| Annual Report of the Orange &
Alexandria RR |
| as of September 30, 1861, |
| President's Report |
| |
| President's Report |
| |
| To the Stockholders of the Orange &
Alexandria Railroad Company: |
| |
|
In presenting the usual annual statement to the
Stockholders, of the operations of the Company for the fiscal year
ending 30th September last, the Directors regret their inability to
make it more full and comprehensive as regards details.
|
|
The invasion of the territory of the State and occupation
of the city of Alexandria, by the Federal troops, on the 24th of May
last, deprived the Company of its established general offices,
disturbed its regular system of auditing accounts, and necessarily
produced much confusion in the management of its business. The
inconvenience caused thereby, as regards the records, will be only
temporary, as sufficient data can hereafter be procured to supply any
omissions or errors in the accounts, and the proper corrections can be
readily incorporated in a subsequent report, if upon examination the
necessity therefor should exist.
|
| The accompany letter of the
General Superintendent, H. W. Vandegrift, Esq., exhibits briefly the
condition of his Department, and the appended tabular statements of
the Treasurer, (marked A and B), will show in detail, the financial
state of the Company. |
|
Receipts from transportation for the past year, amount to
the sum of $604,025.44.
|
|
The working expenses for the same period cannot be
precisely stated at this time, but are estimated by the General
Superintendent, at thirty-seven per cent. of earnings.
|
|
At the last annual meeting the monthly receipts from May
to October, 1860, inclusive, showed an average return of $50,000 per
month. If these receipts per month could have been maintained up to
the 1st of May last, the aggregate revenue of the road for the year
just past, would have been exceedingly large. But unfortunately for
the finances of the Company, the result of the Presidential election
last fall, and the political alienation of the sections of the
country, arrested the accustomed intercourse and travel between the
North and South, and reduced the receipts for the months referred to,
down to the previous minimum amount.
|
|
The transportation of troops and military stores since
the act of secession, has afforded a very large business, and taxed to
its utmost capacity the somewhat limited equipment of the road.
|
|
This class of transportation, however, is only charged at
half-rates, and from its extent and peculiar quality, causes much wear
and tear, both of road-bed and equipment. Such precautions in the way
of reduced rates of speed, in running trains and the most economical
modes of transportation, have been adopted, as would best protect the
interests of the Company under the circumstances.
|
|
Since the 24th of May last, the road has not been
operated by the regular passenger trains, beyond Manassas Station, its
present Eastern terminus.
|
|
Shortly after the evacuation of Alexandria by the State
troops, sections of the track were destroyed and the bridges burned
from Cameron to Bull Run, and twenty-two miles of the railroad, in the
direction nearest Alexandria, surrendered to the control of the enemy,
or rendered useless to the Company.
|
|
After the battle of the 21st July, the streams between
Manassas and Fairfax Station were temporarily bridged again by order
our military authorities, for use of the army only, but recently, this
part of the line has been again abandoned. This, together with the
loss of the workshops and their furniture and other property
unavoidably left behind in Alexandria, will constitute a large
account, which, in justice, ought at the proper time to be paid by the
State or Confederate Government to the Stockholders of the Company.
|
|
Notwithstanding all the damage incurred, it is some
satisfaction to the Stockholders of the Company to know, that but for
the construction and existence of this railroad, the State could not
have been defended as it has been, or its military requirements so
efficiently supplied.
|
|
About one hundred and twenty-two miles of main line, and
the branch to Warrenton, are now in daily operation by the trains.
|
|
Some limited arrangements have been provided for shops at
Gordonsville, which with such facilities as are afforded at Lynchburg,
will enable the Company to repair and keep in order its rolling stock.
In maintaining repairs of road-bed, it is in contemplation of the
Directors to employ for another year slave labor upon a part of the
line.
|
|
Finances
|
|
The financial condition of the Company may be briefly
stated, as follows, viz:
|
| Total funded debt |
$2,609,000.00 |
| Total temporary debt |
572,673.79 |
|
|
Of the debt and bills payable due by the Company, it
appears that the sum of $52,759.99 is owing to Northern parties. As
this matter will be brought to the cognizance of the Courts under the
law of Congress, the Company ought to set up its equitable right to
retain this small amount in view of the heavy losses incurred by the
war -- at least to that extent.
|
|
Against its indebtedness, the actual resources of the
Company may be stated as follows, viz:
|
| Cash in bank |
$40,637.42 |
| Due by Government |
161,903.72 |
| Freight bills and accounts due by Post Office
Department and by Express Company |
22,183.38 |
| Total |
$224,724.52 |
| To this add individual subscriptions of stock
uncollected |
23,437.09 |
| Mortgage bonds of the several issues either
hypothecated as collateral security, or on hand unsold |
691,000.00 |
| Of this last all are of the last issue except |
$73,000.00 |
| Amount of debt paid the past year in cast |
185,918.38 |
|
|
The new issue of mortgage bonds to the amount of
$700,000.00 are authorized at the last meeting of the Stockholders to
pay off the heavy existing floating debt of the Company, has been duly
prepared but only a small amount, so far, disposed of.
|
|
The Company has paid up all the interest due upon its
bonds of the several issues, where the coupons have been presented,
except that part held at the North, the payment of which was arrested
by act of Congress and public policy.
|
|
It may be proper to state in this connection, that the
delay in paying the coupons of the Company during the past summer,
arose from the fact that the Government failed to pay its bills of
military transportation for several months after their maturity and
the Company had no other resource. The interest was promptly met as
soon as the collection referred to could be made of the Government at
Richmond.
|
|
In conclusion, the Directors take pleasure in bearing
testimony to the zeal, industry and efficiency with which the officers
and employees of the Company, generally, have discharged their arduous
and responsible duties of the past year.
|
|
The transportation of troops and supplies for the army of
the Potomac, has entailed upon the Company since May last, a labor of
vast difficulty and importance, the exigencies of which have been
fully and faithfully met by those charged with its execution. The
General Superintendent, Mr. Vandegrift, whose fidelity was most
unjustly assailed, has from the beginning to the present time
performed his whole duty.
|
|
The annals of Railroad operations do not any where
exhibit examples of such continuous laborious services as have been
performed for months together by the men who have run the trains to
and from Manassas Station, and transacted the business of the road at
that place. Without a house to shelter them from the weather or for
purposes of rest, poorly supplied with necessary food, and the
impossibility of obtaining assistance for their relief, by day and by
night they have stood to their posts without complaint and performed
an amount of work scarcely to be conceived as within the compass of
human efforts.
|
|
The thanks of the Stockholders are especially due to the
General Agent at Manassas, Mr. James A. Evans, for the faithful and
satisfactory manner with which he has discharged his arduous and
responsible duties at that point.
|
|
Much credit is due also to another agent of the Company,
Mr. W. A. Duncan, who rendered especially most valuable service, by
the spirit and address which he displayed in reclaiming some valuable
books and records of the Company from the possession of the enemy,
into whose hands they had casually fallen at Alexandria.
|
|
The Directors indulge the hope that before another annual
meeting, the Stockholders will again assume possession of all their
property and be able to assert authority over their entire line to the
city of Alexandria.
|
|
Respectfully submitted,
|
|
On part of the Directors, by
|
|
John S. Barbour
|
|
President
|
|