| Annual Report of the Richmond &
Danville RR |
| as of October 1, 1861, |
| Committee of Examination's Report |
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| The committee appointed by the
last annual meeting of the stockholders to examine and report to the next
general meeting, "the conditions and management of the affairs of
the Company," respectfully submit the following report: |
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Condition of the Road, &c. |
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During the past year six and a half miles of flat rail
was substituted by the heavy rail, making 99 miles of heavy rail and
41 1/2 miles of flat bar track on the main line of the road, and 9 1/2
miles of heavy rail and 6 1/2 miles of flat bar in siding. The total
length of the siding is 16 miles. Some of the iron taken for the
siding had to be repaired before it could be used on the main line,
but this was done at the moderate cost of $4.60 per ton; and during
the year 88 tons, or about one mile of heavy rail, has been repaired
in the shops of the Company. The road bed and track are in good order
from Danville to Richmond; and in the opinion of your committee, are
managed with economy to the Company. Many valuable improvements have
been made along the road at very reasonable cost, and the road is now
in a situation to meet the demands of the government and the people.
Some inconvenience has been experienced by the planters on the line of
the road, occasioned by the unusual press of business, and in some
instances, by the detention of the cars of the Company by the South
Side road. Your committee saw a great many loaded cars at the
Junction, which the officers of the road could not command, because
they were loaded with freight for the South Side road; and your
committee were informed that the Company had been without the use of
them for a considerable time, and are still unable to control them.
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At Birksdale's station, a branch track for receiving and
delivering freight to the boats on Dan river has been constructed, which
your committee believe is much preferable to the trestle track and
hoisting apparatus heretofore used, which was so decayed that it could
not have been used much longer without renewal. Your committee would
recommend that a like improvement be made at Roanoke, to receive the
freight from boats on Staunton river.
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Your committee examined the property and buildings of the
Company, both in Richmond and Manchester, and along the line of the
road. The passenger house in Richmond has been extended, thoroughly
repaired and painted, and much improved in convenience and appearance
during the year. The station houses along the line are in good
preservation and well arranged, with the exception of those at Wolf
Trap, Jenning's Ordinary and Price's. The Wolf Trap house needs
repairing, and the other two are in a very dilapidated condition. Your
committee are informed that these depot houses are not the property of
the road, but were erected by private subscription but they are
further informed that the agents at those depots were employed and
paid by the Company, and that freight was received and delivered at
each. If the Company is responsible for the freight delivered at these
places, the recommend that the houses be put in repair, or that they
be discontinued, as two of them, viz: Price's and Jenning's Ordinary,
are very unsafe, and house at Wolf Trap ought to be re-covered.
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Books,&c
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Your committee made a careful examination of the books
and accounts of the company, both at the office at Richmond, and along
the line of the road, and they are gratified to be able to state that
they continue to be kept with neatness, accuracy and system. The
checks on the different agents are ample to secure efficiency and
fidelity.
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A change has been made in the mode of keeping the accounts of
Express freight, which your committee approves. The Express agent is not
permitted to receive any freight unless accompanied with a way bill made out
by the agent who is required to account for it as for other freight.
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The Auditor's office, mentioned by your committee in their last
report, continues to work well, and they have no alteration to suggest in the
manner of keeping the books and accounts of the Company.
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Work Shops, &c.
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The workshops of the Company were also visited and
examined by your committee. No material change has been made since the
last year. A wood shed has been constructed at the south end of the
machine shop, and quite an improvement has been made in the shop yard
by constructing an extensive system of drains, which are preferable to
the open trenches heretofore used. The shop expenses of this year have
been large, which, however, is not owing to an increase in the current
expenses, but to valuable improvements introduced during the present
year, which are numerous, the most important being the large tilt
hammer for drawing out iron, worked by steam. These shops are of great
utility, both to the Company and the Confederate States. Thirty-five
gun carriages and other valuable works, have been completed for the
government, under the supervision of the master workman of the shops.
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Telegraph
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The only important change in the Telegraph line is a
supply of instruments, which has enabled the Company to place one at
each depot, (except Wolf Trap, Price's and Jenning's Ordinary,) and
your committee are gratified to report that then of these instruments
were manufactured in the city of Richmond, which appear to be equal,
if not superior to Yankee instruments. There is a deficiency of
$789.10in the receipts to meet expenditures of that department. The
small amount of receipts is doubtless owing to the stagnation of
business during the past year, and the expenses of starting a new line
will be greater than when it comes to be more fully organized. But if
the receipts should not meet the expenditures, the safety in working
the road afforded by the establishment would more than compensate the
Company for the deficiency. The security and facility afforded by it
in transporting troops has been invaluable during the past year. The
intelligent and skilful General Superintendent of the line accompanied
your committee from Danville to Richmond, and afforded them much
valuable information. In making the investigation of the road from
Danville to Richmond, in a special train, running at an irregular
time, your committee had practical evidence of the great utility of
the telegraph.
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Revenue of the Road
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The gross earnings of the road for the last fiscal year
amount to the sum of $447,459.93, showing a decrease of $113,444.50 in
the earnings of the previous year, while the working expenses have
been diminished only $38,708.71, and consequently a decrease of the
nett earnings of $74,735.77. The working expenses for the past fiscal
year amount to $239,867.25, being 53 4-10 per cent. of the gross
earnings, and being an excess of working expenses over those of the
previous year of 3 91-100 per cent., and leaving as nett earnings,
$207,592.68.
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Financial Condition of the Company
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| Balance due on extended bonds |
$56,500.00 |
| 7 per cent. on State loan of $600,000 |
42,000.00 |
| 6 per cent. on debt of $200,000, due in 1875 |
12,000.00 |
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$110,500.00 |
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Of this amount of $110,500, $56,500 is so distributed as
to make the payments easy to the Company. It is payable in
installments running from about 12 months hence, to the year 1863. The
same may be said of the gradual extension of the State loan of
$600,000. And with the gross revenue of about $450,000, if the affairs
of the Company are conducted with the same ability and economy
characterized the administration of the previous year, the Company may
confidently calculate upon a semi-annual dividend of 3 per cent.
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Your committee base their opinion upon the following
estimates for the year 1861-'62"
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Estimate |
| Gross revenues |
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$450,000.00 |
| Deduct working expenses, say 55 per cent. |
|
247,500.00 |
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$202,500.00 |
| Deduct for extraordinary expenses |
$20,000.00 |
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| 7 per cent. of the $600,000 State debt |
42,000.00 |
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| 6 per cent. on $200,000, due in 1875 |
12,000.00 |
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| Interest on $56,500 |
3,390.00 |
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| Dividend on 19,915 shares of stock, held by
individuals and corporations at 6 per cent. |
119,490.00 |
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| Balance on hand for contingencies |
5,620.00 |
$202,500.00 |
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The above estimate is based upon the working of the last
year.
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It may be proper to explain how it is that the portion of
gross receipts unexpended either in working or improving the road, is
as much this year as last, notwithstanding the great falling off in
the gross receipts. The reason of this is, that it has been the
practice heretofore to charge under the head of extraordinary
expenses, disbursements which more properly belong to the working
expenses account; and in the present year's estimate, the
Superintendent has included all such charges in the account for
working expenses; thus showing only $23,981.62 for extraordinary
expenses, when your committee in their estimate, contained in their
last report, gave him $88,000 for extraordinary expenses.
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President Davis having recommended a connection of this
road with the North Carolina Central Railroad at Greensboro', as a
military necessity, and having been informed that Congress has
appointed a committee to take into consideration the portion of his
message relating to that subject, we recommend that the stockholders
appoint a committee to confer with the committee of Congress as to the
best means of a speedy construction of the same.
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Your committee were directed to examine the By-Laws of
the Company, and make such report thereon as we deemed pertinent. We
regret that we have been unable to procure a copy of the same. We
examined all that we could find, but doubtless many that we saw have
been changed, and we may not have seen all. We recommend that a
committee be appointed to revise all the By-Laws of the Company, and
present to the next meeting a new Code of By-Laws, or the Regular
Examination Committee might perform that duty by attending to it
before they commence their annual examination. Your committee would
have performed this service if they had known the condition of the
By-Laws before they commenced their investigation, but after the
investigation commenced, they did not have time to attend to it as it
ought to be done.
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Your committee would say in conclusion, that the officers
and agents of the Company afforded them every facility for the fullest
investigation, and they congratulate the stockholders on the ability
and efficiency with which their affairs have been conducted; and we
would call to the attention of the stockholders especially the able,
zealous and efficient discharge of duties by the superintendent of
transportation in all departments committed to his charge. Your
committee were informed that he made frequent visits through the
entire line of the road, and we saw abundant evidences of his faithful
discharge of all his duties along the entire line.
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Elisha Barksdale, Jr.
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G. T. Pace
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