| Annual Report of the Seaboard & Roanoke
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| as of February 1, 1862, |
| President's Report |
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| Report of the President and Directors
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| Office Seaboard & Roanoke Railroad
Company |
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Portsmouth, Va., Feb. 27, 1862
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Gentlemen,
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We present the Annual Report of the President and
Directors.
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The operations of the Road since your last meeting have
been carried on through a period of great political disturbance, under
which the business relations of the country have undergone an entire
change. This change has caused a considerable decline both in our
travel and freight, and reduced our income below the average of the
last several years.
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The receipts have been,
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| From transportation of passengers |
$89,562.41 |
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"
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" freight |
79,608.41 |
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"
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" mail |
6,000.00 |
| Making the earnings of the Road |
$174,970.82 |
| From other sources of income there has been
received |
14,944.54 |
| Making the income received for the year |
$189,915.36 |
| The expenses of operating the Road, including
all outlays for repairs and construction, have been |
92,534.59 |
| Leaving as nett revenue for the year the sum of |
$97,380.77 |
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This, compared with the nett income of the year 1860-61,
exhibits a large decrease, but the year referred to was one of unusual
prosperity to the company, the income exceeding that of any previous
year by over thirty thousand dollars. Contrasted with the average nett
income of the five years prior to 1860-1861, that the year shows a
decline of about eight thousand dollars; and considering the
circumstances under which our business for the last nine months has
been conducted, less could scarcely have been anticipated. No Road in
Virginia or North Carolina has been cut off from so large a portion of
its accustomed business by the existing war, with so little in the
transportation required by the military exigencies of the government
to counterbalance the loss. A large portion of our unusual business --
travel and freight passing over the Road between the South and the
cities of the United States -- has ceased entirely; and the stagnation
of commerce under the blockade of our port has greatly diminished the
local transportation. Under this state of things it is a subject of
satisfaction to the Board, that our business has enabled us to meet
the expenses of the year, and, after providing for the interest on our
entire debt, to realize a dividend of seven per cent. on the capital
stock, which has been declared.
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Effort has been made through the year, in view of the
diminished sources of income, to restrict our expenses to the
narrowest limits consistent with prudent economy; and while no outlay
has been spared, that the repairs and maintenance of the line of the
Road and equipment and efficiency of our operations required, we have
been enabled to reduce the expenses nearly fifteen thousand dollars
below the minimum expense of either of the last six years. This, in a
great degree, however, has been owing to the decrease in our
transportation of freight.
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The finances of the Company through the year have been in
an easy condition, and, apart from the possible contingencies of the
war, we see nothing in our financial affairs requiring action beyond
the ordinary powers of the Board of Directors. We have virtually no
floating debt, and the earliest maturity of our outstanding bonds is
in the year 1870. We are, however, in the midst of a strife,
unequalled in the proportions it has assumed, by any this continent
has witnessed, and the country through which our Road is located is
now the theatre of active war. What may be its effects on the property
and interests of the Company are not foreseen, beyond the loss of
business already adverted to, and which we can only regard as
temporary. Should they occasion any emergency requiring your action,
you can readily be called together. At present we are not prepared to
advise that any measures can be judiciously taken, beyond increased
care and vigilance on the part of those directly charged with the
management of our affairs in providing for any contingencies that may
happen.
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Under the act of the General Assembly of Virginia,
authorising this Company to purchase stock in either of the Roads of
the inner line running from Weldon, the Board of Directors have
purchased twenty thousand dollars of stock in the Richmond and
Fredericksburg Railroad Company {Richmond,
Fredericksburg & Potomac RR},
guaranteed to yield seven per cent dividends. This investment was made
early in the year and no other has been made.
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For details of the financial condition of the Company,
and of its receipts and expenditures for the past year, we refer you
to the statement of the Treasurer herewith submitted.
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The line of the Road, bridges and rolling stock are in
good and efficient condition. For full information with regard to them
and of the repairs and improvements to the property of the company,
and for details of our transportation and road operations for the
year, we refer to the report of the General Superintendent and the
accompanying statements of the heads of departments, all of which are
presented herewith.
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Our trains have been run through the year without any
accident causing loss to the company; and one casualty only involving
life has occurred, and that through no fault of the company or its
employees.
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The officers, agents and employees of the company have
evinced their accustomed faithfulness and efficiency.
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Respectfully submitted for your consideration, on behalf
of the Board of Directors.
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Samuel M. Wilson
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President
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