| Annual Report of the Virginia Central RR |
| as of October 1, 1862, |
| President's Report |
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| Report |
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To the Stockholders of the Virginia Central Railroad Company
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| Gentlemen, |
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The accompanying reports of the Treasurer, Chief Engineer
and General Superintendent of transportation, exhibit the details of
the operations of the Company for the last fiscal year ending on the
30th day of September.
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It will be seen that the gross receipts of the Company
are larger than they have ever been. The expenses actually incurred,
though larger necessarily than usual, on account of increased prices,
do not represent the whole amount which ought to have been expended.
The Board therefore feel it their duty to caution the Stockholders not
to be misled by the amount of surplus appearing after the deduction of
the current expenses of administration. Without going into details, it
will be readily understood that there is a large class of expenses to
be met at the close of the war to put the road in the condition we
desire, and such as has generally been the case. These omissions have
been caused by the great difficulty in obtaining a sufficient amount
of labor and materials; and in relation to the latter, some of which
it may be said to have been impracticable to obtain.
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Whilst the Board consider it proper to guard the
Stockholders against adopting too flattering a conclusion from the
surplus reported, they feel warranted in stating that the large
contingent fund which they have thought it prudent to keep on hand
will be sufficient to cover all deferred expenses required for
restoring the road and machinery to its proper condition, and at the
same time to continue regular semi-annual dividends. We would further
remark, that to prevent an inference that the road is in a seriously
bad condition, they will remind the stockholders that the usually
large amount of business has been done with comparatively few
casualties.
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Revenue and Expenses
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| The gross receipts of the Company for the fiscal
year (see statement of the Treasurer,) were |
$1,016,157.77 |
| Expenses of administration |
371,809.96 |
| Balance of nett revenue |
644,347.81 |
| Out of the nett revenue
have been paid two regular dividends, equal to 5 per centum per
annum, with an addition to make last year's dividend amount to
that sum, the whole interest on the Company's debt, the regular
investment in the sinking fund, some reduction in the principal
of the debt, the amount for construction on account of the
unfinished section next to Covington, for new buildings and
culverts, as shown by the Treasurer's statement, and the amount
due the Board of Public Works, for the use of the Blue Ridge
railroad, all of which will be seen by the Treasurer's
statement, leaving a large surplus. |
| The cost of the road, including the grading of the
last 10 miles from Jackson's River Depot to Covington, together with the equipment up to the
1st of October, as per Treasurer's statement, will be found to be |
$5,918,882.84 |
| Engineer's estimate of cost of completing the road
to Covington, with a depot at Covington |
10,000.00 |
| Total cost of road to Covington |
$5,928,882.84 |
| Length of Road and its Cost |
| The whole distance from
Richmond to Covington, the Eastern terminus of the Covington
& Ohio railroad, is 205 miles, of which 17 miles is
comprised in the Blue Ridge railroad, constructed and owned by
the State, from Mechum's River to Waynesboro'. |
| Deducting the Blue Ridge
railroad, the length of the road owned by this Company is 188
miles. |
| Engineer's estimate for laying the track, &c., &c.,
to be correct, will be |
$31,536.61 |
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Whole Debt of the Company
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| Bonds secured by mortgage, viz: |
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| Due in 1872 |
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$206,500.00 |
| Due in 1880 |
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100,000.00 |
| Due in 1884 |
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983,000.00 |
| Debt to the Commonwealth, on account
of loan authorized by the Legislature |
210,000.00 |
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$1,499,500.00 |
| Deduct investments in Sinking Fund (see
table E) |
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122,913.00 |
| Leaving as the total mortgage debt |
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$1,376,587.00 |
| Dividend bonds due in 1865 |
$65,271.00 |
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" 1866 |
68,988.00 |
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" 1875 |
88,730.00 |
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222,989.00 |
| Floating debt |
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174,648.48 |
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$1,774,224.48 |
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| Deduct debts to the Company |
$403,349.68 |
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| Cash on hand 1st October, 1862 |
13,676.50 |
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417,026.18 |
| Leaving total liabilities of the Company, 1st
October, 1862 |
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$1,357,198.30 |
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Unfinished Section between Jackson River and Covington
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This section, as the Stockholders will remember, was
nearly completed at the time of their last meeting. The grading had
been done, the ties were ready, and laying the track was only delayed
in consequence of the Government engrossing all the power of the
Company for transportation, therefore the iron could not be hauled
from Richmond; but subsequent events have proven that it was fortunate
that the Company was prevented at that time from laying down the iron
on that section. It has been found difficult to procure any other
supply of railroad bars for keeping up the track, and this iron has
been appropriated to the repair of the Eastern part of the road.
Without that resource which was most fortunately at their command, it
would not have been possible to have done so large an amount of
transportation for the Government with the same expedition and safety.
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Capacity of Railroad Companies to continue Operations
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Much anxiety is felt to know whether our railroads can be
kept in safe running order if the war shall continue a few years
longer, and it is hardly to be doubted, that our enemies suppose the
rapid decline in the efficiency of our roads is soon to diminish our
means of successfully maintaining our struggle for independence; but
that ground of hope for effecting our subjugation, like many others,
will fail them. If the speed of our trains is judiciously reduced,
with reference to the depreciation of the rails, our roads will last
many years longer. In conformity with these views, the speed of our
trains has been very much lessened, and, if necessary, will be to a
still greater extent.
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Injury to the Road by the Enemy
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During the past summer a portion of the road between
Hanover Court House and Richmond was in the hands of the enemy. They
did no great injury either to the road way or any other property of
the Company, except the burning of South Anna bridge. A few rails were
torn up in several places and two pieces of trestle work and a few
freight cars were burnt. This forbearance is doubtless to be ascribed
to the fact that the confidently expected in a short time to be in
possession of the city or Richmond and the whole road, and
consequently only aimed to impair its immediate usefulness to us. The
damages here have all been repaired, and the road at this end has been
for some time past in full operation. The bridge across South Anna,
for want of time, was constructed altogether of trestle work. Its
strength and present safety is undoubted. It will be more liable, of
course, to be carried off by a freshet than a bridge with long spans,
but proper precautions will be used to guard against that danger. It
is proper in this connexion to say that the Road Master deserves much
credit for the promptitude with which this work was executed, after it
was decided to undertake it.
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All the buildings at Beaver Dam and the bridge across the
Cowpasture River were also destroyed by the enemy with fire. An order
has been made by the Board to re-build Cowpasture bridge, but the
difficulty in obtaining suitable timber will probably make it
necessary to postpone it for the present. The violent character of
that stream, under the influence of the winter rains, would forbid the
hope of a trestle bridge standing but a short time. The rebuilding of
the depot at Beaver Dam is far advanced towards completion.
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In conclusion, the Board take pleasure in bearing
testimony to the valuable services of the General Superintendent of
Transportation, the Treasurer and other chief officers of the Company,
and to the industry and fidelity of the subordinate officers
generally.
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By order of the Board.
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E. Fontaine, President
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Richmond, November 6th, 1862
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