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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
0
" 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. 0 — 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.
L
c 2
s ^
s «
c
"^ 5
o >
r3 *
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•d
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a
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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.
TKEASUKER'S EEPOET.
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47
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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 $4,116 77
Increase of " " 1872 over 1871, 1,320 93
" 1873 over 1872, 1,779 54
JAMES M. POOL, Auditor.
— ,
50
AUDITOK'S EEPOET.
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53
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54
GENERAL TICKET AGENT'S REPORT.
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$ 36 (K)
73 75
138 40
95 65
98 85
56 25
78 20
82 65
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27 60
29 90
71 45
84 05
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2 45
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49 95
11 30
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704
2,828
2,484
2,033
1,258
1,484
2,146
436
502
4,55
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1,216
1,877
102
61
1,178
1,090
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300
32,289
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$ 484 80
387 75
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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
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11 7o:
23 30'
19 90
4 30
10 40
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9,056
10.024
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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 ;
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r-IOi . .COClt-OOiOCSTHCOCO»Or-4,-H:OCOtOOCC.*^ .
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$ 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
0
00
0»
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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
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$ 588 75
376 75
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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
0 ■
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CO .
0 •
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10,462
9,312
'1I628
559
1,892
516
2,935
1,140
3,013
1,985
1,404
1,807
608
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1,514
784
384
332
3,600
276
672
873
1 § :
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in :
coco . .COCOirau5002COr-(.*-*U5050010inCOC)«>OIr- •
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$ 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
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i
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$ 398 95
439 50
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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
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GENERAL TICKET AGENT'S EEPORT.
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Weldon ■
GENERAL TICKET AGENT'S REPORT.
57
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5 40
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29 20
57 40
8 75
10 25
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377 45
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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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1,380
8.58
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13 30
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100
4.50
1,104
1,814
1,.578
284
1,030
1,491
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184
562
186
601
1,246
666
57
78
402
946
365
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448
281
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177
2,267
1,506
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1,130
3,281
3,515
1,121
606
438
750
1,694
793
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340
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483
168
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369
699
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140
286
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407
904
743
67
10
278
635
249
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8,433
8,971
1.56
102
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162
1,211
1,121
453
427
2,221
1,746
676
718
784
610
1,010
713
276
299
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58
GENERAL TICKET AGENT'S REPORT.
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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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