J. B. Vaughan, Winston, N. C.; H. E. Fries, Salem, N. C.; G. W. Hinshaw, Winston, N. C.; J. R. McLellan, Mooresville, N. C.; A. Leazer, Mooresville, N. C.; F. M. Johnson, Mocksville, N. C.; J. W. Cannon, Concord, N. C.; W. C. Wilson, Mocksville, N. C.; A. B. Andrews, Raleigh, N. C.; R. J. Reynolds, Winston, N. C.; M. D. Bailey, Winston, N. C.; J. W. Fries, Salem, N. C.; P. H. Haines, Winston, N. C. Expiration of term, November 11, 1903, or until their successors are elected.

PROPERTY OPERATED.

North Carolina Midland Railroad, Mooresville to Winston-Salem (miles)

53.62

Audited vouchers and accounts-.

CURRENT ASSETS AND LIABILITIES.

Liabilities.

Matured interest coupons unpaid (including coupons due July 1).

Total current liabilities

Amount.

273,379.19

24,030.00

297.409.19

Cost of road, construction and equipment, per mile $32,561.06

Gross earnings from operation

Less operating expenses

Income from operation

Total income

DEDUCTIONS FROM INCOME

Interest on funded debt accrued

Taxes

Total deductions from income

INCOME ACCOUNT.

Net income-

Surplus from operations of year ending June 30, 1903

Deficit on June 30, 1902-

Deductions for year

Deficit on June 30, 1903-.