| Annual Report of the Richmond &
Petersburg RR |
| as of April 1, 1863, |
| President's Report |
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| Annual Report |
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| The Board of Directors respectfully submit to the
Stockholders their annual report, with the accompanying statements,
exhibiting the condition
of the affairs of the Company for the year ending the 31st March 1863. |
| The total receipts during
that period, amount to $545,659.21. The expenditures to $180,962.64.
There should be added the further sum of $21,487.58, for land
purchased in this city and in Chesterfield county, making the whole
amount expended in conducting the operations of the company
$202,450.22. In order, however to place the stockholders in possession
of the entire cost of rendering the road capable of doing the
transportation required of it, it should be stated that there is due
to the Government for three locomotives, four freight cars and
supplies, a sum not yet fully ascertained, but estimated at $48,000,
which will, when settled, give an outlay for the past year of
$250,450.22. The Board have deemed it a duty to make these large
expenditures, in order to furnish the means to answer as far as
practicable the demands upon the company for transporting troops and
supplies for the army. The capacity of the road has thereby been very
greatly increased, though still at times insufficient to do all we
desire. This statement of expenses does not embrace the depreciation
of road-way and rolling stock, which will have to be provided for at
the close of the war. |
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Upon a comparative examination of the business of the
Company for the present with the preceding year, it will be perceived
that the only class of receipts which have declined, are those derived
from the transportation of coal and freight from Clover Hill. The
contract with the Clover Hill Railroad Company, terminated on the 1st
August last. Previous to that date the Board entered into an
arrangement with the Clover Hill Railroad Company for a moderate
advance upon the rates for transportation of coal, which it was hoped
would leave a margin of profit, but the unexpected decrease in the
amount of coal, and the heavy increase in the cost of wages and
supplies resulted in so large a loss that the Board have been
compelled to advance the rates again.
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The indebtedness of the Company has been lessened by the
conversion into stock of three of the 6 per cent. coupon bonds, leaving
outstanding of that debt, $22,500. The Company has also acquired ninety
(90) shares of its stock at a cost of $6,750.
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The business of the Company has been conducted during the
past year under very trying circumstances. When the number of trains
passing over the road and the large amount of tonnage is taken into
consideration, it speaks well for the faithfulness of the employees of
the Company, that the service should have been performed with such
punctuality, and exemption from casualties.
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Signed in behalf of the Board.
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Charles Ellis
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President
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May 26th, 1863
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