| Annual Report of the Richmond &
Danville RR |
| as of October 1, 1861, |
| President's Report |
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| Report of the President and the Directors
of the Richmond & Danville R. R. Company |
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| To the
Stockholders of the Richmond & Danville Railroad Company |
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Gentlemen,
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The President and Directors respectfully submit to you the
following report:
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The entire receipts of the road for the year ending 30th
day of September, 1860, reached $560,904.43, and the income for the
year ending 30th September, 1861, reached $447,959.93; of which amount
the sum of $398,269.36 was received from the ordinary earnings of the
road, and the sum of $49,190.57 was received for transportation and
travel on account of the State of Virginia and the Confederate States.
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It will be seen that the variation in the receipts for
the two years amounts to a decrease of $113,444.50. In the ordinary
transactions of the road, the decrease from passengers amounts to
$13,576.87; from outward freight, $77,023.37; from inward freight,
$46,715; and from intermediate freight, $13,800.30; besides a decrease
in every other item, reaching in the total amount of ordinary
transactions, $162,635.07. This decrease of income from the ordinary
transactions is reduced by the amount received from the State and
Confederate States, leaving the nett decrease of earnings $113,444.50.
In the earnings of the road the falling off in outward freight is over
seventy-seven thousand dollars. The condition of the country, growing
out of the war and the blockade of our ports, left but little for us
to transport; and the low price of produce induced the farmers and
planters to withhold from market the bulk of their crops. There was
consequently economy of purchase for outward freight, and a diminution
of near seventy-seven thousand dollars in the income from outward
freight. A farther explanation is also necessary. By law, the road is
restricted to a charge of one-half of its ordinary rates on
transportation and travel on account of the State and Confederate
States during the war, which reduced the receipts of the road about
fifty thousand dollars.
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The nett earnings of the road for the year ending the
30th September, 1861, amounts to $207,582.68 being 46.40 per cent. of
the gross receipts, and the working expenses, $239,867.25, making
56.60 per cent. of the gross receipts. The variation in the nett
earnings of the road for the two past years is due, in a great degree,
to the fact that one-tenth of the entire work of the past fiscal year,
was performed at half the usual rates of cha4ge on account of the
government in the prosecution of the war. At the usual rates of charge
on the same transportation and travel, the nett earnings would have
been a higher per cent. on the business of the road than the previous
year. Moreover, large items of expenditure, heretofore credited to
construction account, have in this year's report been placed to
account of running expenses, as will be seen by reference to the
report of the Superintendent of Transportation.
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Indebtedness of the Company
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The debt of $250,000, due the 1st of August, 1859, and
the debt of $150,000, due the 1st November, 1860, of which there were
small outstanding balances at the last annual report, have been
entirely paid. Of the extended bonds, amounting in the aggregate to
$65,400, payable at various periods, from May, 1861, to November,
1863, $8,900 have been paid, leaving $56,500 outstanding or unpaid.
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There is a further debt of $200,000 falling due in 1875,
guaranteed by the State, upon which the interest has been regularly
paid. The balance of indebtedness is due to the State of Virginia,
which will be liquidated by the annual payment of 7 per cent. thereon,
amounting to $42,000 per year for a period of 34 years from the date
of the bonds, on which nine years of interest have already been paid.
The entire floating debt of the Company has been discharged, and at
the close of the fiscal year, the funds in hand amounted to
$41,774.46. Since the 1st day of October, this amount has been
increased by the earnings of the road in October and November,
amounting to the further sum of about $34,008.05 -- making a total on
the 1st of December, of about 75,782.51.
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Condition of the Road, Buildings and Rolling
Stock
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During the year ending September 30th, 1861, six and a
half miles of flat rails were substituted by the heavy rail, three and
a quarter miles of which was taken from the sidings and placed upon
the main track. Since the close of the fiscal year, this substitution
of the heavy rail for the flat rail has continued from time to time,
leaving about four miles of flat rail between Richmond and the
Junction.
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The general condition of the road has been improved
during the year, and is now in a situation to meet the demands of the
government and the people better than in the previous year. The
rolling stock has been kept in good working order, and fully equal to
that of the preceding year in number and quality of cars. The engines
are in good order, having been kept in thorough repair.
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In meeting the extraordinary necessities arising from a
war of great extent and magnitude, the Board has afforded every
facility in the transportation of munitions of war and heavy ordnance.
Many of our cars have transported cannon to New Orleans, Mobile,
Savannah, and Columbus. If some inconvenience has been experienced by
the stockholders on the line of the road by the unusual press of
business, in the prompt transportation of their products, they must be
gratified to learn that the benefits were received by the forces in
the field.
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The Telegraph has been completed to Danville, and every
station has been supplied with instruments. This ensures more safety
and regularity in the working of the road.
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The Board tendered to the State and Confederate States
all the operatives and machinery in the work-shops for the manufacture
of gun carriages, and other implements connected with that arm of
service. The means of the Company enabled them to afford at no profit,
and without detriment to the interest of the Company, many facilities
for that purpose, and under the supervision of our master workmen,
thirty-five gun carriages have been completed, and other valuable
work. In fact, every exertion, compatible with the close regard to our
obligations to the stockholders, has been made to give efficient aid
in the prosecution of the war.
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Railroad Extensions and Connections
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It is a matter of great regret that the condition of the
country, and the consequent derangement of financial affairs, have for
the present arrested the completion of the Roanoke Valley Extension,
which was in process of construction, and also have postponed for the
present the Western Extension of the Richmond & Danville Railroad.
It is confidently believed that with the restoration of peace, both of
these valuable enterprises will be prosecuted to completion.
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It will be seen from the message of President Davis, that
the connection of the Richmond & Danville Railroad with the North
Carolina Railroad, has become, in his judgment, a military necessity.
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The opening of this new and central through line will
furnish uninterrupted and adequate transportation, not only for
military stores and men, but for agricultural productions and
commercial supplies.
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Lewis E. Harvie
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President
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