| Annual Report of the South Side RR |
| as of October 1, 1862, |
| President's Report |
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| President's Report
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| Office of the South-Side Railroad Co. |
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Petersburg, Nov'r 25th, 1862
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To the Stockholders of the South-side R,. R. Co.
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Gentlemen,
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The Board of Directors submit the thirteenth annual
report of the operations of your road, commencing October 1st, 1861,
and ending September 30th, 1862.
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The receipts for passenger service are $343,727.06, for
freight $206, 973.88, for mail $14,353.93, and for express freight
$14,903.51, making the sum of $579,958.38. The expenses of conducting
the business of the road are, for the past year, $237,265.12, or 41
per cent of the earnings, leaving the sum of $342,693.26 as the net
earnings for the year.
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To the above amount of $579,958.38 (in order to ascertain
the receipts for the year as shown in table A of the Treasurer's
report,) must be added the sum of $29,853.62, earnings of the year
1860-61, but not received until after October 1st, 1861, the beginning
of the present financial year.
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A comparison of the years 1860-61 and 1861-62 will show
that the increase in the gross earnings of 1861-62 is $221,534.20, and
of net earnings $184,511.98.
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During the fiscal year from October 1st 1861, to October
1st, 1862, the Company has paid, of eight per cent bonds, $45,250, of
six per cent bonds due January 1st 1862, $60,900, of interest to the
State of Virginia accruing during the present year $56,000, and of
arrears of interest due to the State on former years $84,000. Interest
paid to others than the State, coupons, &c. $51,359.73. The other
liabilities of the Company are reduced by the amount of $32,809.34.
The assets are increased $26,279.43. For more detailed information as
to the debts and liabilities of the Company, reference is made to the
accompanying report of the Treasurer. It is proper to remark, however,
that the actual financial condition of the Company is $219,385.15
better than it was at the date of the last report.
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The per centum of expenses for the past year is less than
for any previous year. This is to be accounted for, in part, for the
fact that our passenger receipts have been relatively greater; at the
same time we have not been able to purchase many articles which, if
purchased would have been charged to expenses. The rolling stock of
the company from this cause has diminished in value, but has been kept
up as perfectly as circumstances would admit. One of our cars was
taken by the enemy at Norfolk; several at the urgent request of the
Government, were sent out on the western roads with ordnance and
ammunition, which have never been returned. We have recently secured
from the Government a number of wheels and axles, with a prospect of
others, which will enable us to increase our rolling stock, and we
hope, with the exertions we are now making, to be able to answer the
demands upon the road for the ensuing year.
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The railroad track is better ditched and silled than it
has been for several years. It is rough in some places from the fact,
that we have not been able to procure a sufficiency of iron to replace
the worn bars. The bridges are safe -- some are undergoing repair,
others will be repaired or rebuilt as soon as the necessary timber can
be procured.
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All the property of the Company at City Point, except the
tracks, was destroyed by the enemy. That branch of the road has been
but little used, and the receipts, of course, from it are very small.
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In accordance with a resolution of the Stockholders, a
survey has been made for a new route between Rice's station and
Farmville, by Mr. John Couty, engineer, whose report in full is
appended. The information furnished by that report, and the report of
the Superintendent to me, is so full that I need add but little.
Should the Stockholders determine to build this line, it will be
necessary to provide the means for that purpose.
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The remaining debt now due to the State, for arrears of
interest, is $196,000, (a payment of $12,000 having been made since
the 1st day of October.) There will fall due the 1st of January, 1863,
$28,000 of eight per cent coupon bonds. No other bonded debt has to be
met until the first of January, 1865, when a debt to the city of
Petersburg, of $87,500 will fall due.
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The payment which has been made to the State of $152,000,
which the Company was not required to make until the 1st of January,
1863, the interest and welfare of the public, and the interest of the
State as a stockholder, in common with the other stockholders, in the
construction of this line, are sufficient to induce the Legislature
either to fund or convert into stock the balance of interest now due
to the State. If this were done, the Company, either by the sale of
short bonds or the application of its net revenue for the next two
years, could accomplish this important work.
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The tariff of charges for freight and passengers was
revised by the Directors in December last. For long distances the
charges upon freight were raised and the passenger fare advanced one
cent per mile to such stations as the Directors thought it prudent to
do so. In September, 1862, the tariff was increased 25 per cent. to
take effect on the 10th of October. The Board found it necessary, in
view of the high rates of living, to raise the salaries of the
officers and employees of the Company. With this increase even it has
been difficult to secure a sufficient amount of mechanical labor.
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Notwithstanding the difficulty of procuring skilled
labor, and the great scarcity of rail road material, the Company has
been able to meet the demands of the Government without materially
delaying the other transportation.
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Respectfully submitted,
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T. H. Campbell
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President
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