| Annual Report of the Orange &
Alexandria RR |
| as of September 30, 1863, |
| 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 statement will exhibit the general
condition of the Company, and the operations of the road for the year
next preceding the first day of October last. The details are
presented in the special reports and tabular statements prepared by
the General Superintendent, Treasurer and Auditor of Accounts,
respectively and hereto appended.
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The business of the Company and state of its affairs may
be regarded as exhibiting very favorable results for the past year,
notwithstanding the facts that a large part of the line of railroad
has continued to be held in possession of the enemy, and
transportation between Gordonsville and Culpeper subject to frequent
interruption of communication.
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| The sum of $694,666.41 has
been collected from the various sources of transportation during the
past year. The amount received shews a falling off in the revenue of
$52,580.71, as compared with the receipts of the year before; which is
readily accounted for by the withdrawal of the army of Northern
Virginia from the line of the railroad during a considerable part of
the year. Expenses of same period amount to the sum of $263,355.89,
leaving as nett revenue the sum of $421,310.52. The cost of working
the road exceeds that of the year preceding, by the sum of $42,642.75,
which has been owing to the increase of salaries, and the wages of
labor, and the enhanced cost of materials and supplies. The enormous
advance in the price of all articles required for consumption by
railroad Companies, has compelled the Directors to advance largely the
tariff rates and charges of transportation. In making this increase of
charges, the Directors have desired to establish such rates as would
fairly remunerate the Company for its expenditures without seeking to
realize large or unreasonable profits. In some instances, the rates
adopted exceed the limit of charge fixed by law on specific articles,
but as the transportation on account of the Government is done at low
prices, the average of charges will be found to be within the legal
maximum. The necessity of this action can be clearly seen by reference
to the returns of transportation for the year, in which the receipts
for several months are shown to have been less than the average amount
received for similar periods before any depreciation of the currency
had taken place, or advance made in the cost of labor and supplies. |
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The condition of the track from Lynchburg to
Charlottesville has been well maintained, and is now in fine order.
East of Gordonsville the road is more impaired, and has not received
the same dare and attention on account of its proximity to the lines
of the enemy, and the consequent difficulty of obtaining labor to keep
it in complete repair.
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The machinery and rolling stock of the road have
undergone the requisite repairs, and in its present state will
probably be equal to the demands of transportation for some time to
co me.
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Besides the tonnage 189,793 persons, of whom 111,717 were
military passengers, have been transported, without accident or injury
in a single instance. This fact certainly reflects great credit upon
the officers and men in immediate charge of the road and trains.
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The Company has, so far, had the good fortune to provide
a sufficiency of wood, and to secure the necessary supplies of labor
and material for its purposes without material inconvenience, or
having to resort to the Legislature for authority to impress the same.
Difficulty is however seriously apprehended in regard to obtaining
provisions for the laborers engaged in the service of the company for
the ensuing year. Measures have been taken however to provide against
this prospective deficiency, and to secure if possible the proper
supplies.
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In the advancing and receding waves of military
operations much of the bridging and line of railroad east of the
Rappahannock river have been destroyed. The damage however has been
generally repaired by the enemy, and it is probably that the property
of the Company will be, at last, left in good condition.
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Finances
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The tabular statement marked A., shows the financial
operations of the Company for the past fiscal year, viz:
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| Receipts during that time |
$1,019,626.91 |
| Disbursements |
617,749.09 |
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The financial condition of the Company may be briefly
stated as follows, viz:
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| Total funded debt |
$2,571,300.00 |
| Total temporary debt, all of which (except
$19,975.63) comes forward from former years |
232,547.48 |
| Interest due on coupons |
105,308.00 |
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"
on preferred stock and div'd script to individuals and Corp'n of
Alexandria |
20,414.00 |
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Against its indebtedness the actual resources of the
Company may be stated as follows:
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| Cash rec'd by Treas'r on deposit in Banks |
$69,860.60 |
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| From which deduct checks outstanding to be paid |
22,882.83 |
$46,977.77 |
| Confederate bonds on hand |
|
167,100.00 |
| Due by Government |
|
167,020.60 |
| Due by Va. Central Railroad Co |
|
10,000.00 |
| Due by Southern Express and others |
|
10,779.45 |
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$401,877.82 |
| To this add: |
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| Individual stock subscriptions due and uncollected |
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$21,791.36 |
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Synopsis From Yearly Report
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| Realized from Government transportation and other
availables, and cash on hand, 30th Sept., 1863 |
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$268,833.93 |
| Realized from prem. and int. on Confed. bonds |
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15,845.73 |
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"
" old balances last year, and profit and
loss |
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20,305.21 |
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"
" yearly revenue |
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694,666.41 |
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" on rolls to the credit of
the parties |
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19,975.63 |
| Checks outstanding |
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22,882.83 |
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$1,042,509.74 |
| Payments |
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| Right of way and construction on "Lynchburg
extension" |
$18,241.24 |
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| Interest on loans and taxes to State |
45,615.89 |
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" coupons,
pref'd stock, and dividend scrip |
93,334.36 |
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| Paid on indebtedness of last year |
118,266.57 |
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| " for bonds
purchased |
15,500.00 |
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| " for div'd
scrip " |
5.00 |
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| Bills and pay rolls, salaries of President and
Directors, expenses, &c. |
263,355.89 |
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| Construction and new work |
8,624.09 |
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| Checks outstanding paid |
5,351.68 |
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| Material remaining on hand, paid for |
49,454.37 |
617,749.09 |
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$424,760.65 |
| Remaining on hand, as shewn above, viz: |
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| In cash and Confederate bonds |
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$236,960.60 |
| Due by Government |
|
167,020.60 |
| Due by Va. Central R. R. Co. |
|
10,000.00 |
| Due by Express and others |
|
10,779.45 |
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$424,760.65 |
| Take from this, checks outstanding and to be paid |
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22,882.83 |
| Net balance on hand |
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$401,877.82 |
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It will be perceived from the above exhibit, that on the
1st of October last the Company had available means on hand to meet
all its engagements, including payment of its temporary or floating
debt, and a surplus of $43,608.34.
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In this statement is not included a sum awarded by the
Circuit court of Richmond against this Company, and the Virginia
Central Railroad Company, jointly, for an alleged violation of the
charter of the Richmond, Fredericksburg & Potomac Railroad Company
in transporting passengers between Washington and Richmond.
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The case had heretofore been substantially decided by the
Court of Appeals on the merits, and the Directors of the first named
Companies deemed it best to conclude the litigation, provided payment
in the existing currency would be accepted by the plaintiffs. After
some delay and negotiation, the proposal was agreed to and the money
paid. This transaction, however, has taken place since the 1st of
October, and does not appear consequently in the exhibit of the past
fiscal year. The amount paid on this account is $79,075.10, which was
realized by the sale of Confederate bonds of the sum of $69,500.00,
interest and premium making up the difference.
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This payment will reduce to the above extent the amount
of Confederate bonds on hand, but will not materially affect the
available means of the Company, as subsequent receipts will supply the
deficiency. This matter regularly belongs to the business of the
ensuing year, but is stated for the information of the Stockholders.
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While the means of the Company do not appear to much
exceed its liabilities, it must however be borne in mind that the bulk
of the debt is not payable under existing circumstances, and a
considerable amount although stated in the account as such is not
really due.
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An analysis of the financial condition of the Company
exhibits the following important facts in this connection, viz:
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| Bills payable |
$137,953.25 |
| Of this amount the larger portion is due the Banks
and to individuals in Alexandria, and consequently cannot now be
paid. |
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| Of old balances due, the sum of |
26,259.85 |
| Of which $17,698.73 is for wages due on pay rolls
unclaimed, running back for some years, and which may be
regarded as extinguished. |
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| Confiscated debts due Northern parties |
48,358.75 |
| Payment of these debts was suspended by act of
Congress, and the Company has heretofore claimed to retain the
amount as an offset to that extent, for damages and loss of
property since the war. |
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| Coupons due and uncalled for |
105,308.00 |
| Supposed to be held in Alexandria and outside the
present lines of the Confederate States |
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| Interest on dividend scrip and preferred stock due
individuals and Corporations of Alexandria |
20,414.00 |
| These sums make in the aggregate the sum of |
$358,294.85 |
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the greater part of which cannot now be paid for the reasons above
stated.
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The Confederate States has ceased to pay its
transportation in bonds for some months past, and now pays in Treasury
notes.
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What disposition should be made of this sum is now a
matter of importance and of grave consideration for the Stockholders.
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The Company will have on hand to dispose of, since the
payment of the debt to the Richmond, Fredericksburg & Potomac
Company, about $100,000.00 in Confederate bonds and $200,000.00 in
money, without anticipating further receipts.
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At the termination of existing hostilities, the Company
will have the above indebtedness to meet, and will require the means
to renew its equipment, and to repair its road.
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The first mortgage loan of $400,000 also matures the
first of November, 1866, and funds will have to be provided to take in
the bonds. If therefore the funds of the Company could be judiciously
invested at present for future use and application to the above
objects it would clearly accord with the dictates of sound policy to
adopt that course. But as much uncertainty exists in regard to any
form of investment the Directors decline to assume the responsibility
of recommending that or any other plan of disposition of the fund in
question and would respectfully submit the subject to the Stockholders
for consideration and final action in the premises.
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If the investment as above be declined, a dividend upon
the capital stock is presented as an alternative proposition,
reserving, of course, a sufficient contingent fund on hand.
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These two schemes seem to embrace the only practical
application which can now be made of the surplus means of the Company.
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The Directors have endeavored to pay all debts due to
individuals which were practicable and within reach, and have applied
without success to the proper authorities at Richmond, for the
privilege of anticipating payment of the loan made to this Company on
the part of the State. By virtue of a resolution adopted at the last
annual meeting, fifteen thousand five hundred dollars of the mortgage
bonds of the Company have been purchased and taken in, but it is
obviously impracticable to make any large further investment in this
class of securities.
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While it is doubtless a source of satisfaction to the
Stockholders to know that after many years of indebtedness the Company
has now the ability to meet all its engagements, it must yet be
regarded as matter of regret that circumstances should prevent the
prompt application of the means at command to the payment and
liquidation of its outstanding obligations.
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Respectfully submitted on behalf of the Directors, by
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John S. Barbour
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President
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