REPORT OF THE SECRETARY AND TREASURER OF The ploflsh jft&te Improvement! (lo.. March 31st, 1889. This Report is made for the information of the Stockholders, and is not printed for general distribution. GREENSBORO : Thomas Brothers, Job Printers. 1889. REPORT OF THE SECRETARY AND TREASURER OF The florth State InjproVement Co, March 31st, 1889. This Report is made for the information of the Stockholders, and is not printed for general distribution. GREENSBORO : Thomas Brothers, Job Printers. 1880. i Jo 4 Officers of the Company. J NO. D. WILLIAMS. PRESIDENT. JULIUS A. GRAY, VICE-PRESIDENT. R. PERCY GRAY, SECRETARY AND TREASURER. ROGER P. ATKINSON, CHIEF ENGINEER. ROBERT T. GRAY, ATTORNEY. DIRECTORS: JNO. D. WILLIAMS, - - Fayetteville, N. C. JULIUS A. GRAY, - - Greensboro, CHAS. P. STOKES, - - Richmond, Va. W. A. LASH, - - Walnut Cove, N. C. W. A. MOORE, - - Mount Airy, J. TURNER MOREHEAD, - Leaksville, D. W. C. BENBOW, - - Greensboro, Executive and Finance Committee: Jno. D. Williams, Chairman. Julius A. Gray, J. Turner Morehead, W. A. Lash, D. W. C. Benbow. List of Stockholders March jist, NO. SHARES. D. W. C. Benbow, - - - 250 J. Turner Morehead, . . . 250 Jno. D. Williams, .... 250 E. J. Lilly, - - - - - - 200 R. T. Gray, 50 A. Y. Stokes, ..... 250 Eugene Morehead, .... 250 Julius A. Gray, - 200 R. Percy Gray, ----- 50 W. A. Lash, - - - - - 125 J. M. Worth, - - - - - 125 J. F. & W. A. Moore, - - - - 125 W. Fulton & Son, .... 125 MURCHISON & Co., ----- 250 Total No. Shares, - - - 2,500 Digitized by the Internet Archive in 2011 with funding from University of North Carolina at Chapel Hill http://www.archive.org/details/reportofsecretarytreas THE North State [niproYomeirt Company, Report of the Secretary and Treasurer. Greensboro, March 31, 1889. To the President and Board of Directors of the •North State Improvement Company: Gentlemen: — I have the honor to submit herewith, my report of the condition of your Company, with statements showing in detail the cost to date of the Main Division of the Cape Fear & Yadkin Valley Railway, the Western Division, the South Carolina Pacific Railway, and the Factory & Madi- son Branches, also estimate of cost to complete the Madison Branch and estimate for the Wilmington Extension. The cost of the main line from the South Carolina State line to Mount Airy, as shown in statements Nos. 2 and 3, is exclusive of the amount paid for the old road from Fayette- ville to Gulf, which, including purchase of State's stock and outstanding bonds, and payment of unfunded debt, amounted to $267,792.57 ; and is exclusive of freight and hauling done by the C. F. & Y. V. Ry., which, charged at regular rates, would amount to $204,329.85 ; and is also exclusive of con- vict labor to the value of $252,000 paid for in bonds after- wards returned by the State. The North State Imp. Co. still has a force of about 40 men at work near Walnut Cove on the change of grade, which will be completed during the current month, and has contracted for new steel rail to replace during 8 this Summer the six and one-half miles of old iron still remain- ing in the main line. Freight and hauling hy the C. F. & Y. V. Ry., for which no charge is made under our contract, in the case of the Fac- tory Branch amounted to 04,499.36, and, as shown in state- ment No. 1, has so far amounted to $13,356.11 for the Madison Branch and the Wilmington Extension. A cash subscription by the Madison people of SI 5,000 in some measure offsets the heavy cost of the Branch to that place. The estimate of the cost of the Wilmington Extension does not allow anything for " general expenses," which, including the item of interest and discount, cannot now be approximat- ed, but heretofore no inconsiderable part of the expenditures of this Company has come under this head. Nor does this estimate include any expenditure to secure the facilities which the road must have for the transfer of its freight and passengers from its tracks on Point Peter to the City of Wil- mington. If it should be necessary for the Company to purchase a steam tug and lighters for this service, the expen- diture would probably amount to twenty or twenty-five thousand dollars. The Superintendent of the C. F. & Y. V. Ry. reports that his road must have about $85,000 worth of equipment in addition to the amount included in this estim- ate, which is all this Company has agreed in its contract to furnish. We have, however, the Wilmington subscription of $150,000 to parti} 7 offset these heavy expenditures. The work on the Wilmington Extension is progressing finely — the grading is nearly completed, the bridges, trestles, masonry, cross-ties and wharves are under contract, the rails and fastenings have been purchased, and an advance pay- ment of $113,000, drawing interest at 6 per cent., has been made on the same, and the road will be completed and in operation before the end of the current year. Expenditures on this Division to date are as follows : Engineering $ 7,496.05 Graduation 55,774.52 Right of Way 5,973.28 Cross-ties 1 4,565.50 Equipment 67,993.98 Miscellaneous 13,049.26 $164,852.59 Respectfully submitted, R. PERCY GRAY, Sechj and Treas. IO > o Oh 0\ — *0 oo rn r> •■» O O ^ CT\ CO "" O O O rnoo N -3" i- O O O O O odd o o o - - o X H 04 o w H o 55 O H 3 o I u>; w< . O w < O Z H Z h < h CA> w H 3 <: e^ Ph o U o> c/3 Jd "i, -M "O ._* 2 U -: o 0^ ei as! Ph -a O ^O O J3 „ pqU >> ^ o * s> CD u o • d T3 T3 in :> c/i 03 CJ l: c o o Q bo «! in i; c - f*" 1 u <2 e *■< u - o — «y c I O u l) i; ^ J= JC J3 3 c SO, % u . w o Sp"o 5 ^ ^ . J3 u crj rf C8 capqzu O — O Os 01 N O O O DO Ot^-Or^Os-OOO ^ O Oisd-riddd^ >d d O O\0^000 OO wN OO 0r^o v 0"-^>0'-nnoo -^r ' Oj " c^ > ~ ■ - . a rt < U P-, £7 u .5 = OJ g u ._ p> k" C rt XJ ~C J . ^ 0-^0 J^ < s^ <^ ra ca ^ o U o t. C u ^ — o -S « II STATEMENT NO. 2. COST OF MAIN DIVISION OF THE CAPE FEAR & YAD- KIN VALLEY RAILWAY. MARCH 31, 1889. GREENSBORO TO SO. CA. STATE LINE — 150 MILES, INCLUDING SIDINGS. ENGINEERING: Salaries $ 6. 802. 3 1 Equipment 2,919. 18 CONSTRUCTION: Graduation Culverts Bridges and Trestles Right of Way Building Sites Cross-ties Rails Fastenings Spikes Frogs and Switches Turn Tables Wharves and Landings Machine and Car Shops Depots, Section-housesand Water stations Telegraph Line Printing and Stationery Store House Incidental Expenses Cattle Guards and Road Crossings Track Laying and Ditching Filling Trestles EQUIPMENT : Locomotives $ 34,345.25 Passenger Cars ' 14,653.19 Baggage, Mail and Express Cars | 2,692 96 Freight Cars , 27,262.60 Tools and Machinery, &c J 2,885.58 GENERAL EXPENSES: Salaries of Officers !$ 2,050 00 Expenses General Office 2 57- 57 Insurance [ 5,916.83 Interest and Discount ; 255,526.25 Incidental Expenses j 15,885.81 Total $ 9.721.49 704,533-ii 81,839.58 279,636.46 $1,075,730.64 12 STATEMENT NO. 3. COST OF WESTERN DIVISION OF THE CAPE FEAR & YADKIN VALLEY RY. MARCH 31, 1889. GREENSBORO TO MOUNT AIRY — 73 4-IO MILES, INCLUDING SIDINGS. ENGINEERING Salaries . . . Equipment CONSTRUCTION : Graduation Culverts Bridges and Trestles Masonry Right of Way Cross- ties Rails Fastenings Spikes Frogs and Switches Turn Tables Depots, Section-houses and Water-stations Telegraph Line Printing and Stationery Incidental Expenses Cattle Guards and Road Crossings Track Laying and Ditching No. Ca. R. R. Crossing Change of Grade $ 14,311.56 2,343 48 $ 94, 46, 18, 4, 53, 223 1 2 10, 2, 26, 1, 18, 6, 24. 644.55 621.02 486.50 202.23 928.02 274.42 548.04 910.92 498.16 485.76 32793 01 1.02 191.40 123.50 307- 73 184.24 582.99 777.65 552.02 EQUIPMENT: Locomotives $ 34,201.52 Passenger Cars j 7,400.00 Baggage, Mail and Express 1 2,661.65 Freight Cars j 36,658 55 Tools and Machinery j 43. 1 5 GENERAL EXPENSES: Salaries of Officers $ 7,563.00 653-57 4,633.91 67,958. 12 7,464-37 Expenses General Office. Insurance Interest and Discount. Incidentel Expenses., Total. $ 16,655.04 550,658. 10 80,964.87 1 88,272.97 $736,55098 13 STATEMENT No. 4. COST OF THE SOUTH CAROLINA PACIFIC RAILWAY. SOUTH CAROLINA STATE LINE TO BENNETTSVILLE— IO^ MILES. ENGINEERING: Salaries CONSTRUCTION: Graduation. Trestles.. . . Cross-ties. . Rails Fastenings Spikes Frogs and Switches Turn Tables Depots, Water Stations and Sec. Houses Telegraph Line Cattle Guards and Road Crossings Track Laying and Ditching Amount paid Col. McRae and others for changing line south of Maxton GENERAL EXPENSES: Legal Expenses $284 00 1,785 86 17 17 81. 37 29,742.49 i,943-37 1,582 30 560.50 200.00 557-24 65.-7 63.64 3.593 H 4,332 10 59-75 $284 00 -44,592.66 59-75 $44,936.41 The above shows cost to the North State Improvement Company, and is exclusive of the cost of the location of the line, Grading, Depots and Cross-ties, which was defrayed by the South Carolina Stockholders. 14 STATEMENT No. 5. COST OF THE FACTORY BRANCH OF THE CAPE FrAR AND YADKIN VALLEY RAILWAY— 9 7-10 MILES. ENGINEERING: Salaries Equipment CONSTRUCTION : Graduation , Culverts Right of Way Cross-ties Rails Spikes , Frogs and Switches Depots, Water Stations and Sec. Houses. Cattle Guards and Road Crossings Track Laying and Ditching Incidentals 266.00 545-93 408.70 7,767.98 18,153.25 1, 176.00 174-35- 3,428.77 270.06 3,952.72 31-65 —36,175.41 $37,486.96 The cost of grading this Branch, $7,500, was paid by subscrip- tions of the Deep River Factories and others benefitted, and is not included in the above. i5 STATEMENT No. 6. COST OF THE MADISON BRANCH OF THE CAPE FEAR AND YADKIN VALLEY RAILWAY. STOKESDALE TO MADISON — 1 1. 35 MILES, ICLUDING SIDINGS. ENGINEERING Salaries Equipment CONSTRUCTION Graduation Bridges and Trestles Masonry Cross-ties Rails Fastenings Spikes , Frogs and Switches Turn Tables Depots, Section Houses and Water Stations Telegraph Line , Cattle Guards and Road Crossings Track Laying and Ditching Total expenditures to March 31, 1! ESTIMATED TO COMPLETE: Bridges and Trestles Depots Track Laying $ 367-5° 41.38- 12,039.46 10,156.22 9,314.81 6,952.01 18,053.08 33 08 1,318.64 240.00 475.08 1,349-34 7.50 154.72 3,124.41 4,000.00 1,200.00 200.00 —63,218.35 $63,627.23 — 5,400.00 $69,027.23 i6 STATEMENT No. 7. ESTIMATE OF THE COST OF CONSTRUCTING AND EQUIPPING THE WILMINGTON EXTENSION OF THE CAPE FEAR AND YADKIN VALLEY RAILWAY. FROM JUNCTION WITH RIVER TRACK AT FAYETTEVILLE TO WHARF AT POINT PETER— 8l MILES— INCLUDING SIDINGS 86 MILES. 340,000 cubic yds. Exc'ation and Embankment, at I2}4c, 423,000 " ' " " lie. 850,000 ft. board measure, framed Trestles, at $21 40,000 " " box Drains, at $10 7,000 lineal feet Piles, at Black River, at 20c 38,000 Cross-ties, at 30c 186,000 " 25c 82 Cattle Guards, at $10. ... 82 Road Crossings, at $2 2, 100 lineal feet Pile Trestlins', at $4 100 " Wooden Bridges, at $10 Water Tanks, Piping and Wells 6,700 lineal ft. Pile Trestling near Wilmington, at $4. Property in Wilmington and on Point Peter Right of Way 30 sets Switch-ties, at $40 1 Turn Table 2,500 cub. yds. Masonry, at Cape Fear River, at $9. 25. 1,000 bbls. Cement, at $[.40 Foundations at Cape Fear River 680 lineal ft. Iron Bridge, at Cape Fear River 125 " " " at Black River, and foundations 8 Warehouses, at $1,260 8 Section Houses, at $1,400 Wharf and Warehouse on Point Peter Frogs and Switches Crossing at C. C. & W. C. & A. Railroads 6,757 tons Steel Rails, at $29.25, delivered 588,240 lbs. Fish Plates, at $1.75 " 100,000 " Bolts, at $2.70 " 2,600 kegs Spikes, at $1.88 " 86 miles Track Laying, at $250 Contingencies Engineering Equipment $42,500.00 46,530.00 17,850 00 400.00 1,400.00 1 1,400.00 46,500.00 820.00 164 00 8,400.00 1,000.00 2,500.00 26,800 00 46,500.00 6,000 00 1,200.00 2,500.00 23,125.00 1,400.00 3,700 00 44.560.00 10,800.00 10,080.00 1 1,200.00 20. 000. 00 2,048.00 500.00 197,642.25 10,294.20 2, 7c 0.00 9.776 00 21,500.00 16,210.55 12,000.00 140,000.00 £800.000.00