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 tEfje Cameron Collection 
 
 3n Jflemorp of 
 
 pennefjan Cameron 
 
 September 9. 1854 = 3June 1, 1925 
 
 trustee of t&e Wltiibtxmtp of Jlottfj Carolina 
 1891=1925 
 
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Th* University of N. C. 
 
 MEMOEIAL 
 
 OF THE RALEIGH & GASTON RAIL ROAD 
 FOR INCREASE OF CAPITAL STOCK, 
 
 Tb the Honorable, the General Assembly 
 
 of the State of North Carolina : 
 
 The memorial of the President and Directors of the Raleigh 
 and Gaston Railroad Company respectfully showeth — 
 
 That by the Charter of this Road granted in 1352, the Cap- 
 ital of the Company was paid at $800,000— $400,000 of which 
 was m the Road bed and fixtures of the old Raleigh and 
 Gaston Railroad, which was held by the State of North Caro- 
 lina and was subscribed by her at that price, the residue was 
 subscribed by individuals and paid in cash, the whole of which 
 was expended in the re-construction of said Road and purchase 
 ■of rolling stock, besides the sum of one hundred thousand 
 ■dollars raised by loan on the bonds of the Company", payable 
 in ten years •; that in the Act incorporating the North Carolina 
 Hailroad Company, passed during the Session of 1848-'49, it 
 was provided "■ that whenever the Roanoke Railroad Company, 
 or the Seaboard and Roanoke Railroad Company, with or 
 without the aid of individuals, shall subscribe to the Raleigh 
 <and Gaston Railroad Company onedjalf the sum necessary to 
 construct a Railroad from some point on the Raleigh and 
 Gaston Railroad, near the Littleton Depot, or any point be- 
 tween the Depot and Roanoke River and the town of Weldon 5 
 •or any other point in the neighborhood thereof, so as to connect 
 with the Wilmington and Raleigh Railroad and the Seaboard 
 -and Roanoke Railroad, and shall expend th-e said sum ire 
 forming the said connection, then the said Raleigh and Gaston. 
 Hailroad shall 'be extended .to the said town of Weldon or 
 
.neighborhood thereof, and- the Public Treasurer is authorized 
 and directed to subscribe for an equal sum for, and in behalf 
 of the State." . By virtue of this provision a Railroad was con- 
 structed from a point oa the Raleigh and Gaston Railroad near 
 Gaston, to Weldon, which when accepted and received by the 
 stockholders of the Raleigh and Gaston Railroad Company, 
 cost the price of $175,000, which constituted an addition to 
 the Capital Stock of said Road to that amount : 
 
 That the said Road at the time it was so received was in an 
 incomplete sta+e ; but it was thought better to accept it in that 
 state than to have it completed under the supervision of the- 
 parties then entrusted with its construction. That in addition 
 to that Road it was found absolutely necessary for 1he interest 
 of the Road to form a direct connection with the North Carolina 
 Railroad, which work has also been executed and completed 
 by said Raleigh and Gaston Railroad Company : that owing to 
 these connections and the improvement in the construction of 
 the Road, the business increased so rapidly as to require a 
 heavy additional outlay in the purchase of the Rolling Stock 
 required for the transportation of passengers and produce ; 
 and besides this a considerable sum must yet be expended in 
 the construction of the Shops and "Warehouses, necessary for 
 the business of the Road — the whole of which will cost at least 
 $525,000 over and above the amount of Capital authorized by" 
 the Charter. Of this sum there has already been expended 
 and paid out oi the receipts of the Company the sum of 
 $345,012 93, besides the Bonds for $100,000, which are to be 
 paid by said Company, and a large portion of which is already 
 raised in the shape of a Sinking Fund ; that for the completion 
 of the Shops and Warehouses at least $80,000 will still be 
 required, which it is likewise proposed to pay out of the re- ^J 
 ceipts of the Company ; and it is also thought advisable that 
 the Company should own at least a portion of the slaves we ^% 
 have necessarily employed in the Shops and in the repairs of ~» 
 the Road. As the whole of this expenditure is expected to be 
 met by the Company, out of monies which would otherwise 
 
have been paid to the State and individual stockholders in the 
 shape of dividends, and has contributed and will contribute to 
 increase the real and permanent value of the Road, jour 
 memorialists respectfully insist that it should properly constitute 
 a portion of the Capital Slock of said Company, which should 
 be apportioned between the £tate and individual stockholders, 
 in proportion to the Stock respectively held by them : and to 
 that end, they respectfully ask your honorable body to author- 
 ize the increase of the Capital of this Company to the sum of 
 $1,500,000, of which $125,000 shall be reserved for the purchase 
 of Negro slaves for the use of t e Road at such time as the 
 President and Directory may think proper, and the residue of 
 the increase, say $400,000, shall be apportioned among the 
 State and Stockholders in proportion to their respective interest. 
 
 W. J. HAWKINS, "I 
 
 GEO. W. MORDECAI, 
 
 T. B. VENABLE, V Committee. 
 
 W. R. COX, 
 
 J. J. DAVIS, 
 

UNIVERSITY OF N.C. AT CHAPEL HILL 
 
 00042071426 
 
 FOR USE ONLY IN 
 THE NORTH CAROLINA COLLECTION