| Annual Report of the Richmond &
Petersburg RR |
| as of April 1, 1862, |
| President's Report |
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| Annual Report |
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| The Board of Directors respectfully submit to the
Stockholders their annual report and accompanying statements,
exhibiting the condition
of the affairs of the Company for the year ending the 31st March
1862. |
| The receipts of the Company
from all sources, for the past fiscal year, amount to $300,980.88;
during the same period the ordinary expenses have been $98,047.98;
extraordinary, including the purchase of an additional engine,
$8,710.42, leaving a net balance of earnings of $194,222.48. |
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Out of the surplus which had accrued, the Board
considered it wise to reduce the debt of the Company as much as
possible; accordingly, on the 7th November last, the dividend bond due
to the State, amounting to $33,408, were paid. The Board of Public
Works being of opinion that they were not authorized to execute a
release of the mortgage which had been given on the works and property
of the Company to secure the principal and interest of this debt, an
Act of the Legislature, passed March 27thm 1862, was obtained; by
reference to which it will be seen that the Company is entirely
relieved from that mortgage.
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There has been a furthur diminution of the indebtedness of
the Company by the purchase of $13,000 of its 7 per cent. bonds, and the
payment of the last of the outstanding certificates of debt for
dividends and interest thereon, amounting to $799.84. In addition, one
of the 6 per cent. coupon bonds, for $500, has been converted into
Stock, thus making an aggregate reduction of debt of $47,707.84. There
remains $24,000 of 6 per cent. convertible bonds, and $130,500 of 7 per
cent. bonds, coupon and registered, in all $154,500, as the entire
funded debt of the Company, which will become due and payable in 1875.
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It was found impossible to invest the remainder of the
surplus in an acceptable manner; the Board, therefore, rather than
permit it to remain idle in bank, determined to anticipate the usual
period for a declaration of dividend, and accordingly directed that a
dividend of four per cent. should be paid to the Stockholders on the
5th instant.
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There has been a large increase in the income of the
Company and, of course and increase in the expenditures to conduct the
amount of transportation performed. It is but just, however, to an
intelligent understanding of the true situation of the Company, to
advise the Stockholders that apart from unforeseen accidents, the cash
expended during the past year is not a correct index of the actual
outlay which will be needed to place the roadway and rolling stock in
the same state it was at the commencement of the war. Our experienced
Superintendent is of the opinion that we cannot safely calculate on
less than 50 per cent. of our gross earnings, large as they now are,
as the proper measure of expense for conducting the transportation and
maintaining the property of the Company in proper condition.
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A contract has been entered into for the transportation
of the Confederate States' Mail once, daily, at an annual compensation
of $3,675.
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An application was made to the General Assembly for
authority to connect, permanently, the tracks of the Richmond,
Fredericksburg & Potomac Railroad Company, and this Company, in
Richmond, and of this Company and that of the Petersburg Railroad
Company, in Petersburg. The Act passed February 1st, 1862, is herewith
communicated. No action has as yet been taken under this Act in
consequence of the disturbed condition of public affairs.
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In December last our valuable Superintendent, Mr. T. H.
Wynne, resigned his office; the Board could not but with reluctance
part with so capable and experienced an officer; they have it in their
power to congratulate the Stockholders at regaining the services of so
entirely competent a successor as our present Superintendent, Mr. E.
H. Gill.
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The report of the Examining Committee and of the
Superintendent, will show the condition of the roadway and rolling
stock of the Company.
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It is a gratifying evidence of the faithful manner in
which the officers and agents of the Company have performed their
duty, that more than 200,000 passengers have been safely passed over
the road, and upwards of 80,000 tons of freight, a movement requiring
many extra trains, much labor and unusual exertion in every department
by all in the employment of the Company.
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Signed on behalf of the Board of Directors.
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Charles Ellis
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President
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2-1A-62
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3-27-62
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