| Annual Report of the Richmond & York
River RR |
| as of October 1, 1861, |
| President's Report |
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| President's Report |
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| Office of Richmond & York River
Railroad Co. |
| Richmond, October 1, 1861 |
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To the Stockholders
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Gentlemen,
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In accordance with the laws of the State and of this Company, the
President and Directors herewith submit to you their seventh Annual Report of
the condition of the Company and of the work, and of the conduct of its
officers and agents, for the fiscal year ending on 30th September, 1861.
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Within the year the wharf on the Pamunkey river at West
Point has been completed and the track laid down to it, and since the
29th of March last the trains have been running to this wharf: so
that, so far as the mere length of the road -- that is to say, its
extension between its two extremes -- is concerned, it may be said to
be finished. Some things, however, still remain to be done, which are
necessary to the completing of the road and to its capacity to perform
the ends of its construction. These things have not been done, merely
for the want of means to performs them. The chief of them are,
extensive additional wharfing at West Point, with branch tracks laid
to various points thereon, and buildings at the same place for the
protection of engines and freight, and for the convenience of
passengers. These will be again referred to.
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The various statements of your Treasurer, Allen W.
Morton, Esq., are herewith submitted. From the statement of receipts
and disbursements during the year, it appears that the expenditure for
transportation has been $42,110.14, and that the receipts from that
source have been $55,149.45 -- showing an excess of receipts of
$13,039.31. This is, however, below the real amount: the Company have
a claim for transportation against the Confederate Government, which
is not yet adjusted, on account of press of business in the Government
departments, and which is estimated by the Treasurer at certainly not
less than $8,000: so that the real balance in favor of transportation
is something over $21,000.
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The same statement of the Treasurer shows a nett balance
of cash in hand on this day, of $6,188.89; which, with the $8,000 just
mentioned, makes a balance in your treasury of upwards of $14,000.
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At your last meeting, this Directory was instructed, by
you to apply to the General Assembly of the Commonwealth "for an
act legalizing the purchase of the steamer West Point, and for such
additional power as may be necessary to authorize your Company to
establish such other connections, by steamer or otherwise, as the
interests of your Company may require." The application was made,
and the General Assembly did accordingly pass an act to the end
desired, which may be seen in Sessions Acts of 1861, page 59.
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The Directory was at the same time instructed by you to
apply to the General Assembly for such pecuniary aid as the
necessities and interests of the Company would, in the opinion of the
Directory, require.
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The application was accordingly made for aid to the
amount of one hundred thousand dollars, to be rendered in such manner
as the General Assembly might consider best, and was pressed with all
the zeal which the Directory could use. It was, however, unavailing;
the threatening condition of public affairs inclining the General
Assembly to disregard all extraordinary demands upon the treasury,
except for preparations against impending war, and, indeed, producing
a general disinclination to attend to any other business, except what
was matter of routine, were no doubt the principal causes of the
failure of the application; for the justness of the views exhibited by
the Directory was generally admitted.
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The necessity, therefore, for pecuniary assistance still
remains; for notwithstanding the improved condition of the finances of
the Company, arising from the operations of the road, the amount of
nett revenue is far from adequate to perform the various things
already mentioned as necessary to complete the road. Besides which,
the revenue just mentioned as "nett" is apparent only,
instead of real, inasmuch as there was an absolute inability on the
1st of July last to pay the half year's interest on the Company's
bonds, amounting to $16,000, which is of course now due. Another half
year's interest will be due on 1st January next, and it is of the
utmost importance that these should be paid on that day.
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These things are set forth, not to alarm or to dishearten
you, because a glance will reveal a most cheering improvement in the
fiscal affairs of the Company, but because the whole truth should be
laid before you, and the great fact made manifest that a work whose
vast importance is universally acknowledged, and whose destiny shines
steadily, although obscured by clouds for the present, has not capital
enough to enable it to achieve its great ends.
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The structures at West Point, mentioned in the beginning
of this report as necessary to the successful working of the road,
would alone cost perhaps $50,000; whilst nearly as much more might be
profitably expended in rendering the work complete, and entirely ready
for all operations which may be offered. These, however, may, and
perhaps must, for the present, be deferred. They will become necessary
when West Point shall become a shipping port for the produce of the
country deposited at Richmond by the various lines of internal
improvement, now checked in their progress, and when commerce shall
again begin to flow healthfully in the great arteries of the body
politic; this can be only after peace shall have been restored.
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At this time the road is chiefly employed in aid of the
war of independence which the South is waging, by the transportation
of troops and the various things necessary to equip and support them;
and it may be safely asserted that no road in our Commonwealth has
rendered more signal and important service in this regard; thus
demonstrating beyond cavil its great value in one, at least, of the
two conditions which constitute the status of mankind -- war and peace
-- whilst its efficiency in the other admits of scarcely more doubt.
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These operations for the Government of course account for
the increase of its financial prosperity, which, however, is partly
due to the circumstance that the cessation of intercourse between the
York River country and Baltimore, and between that country and
Richmond by water, have thrown all of its produce upon your road.
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Now, in order that the operations just mentioned shall be
successfully and promptly performed, it is important, indeed
essential, that a portion of the buildings described as prospectively
necessary at West Point, shall be constructed. There should be another
wharf adjoining the existing one, with a track upon it, so as to admit
a passenger train and a freight train at once; also a large shed for
the protection of trains and freight, and a small house for the
accommodation of passengers. These are estimated at $8,000. Again, the
equipments for transportation should be increased to an extent which
will cost, if they can all be procured, perhaps $40,000.
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In view of these wants, and of the deficiency, present
and prospective, in the payment of interest, the Directory
respectfully suggest the propriety of applying to the General Assembly
for pecuniary assistance to the amount of $-----.
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The absolute necessity of the road to the Government in
the conduct of its military operations will no doubt overcome any
hesitation to spare the money; it being a part of the very purpose
which is the only one [besides what is necessary for the mere progress
of the Government itself] presenting any claim worthy the notice of
the General Assembly.
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In this connection, it may be proper to state that the
amount of capital stock subscribed for by individuals, and not paid
in, is $5,060.72, of which not more than perhaps $1,500 may be
expected to be recovered.
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The steamer West Point is now in Norfolk harbor, where
she has been, with the exception of occasional short trips to Hampton
Roads, and one to Fortress Monroe with a flag of truce, ever since the
20th day of April last. On the second trip made by her from the
Pamunkey river to Norfolk, after the proclamation of President Lincoln
of 15th April, and before any indication had appeared that the Federal
Government considered Virginia in a state of war, Capt. Rowe,
commanding the steamer, was informed by the military authorities at
Fortress Monroe that she would not be permitted to pass that place
again, and that she would be stopped and seized if it were attempted.
It was accordingly deemed proper o not to put so valuable a piece off
property at so great a risk, and the captain was directed not to make
the attempt. Since that time the steamer has occasionally been in the
use of the Government for a per diem compensation.
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The Directors, at their meeting in July last, ordered her
to be sold if $40,000 could be obtained for her, and appointed a
committee of their body to perform the order. They accordingly
advertised her, and it is believed that a sale might have been
effected, but that the officer in command in Norfolk, for prudential
considerations which were no doubt proper, forbade any attempt to
remove her from the harbor. The steamer is at this time undergoing
repairs, which had been determined upon before she ceased to run.
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The report of R. H. Temple, Esq., Superintendent of the
road, accompanies this, and will inform you of its condition, and of
that of the buildings and equipments, together with the difficulties
which have been incurred in keeping the road in order during the year,
resulting from storms co-operating with occasional errors in the
original location.
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Notwithstanding these misfortunes, however, few trips
have been lost, and very little delay or inconvenience occasioned to
the travelling public. This is the result of the ability, zeal and
unwavering assiduity of the Superintendent, and of the energy and
faithfulness with which he has been seconded by his subordinates.
Indeed, to the officers and agents generally who have attended to the
regular and active business of the road, too much praise cannot be
given.
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Submitted on behalf of the Directors.
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Ro. Saunders
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President
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