, 1,899 votes. 

Whereas, the General Assembly of North Carolina, by an 
act, entitled " An Act concerning the Chatham Rail Road 
Company, amendatory of certain acts, and authorizing a change 
of name," 'vrhich act was ratified on the loth day of December, 
1871, and accepted by the stockholders of the Chatham Rail 
Road Company on the 9th day of Janiiar_y, 1872, did change 
the name of the Chatham Rail Road Company to that of 
the Raleigh and Augusta Air Line Rail Road Company, and 
by said act gave permission to said Rail Road Company to 
extend the road to the South Carolina line, in the direction of 
Augusta, Georgia, to enable it to do which it authorized said 
Rail Road Company to increase its capital stock by the issue 
of guaranteed or preferred stock, and bonds secured by mort- 
gage on its property, franchises and income, and by section 
4 of said act, did enact "That authority is hereby given the 
"Raleigh and Gaston Rail Road Company, or any other rail 
" road compan}' connecting therewith, to subscribe to or pur- 
" chase stock of any kind in the said Raleigh and Augusta 
" Air Line Rail Road Company, and in order to enable them 
" to make such subscription or purchase, it shall be lawful for 
" any such company to issue mortgage bonds for such amount, 
"and of such form and for such rate of interest as it may 
" deem advisable, and it shall be lawful for such Company to 
" purchase or endorse the mortgage bonds of the Raleigh and 
" Augusta Air Line Rail Road Company." 

And U'hereas, The material interests and future prosperity 
of the Raleigh and Gaston Rail Road Company is so much 
dependent upon, and linked with that of tlie Raleigh and 
Augusta Air Line Rail Road Company, tliat it has become 
of paramount importance to the interests of the former, that 
the Raleigh and Augusta Air Line Rail Road should be com- 
pleted at an early day, to at least a junction with the Wil- 
mington, Charlotte and Rutherford Rail Road, at such point 
as may be found most desirable. Therefore, 

Be it resolved by tJve stockholders of the .Raleigh and Gaston 



DEED OF TEUST, &C. 25 



Rail Road Company^ in general meeting assembled, That the 
President and Directors of this Company are hereby authorized 
and empowered to subscribe to or purchase guaranteed or pre- 
ferred stock, or the mortgage bonds of the Raleigh and Au- 
gusta Air Line Rail Road Company to such extent as they may 
deem advisable. 

Resolved, For the purpose of providing means for the above 
object, that the President and Directors be and they are hereby 
authorized and empowered to have prepared coupon bonds of 
the Company, bearing interest at the rate of eight per cent, 
per annum, free of all taxation, in amounts of one thousand 
($] ,000) dollars each, to such extent as they may deem ad- 
visable, not exceeding in the aggregate one million of dollars; 
the said bonds to bear date the first day of January, 1873, 
the principal of the same to be payable the first day of Jan- 
uary, 1898, and the interest in the meantime, semi-annually, 
on the first days of July and January in each year, and botli 
interest and principal to be paid as the holder of any of the 
bonds may prefer, at the office of the Company in Raleigh, 
or in the city of Philadelphia ; and the said President and 
Directors are hereby authorized and empowered, for the pur- 
pose of securing the punctual payment of the interest, and 
the payment of the principal of said bonds, to execute a mort- 
gage or deed of trust upon the rail road and its franchises, 
and all other property of the Company of every description, 
in such manner and form, and on such conditions as they may 
deem most advisable. 

Resolved, That the President and Directors be, and they are 
hereby authorized and empowered to negotiate a sale or sales 
of the above bonds, at such time or times as they may deem 
advisable ; and that the seal of the Company be affixed to said 
bonds only as the same may be sold or delivered for negotia- 
tion; the affixing of said seal shall be attested by the signa- 
tures of three Directors of the Company. , 

Extract from tJie minutes of proceedings of the Board of Di- 
I'cctors of the Raleigh and Gaston Rail Road Company, in 
session October 4, 1872. 

^'Resolved, That in pursuance of the resolutions of the 
4 



26 DEED OF TRUST, &C. 

Btockholders, as passed at their annual meeting on the 3d inst., 
the President and two members of this Board be appointed a 
Committee, to have the form of coupon bond and mortgage, 
or deed of trust, prepared and submitted to the Board for ap- 
proval. In pursuance of the foregoing resolution, W, J. 
Hawkins, President, and George W. Grice and Joseph B. 
Batchelor, were appointed a Committee. 

At a meeting of the President and Directors of the Raleigh 
& Gaston Bail Road Company, held on the 23d day of April, 
A. D. 1873, the Committee appointed on the 4th day of Oct., 
1872, submitted their report, which was ajiproved, and the 
following resolutions were thereupon adopted: 

1. Resolved, That under the authority and power given by 
the stockholders, in general meeting on the 3d day of October, 
1872, the President and Directors will subscribe to or pur- 
chase guaranteed or preferred stock of the Raleigh and Au- 
gusta Air Line Rail Road Company to such extent as may be 
practicable with the means properly applicable to this object. 

2. Resolved, That for the purpose of providing such means, 
there be printed coupon bonds of this Company, bearing in- 
terest at the rate of eight per cent, per annum, free of all tax, 
ation, in amounts of one thousand dollars each, to the extent 
of, but not exceeding in the aggregate one million of dollars; 
the said bonds to bear date the first day of January, 1873, 
the principal of the same to be payable the first day of Jan- 
uary, 1898, and the interest in the meantime, semi-annually, 
on the first days of July and January in each year, and both 
interest and principal to be paid as the holder of any of the 
bonds may prefer, at the office of the Company in Raleigh, or 
in the City of Philadelphia. 

3. Resolved, That for the purpose of securing the punctual 
payment of the interest, and the payment of the principal of 
said bonds, a deed of trust be now executed, according to the 
form accompanying said report; and that Edmund Randolph 
Robinson, of New York, William Nevins Whelen, of Phila- 
delphia, and Wm. E. Anderson, of Raleigh, N. C, be the 
trustees therein. Whereupon, in the presence of this Board, 
and by its authority, the said deed was sealed with this Com- 



pany's common seal, and signed by the President and two of 
*the Directors of the Company, and attested by a witness. 

4. Resolved, That it is advisable to negotiate sales of said 
bonds; that the seal of the Company be affixed to said bonds 
only as the same may be sold or delivered for negotiation, 
and the affixing thereof be attested as prescribed by the reso- 
lutions of the stockholders; and that the President report to 
the Board from time to time the terms of such sales. 

5. Resolved, That the President, before said deed of trust 
shall be registered, cause all debts and contracts of this Com- 
pany prior to, or at the time of the execution of said deed, to 
be paid off or secured, and that he make report to the Board 
of his proceedings under this resolution. 

State op North Carolina, ) j^ the Probate Court. 
Wake County, ) 

Be it remembered, that on this the twenty-third day of 
April, A. D., 1873, the execution of the foregoing deed was 
duly proven by the oath and examination of Thomas Badger, 
one of the subscribing, witnesses, as to W. J. Hawkins, Paul 
C. Cameron and Jos. B. Batchelor. 

In witness whereof, I have hereunto set my hand and 

[l. s.] affixed the official seal of my office, the year and 

date above written. 



State of New York, ) 



John N. Bunting, 

Probate Judge. 

ss. 



City and County of Neiv Yorh, 

On this 28th day of April, A. D. 1873, before me, Charles 
Nettleton, a Commissioner appointed by the State of North 
Carolina, in and for the State of New York, residing in said 
City of New York, personally came Edmund Randolph Rob- 
inson, the bargainor in the foregoing Instrument, and ac- 
knowledged the execution thereof, as trustee therein named. 

Charles Nettleton. 

In witness whereof, I have hereunto set my hand and 
[l. S.J affixed my Official Seal this 28th day of April, 
A. D. 1873. 

Charles Nettleton, 

Commi.tHomr for JTorth Carolina in New York, 117 Broadway, N. T. City, 



28 DEED OF TRUST, &0. 

State of Pennsylvania, . I ^^ 
City and County of Philadelphia, j 

On this 29th day of April, A. D. 1873, before me, Samuel 
L. Taylor, a Commissioner appointed by the State of North 
Carolina, in and for the State of Pennsylvania, residing in 
said City of Philadelphia, personally came William Nevins 
Whelen, the bargainor in the foregoing instrument, and ac- 
knowledged the execution thereof, as trustee therein named. 

In ivitness ivhereof, I have hereunto set my hand and 
[l. s.] affixed my Official Seal this 29th day of April, 
A. D. 1873. 

Samuel L. Taylor, 

Commissioner for North Carolina in Pennsylvania, 

518 Walnut Street, Philadelphia 

State op North Carolina, ) j^^ ^j^^ p^^^^^^ ^^^^^^^ 
Wake County. ) 

Be it remembered, that on this the eighth day of May, A. D. 
1873, the execution of the foregoing deed was duly proven 
by the oath and examination of Thomas Badger, the subscrib- 
ing witness, as to W. E. Anderson; and the foregoing deed 
being this day exhibited before me with the certificates and 
official seals of Charles Nettleton, of New York, and Samuel 
L. Taylor, of Philadelphia, Commissioners ot the State of 
North Carolina, attached, as to the execution of Edmund 
Randolph Robinson, and William Nevins Whelen, and it ap- 
pearing to be in due form, it is therefore adjudged by me to 
be in due form and according to law. 

Therefore let this deed, with the certificates above, together 
with this certificate, be registered. 

Given under my hand and seal of office the year and 
[L. s.] date above written. 

J. N. Bunting, 
Judge of Probate. 

Filed for registration May 8th, 1873, at 3 o'clock, P. M. 

W. W. White, 
Begister of Deeds. 



DEED OF TRUST, &C. 29 



Registered in the Register's Office of Wake County, in Book 

No. 36, and pages 48, 49, 50, 51, 52, 53, 54 and 55, May 8th, 

1873. 

W. W. White, 

Begister of Deeds. 

Received for registration on the 12th day of May, A. D. 
1873, at 5 o'clock, P. M., and duly and truly registered in 
the Register's Office of Granville County, in Book 27, on 
pages 196, 197, 198, 199, 200, 201, 202, 203 and 204. 

A. H. Cooke, 
Begister of Deeds for Granville County. 

Franklin County:— /?z th.e Probate Court. 

The foregoing deed, together with the certificate of pro- 
bate, by the Probate Judge of Wake County, under the seal 
of the Court of Probate for said County, is this 10th day of 
May, 1873, exhibited before the undersigned, Judge of Pro- 
bate for Franklin County, whereupon, it is adjudged that the 
said deed is duly proved, and the said certificate is in due 
form. Therefore let the said deed, together with all the pro- 
ceedings, be registered. 

[l. S.J R. H. TiMBERLAKE, 

Probate Judge. 

State of North Caeolina, 1 
Franklin County. ) 

I, J. B. Tucker, Register of Deeds for the County aforesaid, 
do hereby certify that the above Deed of Trust and certifi- 
cates are duly and truly registered in Book No. 39, and on 
pages 86, 87, 88, 89, 90 and 91 of said Book, this May 10th, 
1873. 

J. B. Tucker, 
Begister of Deeds, &c. 

North Carolina, ) j^ ^j^^ p^^^^^^ ^^^^^^ 
Granville County. ) 

The foregoing deed, together with the certificate of the Pro- 
bate Judge of Wake County, under the seal of the Court of 
Probate for said County, and the certificate of the Probate 
Judge of tlie County of Franklin, under his seal of office, is 



30 DEED OF TRUST, &0. 

this the 12th day of May, A. D. 1873, exhibited before me, the 

nndersigned, Probate Judge for the County of Granville, in 

the State aforesaid. It is thereupon adjudged that the same 

has been duly proved, and that said certificates are in due 

form. It is therefore ordered that the said deed, together 

with said certificates, and this certificate, be registered in the 

said County of Granville. 

[l. s.] C. Betts, 

Probate Judge. 

State OF North Carolina,) j,, tj,, p^.^j^^t, CouH. 
Warren County. ) 

Be it remembered, that on the thirteenth day of May, A. D. 
1873, before me, William A. White, Judge of said Court, the 
foregoing deed is produced and exhibited, and it appearing to 
the satisfaction of the Court, from the certificates and official 
seals of Charles Nettleton, of New York, and Samuel Taylor, 
of Philadelphia, Commissioners of the State of North Carolina, 
that the execution of the said deed was duly acknowledged 
by Edmund Piaudolph Robinson and William Nevins Whelen; 
and it further appearing from the certificate and seal of J. N. 
Bunting, Probate Judge of Wake County, State of North Car- 
olina, that the execution of the said deed by W. J. Hawkins, 
Paul Cameron, Joseph B. Batchelor and W. E. Anderson, was 
duly proved before him ; I therefore adjudge said deed duly 
proven, and the same, together with said certificates, and this 
certificate, are ordered to be registered. 

[l. s.] William A. White, 

Probate Judge. 

Received for registration the 13th day of May, A. D. 1873, 
and duly registered on the same day in Book 36, pages 90, 
91, £2, 93, 94, 95 and 96, in the office of the Register of Deeds, 
of Warren County, N. C. 

Isham H. Bennett, 
Register of Deeds. 

State of North Carolina, ) t ^t t> i ^ n 

Halifax County. \ ^^ ^^'^ ^''^^^^^ ^^"'■^- 

Be it remembered, that on the fourteenth day of May, A. D. 
1873, before me, John T. Gregory, Judge of said Court, 



DEED OF TKUST, &0. 31 



the foregoing deed is produced and exhibited, and it appearing 
to the satisfaction of the Court, fron the certificate and official 
seals of Charles Nettleton, of New York, and Samuel Taylor, 
of Philadelphia, Commissioners of Deeds for the State of North 
Carolina, that the execution of the said deed was duly ac- 
knowledged by Edmund Randolph Robinson and William 
Nevins Whelen; and it further appearing from the certificate 
and seal of J. N. Bunting, Probate Judge of Wake County, 
State of North Carolina, that the execution of the said deed 
by W. J. Hawkins, Paul C. Cameron, Joseph B. Batchelor 
and W. E. Anderson, was duly proved before him; I therefore 
adjudge said deed duly proven, and the same, together with 
said certificates, and this certificate, are ordered to be regis- 
tered. 

[l. s.] John T. Gregory, 

Probate Jitdge. 

Received and recorded this Uth day of May, 1873, Book 

41, pages 552, 553, 554, 555, 556, 557, 558, 559, 560, 561 

and 562. 

Ben. H, Franklin, 

Register of Deeds. 
(BOND.) 



RALEIGH xVND GASTON RAIL ROAD COMPANY. 

Loan of $1,000,000. 

First Mortgage, and Free of all Taxation. 

3 North Carolina ) ^^000. 

^^°- \ State Seal. ( 

Know all Men by these Presents, That the Raleigh and 
Gaston Rail Road Company acknowledge themselves indebted 
in the sum of One Thousand Dollars, being for money bor- 
rowed by said Company, by authority given at a meeting of 
the Stockholders thereof, on the 3d day of October, 1872, 
which said sum of One Thousand Dollars, the said Raleigh and 
Gaston Rail Road Company hereby promise to pay to the 



32 DBBi) OF TRUST, &C. 

order of W. W. Vass, Treasurer of said Company, on the first 
day of January, 1898, with interest at the rate of eight per 
centum per annum, payable semi-annually, on the first days of 
January and July in each year; the said Interest and Princi- 
pal to be paid, as the holder of this Bond may prefer, at the 
Office of the Company in Raleigh, or in Philadelphia, upon 
presentation and delivery of the dividend warrants, in the 
margin hereof, until the payment of the principal sum. 

Witness the seal of the Raleigh and Gaston Rail Road 
Company, and the signatures of the President and 
Treasurer thereof, this first day of January, 1873. 



President. 



Treasurer. 
This Seal is affixed in our presence. 



Directors 
R. & G. R. R. Co. 



At a meeting of the Stockholders of the Raleigh aacl Gaston Rail 
Road Company, held October 3d, 1872, it was 

^'■Resolved, That the President and Directors be, and they are here- 
by authorized and empowered to have prepared Coupon Bonds of tlie 
Company, bearing interest at the rate of Eight per cent, per annum, 
free of all taxation, in amounts of Oiie Thousand ($1000) Dollars, to 
such extent as they may deem advisable, not exceeding in the aggre- 
gate, One Million of Dollars; the said Bonds to bear date the first day 
of January, 1873, the principal of the same to be payable the first day 
of January, 1898, and the interest in the meantime semi-annually, on 
the first days of July and January in each year, and both interest and 
principal to be paid as the holder of any of the Bonds may prefer, at 
the Oifice of the Company in Raleigh, or in the city of Philadelphia; 
and the said President and Directors are hereby authorized and em- 
powered, for the purpose of securing the punctual payment of the in- 
terest, and the payment of the principal of said Bonds, to execute a 
Mortgage or Deed of Trust upon the rail road and its franchises, and 
all other property of the Company of every description, in such man- 
ner and form, and on such conditions as they may deem most advisable. 

Resolved, That the President and Directors be, and they are hereby 
authorized and empowered to negotiate a sale or sales of the above 
Bonds, at such time or times as they may deem advisable, and that 
the seal of the Company be affixed to said Bonds only as the same 
may be sold or delivered for negotiation; the affixing of said seal 
shall be attested by the signatures of three Directors of the Company." 

Semi-annual Dividend Warrants in margin, from July 1st, 
1873, to January 1st, 1898, of form annexed. 



RALEIGH AND GASTON RAIL ROAD 
COMPANY. 

Dividend Warrant for Forty Dollars, being half 
yearlv interest on Bond No. payable 1st Jan. 

18 '. 

$40. 

Treas'r. 



SUPERINTENDENT'S REPORT. 



Raleigh & Gaston Railroad Company, 

Superintendenf s Office, 
Raleigh, Is. C, July 3d, 1873. 

Dr. W. J. Hawkins, President: 

Sir : I bave the honor to submit the following report of 
the operations of tl)is Company for the year ending May 
31st, 1873 : 

The earnings have been : 
From Freights, - - $270,623 GO 

" Passengers, - - 82,4GG 53 

u Mails, - - - 7,184 00 



Total earnings, - - $36G,274 13 

ORDINARY EXPENSES. 

Conducting Transportation, - $63,045 39 

Maintenance of Way, - - 38,175 77 

Motive Power and Cars, - - 60,988 50 
Miscellaneous, as per Treasurer's 

Report, - - - - 18,478 66 

Mileage paid other Roads, - 5,774 75 

Total Operating Expenses, $186,463 07 

Or less than 51 per cent, of the earnings. 

EXTRAORDINAHY EXPENSES. 

Tar River Bridge, - - $ 3,184 40 

Balance on new Rails after deduct- 
ing sales of old, - - - 29,549 04 
New Equipment, - - - 13,215 00 
Agencies, ... - 7,029 5'Ji 

Telegraph Poles, - - - 1,914 65 

Carried forward, - - $54,892 61 



supeeintendent's eeport. 35 



Brought forward, - - $54,892 61 

Paid old Claims, - - - 400 00 

Insurance, . . - - 150 00 

Lawyers' Fees and Court Costs, 5,782 85 

Real Estate, . . - - 6,799 43 

$68,024 89 

Total Ordinary and Extraordinary 
Expenses, - - - - $254,487 96 

Earnings over Ordinary and Ex- 
traordinary Expenses, - - $111,786 17 

Comparing the gross earnings of this with the past year, 
we have an increase of $7,088 14. 

By comparing the through Freights to and from the 
North Carolina Railroad for this year with that ending May 
31st, 1872, we have lost $20,754 54. Add this to the 
$7,088 14 and we have $27,842 68, attributable to an in- 
crease of our local and through connection with the Raleigh 
& Augusta Air Line Road. 

The extension of that Road, even to the Wilmington, 
Charlotte & Rutherford Railroad, now the Carolina Central, 
would still further add to our receipts some $80,000 or 
$90,000, or a sum equal to the amount we now receive from 
the North Carolina Railroad. This amount would be greatly 
increased if suitable arrangements could be made with the 
Western Railroad. 

For a more detailed statement of the tonnage and a very 
valuable table showing the receipts of the Road since 1840 
up to the present year, I refer you to the Auditor's tables. 

THE EOADWAY AND TRACK 

will compare favorably with previous year. We have just 
laid 500 tons of 53 pound American T rails, with Fish Plate 
joint, and used the best of the old rails taken from the track 
to replace the rough and worn iron on other portions of the 
Road. A contract has been made for the delivery in this 
month of 500 tons of the same American rails, and we will 



36 superintendent's kbpoet. 

receive during the month of August 500 tons additional, 
costing $8G 50 per ton on ship board. This will give 18 
miles of new track at a cost of some $150,000. The best of 
the old iron distributed and put down where most needed will 
enable us to dispense with the purchase of more new iron un- 
til next spring. We will then still have 58 miles of old rails 
that have been in use twenty-one j'^ears, and one-half of it 
at least should be removed and new iron replaced during 
next year. 

BRIDGES 

are all in a safe and excellent condition. The Bridge across 
Crabtree is perfectly safe, but will have to be re-built as a 
Howe Truss during the coming fiscal year, the present one 
being a Lattice Bridge, and not so well adapted to our 
present business. We have re-built the small open Bridge 
at Jeffrey's, and it would be advisable hereafter, when re- 
quired to be renewed, to substitute an arch culvert. 

BUILDINGS. 

We have re-built the Ware House at the new station, 
" JSTeuse," (formerly Huntsville,) which was burned at the 
close of the war, and are now at work on the one for Pacific, 
ordered to be built by the Stockholders at their last general 
meeting. We built a Sestion Master's House and five 
Cabins for Track hands at Frankhnton. The buildings of 
every kind on the Eoad are kept in good condition and ex- 
cellent repair. The Depots built during the war would be 
greatly improved in appearance by a coat of Paint. 

OUR LOCOMOTIVES, (13), 

generally are in good repair and excellent condition. Table 
appended will show present condition and capacity of each : 



superintendent's report. 



37 



i 

s 


Je -9 ' c 'S -^ Remarks. 


1 




1 

02 




Remarks. 


k, 


0:02. 


'A 





" 1 


1 


11 


24 


48 Good Order. 


10 


14 


24 


60 


Rebuilding (in shops.) 


3 


11 


24 


54 Running Order 


11 


13 


22 


60 


Good Order. 


3 


11 


24 


60 iRunning Order. 


12 


15 


24 


56 


Good Order. 


4 


11 


24 


60 Good Order. \ 


13 


15 


24 


56 


Good Order. 


5 


11 


24 


60 Running Order. 


14 


15 


24 


56 


Good Order. 


7 


13 |34 


60 |Under Repairs. 


15 


15 


24 


56 


Good Order. 


9 


13 i24 


60 'Running Order. 













CARS. 

Our Car equipments will compare favorably with conuect- 
ing Eoacls. We have built during the year 21 Box Cars 
aucl 6 Flat Cars, repainted and kept in repair our Pas- 
senger Equipments. A few new Passenger Coaches of the 
latest and improved style would add greatly to the comfort 
of our passengers. 

Our present Car equipment is as folio vs : 
5 first class Coaches. 
7 second class Coaches. 
3 Baggage, Mail and Express Cars. 
88 Box Cars. 
42 Flat Cars. 
10 Gravel Cars. 
3 Shanty Cars. 
We have run with our uniform success. Xo accident of 
any kind to a single passenger. With Passenger Trains we 
have failed only once during the year to make connection 
with connecting Koads, and that failure w^as on account of a 
heavy snow. Our Freight Trains have failed only in a few 
instances, owing principally to delays of connecting lines tail- 
ins to arrive on schedule. The accidents have been few to em- 
ployees, and they owing entirely to carelessness on their part. 
I attribute greatly this success to the sobrietj^, energy, 
fidelity and alacrity of our employees, and the promptness 
and willingness with which they yield to and obey all orders. 
Eespectfully submitted, 

A. B. ANDREWS, 

Superintendent. 



TREASURER'S REPORT. 



Xo. 1 — Shows the earnuigs of Road for fiscal year end 
ing May 31, 1873. 

Xo. 2 — Shows the transportation expenditures for year 
ending May 31, 1873. 

No. 3 — Annual statement of receipts and expenditures 
for year ending May 31, 1873. 

No. 4 — Statement of the debt of Company, May 31, 1873. 

No. 5 — Resources and liabilities of Company, May 31, 
1873. 

No. — Auditor's statement of the monthly earnings of 
Road at the several stations, for the fiscal year ending May 
31, 1873, and other statements following numbered from C 
to 10 inclusive. 

Nos. 11, 12, 13 — General Ticket Agent's annual table of 
tickets sold, of the several classes, North and South, and 
miles traveled ; Conductors' way-bills, through fares re- 
ceived, number of seats, and miles traveled. 

W. W. YAGS, 

Treasurer. 
Office Raleigh & Gaston R. R. Co., 

July 10, 1873. 



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s ^ 

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teeasuree's eepoet. 



39 



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40 



teeasueee's eepoet. 



No. 2. 

Transportation Expenditures of the Raleigh & Gaston Railroad Company 

from June i, 1872, to May 31, 1873. 



Conducting Transportation : 



Embracliig cost of conductors and train hands; engine run- 
ners, liremen, wipers, &g. ; clerk and labor at depots; stocl 
killed; losses and damages; fuel; overcharges, and miscella- 
neous 



Maintenance of Way : 

Embracing cost of superintendence; labor — roadway; sub 
sistence; repairs, bridges and culverts; ties; repairs, build 
ings; tools, tanks, and miscellaneous, 

Machinery Department: 

Embracing cost repairs of engines; construction and repairs 
cars and coaches, including material; oil and tallow; and 
miscellaneous, 

Miscellaneous : 

Salaries of Officers: president, superintendent, treasurer and 
secretary, and auditor, 

Incidental Expenses— printing; advertising; stationery; post- 
age stamps, and miscellaneous 

Office Expenses— telegraph operator and ticket agent; office 
boy ; light and miscellaneous, 

Mileage paid other roads, 

Total operating or ordinary expenses, 

Tar River bridge, i)aid balance cost, 

T rail, 500 tons, balance, .... 

Equipment, including locomotive No. 15, &c., 

Real estate, purchased in Raleigh, balance, 

Agencies, 

Telegraph Poles 

Old Claims 

Insurance, . . 

Lawyers fees, and Court Costs 

Interest on loan and bills payable, 

Total transportation disbursements 



$ 03,015 39 



38,175 77 



GO.OSS 50 



11,000 00 

5,921: 46 

1,554 20 
5,774 75 

fl86,4G3 07 

3,184 40 

29,549 04 

13,215 00 

6,799 43 

7,029 52 

1,914 65 

400 00 

150 00 

5,782 85 

7,425 68 



$261,913 64 



TKEASUJREE'S REPORT. 



41 



No. 3. 

Annual Statement of the Raleigh & Gaston Railroad Company, from June 
I, 1872, to ^Aay 3£. 1873, inclusive. 



For earnings from freight, passengers and mail, 




1 


$366,274 


13 


Miscellaneous receipts. 


. 




1.128 


27 


Interest received on deposits and loan, - 






2,263 


99 


Total, 


$369,666 


39 


By paid transportation account, - 


- 




261,913 


64 


Profits for the year, - - - - 


. 




$107,752 


75 


For amount of last year's surplus, 


$97,514 


78 






Bv paid debt reduced bills payable, $ 7,150 


00 








By paid investmeut for sinking fund, 85,000 


00 92,150 


00 


5,364 


iH 


Balatice on hand May 31, 1873, 


$113,117 


53 


May 31. To balance brought forward as surplus. 






$113,117 


53 


To Dividends not called for, 


. 




507 


00 


To Ticket account, due other roads, 






180 


48 




$113,805 


01 


By cash deposited in Citizens' National Bank, 


$31,G99 


26 






State National Bank, 


23,754 


57 






Raleigh National Bank, 


11,198 


32' 






Treasurer's Otlice, 


580 


69 








f67,232 


84 




By Agents at Stations— balance due, 


12,950 


01 






Bills receivable, ... 


lS,3(i9 


51 






United States, due for freight. 


5,996 


83 






Post Office Department, 


173 


00 






Other Companies — balance due, 


5,143 


69 






Townsend, Whelen & Co.,— balance. 


983 


99 






J. M. Pool, Auditor, 


312 


65 






State of North Carolina, 


574 


01 






City of Raleigh, 


566 


15 






J. W. McCarrick, Trace and Claim Agent, 


300 


00 






Checks on banks not collected, 


327 


48 






Doubtful Freight accounts. 


874 85 


$113,805 


01 



W. W. VASS, Treasurer. 



42 



teeasueek's report. 



No. 4. 

Statement of the Debt of the Raleigh & Gaston Railroad Company, 
May 31st, 1873. 



Company's note (Confederate) to State of North Carolina, 
on account Chatham Railroad Co., dated January, 1863, 

Ry Bonds of State of North Carolina, issued to Chatham 
Raihoad Co., of equal value, to balance, 



Company's Coupon bonds, due January 1, 1877, 

Bills payable, as stated May 31, 1873, $43,150 00 

By amount paid since, 7, 150 00 



Total debt, May 31, 1873, 

By Sinking Fund, May 31, 1873, to-wit: 
U. S. 5-30s on special deposit in Citizens' 

National Bank, Raleigh, MS, 000 00 

State Bonds of North Carolina, cost, 37,046 05, 

Townsend, Whelen & Co., Philadelphia,... 9,953 95| 



S30,000 00 



20,000 00 



$50,000 00 
35,000 00 



S5.000 00 



$85,000 00 



W. W. VASS, Treasuber. 







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48 



auditok's report. 



No. 7. 

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, 1872 and 1873. 



STATIONS. 



Kaleigh, 

Neuse, 

Wake, 

Franklinton 

Kittrcirs, 

Henderson, 

Junction, 

Ridgeway, 

Warieuton, 

Macon, 

Littleton, 

Gaston, 

Weldon, , 

Soutliern Exx^ress Company,. 



1870. 



f 150,453 39 



6,0-18 01 
11,587 24 
2,009 -16 
U,8U 20 
3,712 lOj 
7,659 93 
6,556 13 
2,532 78 
4,015 59 
413 31 
2,785 29 
2,470 53 



1871. 



$ 196,102 40 



1872. 



6,282 50 

12,205 84 

1,995 32 

15,124 54 

2,903 66: 

6,944 68' 

6,133 97 

2,870 38 

5,900 52 

354 01 

2,372 22 

2,543 41 



$ 203,863 97 



5,547 
15,279 
3,144 
16,177 
3,716 
4,862 
6,237 
2.445 
4,971 
373 
1,065 
3,029 



$221,088 02 $261,744 45 $271,315 00 $276,623 60 



1873. 



194,616 94 
811 07 

7.317 05 
17,819 90 

3,196 42 
19,442 11 

4.778 09 
5,590 88 

7.779 48 

3.318 21 
5,544 31 

707 28 
1,135 33 
4,566 58 



Increase of Freiglit for 1871, over 1870, $40,656 4S 

" " " 1872, over 1871, 9,570 55 

" 1873, over 1872 5,308 60 



auditor's EErORT. 



49 



No. 7. — {Continued.) 

A comparative statement, showmg the amount received from Passen- 
gers at each Station on the Raleigh & Gaston Rail Road for the years 
ending May 31st, 1870, 1871, 1872 and 1893. 



STATIONS. 



Kaleigh, 

Neuse, 

Wake, 

FranMiuton, 

KittreU's, 

Henderson, 

Junction, 

Eidgeway, 

■Warrenton, » . . 

Macon 

Littleton, 

Graston, 

Weldon, 

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



$ 16,602 29 



2,497 20 
3,787 28 
2,342 69 
5,679 55 
1,336 30 
1,677 40 
3,618 30 

605 40 
1,102 81 

879 43 

12,891 241 

I 

10,012 21; 

16,717 48 

1,762 31i 

1,910 94 



1871. 



1872. 



14,578 90 !$ 14,796 79 

i 



3,189 85 
3,955 55, 

1,898 70 

I 
5,258 75j 

1,371 511 

1,686 lo! 

3,160 35j 
552 50| 

1,459 94', 

921 85 

11,605 36 

9,787 01 
14,749 09 

1,700 00 

3,490 55 



,482 88 $79,366 



2,951 35 

4,457 76 

2,468 24 

5,874 80 

1,567 48 

1,361 20 

3,707 65 

683 451 

1,812 77| 

916 18: 

12,395 33 

10,562 52' 

13,982 49 

1,962 50 

1,180 48 



4873. 



10,839 61 

153 10 

2,604 00 

4,492 30 

2,445 75 

5,623 05 

1,781 95 

1,500 00 

3,419 05 

663 55 

1,846 45 

1,121 20 

12,682 56 

11,223 97 

14,149 09 

1,860 00 



$80,686 99 $82,466 53 



Decrease of Passengers for 1871 compared with 1870 $4,116 77 

Increase of " " 1872 over 1871, 1,320 93 

" 1873 over 1872, 1,779 54 



JAMES M. POOL, Auditor. 



— , 


50 








AUDITOK'S EEPOET. 
















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auditor's repoet. 



53 



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1—1 1— I r^ 


— ( o 

CM O 

CM •-C 

CO 


CM 




• CM O J^ 0"^ f— ' »C C5 CC CO C<J O "* 

'. o 


X 50 
i-I crT 

r-c CO 


'X 


E- 

o 


03 


cocceo-HO-sMocct^r^oi— 
C<isco):~o>nc3>r5cot~t^>0 • 

iOi-lCi6cC>OOi-*pHOCr. 00 

oc CO oc oTo'i-'r-' t-^ to 1-4 cT ! 

<M CCr^i— l'*<MIvI(Mi— 1 


uo to 
i-Tco" 
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CO 


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CM 


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to 




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C^Ji-l O-^ <O0C«<J0000 
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to to 
CM 


2 

s 

C-1 

CO 


2 
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1-1 (M rt 1-1 1-1 CM ,-( 

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-* C-. 

CO o 

r-t to 
1-? C<l 


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o 




i^-cM'^cMi— i-^Mi-'nTjii- 
tot-in^cooooot-io-^o 

c<r (M' t-" r-T im" ,4 r-T 

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o o 
o o 

CO o 

CO C3 
CM 


05 

o 
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CO 
CM 

CO 


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lOt-OCCSCOlMcnC'MuOcq 

t^ ■^*ic:5i-ieM-j5iM-4<-*cc 

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to o 
to o 

to Ci 
CM 


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1 
1— 1 


H 

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• m^i-icccco-^eMocr-^-<*'c 

CM^l (Mr-(CMCC-* 0^0^ 

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C-. o 

»C CM 

CO C-. 

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03 

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54 



GENERAL TICKET AGENT'S REPORT. 



o [2 

T3 >, 



W (jjC 

f- S 

a; -a 

« 

01 V 

1 S 

H ,2 



P 

O 


H 
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$ 36 (K) 
73 75 
138 40 
95 65 
98 85 
56 25 
78 20 
82 65 
25 55 
21 50 
27 60 
29 90 
71 45 
84 05 
10 
2 45 
59 90 
49 95 
11 30 
4 00 
1,153 80 
380 45 




00 

1 

cf 








704 

2,828 

2,484 

2,033 

1,258 

1,484 

2,146 

436 

502 

4,55 

724 

1,216 

1,877 

102 

61 

1,178 

1,090 

7.52 

300 

32,289 

9,153 











• • ^ .^ S =" .-• '^^ CO :D C5 ^ t- CO C- CO CO CO Ift CO T-H 

• .T<X=rtOlO^OrHCOC1ClCO-0 Cl-*THrHCl-t 

• • rH rH rH ,-1 -^ 0: 


50_ 
r-T 




a 
o 

3 
< 


$ 484 80 
387 75 

56'35 

31 60 

92 48 

58 45 

74 40 

80 35 

150 65 

104 00 

55 05 

35 75 

76 25 

24 25, 

120 90 

18 00 
9 80' 

11 7o: 

23 30' 

19 90 
4 30 

10 40 


^ ■ 
c» ; 




9,056 
10.024 

•" " i.ois 

658 

1,211 

1.488 

1,870 

2.577 

2.325 

1,076 

724 

1,387 

513 

2,075 

1,142 

235 

228 

408 

259 

288 

1,003 


CO ; 


c3 
rj2 


r-IOi . .COClt-OOiOCSTHCOCO»Or-4,-H:OCOtOOCC.*^ . 
lO O • . C) CO .* « .* rH lO 00 CO .* CO CI O CO rH ?5 CI C-1 00 • 


TH ; 




o 


a 

O 

a 






$ 71 50 

172 75 
194 85 
87 00 
06 45 
71 50 
139 05 
60 50 

24 05 
12 30 
33 50 
20 10 

100 75 

25 90 
8 25 
7 30 

47 50 
23 50 
39 80 
16 90 
1,010 40 
424 75 




00 

0» 


si 






1,064 

5,908 

4,238 

2,388 

1,574 

1,837 

4,072 

1,327 

641 

281 

583 

033 

2,254 

553 

158 

159 

1,081 

504 

694 

369 

17,019 

9,265 




CO 


IE 






• •-* CO OJ ■-( 00 .H rH CO ^ 10 X lo a; '^ t-oa c-Oi 

. .Ot-l0010;O.HCOClTHCjTHa5C5 iHCIC^rH Cld 

. TH CO iH j-l CO CI 





u 

o 


o 

a 


$ 588 75 
376 75 

" " ,58 90 

20 25 
93 00 
25 OU 

21 00 
153 30 

80 70 
69 70 

78 75 
31 90 
18 10 

79 85 
36 65 
15 00 

9 90 
79 15 
12 40 
34 25 
44 80 


■ 
S ' 

CO . 

• 
«» '. 




10,462 
9,312 

'1I628 

559 

1,892 

516 

2,935 

1,140 

3,013 

1,985 

1,404 

1,807 

608 

.592 

1,514 

784 

384 

332 

3,600 

276 

672 

873 


1 § : 
■» ■ 
in : 




coco . .COCOirau5002COr-(.*-*U5050010inCOC)«>OIr- • 
fCl . •C»rH..^OIOOOO?OtO'*»OrHr-llOC1rHr-lt-rHOI:- • 
CI C^ . . rH • 




1^ 


w 
n 

g 


o 

4 


$ 40 50 
97 00 

118 30 
19 70 
53 75 
96 75 
96 75 
44 30 
16 40 
14 75 
13 85 
52 20 
59 15 
3 20 
12 00 
24 20 
24 95 

8 50 

9 70 
551 05 
402 70 




00 


■3 "^ 


764 

2,464 

1,426 

2,580 

427 

1,492 

1,959 

2,805 

898 

370 

303 

349 

896 

973 

60 

259 

503 

555 

133 

203 

9,413 

9.889 


1 


CI 


i 


• . • .X3iOlffl0TH!01:-O10C0t-C0C0C0O1000«5C-.*>n 
. . • .T|ll.Ot:-r-l,-ltOinOC)iHiHr-(CJCl iHrHiH OJt- 
. . • . i-( rH t-t d tH 




o 


a 

o 


$ 398 95 
439 50 

io'-io 

11 85 
117 55 

17 85 
30 75 

18 15 
70 90 
55 10 
61 70 
17 90 
30 20 

19 65 
37 90 
08 25 
22 40 

9 05 
32 65 
16 70 

8 25 
29 40 


30 • 

to • 

S : 


1^ 


7,192 
10,740 

"""846 

245 

2,028 

307 

515 

509 

1.210 

1,217 

1,189 

400 

604 

423 

640 

1,495 

353 

257 

555 

387 

132 

58b 


1 : 

CO ; 




« 2 ; ; ^ r-l -* rH iH CJ C-J Cl rH rH C) r-l -* >H ,-1 d 1-1 tH Td . 


1; 


o 

M 

H 
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1-1 Ci;r-< CI r-1 CI I-H d r-( CI .H CI rH CI ,H C) iH CI r-l CI r-( C) r-1 C» ,H M 


5 .a" 
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S 
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: : 5 ■ a '■ J: a : : : 
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GENERAL TICKET AGENT'S KEPOET. 




55 


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: ::rio<o-ro''fiC'Oco=Dxt-if00ocoo.-<icxx;2; 




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26 65 
111 45 

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76 .50 
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: jiHr-it-cqf^ooi.oiooqiMcMX'juM coi-i.-i-* 




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Neiise 

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Frauklinton 
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Henderson . 
Junction, . . 
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Macon 

Littleton.... 
Gaston 


c 
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56 



GENERAL TICKET AGENT'S EEPORT. 






"^ 





O 


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(NIOX rH C;H*U0 6,t--C+^r-ICJO^ CO 35 -1 CO 'jr_-i^ 


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: looloiocot-osT^— icocococoi-o o^iCO^-lO^ 










; i^ooioiONi'.oo-f^^i^corci'-xib^i.'Oxoi^'? 
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so 
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01 XXCO'COO-.llOOCOO<IXX — (CO^COCOC-I : : 


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150 00 
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185 75 

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-r-p-h — C0C0t^C0tC3tOC0O3Sl^C03:l^3;C0t^05 
mO1-t<C0— iCOf3S05-fCOC0 1-— IOC0C035XC0— 135 
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-r-jTof-iT i-r-Tco" co'-T (N* cTio" 




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.-(C^.H0lTHC.a.-(C<I.-IOlTHC^rHC^rH(Mi-1(NrHC^rH(NrH01iHCq 


Is 

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a 
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Wake 

Franklinton 

Kittrell's... - 

Henderson.. 

Junction.... 

Ridgeway... 

Warrenton.. 

Macon 

Littleton,.. . ■ 

Gaston 

Weldon ■ 









GENERAL TICKET AGENT'S REPORT. 


57 


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85 .50 
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5 40 
22 70 
29 15 
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41 .50 

90 

6 .35 
29 20 
57 40 

8 75 

10 25 

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377 45 




■Si 










190 

270 

1,074 

1,376 

2,008 

1,838 

679 

887 

1,7.33 

2,489 

85 

133 

493 

729 

600 

1,191 

111 

1.54 

684 

1,439 

175 

2.56 

12,118 

10.270 


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9,356 
10,970 
132 
372 
174 
120 

2,100 
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1,089 
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1,725 

3,085 

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612 

745 

1,380 

8.58 
172 
351 
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417 
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52 00 
73 35 
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56 30 
27 25 

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3 25 
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13 30 

22 30 
604 95 
3'i-! 90 


is 


1% 






100 

4.50 

1,104 

1,814 

1,.578 

284 

1,030 

1,491 

1,734 

184 

562 

186 

601 

1,246 

666 

57 

78 

402 

946 

365 

12,.S'25 
8.063 




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X 


r-^ Ol ^ CO ^ :; -T T '0 c: ' : 01 0) ^t 1-- CO ^Hr-.oi— ( 01 

> 




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8,260 

9,433 

448 

281 

663 

177 

2,267 

1,506 

916 

1,130 

3,281 

3,515 

1,121 

606 

438 

750 

1,694 

793 

2.35 

340 

489 

483 

168 

681 




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,S0 

460 

620 

1,658 

1,7X4 

1,534 

369 

699 

1,1,53 

1,,500 

140 

286 

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407 

904 

743 

67 

10 

278 

635 

249 

3,X0 

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i-o 1.0 i-O iQ i.c 10 10 ic LO c; 
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: 
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8,433 

8,971 

1.56 

102 

.521 

162 

1,211 

1,121 

453 

427 

2,221 

1,746 

676 

718 

784 

610 

1,010 

713 

276 

299 

513 

422 

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Wake - 

Fraukliuton - 

Kittrell's... 

Heudcrsou.. 

Juuction - 

Kidgeway . . - 
Warrenton.. - 

Macou - 

Littleton. . . - 

Gaston - 

Wcldon . . . . - 


. 








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58 



GENERAL TICKET AGENT'S REPORT. 



rj 


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Raleigh and Gaston Rail Road. 

Table of Annual Receipts from Freight and Passengers from 1838 to May 31, 1873. 
Compiled by JAMES M. POOL, Auditor. 



DATE. 


PRESIDENT. 


TREASOREB 


FEEKlUT. 


PASSENOERS. 


TOTAL. 


Compared witii He Year Previois, 














INrREASE. 


DECREASE, 


1838 


1 George W. Mordecai, 










1 






1 


184U 


1 Sam'l. F. Patterson, 


S. W. Whiting, 


$61,831 


EO 


52,036 


03 


113,867 


63 










1841 


Sam'l. F. Patterson, 


S. W. Whiting, 


33,859 


23 


27,020 


92 


60,880 


15 










1842 


Sam'l. F. Palterson, 


S. W. Wliitiiif;, 


29,730 


06 


28,792 


17 


68,622 


83 






$2,357 


32 


1843 


Sam'l. F. Patterson, 


S. Birdsall, 


29, 132 


98 


22,426 


05 


51,6.59 


03 






6,963 


SO 


1844 


Jas. Wyche and W. Hollister, 


W. W. Vass, 


30,371 


27 


23,089 


50 


63,460 


77 


$1,901 


74 






1845 


Wesley Hollister, 


W. W. Vass, 


29,028 


72 


21,349 


90 


50,37st62 






3,082 


15 


1840 


Wm. Boylan, 


W. W. Vass, 


25,52-' 


86 


19,.'J85 


94 


44,913 


811 






5,404 


82 


1847 


Thomas Miller, 


W. W. Vass, 


32,199 


54 


26,031 


82 


.68.231 


36 


13,317 


50 






1848 


Tlios. Miller, 


W. W. Vass, 


23,826 


27 


24,659 


26 


48,485 


53 






9,745 


S3 


184(1 


R. 0. Britton, 


W. W. Vass, 


30,171 


97 


23,490 


9(1 


63,662 


87 


5,177 


34 






1850 


W. W. Vass, 


C. J. Williams, 


31,654 


54 


27,950 


86 


69,606 


40 


5,942 


.53 






is.n 


W. W. Vass. 


C. J. Williams, 


27,132 


80 


25,645 


23 


62,078 


03 






6,927 


37 


1852 


George W. Morilecai, 


W. W. Vass, 


35,871 


96 


25,827 


09 


61,707 


04 


9,029 


01 






1853 


L. O'B. Branch, 


W. W. Vass, 


64,626 


32 


46,235 


05 


110,861 


37 


49, 154 


33 






1854 


L. O'B. Branch, 


W. W. Vass, 


100,707 


70 


63,595 


74 


164,303 


44 


63,442 


07 






1855 


E. A. CruUup, 


W. W. Vass, 


122,027 


26 


61,122 


59 


183.149 


85 


18,846 


41 






1850 


R. A. Hamilton, 


W. W. Vass, 


104,233;54 


60,446 


24 


164,678 


78 






1.8,471 


07 


1857 


W. J. Hawkins, 


W. W. Vass, 


12S,419'68 


68,597 


01 


197,016 


59 


32,337 


81 






1S58 


W. J. Hawkins, 


W. W. Vass, 


149.551|65 


72,626 


67 


222.180 


32 


26,163 


73 






1859 


Gaston H. Wilder, 


W. W. Vasa, 


164,77628 


83,592 


96 


248,368 


24 


26,187 


92 






18(10 


W. J. Hawkins, 


■W. W. Vass, 


102,67145 


63,527 


21 


156,198 


00 






92,169 


58 


18B1 


W. J. Hawkins, 


W. W. Vass, 


•147,60240 


•89,601 


80 


•237,204 


20 










18i;2 


W. J. Hawkins, 


W. W. Vass, 


•152,U6|u3 


•212,604 


62 


•365,020 


06 


127,816 


45 






18(13 


W. J. Hawkins, 


W. W. Vass, 


•291,042:86 


•.526,572 


17 


•817,615 


03 


452,594 


38 






1864 


W. .1, Hawkins, 


W. W. Vass, 


'720,000i46 


•716,767 


29 


•1,436,773 




019,158 


72 






181)5 


W. J. Hawkins, 


W. W. Vass, 


•725,262175 


•621,5115 


74 


•1,340,768 








90,005 


20 


I8ric 


B. W. Lassiter, 


W. W. Vass. 


119,.520'81 


130,773:40 


•i.50,2:i4;2l 










1807 


W. J. Hawkins, 


W. W. Vass. 


187,924' 10 


98,544 07 


286,468117 


30,173 


91; 






1808 


W. J. Hawkins. 


W. W. Vass. 


123'190 64 


79,.')OS 1,1 


202,699 119 






83,709 


18 


1809 


W. J. Hawkins. 


W. W. Vass. 


161,776 90 


78.(102i;2 


239,779 52 


37,080 


43 






1870 


W. J. Hawkins, 


W. W. Vass. 


221,11881(12 


83,4S2;s:i 


.304,570 


85 


04,791 


33 






1871 


W. .T. Hawkins, 


W. W. Vass. 


261,-44.1,-, 


79,36606 


341,110 


51 


31),.539 


60 






1872 


W. J. Hawkins, 


W. W. Vass. 


271,315,(10 


80,68ira9 


352,001 


99 


10,891 


48 






1873 


W. J. Hawkins, 


W. W. Vass. 


270,633!BO 


82,461) 


53 
71 


359,090 
$8,754,106 


13 
80 


7,088 


14 








$5,016, 874':09 


$3,737,232 


I 



Note.- Reorganization Raleish & Gaston Rail Road Company, September 30, 1851. Those marked • Confederate currency. 



60 



CO 

6 



FINANCE COMMITTEE'S REPORT. 



The Committee of Finance and Inspection submit tlie fol- 
lowing report : 

The track-way of the road is in good order. The greater 
part of the iron, however, has been in use since the road was 
re-built. During the year 1872 several miles were re-laid 
"with new iron, and during the present year enough will be 
completed with new iron to leave only fifty-eight miles nec- 
essary to be re-laid. The whole of that part of the track 
should be re-laid as speedily as possible ; and, by applying 
the income of the next year, if we have a fair business, the 
most of it can be re-laid or placed in first rate order. 

The depots ar^ well kept and sufficient for the business of 
the road, except the one at Ealeigh. We would recommend 
that a new depot be built at this place, better located and 
arranged, and of capacity commensurate with the increasing 
business of the Company. 

We have examined the books of the Treasurer and vouch- 
es, and find that they have been well and accurately kept, 
and these together with the reports of the Superintendent 
and Auditor show in full the income and work of the road. 

We concur fully in the decision of the Board of Directors 
in not declaring a dividend for the last year. By a resolu- 
tion of the Board of Stockholders at the last annual meeting 
they were instructed to apply the income of the road, in pay- 
ing the debt and improving the road, and the report of the 
President shows that they have strictly obeyed this order. 

Of the funds of the Company in hand, your Committee 
find that there has been invested for sinking fund, $85,000, 

Paying debt, 7,150, 

Leaving a small balance in hnnd of the $97,514.78 of last 
year. 

We regard the purchase of new iron for the purpose of re- 
laying the track- way as prudent and proper under the cir- 
cumstances. 

9 



62 FIN-ANCE committee's EEPOET. 



It is a matter of congratulation that, notwithstanding the 
great opposition to this Oompan}^, by the parties controIUng 
the Xorth Oarohna Ejail Eoad, and that, on account of this 
opposition, the income derived from freights on that road 
has been seriously reduced, yet that, from other sources, we 
have been able to make up this deficiency. 

This gain is mainly to be attributed to the business re- 
ceived from the Ealeigh and Augusta Air-Line Eail Eoad. 

The extension of this road to the Carolina Central Eail 
Eoad becomes a matter of vital necessity to the Ealeigh and 
Gaston Eail Eoad. Should this be done, we have every rea- 
son to believe that our earnings will be largely increased 
from that quarter. This connection will open a shorter line 
to Charlotte than the North Carolina Eail Eoad, and will 
enable us to compete for the through business from that 
point, and also open up a large portion of the State now cut 
oft from rail road facilities. 

From the fact that the Ealeigh and Augusta Air-Line Eail 
Eoad is owned almost entirely by this Company, apart from 
other considerations, makes it absolutely necessary to this 
Company to afford every aid in completing that work. 

The contract which has existed for some time with the 
North Carolina Eail Eoad in regard to freights terminated 
on 1st August, and we may look for a large falling off in re- 
ceipts from that quarter, as all freights that can be control- 
led by that Company will be carried by Goldsboro' or Dan- 
ville. 

In the opinion of your Committee the prospects of this 
Company for the future, are good, provided the present po- 
licy of extending the road be canied out. This will be no 
waste of money, for every dohar expended in the Ealeigh 
and Augusta Air-Line Eoad, is improving the property of 
this Company. 

In fact, it is our only hope for the future. 

THOS. B. YENABLE, 

Climrman. 



BY-LAWS 

OF THE 

RALEIGH & GASTON RAIL ROAD CO. 



MEETING OF THE STOCKHOLDERS. 

All general meetings of Stockholders shall be held iu Ea- 
leigh, on the third Thursday in July, in each and every year, 
unless otherwise especially ordered. 

The Stockholders, in general meeting, shall elect by bal- 
lot six Directors, who shall continue in office until the next 
general meeting, and until their successors shall be appoint- 
ed. Tlie President, or any two Directors, or a number of 
stockholders representing one-third of the stock of the Com- 
pany, shall have power to call occasional meetings of the 
Stockholders, at such time and place as they may think pro- 
per, first giving twenty days' notice thereof in two or more 
newspapers published in Ealeigh, Petersburg and Norfolk. 

PRESIDENT. 

The President shall be elected annually by the Stockhold- 
ers by ballot, and shall receive as compensation for his ser- 
vices, the sum of five thousand dollars per annum, over and 
above his necessary travehug expenses, incurred on business 
of the Company. 

The President shall have the general superintendence and 
control of all the officers of the Company, and shall prescribe 
their duties, unless otherwise provided by the rules and re- 
gulations ot the Board of Directors : he shall carefully ex- 
amine into the performance of their duties, and from time to 
time report to the l^oard of Directors all and every matter 
touching the interests of the Company, which shall come to 
his knowledge. 



64 BY-LAWS OF THE EAJjEIGH & GASTON E. R. CO. 



The President shall keep the seal of the Oompauy, and, 
with the consent of a majority of the Directors, shall affix 
the same to all conversances and other instruments to which 
the attestation of the seal may be necessary, and sign the 
same on behalf of the Corporation. During the absence of 
the President, he may appoint, in writing, any one of the 
Board of Directors, President jyro tern. 

The annual reports of the President and Board of Direc- 
tors and Treasurer shall be printed, and distributed among 
the Stockholders previous to the annual meetings of the 
Company and shall be read in meeting, referred, and report- 
ed upon before the election of Directors. 

TEEASUKBR AND SECRETARY. 

The offices of Treasurer and Secretary shall be combined 
until the Board of Directors shall deem in necessary to sepa- 
rate ihem. 

The Treasurer shall be appointed by the Board of Direc- 
tors, and shall give bond in the sum of twenty-five thousand 
dollars, with security to be approved by the Board, and shall 
receive for his services the sum of two thousand five hundred 
dollars per annum. Provided, That no Director of the Com- 
pany shall, during his continuance in said office, hold the 
office of Treasurer. 

It shall be the duty of the Treasurer and Secretary to 
keep a full and fair journal of the Meetings and proceedings 
of the Board of Directors ; to take charge of and safely keep 
all the money, books, and other valuable effects of the Com- 
pany, and to disburse the same under the direction, and 
upon the requisition of the President, and to take proper 
vouchers for such disbursements, and to perfnrm all such 
other duties as may be prescribed by the Board of Directors. 

The Treasurer shall deposit all moneys belonging to the 
Company at such place or places as may be designated by 
the Board of Directors, and shall keep a regular and accurate 
account of receipts and disbursements made by him, and 
shall render to the President and Directors, an account of 



BY-LAWS OF THE EALEIGH & GASTON R. E. CO. 65 



all his transactions once in three months, and as much often- 
er as they maj require ; and he shall, at no time, retain in 
his hands a sum exceeding one thousand dollars. 

The Treasurer and Secretary shall likewise record, in a 
book to be kept for that purpose, all the proceedings of the 
Stockholders in their general or called meetings, and shall 
carefully preserve all books and papers connected with such 
meetings. 

The proceedings of the meeting of the Stockholders shall 
be printed within thirty days after the adjournment of each 
meeting, and one copy at least be forthwith sent to each 
Stockholder. 

DIRECTOKS. 

The President, with any of three or more Directors, or in 
the absence of th.e President, any four Directors shall con- 
stitute a quorum for the transaction of business. 

In case of a vacancy in the office of President or any Di- 
rector, from death, resignation or otherwise, such vacancy 
shall be supplied by appointment of the Board until the next 
regular meeting. 

The President and Directors shall have full power and 
authority to make contracts with any person or persons, on 
behalf of the Company, for all work, material, supplies and 
labor necessary for the road, and generally to transact all 
the necessary business of the Company during the intervals 
of the general meetings of the Stockholders. 

The Board of Directors shall meet at least once in every 
three mouths at such places as they may think proper, and 
the President shall be at liberty to convene the Board as 
much oftener as, in his opinion, the interests of the Compa- 
ny may require. 

The Directors shall receive as compensation for their ser- 
vices five dollars for every day they may be in attendance 
on the business of the Company, and for every day they 
may be traveling to and from the place of meeting. 

The President and Directors shall have power to employ 



66 BY-LAWS OF THE E.VLEIGH & GASTOX R. K. CO. 



engiueers and such other officers and agents as they may 
think proper, and fix their compensation ; and shall make a 
report of all such appointments to the regular general meet- 
ings of the Stockholders. 

The Board of Directors shall have power to establish a 
common seal, with suitable devices; to ascertain and define 
the duties of the officers, clerks and servants of the Compa- 
ny, and direct them in the performance thereof, and to dis- 
miss from the services of the Company any officer or agent, 
clerk or servant appointed by them, at pleasure. 

PROXIES. 

All proxies shall be in writing, signed by the party, and 
none but a stockholder or a guardian for a stockholder shall 
be a proxy, except in cases of corporations holding stock, 
directly or indirectlp, who may appoint a delegate to repre- 
sent them. 

CONTRACTS. 

Contracts shall be made under such rules and regulations 
at the Board of Directors may prescribe ; and, when signed 
bp the President, shall be binding on the Company, either 
with or without the seal of the corporation. 

No officer of the Ealeigh and Gaston Eail Eoad Compa- 
ny, nor any person appointed a commissioner or agent there- 
of, shall become an und< rtaker of, or make any contract for 
his own benefit, under any appointment by said Company 
to make a contract, or be in any manner concerned or inter- 
ested in making such contract. 

LOANS. 

The President and Directors shall have full power and 
authoritj^, from time to time, to make temporary loans in 
anticipation of the ordinary receipts of the Company, but no 
permanent loan shall be made by ^them, except with the 



BY-LAWS OF THE RALEIGH & GASTOX E. E. CO. 67 



sanction and by express direction of the stockliolders in gen- 
eral meeting; and, in making snch loans, no personal or in- 
dividual liabilities shall be incurred, except with the consent 
of the individual stockholder, given in writing, either in per- 
son or by proxy. 



PROCEEDINGS 

OF 

AWODRMD mm IIEETING OF IGIHOLDEEi 



Ealeigh, N. C, October 3d, 1872. 

Pursuant to adjournment of the meeting held on the 18th 
day of July last, the stockholders of the Ealeigh & Gaston 
Rail Eoad Company met at the office of the Company in 
Ealeigh on this the 3d day of October, 1872, commencing at 
11 o'clock, A. M. 

Hon. B. F. Moore, President of the Meeting, resumed the 
Chair ; W. W. Vass and Thomas Badger, Secretaries. 

Joseph B. Batchelor, Esq., moved to call the roll of stock- 
holders, to ascertain whether a quorum was present, result- 
ing as follows : 

Shares represented in person, - - 1,990 

" " by proxy, - 10,403 



Total representation in the meeting, 12,402 shares. 

A large majority of the whole stock of the Company being 
represented, the meeting stood ready for business. 

Dr. W. J. Hawkins read a dispatch from Gen. B. T. 
John^^on and F. E. Scott, stating that their train was behind 
time by several hours, owing to disabled engine, expected to 
reach Ealeigh at 1.30 P. M., and asking delay of action on 
part of the meeting. 

Col. AA^'alter Clark moved that the meeting proceed to 
business. 

The Memorial of Committee on the part of " Trustees of 
Wake Forest College " was read, when Dr. W. J. Hawkins, 
President, presented the folio ving resolution, lately passed 
by the Board of Directors : 



2 PEOCEEDINGS OF ADJOUENED 

Resolved, That the President report to the meeting of stockholders, 
that the Directors have received memorials from divers persons opposing 
the change of the Depot from Forestville to Wake Forest College, and 
have heard the statement of the Committee appointed by the Trustees of 
Wake Forest College. The Directors have had the matter under advise- 
ment and recommend that the whole matter be referred to the Board of 
Directors for final action. 

On motion of T. B. Venable, the foregoing resolution was 
adopted by the meeting. 

T. B. Venabie, Esq , offered the following preamble and 
resolution : 

Whereas, By an act of the General Assembly of the State of North 
Carolina ratified on the 4th day of December, 1871, entitled an "Act to 
amend the Charter of the Raleigh & Gaston Rail Road Company," it is 
enacted as follows: 

Section 1. The General Assembly of North Carolina do enact. That 
Section one (1) of an Act of the General Assembly entitled an Act to 
amend the Charter of the Raleigh & Gaston Pail Road Company ratified 
the fourth day of March, one thousand eight hundred and sixty-seven, 
be amended so as to read as follows: That the stockholders of the Com- 
pany, at the regular meetings thereof, shall elect a President and six Di- 
rectors, each of whom shall be a stockholder in said Company, and shall 
constitute the Board of Directors of said Company, with power to man- 
age all the affairs thereof, and shall continue in ofiice for one year, or 
until their successors are elected — in the election of President and Direc- 
tors, and when a vote by stock shall be taken, each stockholder 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 President, any 
four members of the Board shall constitute a quorum for the transaction 
of business, and shall elect one of number President pro tern. In case any 
vacancy shall occur in the office of President or Directors by death or re- 
signation, or otherwise, such vacancy shall be filled by the appointment 
of the Board until the nest election. 

Section 2. That all parts of sections and clauses of the original char- 
ter of said Company and amendments thereto coming in conflict with 
this act, be and the same are hereby repealed. 

Section 3. That upon the acceptance of this act as a part of the 
Charter of said Company by the stockholders representing a majority of 
the stock at the first general meeting of the stockholders thereof, it shall 
become and constitute a part of the Charter of said Company. 

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

Ratified the 4th day of December, A. D., 1871. 

Therefore, Be it resolved by the stockholders of the Raleigh and Gas- 
ton Rail Road Company (a majority of the stock being represented,) that 



ANNUAL MEETING OF STOCKHOLDERS. 6 

they do accept the said act and every part thereof, as part and parcel of 
the Charter of the Raleigh and Gaston Rail Road Company. 

The question of takiug a recess as requested by telegram 
from Me:srs. Johnson and Scott, was discussed, when Col. 
Clark moved that the meeting do now proceed to business. 

Joseph J. Davis, Esq., moved, as a substitute, that the 
meeting do now take a recess until two o'clock, P. M. Col. 
Clark then withdrew his motion, and Mr. Davis' substitute 
was laid on the table. 

John Gatling, Esq., moved to lay the resolution, offered 
by Mr. Venable on the table; Col. Clark called for a stock 
vote, which was taken, and the motion rejected by the fol- 
lowing vote : Yeas 572, ^N'ays 4998. 

Mr. Gatling moved to take a recess until two o'clock. Col. 
Clark moved to lay that motion on the table. After discus- 
sion a stock vote was demanded and taken on Col. Clark's 
motion, which was carried by the following vote; Yeas 
5,0,3, Xays 571. 

Joseph J, Davis, Esq., moved to take a recess until 2.^ 
o'clock, P. M. A stock vote was called after discussion, and 
the motion rejected — yeas 570, nays 4,993. 

The question recurring on Mr. Venable's preamble and re- 
solution (accepting the act to amend the charter), Hon. B. F. 
Moore proceeded to address the meeting at length on the 
subject of the resolution. 

The following telegram was read to the meeting : 

KiTTRELL's, Octoier 3?, 1872. 
To Dk. W. J. Hawkins: 

Notify stockholders' meeting that we dissent from and protest against 
the acceptance of any amendment to the charter. 

(Signed,) BRADLEY T. JOHNSON. 
(Signed,) F. R. SCOTT. 

After remarks from George W. Grice and Jos. J. Davis, 
Mr. Gatling moved to take a recess ; on that motion, a stock 
vote was taken, and it was rejected, yeas 408, nays 4,070. 

Upon the preamble and resolution offered by Mr. Venable 
a stock vote was called for by Col. Walter Clark, and the said 



4 PROCEEDINGS OF ADJOUENED 

preamble and resolution were adopted by the following vote: 
Yeas 4,987, Kiys 408. 

The following offered by Jos. B. Batcbelor, and seconded 
by Geo. W. Grice, was adopted : 

Resolved, Thut tlie meeting shall be kept open until the arrival of the 
train this afternoon, and tliat any stockholder who may appear in person 
or by proxy before the ndjournment of this meeting, shall have the pri- 
vilege of recording his vote for or against any action of this meeting on 
any question acted upon by it; and, if thinks proper to do so, to record 
his protest against any action, which may be taken l)y this meeting. 

By John Gntling, Esq., and adopted: 

Resolved, That any hcma fide holder and owner in his or her own right, 
or as trustee for another of any coupon bond already issued by the Raleigh 
and Gaston R. R. Co., and made payable to bearer, may be allowed to 
have such bond so altered as to be payable to himself or herself by name, 
and the word bearer expunged. 2d. Such alteration shall be made by 
the Treasurer of the Company upon presentation for that purpose of any 
such bond already issued by the Company; and, he shall note the altera- 
tion on the same page of the registry of bonds on which the bond thus 
altered shall be registered or recorded. 

On motion of Mr. Batcbelor, a Committee of three was 
raised to report to this meeting any necessary alterations in 
the By-Laws. The Chairman appointed on this Commit- 
tee : Hon. D. M. Barringer, Jos. B. Batcbelor and George 
W. Grice, who soon after submitted as their report, the fol- 
lowing resolution : 

Resolved, That the By-Laws be amended by striking out in the second 
clause in the second line the word "Seven," and inserting "Six." In 
third clause, and first and second lines the words " Board of Directors 
and fronc their own body," and inserting the words Stochholdersby bal- 
lot, and striking out the word "three " in the third line, and inserting 

, and striking out the words "in journeys out of the State " at 

the end of this clause. That the clause in relation to proxies be amend- 
ed by striking out the proviso thereto. * 

On motion of Geo. W. Grice, Esq., the blank in the reso- 
lution of the Committee on By-Laws was filled by inserting 
the word five, putting the annual salary of the President at 



ANNUAL MEETING OF STOCKHOLDERS. 5 

five thousand dollars. On tbis motion, a stock vote was ta- 
ken, and adopted : Yeas 5,078, Xays 50. 

Mr. Moore objected to changing the B3-Laws tu regard to 
proxies, and Maj. Grice and others defended the report of 
the Committee. 

On motion of Col. Clark, the report of the Committee 
was adopted. 

On motion of Col. S. S. Roystei", the stockholders pro- 
ceeded to ballot for a President for ensning fiscal year, and 
nominated Dr. W. J. Hawkins. 

The Chair appointed as tellers : Messrs. Catling arid Ar- 
ringtou, who subsequently reported that there were 11,340 
votes cast, and that Wm. J. Hawkins received the entire 
number. 

T. B. Yenable moved that the stockholders go into the 
election of six Direc-tors, and read the following: 

Raleigh, X. C, Odtle-r Bd, 1872. 
To the Stocldiolclers of the BaUiga & Gaston R. B. Co. : 

Gentlemen: Owing to the pressure of private Imsiness requiring my 
personal supervision, I beg to decline a re-appointment at your hands as 
a Director of the Company. Thanking the Stockholders for the confi- 
dence in the past, and with my best wishes for the futi.re of the Com- 
pany, I am, Very Respectfully, 

(Signed,) S, 8. ROYSTER. 

Alexander M. McPheeters, Esq., arose and also declined 
a re-election as Director. 

Maj. E. S. Tucker offered the following resolution, which 
was adopted : 

Betohed, That the Stockholders regret the retirement from the Board 
of Directors, this day tendered of Col. S. S. Roystei-, of the County of 
Granville, and in appreciation of the long, faithful and valuable services 
rendered the Company by him for the past twenty-live years, the Presi- 
dent is hereby dii'ected to present to Col. Royster in the name of the 
Stockholdei-s, a complimentary free pass over the Railroad during his life. 

The meeting then balloted for six Directors : Messrs. 
Gatling and Arrington acting as tellers, resulting in the 
election of the following named gentlemen: 



6 PEOCBEDINGS OF ADJOURNED 

P. C. Cameron, of Hillsboru', received - - . 11,463 votes. 

Jos. B. Batchelor, of Raleigh, " - - 11,463 " 

W. W. Chamberlain, of Norfolk, "... 11,466 '• 

Geo. W. Grice, of Portsmouth, " - - 11,337 •' 

Walter Clark, of Halifax, " - - - 11,337 " 

George Little, of Raleigh, " - - 11,337 " 

On motion, the meeting took a recess until -1 o'clock, P. M. 



Four o'clock, P. M. 

The stockholders met pursuant to adjournment, Hon. B. 
F. Moore, in the Ohair. 

Under Mr. Batchelor's resolution adopted previous to tak- 
ing a recess, the stockholders whose arrival had been delay- 
ed, came forward, enrolled their names, and recorded their 
votes on the preamble and resolution offered by Mr. Yeuable, 
which had been adopted by the stockholders by the follow- 
ing vote : 

Yeas 4,987, Nays 408, changing the resilt as follows: 

" 17, " 357, making the vote on jSnal passage as follows: 



Yeas 5,004, Nays 765. 

Mr. Grice offered the following, which was adopted : 

Resolved., That a Committee of live to be known as the Committee of 
Inspection, be appointed by the stockholders whose duty it shall be to 
examine the road-bed, bridges, shops, machinery, depots, books and ac- 
counts of the Company, and to make their report to the next annual 
meeting of the stockholders. 

On motion of Geo. W. Grice, the stockholders appointed 
the following named gentlemen on the Committee of Inspec- 
tion, namely : 

T. Brown Venable, Daniel M. Barringer, Rufus S. Tucker, Alexander 
M. MePheeters and W. J. Baker. 

Gen. Bradley T. Johnson and others submitted the follow- 
ing protest, and asked that it be spread upon the minutes : 



ANNUAL MEETING OF STOCKHOLDERS. 7 

The undersigned, Stockholders of the Raleigh and Gaston Rail Road 
Company, do hereby protest against the action of the stockholders' meet- 
ing as ultra vires, illegal and void in this, that they have passed a reso- 
lution, purporting to accept an amendment to the charter of said Com- 
pany, authorized and permitted by an Act of the General Assembly of 
North Carolina, passed on the fourth day of December, A. D., 1871. 
(Signed,) Bradley T. Johnson, (Signed,) S. P. Areington, 
" Jane C. Johnson, " William Grimes', 

" Madeline M. L'Enqle, " p. p. Peace 

" Julia A. Slayton, " c. C. Peace, 

" Jos. J. Davis, " W. L. Peace, 

" Thomas Branch & Co., " B. S. Harrison. 

The following offered by George W. Giiee, Esq.: 

Whereas, The General Assembly of North Carolina, by an act entitled 
an "Act concerning the Chatham Rail Road Company, amendatory of 
certain acts, and authorizing a change of name," which act was ratified 
on the 13th day of December, 1871, and accepted by the stockholders of 
the Chatham Rail Road Company on the 9th day of January, 1872, did 
change the name of the said Chatham Rail Road Company to that of the 
Raleigh and Augusta Air-Line Rail Road Company ; and, by said act 
gave permission to said Rail Road Company to extend' their road to South 
Carolina line in the direction of Augusta, Georgia, to enable it to do 
which, it authorized said Rail Road Company to increase its capital stock 
by the issue of guaranteed or preferred stock, and bonds secured by 
mortgage on its property, franchises and income, and by Section 4 of 
said act, did enact "That authority is hereby given the Raleigh and Gas- 
ton Rail Road Company or any other Rail Road Company connecting there- 
with, to subscribe to, or purchase stock of any kind in the said Raleigh 
and Augusta Air-Line Rail Road Company, and in order to enable them 
to make such subscription, or purchase, it shall be lawful for any such 
Company to issue mortgage bonds for such amount and of such form, and 
for such rate of interest as it may deem advisable, and it shall be lawful 
for such Company to purchase or endorse the mortgage bonds of the 
Raleigh and Augusta Air-Line Rail Road Company," and 

Whereas, The material and future prosperity of the Raleigh and Gas- 
ton Rail Road Company is so much dependent upon and linked with that 
of the Raleigh and Augusta Air-Line Rail Road Company, that it has be- 
come of paramount importance to the interest of the former, that the 
Raleigh and Augusta Air-Line Rail Road should be completed at an early 
day, to at least a junction with the Wilmington, Charlotte and Ruther- 
ford Rail Road, at such point as may be found most desirable, therefore. 

Be it resolved, By the stockholders of the Raleigh and Gaston Rail Road 
Company in general meeting assembled, that the President and Directors 
of the Company are hereby authorized and empowered, to subscribe to 
or purchase guaranteed or preferred stock or the mortgage bonds of the 



8 PROCEEDIXCrS or ADJOURXED 

Kaloigh and Augusta' Air-Line Rail Koad Company, to such extent as 
they may deem advisable. 

Hesolred, For the purpose of ijreviding means for the above object that 
the President and Directors be, and they are hereby authorized and em- 
powered to have prepared Coupon Bonds of the Company bearing inter- 
est at the rate of eight per cent, per annum, free of all taxation, in 
amounts of one thousand (1,000) dollars each, to such extent as they may 
deem advisable, not exceeding in the aggregate one million of dollars; 
the said bonds to bear date the first day of January, 1873, the principal 
of the same to be payable the first day of January, 1898, and the interest 
in the meantime semi-annually, on the first days of July and January in 
each year, and both interest and principal to be paid as the holder of any 
of the bonds may prefer, at the office of the Companj^ in Raleigh, or in 
the City of Philadelphia, and the said President and Directors are hereby 
authorized and empowered for the purpose of securing the punctual pay- 
ment of the interest and the payment of the principal of said bonds, to 
execute a Mortgage, or Deed of Trust, upon the rail road and its fran- 
chises, and all other property of the Company of every description in 
such manner and form, and on such conditions, as they may deem most 
advisable. 

Besolred, That the President and Directors be, and they are hereby au- 
thorized and empowered to negotiate a sale or sales of the above bonds 
at such time or times as they may deem advisable, and that the seal of 
the Company be affixed to said bonds only as tlic same may be sold or 
delivered for negotiation, the affixing of said seal shall be attested by the 
signatures of three Directors of the Company. 

Q'he foregoing preamble and resolutions gave rise to con- 
siderable debate, participated in by George W. Grice, Gen. 
Bradley T. Johnson, Jos. J. Davis, Hon. B. F. Moore, Jos. 
B. Batcbelor and R. S. Tucker. Gen. Bradley T. Jobusou 
moved to lay the resolutions on the table, and a stock vote 
being called for, the motion did not prevail- Yeas 2,011), 
Nays 10,057. 

Col. Walter Clark called the previous question, and asked 
for a stock vote, resulting in the adoption of Mr. Grice's re- 
solution by a vote of yeas 10,927, na^^s 1,899. Gen. Brad- 
ley T, Johnson and others submitted the following protest, 
which was ordered to be spread on the minutes: 

The undersigned, Stockholders of the Raleigh and Gaston Rail Road 
Company, do protest, and hereby give notice, that we will resist any use 
of the money, property or credit of the Raleigh and Gaston Rail Road 
Company to aid, assist or construct in any manner whatever the Raleigh 



ANNUAL MEETING OF STOCKHOLDERS. 



and Augusta Air-Line Rail Tload Company or any other corporation 
whatever, and that we insist, and shall claim, that the entire earnings 
and credit of the Raleigh and Gaston Railroad Company shall be used 
and applied solely to the use of the said Road, and for the benefit of its 
Stockholders, and we in particular do protest, as illegal and void against 
the resolution offered by Maj. Geo. W. Grice at this meeting and passed, 
auth'^rizing the issue of the bonds of this Company in aid of the Raleigh 
and Augusta Air-Line Rail Road Company, and against all of said reso- 
lutions. 

(Signed.) B. F. ?\Ioore, (Signed,) 

" Bkadley T. JonNSON, '' 

" Jane C. Johnson, " 

M. M. L'Engle, 

" Julia A. Slayton, 



Jos. J. Davis, 
William Grimes, 
Thos. Branch & Co. 
P. P. Peace, 
S. P. Arrington. 



On motion, W. W. Vass aud Alex. M. McPheeters were 
continued on the Committee to verify proxies at the next 
annual meeting. 

On motion of W. A. Quincv, Esq., the meeting adjourned 

sine die. 

B. F. MOORE, Chairmayi. 

W. W. Vass. ) ^sv,,,«He.. 
Thos. Badgeu, 3 



North Carolina State Library 
Raleigh 



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ZZ^Z Syracuse, N. Y. 
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