| Annual Report of the Roanoke Valley RR |
| as of October 1, 1861, |
| President's Report |
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| President's Report |
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Gentlemen,
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When, at our last meeting, it was my privilege
as well as my duty to report the transactions for the year then
closing, there was much in the circumstance which surrounded us and
the prospects before us, to encourage and cheer the friendly heart.
The scene is sadly changed. The truth must not be smothered. Adversity
of the sternest character has been met during the entire year, and
clouds still overshadow our prospects. The causes which have operated
to prevent our success need not be particularized. They are familiar
to all. Suffice it to say war -- calamitous war, in all its blighting
force, is felt as well by corporations as by individuals; and the
blockade of our ports was a grief only when it locked up our barns and
storehouses. We have twice, within the past six or eight months, been
forbidden to send produce over our road, and at each time the
prohibition lasting from four to six weeks. Tonnage and travel have
not been half the usual amount; which, of course, affected our
receipts in a like ratio.
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The financial condition of our company will be reported to you in
detail by the proper officer. It shows that only $965 have been paid for
repairs. The accounts for repairs have not all been settled -- though the
amount will not be much increased thereby; for whilst the value of the repairs
greatly exceeds that sum, the work has been performed chiefly by the regular
force upon the road. An entirely new bridge of great strength has been thrown
across Beaver pond creek, and valuable repairs have been made upon the bridges
across Big Nutbush and the two Island creeks. By an order of the board of
directors, under the superintendence of Sub-Engineer Bardwell, Beaver pond
creek has been filled, and a culvert, according to the engineer's plan,
inserted. This work was done at a very considerable cost of money and labor.
But from some defect either in the plan or execution of the work, it was
insufficient, and the heavy rains of last January swept it to the foundation.
I refer to this as about the only casualty of a serious character occurring
during the past twelve months.
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The most perplexing difficulty with which we have to
contend in operating the road since the war commenced, is to have our
shop work done. We have been refused in Raleigh, Petersburg and
Richmond. Consequently, most of our machinery is suffering for the
want of repairs. It is believed, however, that we can now, or will be
able in some short time, to have such work as may be necessary, done
at the shops in Raleigh or Petersburg. The condition of our track at
present will compare favorably with that of any other road in the
state. Eight hundred new cross ties have been inserted within the last
four months, and the delivery of 4,000 more contracted for. It is
believed that the expenses of operating the road may be materially
reduced (say at least one-third), and yet the requirements of the
public fully met; and if this opinion be correct, and no improvements
in the receipts of the company, the income, as will be seen from the
report of the treasurer, will be sufficient to meet current expenses,
and to pay interest on our funded debt.
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But, gentlemen, whilst the untoward circumstances of the
country have greatly embarrassed the operations of our road, it is
more seriously felt in the enterprise of expansion. It is to the
completion of our line that we have fondly and hopefully looked, for
three years past, for emancipation from the tyranny and power of other
companies, as well as for permanent independence and profitable
results. This work has been unexpectedly and suddenly arrested, after
sufficient progress to gladden the hears of its friends and to mortify
the malice of its enemies. It is a sad thing to us. We have cherished
if and worked for it -- nay, striven, in a manner of which few are
aware. But we have been compelled to relinquish it for the present. It
has been given up as a sacrifice, like many of our sons, upon the
alter of our country. But whilst we have been forced to suspend, yet,
as we hope for independence and liberty, so do we hope and confidently
expect the ultimate and complete success of our cherished extension.
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It is respectfully suggested that a committee be
appointed to present to our next legislature a full and fair statement
of our condition, and to petition that honorable body for assistance.
The state of Virginia has too much interest in, and too much maternal
care for her offspring to suffer the threatening oppression and the
feared ruin of our company; and we are encouraged by information,
derived from respectable sources, that she will come to the rescue.
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It is recommended that the salary of the president be
reduced, as also that of the secretary and treasurer.
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It is proper to state that the interest upon our coupon
bonds has not been paid. We have not been able to do so; and there is
no present prospect that we shall be able to pay the interest that
will fall due on the first of next month. But it is certain, whatever
the causes which now produce stagnation shall be removed, our road
will have a double service to perform and our revenues must exceed
those of any former period. The chief engineer will report all of
interest connected with the work of extension.
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Respectfully submitted, with the hoe that the wisdom of
this meeting may be so exercises and exerted as to give a profitable
direction to our affairs.
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Henry Wood
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Pres.
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Stockholder's R. V. R. R. Co.
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