| Annual Report of the Seaboard & Roanoke
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| as of February 1, 1861, |
| President's Report |
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| Thirteenth Annual Report of the President
and Directors to0 the Stockholders of the Seaboard & Roanoke
Railroad Company
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| Gentlemen, |
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We submit the Report of our operations since your last
Annual Meeting, and of the condition of the Company on the 31st of
January, 1861.
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The business of the Road, which has been steadily increasing
since its re-construction, exhibits a larger increase than in any previous
year, and as heretofore, it has taken place chiefly in freights.
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The increase in receipts, compared with those, of the
year 1859-1860, has been,
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| From Passengers |
$1,732.92 |
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Freight |
23,186.19 |
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| From both sources |
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$24,919.11 |
| The Road Earnings for the year have been, |
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| From transportation of Passengers |
$94,505.17 |
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"
"
of Freights and U. S. mail |
160,950.41 |
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| Total |
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$255,455.58 |
| The current expenses, embracing all expenditures
for the year for operating the Road, repairs and construction,
have been |
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$112,233.19 |
| Leaving as a nett revenue from
operating the Road |
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$143,222.39 |
| a profit of 13 1/3 per cent on the
Capital Stock of the Company, after paying the interest on our
entire debt. |
| In addition to the nett
income derived from the earnings of the Road, just mentioned,
there has been received from Rents, Interest and Dividends on
Investments, &c., the additional income of |
$25,426.52 |
| making the whole nett income of the Company, for
the year, the sum of |
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$168,648.71 |
| There has also been received during
the year |
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| From the sale of steamer Philadelphia, the sum
of |
$70,000.00 |
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| And from our first Mortgage Bonds, extended and
sold |
25,100.00 |
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| And we had in hand, at the beginning of the
fiscal year, in cash |
$19,021.59 |
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| And we have received from open accounts and
other debts due the Company, at the beginning of the fiscal
year |
16,687.78 |
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| Together making the sum
of |
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$329,458.08 |
| Of this we have expended during the year, as
follows: |
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| In purchase of Peete's wharf, in Portsmouth and
four acres of gravel land at Meherrin |
$10,150.00 |
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| In interest on Bonds, Dividends on Guaranteed
Stock, Discount, Exchange and commissions |
54,234.55 |
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| In First Mortgage Bonds of the Company |
94,000.00 |
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| In Third Mortgage Bonds of the Company |
3,500.00 |
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| In liquidation of bills payable |
42,144.94 |
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| I purchase of 93 shares in Baltimore Steam
Packet Company |
93,000.00 |
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| In payment of open accounts, &c. |
26,106.22 |
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| Making the sum |
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$320,135.68 |
| and leaving a cash balance on hand, on the 31st
of January, 1861, of |
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$9,322.40 |
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In addition thereto, there is also due the Company, by
open account and otherwise, the sum of $35,551.70, the larger portion
of which in immediately available. For more minute details of our
receipts and expenditures, we refer to the statements of the
Treasurer, herewith submitted.
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By the foregoing statement it will be seen, that the
ratio of our operating expenses to Road Earnings has been largely
diminished. This, to a great extent, is the result of a careful
economy, which we have endeavored to secure in the management of every
department of the Company's service, and in which we have been most
ably seconded by the General Superintendent and heads of departments,
and is, in part, owing to the low rates of speed to which the movement
of the trains have been limited -- no expenditure has been spared
which the efficiency of the Road, and equipment and maintenance of the
property required; and we believe that depreciation has been fully
counterbalanced by repair. We refer to the report of the General
Superintendent, mad to the Board, and herewith presented, as showing,
in detail, the condition of the Road and property of the Company, and
the construction and repairs and transportation operations of the
year.
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At your last meeting, at the suggestion of the Board, you
authorized an issue and sale of stock, should it become necessary, to
meet any portion of the first mortgage bonds, which matured on the
first of August last. A temporary loan (which was paid off from the
current receipts of the year,) with the means already on hand, enabled
us to purchase all the bonds, which were not extended, save one bond
for one thousand dollars, the holder of which we have not been able to
ascertain. It was thus rendered unnecessary to take any action under
your resolution authorizing an issue of stock. Of the entire mortgage
for three hundred thousand dollars of bonds, two hundred and five
thousand dollars have been extended, as to the time of payment, to the
1st of August, 1880, and ninety-four thousand dollars are now in the
possession of the Company; leaving outstanding, to be paid or
extended, only the bond for one thousand dollars above mentioned.
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In addition to the purchase of bonds, we have been
enabled, from the receipts of the year, to liquidate our entire bills
payable, amounting, at the beginning of the year, to the sum of
$12,144.94; and thus reduced the indebtedness of the Company,
allowance being made for the $94,000 of first mortgage bonds purchased
and held by the Company under the resolution of February 25th, 1858,
to a bonded debt of $410,403.50, and the sum of $10,774.28, due the
State of North Carolina, and about $1,000, due by open account.
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In view of the favorable financial condition of the
affairs of the Company, thus attained, the Board deemed it proper and
expedient to make a cash dividend of three and a half per cent for the
last six months, payable on the 1st day of March proximo, which they
accordingly have declared. It is the first that has been made on the
common stock, and, we think, has been prudently postponed until fully
warranted by the condition of the Company. In our past and prospective
business, we see nothing to create a doubt, that remunerative dividend
may be continued in future.
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At the date of our last report, we had just caused to be
constructed the steamer Philadelphia, for the route between the
terminus of our Road, at Portsmouth, and that of the Delaware Road, at
Seaford;, but, before placing her on the line, it became manifest to
the Board, that a better arrangement for the Company, would be, to
have the route between Portsmouth and Seaford run by the Baltimore
Steam Packet Company, provided this company could become interested,
as a stockholder in that. A negotiation was accordingly entered into,
which resulted in the sale of the Philadelphia to that company, at
cost, and this company becoming the purchaser of ninety-three shares
(about one third) of the stock of that company, at par value. The
Baltimore Steam Packet Company subsequently placed the steamer on her
contemplated route, and ran her until the approach of Winter, when she
was withdrawn. With the opening of Spring the line to Seaford will be
resumed by the Baltimore Steam Packet Company, running in connection
with our Road.
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Our steamship connections with the cities of Baltimore,
Philadelphia, New York and Boston, remain as at the date of our last
report: and greatly exceed, both in expedition and frequency, those at
any other ;port in the Southern States. To facilitate these
connections, we found it desirable, during the year, to purchase the
wharf adjoining our property on High street, in Portsmouth, owned by
Dr. G. W. Peete, which was obtained at a reasonable price.
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The business of the past year has been prosperous, the
Road and property of the Company, are in good order, and competent to
meet all probable requirements; the financial condition is excellent;
the officers and agents are efficient, attentive and faithful; and our
relations with all connecting lines are on a favorable footing -- may
we not hope that this gratifying state of the affairs of the Company
will continue? We seen nothing to cause distrust -- even the political
storm, that is sweeping over the country, and rending asunder the
fabric of our Union, will, in all probability, leave the Company
unscathed; for, into whatever political divisions the country may be
severed, the lot of Virginia and North Carolina will be cast together,
and this will secure, in political as well as business connection with
us, the region whence whatever prosperity we may enjoy must be mainly
derived.
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Respectfully submitted by the President and Directors
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Saml. M. Wilson
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Prest.
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