| Annual Report of the Richmond,
Fredericksburg & Potomac RR |
| as of October 1, 1864, |
| President's Report |
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| Thirty Second Annual Report |
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| RFP R. R. |
| Offices, Richmond, Nov. 15th, 1864 |
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The Board of Directors submit herewith tabular statements
exhibiting the financial condition of the company on the 30th of
September 1864, and its Receipts and Disbursements during the year
ending that day. Of this period six months are comprised in the
statements presented with Annual Report made to the Stockholders at
their general meeting on the 1st of June 1864. But in the accompanying
statements, the receipts and disbursements of each six months are
separately given, so that those which have accrued since the 31st of
March 1864 (the date when the fiscal year year terminated, before it was
changed to the 30th of September by the Stockholders at their last
general meeting) may be readily distinguished from those which have
accrued between the 31st of March and the 30th September 1864.
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From these, it will be seen that the income of the
Company for the year ending September 30th 1864 was from
transportation $801,337.07, from rents $45 and from interest on
investments $15,434.68 or in all $816,816.75 while its current
expenses and interest on certificates of debt during the same period
amounted to $650,241.54.
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During the six months ending March 31st 1864 the income
was $308,676.92, while the disbursements amounted to $339,194.65 or
$30,517.73 more than the income of that period. This was partly owing
to the fact that three fourths of the purchases of Wood and all those
of Oils & Lights for the year were made during the first six
months, and that $59,646.49 of taxes were paid during the same period.
But the principal cause of this result was the very inadequate rates
of tolls and fares then charged on this road, as compared with the
enormous and unprecedented cost of all materials and of supplies and
of wages of labor needed for Railroad operations and repairs. A
reluctance on the part of the Directory to exceed the rates prescribed
in the company's charter, calculated in a specie currency, and the
hope of a general reduction in prices from some improvement in the
currency of the country induced them to forbear longer perhaps than
the interests of the Company required, the increase its tolls and
fares, even in a depreciating currency, beyond the limits of its
charter. The necessity of doing this having at length become apparent,
not only to the Directories of this and other companies, but also to
the Legislature of the state and to the Confederate States Government
who recognized that necessity by authorizing from time to time
increased rates of tolls and fares both for private and public
transportation during the six months ending on the 30th of September
1864 an income of $511,081.50 at a current expenses amounting to
$313,988.54 or 61.43 per cent. of the gross income. And when it is
considered that the destruction by the enemy during the last week in
May of the bridges over the North and South Ana Rivers and of some 4
1/2 miles of the track of the road with several station houses
deprived this company for three months of the use of more than half of
its road even for passengers, and for freights between Richmond and
any point north of the South Ana until since the middle of September
and until the 8th of the present month (November) between Hanover
Junction & Richmond except over the Va. Central Railroad, to which
half of the tolls on that freight were payable, and also that much of
the cost of rebuilding the destroyed bridges and track is included in
the Expenses of these last six months, it is manifest that the result
of the operations of this last period is as favorable as could
reasonably be expected or desired.
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It is also gratifying to know that while the hope may be
reasonably entertained, that there may be some improvement in the
currency of the country and that, at least the cost of materials,
supplies and labor may not greatly exceed what it is at present, yet
should these hopes be disappointed by a still greater depreciation of
the currency and enhancement of prices and wages, the principle of
periodically making a proportionate increase in Railroad tolls and fares
both for public and private transportation has been fully recognized and
will be acted upon by the Government Authorities both of the state and
of the Confederate States, so that there need be no apprehension of such
a deficiency of revenues as occurred during the first half of the past
fiscal year. On the 13th of December last the bridge over the North Anna
was completed and on the 8th of the present month the bridge over the
South Anna was also sufficiently completed to admit of the passage of
trains over it. It is hoped now that with the road in full use between
Richmond & Hamilton's Crossing and with some reduction of the force
heretofore employed in restoring its road, stations and bridges, there
may be a considerable further increase of the revenue of the company. In
view of the amount (nearly $500,000) of the reserved or contingent funds
of the company invested in public securities and in the stocks of this
and other companies and of the need during the existing state of high
prices or increased revenue from their stock on the part of
stockholders, the Board of Directors have during the past fiscal year
declared larger dividends out of the annual earnings than they otherwise
would have done, amounting to thirteen dollars per share, and add less
amount to the reserved contingent fund than might under different
circumstances have been expedient.
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Since the last annual meeting the amount of this company's
share ($50.025) of the proceeds of the sale in August 1861 of the boats
of the Potomac Steamboat Company, recovered for it by Moncure Robinson
Esq of the United States Government, has been paid to this company by
his son, Capt J. M. Robinson partly in cash, and partly in the stocks of
this and the Seaboard & Roanoke Railroad Company, at their values in
August 1861. Except through the instrumentality of these gentlemen, this
amount would never have been recovered. The Board take pleasure in
testifying to the fidelity and efficiency with which the duties of the
officers of the company under their supervision have been performed.
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Respectfully submitted by the Board of Directors
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P. V. Daniel Jr.
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President
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