| Annual Report of the South Side RR |
| as of October 1, 1861, |
| President's Report |
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| Office Southside Railroad Company
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| Petersburg, Nov. 5, 1861 |
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To the Stockholders of the Southside R. R. Co.:
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Gentlemen,
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The Board of Directors submit the 12th annual report of
the operations of your road for the fiscal year commencing October
1st, 1860, and ending September 30th, 1861. The receipts for passenger
and mail service have been $179,411.58. For the year previous they
were $159,928.67, showing a gain on passenger service of $19,482.91.
The freight receipts have been $179,012.60. For the year previous they
were $245,485.09, showing a loss on freights of $66,472.49.
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The gross receipts of the road from transportation have
been $358,424.18, against $405,413.76 of the previous year, showing a
falling off in them of $46,989.58. The expenses of operating the road
have been $200,242.90. For the year previous they were $219,073.24,
showing for the year 1861 a saving in expense of $18,830.34.
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The construction and equipment account for 1860 was
$40,284.70, for 1861 it amounts to $6,854.94, making a difference of
$33,429.76 in favor of the past year.
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It will be seen from the above statements, that the net
profits of the road from transportation for the past year are
$158,181.28, which amount has been appropriated as shown by the
annexed tables of the Treasurer.
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The balance of the Dunlop six per cent. bonds due July,
1859, have been paid, and all of the eight per cents due January,
1861, have been paid as fast as they have been brought in. The money
has been set apart to pay those which have not yet been presented, so
that all may be regarded as paid off. The amount paid since the first
of October up to this date is $29,500.
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The Bills Payable at the end of the last fiscal year were
$26,717.43. The Bills Payable the first of October, 1861, are
$20,218.12, showing a reduction of $6,499.31.
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When the balance of the eight per cent. bonds due January
1st, 1861, is paid, (the money is already provided, and would have
been paid if presented,) the Company will have liquidated all
of the bonds which are due.
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There will be due on the 1st of January, 1862, $78,000
six per cent. bonds, which we expect to pay in the first six months of
that year. The bonds which will fall due January 1st, 1863, amount to
only $28,000. There are none due in 1864. (For further information
respecting bonds and other debts, see Table A in Treasurer's report.)
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As stated in the last annual report, the Company is not
required to pay the interest to the State until the 1st of January,
1863. The Board of Directors, however, propose to pay the interest
which fell due last July, in view of the present wants of the State,
which will be done as soon as the amount now due by the Confederate
States is paid to this Company.
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It will be recollected that a large portion of the
receipts of our road heretofore was produced by the freights brought
from the northern cities to City Point, and sent thence to the
south-west. For the first quarter of the last fiscal year this
business was greatly depressed by the disturbed state of the country,
and for the next quarter, as the war crisis approached, the business
was still further diminished. In the last two quarters it was entirely
annihilated by the blockade.
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The loss of this large business has not been made up to
the road by the transportation induced by the war. The fact is, the
location of the road is such, that it cannot derive from the
Government transportation, as the troops have been stationed, the same
amount of income which it would have received from its ordinary
business in time of peace. The sacrifice is most cheerfully met by
your Directors, and will be borne by the Stockholders in the same
spirit. A large portion of the forces and army supplies for Manassas
have been sent from Lynchburg by the Orange & Alexandria road,
those for Norfolk by the southern line, while nearly all the troops
and government freights carried by us, only passed over 71 miles of
our road.
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Our business was also diminished by the inability of some
of the roads west of us to do the transportation that offered. Several
times one of them was seriously interrupted by the damage done by
freshets, and all the time there was great delay on another for want
of sufficient rolling stock. These difficulties caused the diversion
to the southern route of a large portion of freight which properly
belonged to our line. We are pleased to state, that the want of
rolling stock has, in a great measure, been remedied by the energy of
the government and the liberality of some of the other roads. The
business is now done more promptly; and as a brisk return trade has
now spring up between our cities and the south, affording freight both
ways, there is every reason to expect largely increased receipts upon
our road.
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The road-bed and machinery are in better order than at
the date of the last report. We were fortunate in purchasing a
considerable quantity of new iron rails at a low price; and this, with
the large amount of other material for road repairs now on hand, will
enable us to make a further improvement in the track. We are
rebuilding the Farmville and Buffalo bridges, and are making
preparations to thoroughly repair the other bridges where they need
it. These bridges are all in safe condition, but there are faults in
their original construction which must be remedied to make them more
durable. Our rolling stock is in good order. The best proof of it is,
that we have 16 out of 20 engines now in running order. The freight
cars have depreciated somewhat from not having built any new ones
during the year; but we have had a sufficiency for the business, and
we are making arrangements to increase the number. We have sufficient
passenger cars to carry us through the year.
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The amount of materials on hand is very heavy, $22,933.08
more than on the 1st of October, 1860. Owing to the scarcity and
fluctuation in the prices of goods, it was necessary for us to be well
provided with articles needed in the operations of the road. But while
we have a good stock of materials in may respects, yet there are
others articles needed which are not supplied within the Southern
Confederacy, and which the railroads will probably be compelled to
manufactured for themselves. Various plans have been suggested, among
them that the Companies shall combine together and manufacture such
things as are necessary. Without further arguing here this
proposition, we are disposed to adopt it, inasmuch as private
enterprise is fully taxed in supplying individual and governmental
contracts.
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We do not propose to make conjectural estimates of the
prospects of this Company. It is, however, proper to say, that should
the war of Independence in which we are now engaged continue, the
income of the Southside Railroad for the next year must greatly exceed
that of any year previous. We have no doubt of the ability of the
Company fully to answer the demands of the Government and the wants of
the Country. The geographic position of this road, its relations to
other improvements, to the Capital of the Confederacy, and the foreign
commerce of the south, will ensure, when the war is ended and
independence established, an amount of travel and tonnage at least as
great as that of any railroad in the Country.
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We have to congratulate the Stockholders that the
Southside Railroad has been able thus far to cooperate, not only
cheerfully but efficiently with the Government in the prosecution of
the war, and has responded to every call made upon us, and that not
one soldier has received upon our trains the slightest injury.
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Respectfully submitted,
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T. H. Campbell
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President
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