| Annual Report of the Virginia Central RR |
| as of October 1, 1863, |
| President's Report |
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| Report |
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To the Stockholders of the Virginia Central Railroad Company
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| Gentlemen, |
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The past year, like the preceding, has been attended with
many difficulties in consequence of the continuance of the war.
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The accompanying reports of the Treasurer, Chief Engineer
and Superintendent of Transportation, exhibit the details of
the operations of the Company for the fiscal year ending 30th of September.
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While the gross receipts have increased about fifty per
cent. over the amount for the previous year, the expenses have
increased more than one hundred per cent.; and the Board feel it their
duty to say that, large as the amount expended is, a still larger sum
in maintaining the Road and Rolling Stock ought to have been expended
if the necessary labor and materials could have been procured.
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The difficulties which presented themselves for
maintaining the Road and carrying on its operations during the past
year are not readily estimated without a careful consideration of the
change of circumstances. Before the war the Company procured a large
portion of its metals of all kinds and many other materials outside of
the limits of the Confederacy. During the last year they were not only
cut off from those sources, but the manufactories of metals at home
have been so much engrossed by the Government, that, combined with
other causes, prices have not only greatly advanced, but sometimes
great difficulty was experienced in obtaining a supply at any price.
The same may be said of lumber for repairing and building cars. Many
mechanics, too, have necessarily been enlisted in the army.
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The frequent raids made by the enemy on the Road, and its
close proximity to the country actually occupied by them, has produced
some hesitation with the owners of slaves in hiring them to the
Company; and large numbers from the section of country supplying us
with hands have either run off to the enemy or been carried away by
them. Previous to the war, the large amount of fuel for locomotives
and cross-ties for the track were furnished by contractors; but now
the labor, formerly employed in that way is so much diminished -- so
many of the horses and mules used for hauling have been taken for the
army by our Government; in many cases too they have been seized by the
enemy, and so many of the contractors are subject to military duty --
that we are, to a great extent, entirely dependent on our own
resources for procuring wood and ties. For this purpose, the Company
has been compelled to resort to the unusual means of purchasing
wagons, teams, hands, and steam saw-mills. The existence of the
extraordinary embarrassments above mentioned having commenced in the
past year, at one time serious apprehensions were felt lest the Road
and Machinery could not be kept in a condition to perform the amount
of transportation required for the public service. The supply of wood
too from the same causes had become very much reduced, and a large
number of cross-ties were wanted; and although by extraordinary
exertion the condition of the Road and Rolling Stock is now much
improved, we are still suffering for the want of an adequate supply of
labor.
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Importation of Supplies
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The unfortunate habit of our people before the war of relying too
much on foreign supplies of many of our wants, found us dependent on others
for articles of indispensable necessity, and it was therefore found necessary
to make arrangements for importing from England certain supplies, some of
which could not be procured at all in the Confederate States. This Company, in
connection with several others, employed Captain John. M. Robinson, of the
Confederate Army, who was going abroad on Government business. He was
successful in making a contract for supplies most immediately needed, in
payment for which the seller receives the bonds of the Company, only requiring
as collateral security double the amount in Confederate bonds. It has been
apprehended that the important article of locomotive tires would necessarily
have to be imported, which would have constituted an almost insurmountable
obstacle to the successful working of our roads. The Board is happy, however,
to inform the Stockholders that the persevering efforts of those in charge of
that subject have been crowned with success, and the Company is now making in
its shops substantial and reliable locomotive ties.
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Revenue and Expenses
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| Gross receipts of the Company for the fiscal year (See
Treasurer's Statement and marked C) |
$1,522,967.77 |
| Expenses of administration |
754,683.18 |
| Leaving this sum as net revenue |
768,283.59 |
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Out of the above sum of $768,284.59 have been paid two
semi-annual dividends equal to seven per cent., and the whole interest on the
Company's debt, the regular investment in the sinking fund, the cost of
extensive workshops in the city, with some reduction of the debt, and leaving
a surplus, as will be seen by the Treasurer's report.
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Cost of the Road
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The whole distance from Richmond to Covington, the western
terminus of the road, is 205 miles, of which 17 miles, from Mecham's River to
Waynesborough, was built by the State leaving the extent of road built and
owned by the Company 188 miles.
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The whole cost of the Road and equipment up to this time is
$5,941,206.90.
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The Whole Debt of the Company
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| Bonds secured by mortgage, viz: |
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| Due in 1872 |
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$206,500.00 |
| Due in 1880 |
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100,000.00 |
| Due in 1884 |
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983,000.00 |
| Debt to the Commonwealth, on account
of loan authorized by the Legislature |
210,000.00 |
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$1,499,500.00 |
| Deduct investments in Sinking Fund (see
table A) |
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157,305.78 |
| Leaving total mortgage debt |
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$1,342,194.22 |
| Dividend bonds due in 1865 |
$17,229.00 |
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" 1866 |
23,380.00 |
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" 1875 |
82,900.00 |
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123,509.00 |
| Floating debt |
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273,717.22 |
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$1,739,420.44 |
| Deduct debts due the Company |
$769,399.05 |
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| Cash on hand 30th September |
23,468.46 |
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792,867.51 |
| Total liabilities September 30, 1863 |
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$946,552.93 |
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Western Section of the Road
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The road west of Jackson's River has remained without any
work being done on it since the last meeting of the Company. Since the
burning of the bridge across the Cowpasture the regular trains have
not been run any farther than Milboro'; but, as the Engineer expects
to have the Cowpasture bridge completed by the end of the year, we
hope soon to have the whole road brought into use again as far as
Jackson's River.
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Raids of the Enemy
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During the past year the road has been visited on three
different occasions by our barbarous enemy, and, as usual, they have
indulged their habit of destruction of depots and bridges. The bridges
which they burned were promptly replaced, but the Board have not
thought it prudent to incur the expense of rebuilding the depots under
existing circumstances.
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The long-standing controversy with the Richmond,
Fredericksburg & Potomac Railroad Company, about the
transportation of passengers on this and the Orange & Alexandria
Railroads, between Richmond and Washington City, has been closed in
conformity with the decision of the courts. Although the company has
paid a considerable sum, which, according to their views, was not
expected, yet it is their duty to submit, and the Board thinks that
the Company has not lost anything by it, as the revenues derived from
that source were made very useful at the time they were received, and
the settlement is now made when the payment is not seriously felt and
will not cause any interruption of the making regular dividends.
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By order of the Board.
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E. Fontaine, President
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November, 1863
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