| Annual Report of the Petersburg RR |
| as of January 1, 1862, |
| President's Report |
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| President's Report |
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| Office Petersburg Railroad Co. |
| Petersburg, February 20, 1862 |
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To the Stockholders of the Petersburg Railroad Co.:
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On behalf of the Board of Directors I herewith submit the
Annual Report for the fiscal year ending on the 31st December, 1861.
The accompanying statements of the Treasurer and General
Superintendent exhibit in detail the operations and business of the
Company during the year, and its condition on the 1st January, 1862.
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The ordinary channels which have heretofore supplied the
business of the Petersburg Railroad, were utterly deranged by the war
and blockade during the greater part of the year, so that the receipts
from some leading articles show a large falling off in comparison with
former years. The same causes, however, gave rise to new classes of
business of immense magnitude in the transportation of troops,
munitions, and supplies for the Government, and in the transportation
of produce and merchandize to and from the South. The result was that
the aggregate gross earnings of the year amounted to $374,526.01, or
more by about $45,000 than those of any other former year. The items
which make up this aggregate are as follows:
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| Travel |
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$113,470.75 |
| Freights |
140,111.75 |
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1,291.09 |
141,402.84 |
| Troops and horses for the Government |
66,592.53 |
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30,287.48 |
96,880.01 |
| Transportation of Mails |
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13,083.33 |
| Transportation for Express Company |
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9,689.08 |
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$374,526.01 |
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The amount of business done, however, was much greater
than it would appear to have been from the gross amount of the
earnings, inasmuch as the business of the Confederate States, as well
as of the several States, was done at greatly reduced rates. This
immense business taxed the capacity of the road to its utmost, and it
is matter of congratulation that we were able to manage it with so
much success. It was accomplished, as it could only have been
accomplished, by the zealous co-operation of all the officers and
employees of the Company, and it gives the Board pleasure to bear
testimony to the fidelity and energy with which they devoted
themselves to the service of the Company.
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The business of the past year having been, for the
reasons already alluded to, of an exceptional character, it seems not
to be worth while to compare it, in its details, with that of former
years, when there was no war, no blockade, no disunion, and when the
channels of trade were unobstructed. The statements of the Treasurer,
however, afford the means of making such a comparison.
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It has already been intimated that the business of the
Confederate States was done at a great reduction from the usual rates.
The Board felt it to be their duty to do-operate with other Companies
in extending the most liberal terms to the Government, while all its
resources were so heavily taxed for the defence of the country, and
they do not doubt that their course in this respect will meet the
approval of the stockholders. Besides agreeing to large reductions in
the usual rates of charge, the Railroad Companies agreed to receive
payment from the Confederate States in their eight per cent. bonds,
and in this too the Board promptly and cheerfully concurred. The
details of the arrangements with the Confederate States have undergone
several modifications during the progress of the war. The present
rates upon freights are somewhat higher than those which prevailed
during the first six months of the war, and are set forth in the
following circular:
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NA, QM 12-13-61
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It may be added that the rate charged for the
transportation of troops is two cents per mile, and that the rate per
annum for transporting the mail on the main line, is one hundred and
fifty dollars per mile, the highest rate paid by the Confederate
Government, the service being once daily each way.
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It will be observed that the funded debt of the Company
was still further reduced during the year, by paying off $17,500 of
the 7 per cent. bonds, and $1,059.50 of the six per cent. dividend
bonds issued in 1854, these being all that were offered for
redemption. The balance of the funded debt on the 1st day of January,
1862, was $87,706.50, of which $84,500 consisted of 7 per cent. bonds,
falling due from 1863 to 1872, both included, and the balance of 6 per
cent. bonds falling due in 1864. That sum represents the entire
indebtedness of the Company on that day except for negro hires and
accounts payable on that day. These are paid as they are presented,
and most of them have already been paid off. As will be seen from the
statements, the Company has no "bills payable." It has had
none for several years past.
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The Railroad Companies of the South have experienced
considerable embarrassment in consequence of the war and blockade
having cut them off from the markets in which they have been
accustomed heretofore to purchase their supplies. This embarrassment
has been overcome in a great measure, as to some articles, by
resources within the Confederate States, which have been brought into
use by the necessities of the war. The further development of our
resources, with a view to the supply of rails, engines, and other
articles of necessity, has engaged the anxious attention of those
engaged in the management of the Railroads as a matter of paramount
and pressing importance. The Board have expressed a readiness to
co-operate with other Companies in the promotion of this object, by
the loan of money or otherwise, as may be found expedient.
Fortunately, however, for this Company, a large quantity of some of
the most important articles, and those most difficult to procure since
the blockade, was purchased shortly before the commencement of the
war, so that this Company has suffered much less than most others by
the interruption of the usual sources of supply.
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The present condition of the Railroad and other property
of the Company will appear from the report of the General
Superintendent. The improvements which it was expected would be made
during the past year -- among them the erection of a new depot and
warehouses in Petersburg -- have been necessarily postponed in
consequence of the war.
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Respectfully submitted,
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Wm. T. Joynes
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President
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