7S§ 



FARMERS' REGISTER— PETERSBURG RAIL ROAD. 



harm — and to avoid being clieated by its use, when 

 buying ground plaster, if indeed heat is injurious to 

 the manure.] 



PROGRESS AND CONDITION OF THE PETERS- 

 BURG AND RONOAKE RAIL ROAD. 



From the retcrsbuig lutcliigenecr. 



The Btockliolders of the Petersburg Rail Road 

 Company, held their annual meeting on Monday 

 last. We publish the Ibllowing report, submitted 

 to them by the President and Directors, 



It will be seen by this document that the actual 

 cost of consti^icting the road docs not materially 

 vary from the sum originally contemplated, which 

 was .^400,000; and which it was presumed, would 

 embrace every thing connected with the comple- 

 tion of the road itseltj not inclucUng land damages, 

 which were, in some instances, liberally waived 

 by those proprietors whose public spirit was ex- 

 cited, but which in other instances, were assessed, 

 we think, Avithout a just estimate or appreciation 

 of the additional value conferred on the land, by 

 the facilities afforded of a conveyance to market. 

 This item of expense was scarcely apprehended 

 in the first instance, as the public spirit and libe- 

 rality of Virginians was relied on to aid in any 

 way, so novel and useful an enterprise. 



But the mere construction of a rail road is not 

 the only source of expenditure. The engines and 

 vehicles for transporting passengers and merchan- 

 dise, and the buildings to contain the latter, to- 

 gether with an efficient corps of engineers, agents, 

 mechanics, and attendants, must also be provided, 

 and the cost of these have, in the present work, 

 amounted to about filly per cent, on the cost of the 

 road. So that rather more than ^000,000 has 

 been expended by the company, and about ^50,000 

 more will be required. 



But all this expenditure is not in vain. There 

 is every prospect of its yielding a remunerating 

 interest, and when the projected road from Rich- 

 mond to Fredericksburg shall be in operation, the 

 great increase of travelling will Avarrant all the 

 expenditure on both works. 



We call the attention of our citizens to this new 

 enterprise, the success of which, is of the first im- 

 portance to them, as nothing else can, in so great 

 a degree, contribute to the prosperity of our work, 

 as the success of that. The increased revenue 

 derived from passengers will enable our company 

 to reduce the rates of transportation on produce, 

 and thus secure to our market the trade on which 

 we originally founded our undertaking. 



We trust that wdien the books of subscription to 

 the northern adjunct of our road shall be opened , our 

 citizens Avill manifest their liberality and ibresight, 

 by contributing handsomely to its capital stock. 

 A few links more, and the Atlantic chain of com- 

 munication will be completed. 



Extract from the Report. 



To the Stockholders of the Petersburg Rail Hood 



Company. 



Gentlemen — This being the day ai)pointed for 

 our annual meeting, the President and Directors 

 have to lay before you a statement of the affairs 

 of the company. The annexed abstract exhibits 

 the whole amount expended on the rail road li-om 

 its commencement to the present time. 



The different items are classed, as you will ob- 



serve by the statement, so as to show under sepa- 

 rate heads, the receipts of the company, (amount- 

 ing previous to the 1st inst. to S-59,448 09,) and 

 the cost of the road, of the locomotive engines, 

 coaches and cars, and of the depots, and other 

 constructions from one end of the line to the other, 

 including the hotel at Blakcly, amounting in all 

 to 8603,438 22. 



You will recollect that twelve months ago, wo 

 could progress only as lar as Belfield with our one 

 engine, (the Ronoake.) Early in March, we re- 

 ceived two other engines, (the Liveqiool and Pi- 

 oneer,) and in the first week in August, the road 

 Avas so far completed, that the engines could tra- 

 verse the Avhole distance to Blakeley. 



It AviU appear fi-om this, that the road AVas in 

 readiness for use in less than tAvo years and seven 

 months from the period of its commencement, in 

 January, 1831. 



About the first of Novend^cr last, avc received 

 tAvo other engines, (the Appomattox and Meher- 

 rm,) Avhich Avere put in operation Avith little loss 

 of time, and A\diich enabled us to relieve and re- 

 pair the others, Avhich had been somcAvhat hardly 

 used, as the transportation on the road had been 

 heavy for the tAvo preceding months. Since No- 

 vember, the business has gTadually diminished, 

 until lately, OAving in some measure to the incle- 

 mency of the season. It has been, hoAvever, in- 

 creased since the beginning of last month, and 

 Ave have no doubt the receipts of the current year 

 Avill greatly exceed those of the past. 



It Avill be observed, that Avhilst the cost of rail 

 road, (exclusiA-e of land damages and purchases 

 of real estate,) docs not materially exceed the sum 

 (515400,000) at AA'hich it Avas computed when un- 

 dertaken, large additional expenditures haA^ebeen 

 requii'cd for Avarehouses and Avork-shops at both 

 ends of the road and at the intermediate depots, 

 and for the locomotive engines, coaches and cars, 

 indispensably necessary for the proper accommo- 

 dation of the trade. Still farther expenditures Avill 

 be requisite for additional engines, cars and car- 

 riages, in the course of the present year, and an ad- 

 ditional Avarehousc ^id shed, at the Petersburg 

 de]")ot, during the present or ensuing year. 



To meet this increased expenditure, leaA^e waa 

 obtained from the present Legislature to increase 

 the capital stock of the company to such an ex- 

 tent as might be necessary for the purpose, not 

 exceeding an aggregate of ^660,000. 



In the present pressure of the money m.arket, it 

 w^ould be impracticable to obtain additional sub- 

 script ions of stock, and a permanent loan could not 

 probably be made on terms, Avhich it would be 

 advisable to accept. Under these circumstances, 

 the president and directors Avould recommend 

 that they be authorized to appropriate the receipts 

 of the road, henceforth, as hitherto, to the use of 

 the company; but that the nett profits of the same, 

 after the payment of all expenses for repairs, for 

 rencAval, and for transportation, be semi-annually 

 ascertained by the board, and that certificates of 

 loan, bearing interest, be from time to time issued 

 for the same to the 'stockholders. The said cer- 

 tificates to be hereafter couA-erted, if any increase 

 of the ca]iital stock should bc made, at the option 

 of the holder, into stock. 



By the adoption of this expedient, the stock- 

 holders A\dll receive in scrip, Avhirh will be availa- 

 ble to them, the dividends to which they are cnti- 



