| Annual Report of the Richmond &
Danville RR |
| as of October 1, 1865, |
| President's Report |
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| Report of the President and the Directors
of the Richmond & Danville R. R. Company |
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| To the
Stockholders of the Richmond & Danville Railroad Company |
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Gentlemen,
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The President and Directors respectfully submit to you the
following report:
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*****
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On the evacuation of Richmond by the Confederate
authorities, the Company suffered the loss, by fire, of its Freight
Depot and business offices in Richmond, with many of its papers and
records, as well as other property; also two of the principal sections
of its Bridge across James River, and in a few days thereafter, the
Bridges across the Appomattox and Staunton Rivers, were in like manner
destroyed. During the year 1864, nearly all the Depot Buildings on the
line from Coalfield Station to Staunton River, a distance of
seventy-seven miles, were destroyed by successive raids of the U.
States Cavalry. But few of the Stations have yet been supplied with
even temporary structures. The excessive demands for transportation,
and the difficulties of effecting timely and needed repairs of the
machinery and road-way, prior to the evacuation, succeeded by the
exhaustive and improvident use of the Road by the United States
military authorities, during the three months it was held by them,
necessarily resulted, not only in greatly reducing the working
capacity of the Road for the time, but also in greatly increasing the
extent and cost of repairs and new equipment, indispensable to meet
the demands of freights and travel dependent on the line for
accommodation. Reference is made to the report of the Superintendent,
herewith submitted, for such further facts in this connection, as may
be desired. From that report, it appears that the receipts of the
Road, for the year ending 30th September, 1865, were,
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| in Confederate currency |
$4,516,732.19 |
| Of which the working expenses in Confederate
currency, are |
$3,553,476.39 |
| Nett earnings |
$963,255.80 |
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The ratio of working expenses to 1st April, 1865, being 78 per
cent.
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Indebtedness and Liabilities of the Company
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| 1. |
A Debt guaranteed by the State of Virginia,
payable in 1875 |
$200.000.00 |
| 2. |
Balance of loan by State of Virginia, about |
400,000.00 |
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This is to be extinguished by an annuity of
$42,000, equal to 7 per cent. on the original loan of
$600,000. |
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These annuities have been regularly
paid, until that due on the 1st day of January, 1865. Their
prompt payment will, doubtless, be resumed and continued by
the Company. To this end the Board have already taken such
measures as were practicable |
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| 3. |
An extended debt of the Company for |
$30,500.00 |
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not heretofore paid, on account of the refusal
of the parties holding, to receive such currency as was in
circulation at its maturity |
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| 4. |
Arrearages in Interest on above debts |
$83,844.00 |
| 5. |
Bonds of the Company, from sale of which the
Company's Stock in the Piedmont Railroad was paid up |
$826,000.00 |
| 6. |
The floating debt of the Company, though
consisting chiefly of balances standing in Confederate
currency, can be very nearly approximated in present currency,
and is estimated not to exceed |
$15,000.00 |
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To this must be added the liabilities of the
Company to several Railroad Companies in Virginia and North
Carolina, for iron removed from those Roads, through the
intervention of the Confederate government, and placed by this
Company on its Road. These are not yet liquidated. In some
cases arrangements have been made for doing so. Their
aggregate is estimated by the Superintendent at |
$189,420.00 |
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Condition of Roadway, Buildings, Rolling Stock, &c.
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***** Eleven miles of flat bar rail between Burkesville
and Meherrin is now being rapidly replaced by a heavy new T rail
recently bought for the Company under orders of the Board. This
completed, will place the entire roadway, excepting one or two
sections near the Richmond terminus of the line, in better condition
than at any previous period of its history.
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***** Much inconvenience has long resulted from the want
of adequate space between the northern abutment of the bridge across
James river {in Richmond} and the
southern entrance to the Company's depot, for shifting trains and the
construction of convenient accommodations for passengers and passenger
trains. Greater inconvenience is felt, however, in the absolute
insufficiency for depot uses, of the limited area now held by the
Company north of the canal. To remedy this it is deemed important by
the Board, if practicable, that the Company acquire either by purchase
or lease so much of the property between Mill Alley (the present
northern limit of the depot) and the rear of the new buildings now
being erected on Cry street, as lies between Virginia and 14th
streets. ***** In this connection, it is deemed proper to inform the
stockholders that a proposal has been informally submitted to the
Board by the President of the {Richmond &} York
River Railroad Company, for a connection by rail of the depot of that
Company with that of this Company, with a view to arrangements for an
early replacement of the rail on the York River Railroad on a gauge
corresponding with that of the Richmond & Danville Railroad. *****
In pursuance of which E. T. D. Myers, Esq., an engineer of experience
and ability, was engaged to make the survey required. *****
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Piedmont Railroad
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***** A change of the gauge of this road {the
Piedmont Railroad} to one correspondent with that of the
Richmond & Danville road is deemed of vital importance to the
interests of both Companies. The Board are not without hope of
obtaining the requisite legislation from Virginia and North Carolina
for this purpose, and propose to spare no proper effort to effect it
at the earliest practicable period.
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*****
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Respectfully submitted on behalf of the Board by
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A. S. Buford
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President
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