| Annual Report of the Orange &
Alexandria RR |
| as of September 30, 1862, |
| President's Report |
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| President's Report |
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| To the Stockholders of the Orange &
Alexandria Railroad Company: |
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The following summary collated from the accompanying
special reports of the Treasurer and General Superintendent, will show
the amount of revenue received, disbursements made, state of the
finances, condition of the road, and operations of the Company for the
twelve months last preceding the 1st of October. Such general remarks
as may be deemed pertinent, will be submitted under their appropriate
divisions as embraced in the above classification.
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Revenue
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| Receipts from transportation
for the past year amount to the sum of $747,247.12, against the sum of
$604,025.44 of the year before, showing an increase of $143,221.68 for
this year over the last. This may be regarded as a flattering result
in view of the fact, that for the months of April, May, June and July,
military protection was withdrawn from the greater part of the line
East of Gordonsville, and our hitherto valuable transportation in that
direction, during that time substantially suspended, and for the month
of August the road was only reopened for business as far as Orange
Court-house and the Rapidan, and trains could not be run to Culpeper
Court-house until about the middle of September, owing to detention
arising from reconstruction of bridges at Rapidan River and Cedar Run. |
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If the Army of the Potomac had maintained its position at
Manassas and East of the Rappahannock River during the year, assuming
the receipts of the six months while there, as a measure of
calculation, the revenue of the Company would have reached nearly the
sum of one million of dollars.
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Of the receipts, the sum of $367,062.16 has been derived
from passengers; $347,544.00 from freight, and $32,640.96 from
transporting mails, express, and other matter. The returns exhibit a
considerable preponderance of receipts from Government transportation
over those drawn from local and private sources, a fact susceptible of
ready explanation when it is understood that the Government claims and
exercises the right to prefer its own transportation over that of
individuals, and purchases the great bulk of the supplies produced
along the line of the railroad.
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The expenses of working the road during the year, amount
to the sum of $220,713.14, leaving a net revenue of $526,533.98 over
all costs and charges.
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General Receipts and Disbursements
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The tabular statements marked A. and B., show the
following result:
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| Receipts from commencement |
$8,379,187.29 |
| Disbursements from commencement |
8,102,671.72 |
| Receipts for past fiscal year |
$1,056,763.12 |
| Disbursements for past fiscal year |
786,735.85 |
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It is recommended that an amendment of the by-law
requiring an annual statement of the receipts and disbursements of the
Company from its organization, be made so as to dispense with said
provision, as the repeated publication subserves no practical purpose,
and is only an incumbrance in making up the annual statement. The same
information can always be obtained by reference to preceding reports.
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Finances
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The financial condition of the Company may be briefly
stated as follows, viz:
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| Total funded debt |
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$2,585,800.00 |
| Total temporary debt |
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336,347.06 |
| Interest on coupons |
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80,000.00 |
| Interest on preferred stock |
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39,000.00 |
| Interest on dividend scrip |
|
9,000.00 |
| Against its indebtedness
the actual resources of the Company may be states as follows,
viz: |
| Cash in banks |
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$29,112.00 |
| Confederate bonds on hand |
|
130,150.00 |
| Due by Government |
|
115,227.43 |
| Due on express and other freight, and for carrying
mail |
|
10,567.47 |
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285,056.90 |
| To this add: |
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| Individual stock subscriptions |
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21,791.36 |
| Mortgage bonds on hand of 2nd issue |
$53,500.00 |
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| 3rd issue |
16,500.00 |
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| 4th issue |
643,200.00 |
713,200.00 |
| The amount of debt paid during the year past in
cash |
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$364,873.21 |
| The total temporary indebtedness to 30th
September, 1862, as shown by report is |
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$336,347.06 |
| To which add: |
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| Coupons due and unpaid, not being called for,
supposed to be held outside of the Confederacy |
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80,000.00 |
| Interest on div. scrip to individuals and Corp.
Alexandria |
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9,000.00 |
| Interest on preferred stock to individuals and
Corp. Alexandria |
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39,000.00 |
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464,347.06 |
| Deduct available funds on hand |
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286,056.90 |
| Making the present indebtedness, including
Northern debts, over available funds and cash on hand |
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$179,290.16 |
| Deduct from above indebtedness the sum to be due
Northern parties |
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$48,358.75 |
| And coupons due Northern parties |
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80,000.00 |
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$128,358.75 |
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which, as claimed in last year's report, should be retained as
indemnity to the Company in part for its losses by the war, will only
leave an excess of temporary debt over funds on hand of $51,931.41. (A
portion of the coupons referred to, however, are probably held by
citizens of Alexandria). This statement of the account does not
include any portion of the mortgage bonds on hand, and which have been
relieved from hypothecation, or of the stock subscriptions due and
unpaid.
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The Company is now paying promptly all outstanding
obligations as far as practicable. Some of the debts cannot be reached
being held by parties in the city of Alexandria.
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It may be proper to add here, that since the 1st of
October, the interest on the State loan has been paid or provided for
which lessens the floating debt to that extent.
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As only $56,800.00 of bonds of the last mortgage have
been sold, the temporary debt for which it was originally created
having been paid off to a large extent otherwise, without making
futher sales necessary, and an excess of $70,000.00 of bonds of the 2d
and 3d mortgages being on hand and applicable to existing liabilities,
it is suggested that the Board of Directors be empowered, at their
discretion, to take in the bonds first above referred to, and to
cancel the whole issue.
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The following tabular statement will show actual receipts
of Treasury during the year, and the disposition made of same.
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Synopsis From Yearly Report
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| Realized from Government transportation and other
availables and cash in banks 30th September, 1861 |
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$216,450.39 |
| Realized from bonds of 4th issue |
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19,800.00 |
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"
stock subscriptions |
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805.94 |
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"
yearly revenue |
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747,247.12 |
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"
rent |
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67.75 |
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"
materials furnished and to the credit of the parties |
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23,008.73 |
| Checks outstanding |
|
5,671.43 |
| Amount carried forward |
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1,013,051.36 |
| Payments |
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| Right of way, &c., on Lynchburg extension |
$18,629.62 |
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| Interest on loans and coupons, and discount on
bonds |
103,561.34 |
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| Salaries and expenses of Prest. and Directors |
10,829.84 |
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| Office charges, accidents and losses |
7,386.67 |
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| Bills and rolls for working road and new work |
227,481.62 |
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| Indebtedness of last year paid |
364,872.21 |
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| Checks outstanding paid |
5,262.80 |
738,024.10 |
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$275,027.26 |
| Remaining on hand, viz: |
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| Cash in banks and Confederate bonds |
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$153,606.50 |
| Due by Government |
|
115,227.43 |
| Express and other freight |
|
6,193.33 |
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$275,027.26 |
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The foregoing statements show the financial condition of
the Company to be more favorable than heretofore, and promise
flattering results for the future.
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Transportation Department
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The condition of the road and equipments, and operations
for the year, are presented in detail by the General Superintendent in
his report, to which reference can be made for more full and precise
information.
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The greater part of the line of railroad now in operation
is in good order, and it is believed can be kept so another year with
the means at command. The line of the extension from Charlottesville
to Lynchburg, being of comparative recent construction, presents less
difficulty in this respect than the road from Gordonsville in the
direction of Alexandria, upon which, from longer service and exposure,
the cross-ties and iron will require more extensive renewals.
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It is not probable, however, from present appearances,
that much of that part of the road will be operated shortly beyond the
Rappahannock river, in view of threatened demonstrations of the enemy.
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The rolling stock is in as good condition as could be
expected, considering the heavy transportation performed during the
year. Railroad supplies for repairs of locomotives and machinery are
now difficult to obtain on any terms.
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Such arrangements as were possible have been made to meet
the requirements of the Company on this head. Considering the limited
number of engines and cars held by the Company, the amount of work
done during the year attests the superior original quality of the
equipment of the road.
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Upwards of two hundred and thirty-five thousand regular
passengers and soldiers, besides a vast amount of tonnage, have been
transported over the road during the year without a single injury to
persons or property, a fact striking in itself, and highly creditable
to those having the management and charge of the trains.
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The ratio of expenses to revenue is reported by the
General Superintendent at twenty-nine and-a-half per cent. (29 1/2),
showing that the road has been worked during the past year at much
less cost than heretofore. This, however, is attributable, in part, to
the difficulty of obtaining supplies for repairs and maintenance of
machinery, and partly, also, to the low rates of speed adopted.
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Several of the principal bridges of the Company across
the Rappahannock and Rapidan, and minor streams, have been destroyed
during the year, either by our own military authorities or those of
the enemy. Most of these, however, have been renewed by temporary
structures so as to admit the crossing of trains. The enemy has also
relaid a considerable portion of the track in Prince William and
Fauquier counties, destroyed by order of General Johnston upon the
retreat of his forces from Manassas last spring, and has also put down
extensive siding at several points. With the exception of the break,
for want of a bridge at Broad Run, nearly the whole line of railroad
from Gordonsville to Alexandria is now run by one side or the other.
The regular passenger trains do not now pass beyond Culpeper
Court-house.
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Some small improvements have been made along the line of
the railroad during the year to facilitate the despatch of business.
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The station-house at Lynchburg, heretofore ordered to be
put up, is now in progress of construction, its completion having been
delayed for want of the necessary lumber.
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Looking to the importance of providing in time for
renewal of the machinery, &c., the Board of Directors have ordered
a reservation of ten per cent. of the earnings derived from Government
transportation to be retained for this purpose.
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In conformity with what seemed to be the general action
of other railroad companies, and indeed as a necessity of the times,
the Board of Directors have been compelled to increase the
compensation of the officers and employes of the company.
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The charges upon freight and passengers have also been
increased to meet the general advance in all articles of consumption.
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In conclusion, the Board of Directors decline at present
to offer any recommendation as to the future policy of the company in
regard to its financial relations, or otherwise, as the progress of
events hereafter must control and modify the value of any line of
action which its best interest will require to be adopted, and which
it is impossible now to anticipate.
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All of which is respectfully submitted, on behalf of the
Board of Directors, by
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John S. Barbour, Hr,
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President
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