The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1899-07-15
MEET AT GREENSBORO
DECIDE TO HONOR HIM WHO
MADE ROAD POSSIBLE.
WHO DID lT:AT PERSONAL SACRIFICE
Business Of Road ds Shown in Reports Of Off
Gals. Spencer B. Adams Appointed
Secretary and Treasurer.
General Hoke.

OCliCtdi nUhCs
- Especial to Charlotte Observer
Greensboro, y. c., July 13.-The old
board of directors of the North Carolina
Railroad met in the parlor of the Nc
Adoo House, this morning at 1890
O'Clock. Nearly all the members were
present. Mr.. II. Nj. Norment, the presi-
dent of the board, submitted his report,
which was approved. Among other
things this report states that:
The experts report shows the COM
pany's property much improved since
last report and that the terms of the
lease are being complied with Among
the important bettermcnts are noted
the following: Steel rail being subSti-
tuted for iron, gravel and stone ballast
being used. a handsome stone and brick
passenger station taking the place of
the old wood structure at Greensboro,
Extensions, painting and general re-
pairs at nearly all the stations along
the line.
''The Southern Railway first CONSOLE
dated mortgage bonds held as security
under the terms of the lease to secure
exchanged for United States 3 per cot.
bonds, issue of 1898, registered in the
name of the North Carolina Raj road
and deposited in the First National
Bank of Charlotte, y. G.
Reports were also submitted Ly Mr.
G. A. Cook, attorney for the board, ard
by the secretary. -reasurer and the
finance committee, all IF which received
the approval of the boare. The report
of the secretary, Mr.. H. Il. Worth. Is
as follows:
Liabilities-Capital stock, S4000,O00.
Floating debt: Temporary loan, $iG.-
600, unpaid dividends. $2,719.5O; 3 per
cent. on dividend No. SO, due August
10, 1888, S120,000: dividend certificates,
sos: total. S132S27.5O. Profit ana
loss, $S6S,302.9S: total. 5000 .13D.AS.
Property Assets-Constructio ard
equipment, $4.975.627.5 Northwestern
North Carolina Railroad stock, $4,000;
State University railroad stock. $1,000;
total, $1,000, 627 .53. Cash asse.s: Divi-
dend tax, $17.95: bills receivable, $500:
rent book, So: total S319.95; cash on
hand May 81, 1899, $1S3; total, So
001, 130.4S.
Mr.. w. ]. Sutton's report as treas
urer is:
Receipts-From lease of road, $685.
600; from rents, Sl31: from lease union
passenger station, Raleigh, y. c.. 1906
52; real estate. 5000: interest, So; from
loan, $4,000: total. .>2.11.252.oa; to cash
on hand June /. 1899, 81, 1861; total,
$2S1, 1888.
Disbur-sements-D Dividends, S2G6-
to., IA, al:
ries, So, 1908: legal expenses. S4OO: in
cidentals. 81 .775.3S; interest, SILL;
total, S2S1. 1858; cash on hand May
81, 1899, S2S1. 1888.
Just after the old board adjourned
there was a meeting of the stockholders
of the road, the smallest IN years. The
large majority of the stockholders were
represented by proxy through Mr..
Benehan Cameron, of Stagville, and Mr..
Hugh McRae. of Wilmington. This
meeting was altogether perrunctory, and
the only business transacted was the
election of the four directors hat the
stockholders are empowered to appoint.
Among the stockholders present We're
w. L. Holt Lexington: Il. G. Duncan.
Raleigh J. Il. Ruffin, @HllsDoro Cha !.
X. and X. w. Thomas, Thomasville,
and 3. S. Jerman, Raleigh, cashier of
the Commercial and Farmers Bank,
who acted as presiding officer.
In the afternoon there was Il meetn:
Of the new directors. As now constitut
cd the board is as follows. General X
F. Hoke, Raleigh; Benehan Cameron
Stagvllle: Henry Fries Salem. ant
Hugh McRae, Wilmington. Directors
appointed by tie Governor, lor tho
State: J. S. Armstrong. Wilmington
w. j. Ellis, Winston: ia. Smith. l;es
semer City; w. y. Gilchrist, Whining
ton; V. S. Llsk, Asheville: John c.. An
gier anl w. O'Brien, Durham, ant
Lawrenc. S. Holt, Burlington. Mr.
Armstrong was elected president of tn
new board. The offices of secretary an'
treasurer We're consolidated, and ex
Judge Spencer b. Adams was ap
pointed to this position at IA salary o
about $1,000 There was considerable
wrangling as to whether Judge Adam
should be required to exercise a per
sonal supervision over his new office
which is re-established at Burlington
but a proposition to this effect mad
by Mr.. Cameron and others, was vote
down by the board 1t is now Judg
Adams province TO farm out his Offic
to whom he wishes. 1t was decided tina
the deposits of the board should b
placed in the First National Bank, o
Charlotte. the Fidelity Bank of Dul
ham, the First National Bank Of Ra
eigh. and the Atlantic National Bank c
Durham. The board considered the II
quest of Mr.. Anderson, representa-
Travers and Company of Richmond
that five new certificates of stock be il
sued in place of five old shares Of stool
alleged to be lost. The board, howeve
deferred action in this matter until thel
should be ruling of the Supreme Coul
i'm similar case that is soon to be teste'
The only other question raised W.
that of erecting Il monument to Calvi
IS. Graves, of Caswell county who I
President of the Senate gave the decidir