| Annual Report of the Richmond,
Fredericksburg & Potomac RR |
| as of April 1, 1862, |
| President's Report |
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| Twenty-ninth Annual Report |
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| Richd, Fred. & Pot. Rail Road Copy. |
| President's Office Richmond, 27th May 1862 |
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The Board of Directors submit herewith to the Stockholders
the customary tabular Statements for the year ending 31st March,
1862.
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They show that the income of the Company from its
transportation business amounted to $300,086.?? while the ordinary
current expenses of that business amounted to $132,597 29/100, or only
about 44 pr cent of the gross income, a result highly creditable to
the management of the Superintendents of the Road and Machinery,
especially in view of the number of irregular trains run during the
past year, and the extraordinary advances in the price of all
Materials and Supplies, and consequent increases of wages of laborers
and mechanics.
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In addition to these ordinary expenses $14,900 have been
expended in purchasing two new Engines needed for the generally
increased business over this road, and for the partial re-building
culverts destroyed by the extraordinary flood of last autumn, and the
reconstruction of a portion of the Road with heavy Iron rails.
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Although these disbursements added to all others made by
the Company for interest on its funded debt or other purposes, left a
nett profit of $114,211 81/100 or about 10 per cent on the Capital Stock
of the Company, the Board of Directors have not deemed it expedient to
make dividends during the past year to the Stockholders of more than six
per cent. in view of the inevitable deterioration of the Company's
property from its use and abuse during the war, and the apprehended
destruction now in part realized, of its bridges and other property by
one or other of the contending armies near it. The surplus was therefore
temporarily invested in the public securities and loans with ample
collateral pledged of public securities enumerated in the accompanying
tabular statements.
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The compensation for the seizure and appropriation by the
United States Government of the Steam Boats of the Potomac Steam Boat
Company has been recovered of that Government by the President of that
Company, and by a meeting of that Company divided among its
Stockholders. This Company's share of that compensation has been secured
to it, and will be at an early day received.
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The continued operation of the Stay Law passed by the late Sovereign
Convention of this State and as enacted by its Legislature and the
suspension of Judicial proceedings by the operation of Martial Law in
this city, has suspended the recovery to this Company of the large
amount reported by the Commission of the Court as due it from the Va.
Central and Orange & Alexandria Rail Road Companies under the decree
of the Supreme Court of Appeals, and also with the unsettled condition
of the Country resulting from the war, prevented any further sale of the
property at Ashland conveyed to this Company by Edwin Robinson Esq.
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The Board takes pleasure in testifying to the efficiency,
zeal & fidelity which has characterized the conduct of the officers
and agents of the Company under its direction during the past year.
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Respectfully by the Board
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P V Daniel Jr
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President
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