The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1895-09-24
THAT RAILROAD Ia
President S B, Alexander Makes His
Annual Report and Tries to Justify
the Lease.

President S B, Alexander Makes His
Annual Report and Tries to Justify
the Lease.
CHARLOTTE, N. c., Sept. II, 1895
To the Stockholders of the North CdrO-
lima Railroad:
GENTLEMEN There has been no
meeting OF the stockholders of your
company held since the 18th day of
July, 1898, and | have called this meet
ing in compliance with the following
by law:
2 On failure of the Stockholders to
elect directors as provided Oy law, the
chairman of the stockholders then as
sembled, shall adjourn the Meeting
from time to time, and give notice
thereof until a proper meeting can be
held and an election made, and on fail
ure of the chairman from any cause to
ad j0urn or appoint such meeting and
give the necessary notice, the acting
president of the company, or any two
acting directors shall make the call
and give the necessary notice
The fiscal year ends On the 3lst day
of May, and | deem it unnecessary to
make a detailed statement of the finan-
ces of your company since the 31st day
of May last, but will quote from the
report of my predecessor, prepared for
your annual meeting On. the 18th day
OF July last, to-wit: Never in its his
tory has your company been in a bet
ter financial condition. The
isgin first class c -nditiOn, and the terms
of tho lease have been fully complied
with. The company is now practically
out of debt, and when the rental, due
on the Isl day of July, is paid, there
will be cash on hand sufficient to pay
eff and discharge entire indebted
ness, and have a considerable surplus
in the treas IVY, showing beyond ques
ton that our earnings and dividends
of profits exceed six per cent. per an
num-. By reference to the report of
the secretary and treasurer you will
observe there is properly charged as Il
ability, the semi anDGRai dividend OF
one hundred and twenty thousand dol
lars $120. 0OO) declared, but not due
until the 1st day Of September, 1895
There will be due on the LIST day of Ju-
ly, 1895, from the lessee of the road,
six months rental, which will amount
to the sum of one hundred ard thirty
one thousand six hundred ar eighty
three dollars ard twenty nine cents
1871. 683 29) 1t will also be seen that
on the 3lst day of May, the end of the
fiscal year, we had, in cash on hand,
the sum of nineteen thousand three
hundred and twenty one dollars and
fifty five cents (S19 521 so, and cash
assets amountingtO one thousand four
hundred and ninety five dollars and
four cents (f1 1876 O4.
The Indebtedness of the company.
including the temporary loan, the Sep
TENDER dividend, the unpaid and I'M
called for dividev DIS, and dividend Ger.
tificates. amounts to the sum of one
hundred and fcuty three thousand dol
lars, with which to pay said indebted
ness, we will have the sum of n hun
dred and ffty-twO thousand four hun
DIRE and ninety nine dollars and eighty
eight cents &152 499. 88), leaving assets
over and above liabilities, ofnine thou,
sand four hundred and ninety nine
dollars and eighty eight cents ($9, 400,
S8)
DeLt of Company May 81, 1895 $143 COCO
Of road, due July 1st, 1855 $is1. e8Ss2
Less cash on hand 1881. 5
Less cash assets 1.495.4
surplus 499 &
$162. 49a.8 $152, 400 s.
The rental due on the first day of Ju.
ly, 1895, has been paid. The Southern
Railway Company made a proposition
to your directors to lease your Toad
for ninety nine years, assigning as q
reason for desiring to renew the lease
at this time, that It had secured term
inal facilities at Norfolk, Virginia, and
also made arrangements to transport
it's freight from Selma to Norfolk, and
81 49, -on~~ - Iaoro ~ Eo~0n
they could not undertake so large an
expenditure in placing the road from
Greensboro east in proper condition
for the traffic also, the road from Char,
lotte to Greensboro, used as part OF
their trunk line, divided their system,
and was necessary to know now,
whether they could release the road,
or would have TO complete a parallel
line from Greensboro to Charlotte.
Your directors, in considering this
prOpCsition were of the opinion that
your road, with it's present environ
ment, could not be operated success
fully as an independent line, for the
reason that the Southern Railway
Company owned the roads from Green
boro to Mocksville, and the road from
M~ooresvllle to Charlotte, and by build,
ing a link between Mooresville and
Mocksville, q distance of about thirty
miles, they would have q road parallel
to your road from Charlotte to Greens
boro, and by obtaining control of the
Atlantic and Danville road, (from Dan
vile to Norfolk) they would have all
the facilities for traffic, independent
of your road.
The following statement is furnished
by the Southern Railway Company of
l the local and through freights of the