| Annual Report of the Virginia &
Tennessee RR |
| as of July 1, 1864, |
| President's Report |
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| President's Report |
| Office of the Virginia & Tennessee
Railroad Company |
| Lynchburg, October 8th, 1864 |
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To the Stockholders:
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| Gentlemen, |
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The Board of Directors herewith respectfully submit their
annual report for the year, ending June 30th, 1864:
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Operations of the Road
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| The gross earnings of the road were |
$2,790,290.18 |
| The expenses of operating |
1,777,551.32 |
| Net earnings above operating expenses |
$1,012,738.86 |
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The net earnings are 36 3/10 per cent.
and the operating expenses 62 7/10 per cent. of the gross
earnings.
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The increase in earnings over preceding year has been
$1,008,256.25, or 56 58/100 per cent., and
the increase of expenses $1,055,065.06 or 69 42/100 per cent.
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The average receipts per mile run, has been $9.52, an
increase of $4.06, and the receipts per mile of road $13,266.98, an
increase of $4,920.85 over the preceding year.
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The number of passengers transported was 300,364, a
decrease of 16,610 over previous year; of this number 162,091 were
troops, an increase of 31,305, and of other passengers 138,273, a
decrease of 42,915. The earnings from transportation of troops was
$879,939.91, an increase of $446,137.24, and from other passengers
$545,395.43, an increase of $34,388.76. The total earnings from
passengers and troops was $1,425,330.34.
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The number of tons freight transported was 135,860, an
increase of 939tons. The number transported one mile was 7,801,370, a
decrease of 1,577,518tons. The receipts
for this transportation were $1,236,311.37, or an increase of
$518,497.94. Full details of the earnings and expenditures, with
movements of trains, will be found in the report of the General
Superintendent, which is herewith submitted.
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The decrease in the amount of work done is much less than
would be supposed, from the constant embarrassment with which it has
been surrounded. There have been six raids upon the road during the
year. Of these the two first were, upon Bristol in September; the
next, in October, was upon the same portion of the road, and in this
there were eight bridges, of an aggregate length of 520 lineal feet,
burnt, the track torn up, the cross ties burnt and the rails for 1 1/2
miles heated and twisted, so as to render a large portion of them
unfit for relaying. The work was quickly repaired and the trains
resumed their regular trips on the 2d November, 17 days after the
departure of the enemy. On December 12th a force under Gen. Averill
marched upon Salem and destroyed depot, section houses, turn-table,
etc., together with the bridges over Roanoke river and Mason's Creek,
with several smaller bridges, and tore up about one mile of track. The
damage was repaired in 10 days, when trains resumed their regular
trips. The next raid was in May, when they entered Dublin after a hard
fought battle, and burned the depot and all the combustible property
between that point and New river, a distance of six miles; at this
point, after burning the bridge; 780 feet long and 60 feet high, they
crossed below Central depot, and coming again upon the road, burnt 16
bridges, 3000 cords of wood and a large number of cross-ties and
continuing up the road to Christiansburg, destroyed the depot, section
houses, etc., at that point. Repairs were commenced as soon as the
enemy left, and trips were resumed on the 11th June, the bridge over
New river having been rebuilt of green timber, cut from the woods
after the destruction of the bridge. This work was completed in 19
days after it was commenced. On the 15th June, four days after the
completion of New river bridge, Gen. Hunter, with a large Yankee
force, entered the town of Liberty and marched to within three miles
of Lynchburg, burning bridges and depots, and destroying the track,
with a large force of skilled men detailed for that purpose. Near
Lynchburg he was badly whipped by Gen. Early and retreated up the line
to Salem, sixty miles, burning all the bridges and other combustible
property of the road for that distance. In this raid they burned five
depots, 2,716 lineal feet of large tress bridges, with several small
bridges, and large amounts of wood, cross-ties etc.; the track was
torn up in many places, at the Otter bridges it was destroyed for six
continuous miles, by burning the ties and bending, twisting and
breaking the rails in a manner which exhibited great ingenuity. This
track had to be replaced before the work on the large bridges could be
commenced. The general work of repair was commenced on the 23rd June,
and the whole was completed on the 13th August, so that trips could be
resumed. The amount of work done in this time (51 days) was very
unusual; the largest and most important bridges on the road were
embraced in this distance, and the two bridges over the Otter rivers
were near the center with the other bridges burnt and track torn up on
each side so that they could not be reached until the other work was
completed. One of these (Big Otter) was 425 feet long and 83 feet
high, and was completed in 20 days; the other (Little Otter) 725 feet
long and 96 feet high, was completed in 19 days after it was begun;
these with all the other bridges were built of green timber, cut from
the wood after the raid, and were built under the supervision of Maj.
Goodwin, General Superintendent; assisted by Capt. R. C. McCalla, C.
S. A., who, with his company of Sappers and Miners, rendered us very
efficient service, and enabled us to complete the work much sooner
than we could have done. We owe him our thanks, not only for the
energy exhibited by himself and his men, but for the cheerfulness with
which they rendered their assistance. The damages from these raids has
been a loss of three months time, an outlay for repairs of about
$500,000, a destruction of 5000 lineal feet of bridging, now replaced
by temporary structures, which must be replaced with permanent ones,
and the loss of a large number of depots, section-houses, etc., which
will be rebuilt as soon as labor and material for that purpose can be
obtained.
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The means of transportation have been greatly reduced by
the removal of foreign trains which had been hired and brought to this
road, to aid in hauling wood and other supplies in making Salt, and in
the transportation of Salt itself; a much larger supply of Salt was
thus made and thrown into market, and this Company receiving its pay
for this freight was enabled to transport for lower rates than it can
now do, with a diminished business, since the passage of the act
regulating the priority of transportation, these trains not being able
to haul for private parties, have been removed from this road and are
now hired upon the Richmond & Danville and South Side railroads.
Eight engines, with their complement of cars, have been thus taken,
and the loss to us has not only been a great pecuniary loss, but in
the assistance they afforded us in emergencies requiring the sudden
movement of troops and stores, in which they always assisted us.
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Financial
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The receipts and disbursements, as shown by
the reports of the Treasurer and Auditor, are as follows:
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| Cash balances in hands of Treasurer and other
agents at commencement of the year |
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$104,825.91 |
| Confederate States bonds |
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279,600.00 |
| Sterling bills, L1660 cost |
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27,666.66 |
| Due from Confederate States and State of
Virginia |
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171,381.02 |
| Due from individuals |
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12,279.37 |
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$595,752.96 |
| Earnings of road for transportation |
$2,790,290.18 |
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| Premiums and exchange, etc. |
42,210.40 |
2,832,500.58 |
| Collections of delinquent agents |
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7,374.98 |
| Collections of individual stock |
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952.60 |
| Collections for other railroads |
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39,381.13 |
| Collections of Post Office department (United
States) assumed and paid by Confederate States |
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6,723.93 |
| Collections from other railroads |
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7,555.10 |
| Collections of unclaimed goods |
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2,097.41 |
| Collections from sales of old iron, articles not
needed, etc. |
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112,180.12 |
| Collections from contractors |
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1,200.00 |
| Collections of bills receivable, interest, etc. |
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1,849.55 |
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$3,607,668.36 |
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Disbursements
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| Operating expenses for the year |
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$1,777,551.32 |
| Paid State on $1,000,000 loan and interest |
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421,685.00 |
| Paid dividends to stockholders |
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194,664.00 |
| Paid engineering expenses |
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3,537.50 |
| Paid interest on preferred stock |
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2,373.00 |
| Paid other railroads |
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29,806.37 |
| Paid coupons on bonds |
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48,990.00 |
| Paid debts due individuals |
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23,859.82 |
| Paid plain bonds |
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682.33 |
| Paid bills payable |
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181.65 |
| Paid for new section buildings |
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116.00 |
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$2,503,446.99 |
| Cash Resources |
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| Debts due from individuals |
$48,693.52 |
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| Sterling bills, L1660 cost |
27,666.66 |
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| Confederate States bonds |
110,900.00 |
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| Due from Confederate States |
732,506.60 |
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| Due from Post Office department |
7,650.00 |
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| Due from State of Virginia |
553.39 |
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| Due from other roads |
3,999.18 |
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| In hands of Treasurer and other agents |
172,252.02 |
$1,104,221.37 |
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$3,607, 668.36 |
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The following debt or debt for current expenses is:
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| Due by plain bonds |
$1,113.24 |
| Due to contractors, officers, &c. |
6,387.42 |
| Due other roads |
32,332.28 |
| Due interest on preferred stock |
3,075.00 |
| Due stockholders on unclaimed dividends |
11,734.00 |
| Due individuals on open account, negro hire,
etc. |
174,814.03 |
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$229,655.97 |
| The funded debt is: |
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| First mortgage bonds |
$494,000.00 |
| Second mortgage bonds |
23,500.00 |
| Enlarged mortgage bonds |
998,000.00 |
| Third or income mortgage bonds |
319,500.00 |
| Salt Works |
9,500.00 |
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$1,844,500.00 |
| Current expenses or floating debt |
229,655.97 |
| Total debt of Company |
$2,074,155.97 |
| Cash resources |
1,104,221.37 |
| Amount of indebtedness above cash resources |
$969,934.60 |
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This was, on the 1st July, the financial condition of the
Company, but at that time there was a large amount of bridging, etc.,
to be rebuilt, and which in being rebuilt temporarily has cost
$500,000, so that although we show a profit of more than one million
of dollars upon the earnings of the year, yet when we deduct this
amount which it has cost us since the end of the fiscal year, and the
farther sum it is yet to cost, when they are rebuilt permanently,
nearly the whole of these earnings will be absorbed.
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The expenses of operating the road have increased
alarmingly during the past two years; in 1863 they were $700,000, in
1864 $1,770,000, and the estimate of your Board is, that for the
ensuing year they will not fall short of $4,000,000, of which the
single item of negro labor will amount to about $2,000,000.
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With the surplus money on hand your Board has determined,
where they are not able to apply it to the indebtedness of the
Company, to invest in some of the staples of the country, and thereby
be enabled to negotiate for new iron and other foreign articles which
the road must at some future time need to replace it in its original
condition.
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Salt Works Branch
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The amount of tonnage transported on this branch was
100,588 tons, of which 69,979 of Salt and 3,745 of miscellaneous
freight. The receipts for freight on this branch were $233,703.45, and
the receipts upon the main stem, for freight furnished by this branch
were $448,513.58, making a total for freight furnished by the branch
of $682,217.03. There is generally employed on the branch about one
fifth of the motive power of the road. The increase of tonnage over
previous year was 17,721 tons, and the whole amount of Salt hauled was
1,079,160 bushels. The wood hauled on this branch amounted to 69,864
tons, while the whole tonnage of the road was only 135,860 tons. The
wood transported in making Salt amounted in weight to more than all
other tonnage of the whole road.
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Increase of Stock
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In obedience to a resolution passed at your last meeting,
the Legislature of Virginia was petitioned to allow an increase of the
capital stock of this Company, and an act was passed authorizing us to
increase the capital stock to $7,000,000. A copy of this act is
herewith e3nclosed. The propriety of this increase was discussed in a
former report.
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There are now employed by the Company six hundred and
fifty hired negroes and 255 white men. Of these white men 218 are
within the conscript age, although some of them are light-duty men.
They are employed as follows: President, Superintendent, Auditor,
Clerks and Depot Agents 52, Mechanics 104, and engaged in running
trains, building bridges, repairing track, etc., 99 men.
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The resignation of Thomas Dodamead, as General
Superintendent, was accepted in November last, and Maj. J. W. Goodwin,
from the staff of Gen. Bragg, was appointed to succeed him.
Application was made to the War Department and he was assigned to this
duty. To him I owe very especial thanks for the energy displayed in
managing the road and especially in rebuilding the work destroyed by
the enemy.
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Respectfully submitted,
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Ro. L. Owen, Pres.
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