| From the Richmond Dispatch |
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| December 12, 1862 |
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| Richmond & Danville Railroad |
| The annual meeting of the stockholders of
this company was held in this city on the 10th inst. From the report
of the President it appears that the entire receipts of the road for
the fiscal year ending September 30th was $724,430. Of this amount
$341,233.80 constituted the working expenses of the road, and
$333,196.20 the net earnings for the last fiscal year. The gross
receipts of the road for twelve months ending September 30th exceeded
those of the preceding twelve months by the sum of $276,970.07, and
reached the amount of twenty-five and one-half per cent. on the
capital stock. These receipts, and the consequent per centum upon the
stock, would have been greatly increased if the regular operations of
the road had not been interrupted in April last by the necessity of
removing to Danville
a large proportion of the property of the company, consisting of
machinery, &c., since brought back. Certain shops on the north
side of
James river
are greatly relied on to prepare the increased number of cars,
&c., which will be needed for the greatly enlarged trade and
travel expected on the completion of the Piedmont Railroad. They can
also be used for the construction and repairs of machinery and rolling
stock of that road. When the connection with the North Carolina
Central Railroad {North Carolina RR} shall have been finished, it is thought that the most
sanguine expectations of the friends of the Danville Railroad will be
realized, in increased profits, in addition to the vast collateral
benefits.--The debt of $65,400, mentioned in the last annual report,
running from May, 1861, to November, 1861, had been reduced by
payments to $14,000. The company hold $96,400 of Confederate States 6
and 8 per cent. bonds as a sinking fund, and for the purpose of
meeting any unforeseen contingencies.--There is a debt of $200,000
guaranteed by the State, due in 1875 on which interest has been
regularly paid. The annuity due the State for thirty-four years of
$42,000 per annum (interest and sinking fund on $600,000 due by the
company,) has been regularly paid for ten years past. The transactions
of the company are conducted by cash payments and the system of
floating debts rendered unnecessary by the prosperous condition of the
treasury. A considerable portion of the report is devoted to a review
of railroad connections and extensions.--The western extension and the
Roanoke
Valley
{RR} extension continue in a condition of
suspended operations, and work on the same is not likely to be resumed
until the restoration of peace or the breaking of the blockade. The
connection of the Danville Railroad with the N. C. Central Railroad
had been secured. It is regarded as the great thoroughfare for trade
and travel with the Atlantic and Gulf States
south of Virginia. By the construction of forty miles of road the two above mentioned
lines will be united, and present the straightest and nearest line
from Richmond to Kingsville and Branchville, in South Carolina, the
distance respectively being 419 and 460 miles. The General Government
and the State of
North Carolina
are both interested in pushing this line of connection to completion,
and in aiding the Danville Railroad to get it in running order. A
tribute is paid to the Superintendent of Transportation for eminent
services in his department. By comparison of the present and last
fiscal year, it appears that there has been an increase of
$276,910.67, or 62 per cent, in the gross receipts and an increase of
$101,366.59, or about 42 per cent. in the expenses. This year $14,400
has been added to working expenses to replace cars lost by fire and
accident during the year. The flat bar iron on the track east of
Amelia C. H. is wearing out rapidly; that between the Junction and
Staunton River remains as it was last year — Sills and stringers
sufficient to lay twenty-three miles, or 17 per cent., of the road
were used up during the last fiscal year. Of the 4,113 pieces of
string timber taken up during the year only 803 were decayed; the rest
were either mashed, broken or split, 2,654 being mashed. At the close
of the year there were 100 miles of heavy and 40 miles of flat bar
track on the main line of the road. The entire length of the flat bar
now between
Richmond
and the Junction is four miles, and this has been more difficult to
keep in order than any other part of the road. There is 22 miles of
heavy rail very much worn, and four
miles of flat rail requiring entire
renewal, or substitution with heavy rail.
During the fiscal year the cars ran 238,547 miles on connecting roads.
The gross earnings of the telegraph line were $5,871.91; expenses
$4,943.23 --net earnings, $928.66. The number of passengers carried
this year is double that of last, and the increase of receipts
$207,695.59. |
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