• Library of the University of North Carolina Endowed by the Dialectic and Philan- thropic Societies ■n This bookmust not be taken from the Library building. REPORT OF THE PETERSBURG RAILROAD COMPANY Office Petersburg Railroad Co. Petersburg, Nov. 6, 1848. James Brown, Jr. Esq. Second Auditor. Sir, I enclose you the customary statements of the Petersburg railroad company, for the twelve months ending September 30, 1848, together with a list of the stockholders, and the report and proceedings of the last annual meeting. From the statements enclosed, you will see that the receipts of trans- portation for the twelve months just ended were $ 163,454 09. The current expenses of doing this transportation were $ 76,884 75. The nett income was $ 86,569 34. This, added to the cash on hand from the previous year, left the sum of $ 125,174 03, applicable to divi- dends, reduction of debt and improvements to road. This enabled us not only to increase the dividend to seven per cent., and pay off some debt, but to make some additions and improvements to the road, which were greatly needed. You will see in the disbursements, that we ex- pended $22,582 55 for new engines and cars. This has greatly in- creased our ability to do the transportation more promptly. We built a large addition to our warehouse in Petersburg, eighty by one hun- dred and twenty feet, which, with some minor improvements, stated in the account of disbursements, amounted to $ 5952 43. We also commenced a most desirable improvement on our road, to wit, widen- ing and raising our bridges, and have finished those across Stony creek, Nottoway and Meherrin rivers, (all except roofing and weathcrboard- ing.) and are now at work on the last one, the bridge across Fontaine's creek. Onr bridges were all originally constructed too low and narrow, and they have been the cause of several serious accidents to our men, and a source of constant danger to passengers on the road. They also obliged us to use small and inconvenient passenger cars, to the great injury of the character of our road in the estimation of the travelling community. 2 In altering the bridges, we have thoroughly repaired them, and made them much stronger, so that they will require very little work on them for many years. This work, so far, has cost $ 1999 14, and it will take about $ 1500 more to complete it. In addition to these improvements, we have on hand of the mate- rials purchased last year, rails, sills and wood amounting to $ 12,535 53 cents, which is nearly a year's supply. After making all these payments, there was left the sum of $ 10,902 45 cents, to be carried to the next year. The current expenses of last twelve months exceeded by a small amount ($3247 62,) those of the preceding year. The increase was chiefly in the repairs of engines and cars, the condition of which was considerably improved last year. The railroad track was also greatly improved, nearly all the bad cuts having been causewayed, and the drainage made more complete. Although we have still a flat bar rail on three-fourths of the road, and it would be a matter of great importance to continue the edge rail, yet the track is in such good order, and the iron looks so well, that we feel confident it will last long enough to enable us to make the other im- provement as fast as the wants of the road require it. Thus if our freight business (for which we most need the heavy iron,) increases next year, we shall be able to lay several miles of edge rails, and in this way continue the improvement from the resources of the road, as fast as it is needed. It would, however, enable us to make a very im- portant saving in the cost of the iron now, if we had the means to pro- cure it, for it can be purchased for $20 per ton less than it was a year ago, and perhaps that much less than it will be a year hence. This would enable us to make a saving of $48,000 on the iron wanting to lay the road from the fifteen mile post (which is as far as we have got the edge rails,) to the junction of the Greensville and Roanoke road, or $ 76,000 on the iron necessary to complete the whole road. With a good edge rail track, we should be able to make our road much more useful to the country, as it would not only make it a better and safer mode of conveyance, but it would no doubt enable us to carry produce at less rates than we are now charging. The receipts from freight fell off $ 9584 85 last year, and those from passengers $7134 49. Our outward freight averaged some twenty per cent., and the falling off was in the outward freight, and chiefly in the item of tobacco, the crop of which was a short one. There was some little falling off in cotton also, but that was to have been ex- pected, as the cultivation of that article is decreasing on our road every year. To compensate for this loss in part, there was a considerable increase in the quantity of flour brought in on the road, an important matter, as it indicates that the planters are turning their attention more to crops calculated to improve and renovate their lands, which will in the end be a source of great profit to the company. In connection with this subject, I think it proper to inform you that the board of directors have reduced the rates on lime and other ma- nures to a mere nominal charge, and propose to offer every facility which the road can give, for the improvement of the country using it. 3 The falling off m the receipts from passengers was doubtless owing to the sea steamers carrying travel between the north and south at rates considerably less than the aggregate of the charges on the railroads. We have lately, in connection with the companies between Charleston and Philadelphia, made an arrangement to reduce the fare, so as to make our line as cheap as that by sea, and we expect soon to be able to extend it to New York. This will, in all probability, prevent the steam packets from injuring us materially. But we look upon the loss of travel from the competition of the steamers, as a temporary evil, and probably it will be productive of good in the end, by hurry- ing the completion of the connecting link between the North and South Carolina railroads. The connection by the way of the Wil- mington and Manchester railroad has already been commenced, and under such auspices as encourages the belief that it will not be long before it is completed. With this link made, very few travellers be- tween Charleston and the north would run the risk of the sea voyage, and it would no doubt draw travel from the western rivers. We derive a considerable amount of our freight business from the Raleigh and Gaston railroad, and as that road belongs to the state of North Carolina, and is unproductive in its present condition, we are greatly in hopes that something will be done to improve it. The fact of our road being profitable, with very little more business than that road enjoys, ought to satisfy the good people of that state, that there can be no risk in making any expenditure calculated to increase its trade. The board of directors think it not amiss to call the attention of the Board of public works to the fact, that the road in the last four or five years has been reconstructed, improved and extended across the Roanoke, its means of transportation greatly increased, a large debt paid off, and the payment of dividends resumed ; all of which has been done out of the profits of the business alone. By order of the board of directors. H. D. BIRD, President. Return of the state of the Petersburg Railroad Company, Sep- tember 30, 1848. Capital paid in by the state, - 323,500 00 " " corporation of Petersburg, 44,100 00 " < : individuals, - - 401,400 00 Debt to the state, - - - 16,000 56 " dividends uncalled for, - 1,428 "50 " to individuals, - - 19,243 47 769,000 00 36.672 53 Profit and loss, - 15,149 53 $820,822 06 Cost of railroad, ----- 789,038 30 Debts due the company, - 20.881 31 Cash, - - - - - - 10,902 45 $820,822 06 Receipts and Disbursements of the Petersburg Railroad Company, for the 12 months ending September 30, 1848. Receipts : Cash on hand September 30th, 1847, - - 38,604 69 Gross amount of transportation, - 163,454 09 Disbursements : Expenses of transportation, - ■ Cost of two new locomotive engines, Cost of 15 new freight cars and 1 baggage car, Cost of new warehouse in Petersburg, House for overseer at Pleasant Hill, Planing machine, - - - - - Seven new turning tables in Petersburg, For widening Stoney creek, Meherrin and Nottoway bridges, - For rails, sills, wood and materials on hand, P. E. Rives, on account of contract, Interest account, - _ - - - Reduction of debt due by the company, Increase of debt due to the company, Dividends of January and July, 7 per cent., Cash on hand September 30th, 1848, $202,058 78 76,884 75 14,101 00 8,481 55 3,434 25 343 50 354 38 1,820 30 1,999 14 12.535 53 5,000 00 1,000 60 8,844 73 4,161 60 52,195 00 10,902 45 $202,058 78 00 00 o CO 6g 3^ 00 o CO h a £ ^ W &3 B g 1 — 1 H © d Eh ^ i— i < 15 6 h © £ 1/2 o o Q Bj Q J 5? r— 1 <] H PS o H Eh O 03 EH b w •sjdtaaaa l«l<>x ! 1 §1 LO TJI CO 2 CO i^ CD 00 CO •XuBduioo 9UIAS9U33.IO UIOJJ IBJOX C5 CO 00 OJ co © CO CO •IIBJ5 UIOJJ o o CO © © CO "S.I83 -uassEj iuojj ■5J> LO Oj 13 i> O OJ t> — 1 CO CO -H Ol-OOHM^lOOClON C3h.F-HOi-(QO-iNOC3-1iQO lOM-ni>-<0)00!MNO CO OJ CM OJ t-i CO Ol OJ OJ OJ (M CO CO CO CO o CO co LO CO •inSiaij N^coMOHCocirtOimH OJr-ojcococoLococoi>coco 10 to h _l r— lO 00 LO ro OJ OJ GO cDta^toiooootoaot-- CO OJ Ol 00 OJ GO CO CO © i-H Q M 02 cd H H Ph a § aa Ph s O f4 •pB0J(IB>I Sjnqsjsjaj uo sjdioosy i^ioj, o LO CO CO o LO OJ CO i> CO LO LO CO •Av& ii-ejvr © o o OJ lO lO 11 CO GO •[9AB.IJ, [BOOT 00 CO © 01 Ci OJ — iHOCOWO }>. -* lO lO CO i> O CO rt< OO OJ i-i O O N ft -i W -l W O rfi « M LO O) CT n N f) N O O N LO CO 1"COCOC0OJC0C0COCOC0C0-3< CO "<* OJ CO CO © CO LO © OJ •[3ABJX tI§ t ojqx 1 >*ClOMOOOiQ030J!0 co i> o co oj o lo oj o co £-- oj o!oa-noNO!0) OJ ■s.ioS -U3SSBJ JO - 0Jtf (OnC'*CD«iiO(0« | HCIM ifiiinnoNSiooo^-i CO OJ OJ OJ OJ OJ OJ t-i OJ O? 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CO"" GO -------- Z, Q £ f>H S < S ^ 1^ < Ul oo" I' CO o H I 1 00 T3 o H Detailed Statement of the Expenses of Transportation, for the twelve months ending September 30th, 1848. General Superintendence : Salaries of president, treasurer and clerks, - - 4,896 66 Expenses of Depots : Cost of agents, watchmen and labourers at Petersburg depot, - - 3,755 00* Cost of agents and labourers at way depots, 2,299 56 Do. at Garysburg and Weldon, 1,440 42 Do. at depots on the Greenesville and Roanoke railroad, - 3,329 90 10,824 88 Running Engines and Cars : Pay of engineers, conductors, firemen and train hands, - - - 9,294 00 Fuel, oil, &c. ... 8,418 39 Repairs of Engines and Cars : Pay of firemen, smiths, carpenters and labourers, - - - 10.210 55 Material for repairs, coal, &c. - 6,493 42 Repairs of Railroad : Pay of superintendent, overseers, and cost of labour of all kinds, - 7,744 00 Timber, tools, &c. - - 14,298 06 17,712 39 16,703 97 22,042 06 Miscellaneous expenses, - 4,704 79 Total expenses, - $76,884 75 Photomount Pamphlet Binder Gaylord Bros. Makers Syracuse, N. Y. MT. JAM 21, 1908 UNIVERSITY OF N.C. AT CHAPEL HILL 00042071710 FOR USE ONLY IN THE NORTH CAROLINA COLLECTION