The daily exchange. [volume] (Baltimore, Md.) 1858-1861, 1860-02-15

muster one hundred and fifty muskets
DISCHARGED.-The two young men, named Joshua
Nandanaker and Albert Simon, that were arrested
on Monday on suspicion of having robbed the store
OF Mr.. William Gessford, corner of Josephine and
Pine streets, were before Justice Logan Yesterday
afternoon for hearing. There being no testimo-
ny produced to sustain the charge, the Justice dis
charged them.
MILITARY VIsIr.-The Wells and McComas Rifle
men, Capt George w. Bowers. will pay visit on
the Z2d INST to Resterstown, and while there will
be the guests of the Reisterstown Rifles Capt Wor-
thington.
MEETING OF MERCHANTS AT THE CORN
EXCHANGE
In accordance with a call published in several OF
the morning papers, large number of our merchants
met at the rooms of the Corn Exchange yesterday
morning to discuss matters relative to the South
ern trade. Mr.. Phillip P. George called the meet
ing to order by nominating Mr. James Hodges, of
the firm of Hodges Brothers. Chairman, and Mr..
Joseph Reynolds Secretary, and the gentlemen
were unanimously chosen.
Mr. Hodges stated that the meeting had convened
for the purpose of considering the proposition of
establishing line of steamers to the port of Sa-
vannah, and the Chair now ready to receive
any propositions relative thereto, which gentlemen
would suggest.
Mr.. VIM. Crichton, the President of the late Savan
nah Steamship Company, at the request of the Chair
man, addressed the meeting. He said that when he
consented to appear before the meeting it was un-
derstood that he was not to deliver an address on
the subject, but merely to talk to his brother mer-
chants as one merchant talks to another, on a sub
ect of business in which both were intercsted-to
give them the Information connected with the
Southern trade that he had gathered from mercan-
tile experience, and in the capacity of Presi-
dent of a steamship company running vessels
between this port and Savannah. He was there
only for the purpose of demon stratng from
reliable data and other statistics, that line
OF steamships to the port of Savannah, properly
inaugurated, would pay, although the mere ques-
ton OF pay should not be prominent feature in the
consideration of question where the prosperity
OF the city and the of its business were to be
the results. His interest in the business with the
port of Savannah was small-not to be com
pared to that of many of the gentlemen whom he
was addressing. Nevertheless he felt deeply inter-
ested In the establishment Oft the line of steamers
He had just returned from the city of Savannah,
where he had been called by private business, but
while there he had taken the occasion of incident
ally mentioning the subject to several of its mer-
chants, and had received the most gratifying as
surance that the line would receive cordial sup
port, and that portion of the stock necessary for
Its establishment would be taken in that CITY.
They it is only necessary for Baltimore to start
the enterprise, and from $50 900 to S25 900 worth of
stock would be subscribed by the merchants of that
city lie mad hoped TO- but did not, see the President
OF the Georgia Central Railroad, which company is
largely interested in the stock of the line of steam
ers plying between the ports of Savannah and New
York. In conversations with gentlemen intimate
lv connected with that road and familiar with its
policy, he had been assured that the same assist
ance would be extended to a Baltimore line which
the New ork line had received Gentlemen who
have not investigated the matter had but little
idea of the rapidly increasing trade of the South.
Two years ago. the city of Savannah the article of
guano was scarcely known. This season the sales
will amount to one quarter of million of dollars
Other articles exhibited similar increase.
AT the present time the trade between that city
and this is heavy, that the steamships are unable
to despatch it, and sailing vessels employed 1t
is now advertised by the Cromwell line to despatch
steamer every five days. He was glad to see
this, as it would afford opportunities for the prompt
delivery of goods South. But line to be per-
manency and success, must be owned by the mer-
chants at the termini of the route. When conduct
ed by others, it will necessarily be failure When
ever the interests of the owners demand a removal
OF steamship or the entire line, the removal will
be made. 1t transportation and freight are more
profitable on other routes the interests of private
owners will cause them to seek such routes for
business. 1t is mere question of dollars and cents
between them, and as such they will treat it.
Mr.. Crichton here read from his late report to
the Board of Directors of the old Savannah Steam
ship Company, and also gave other statistics, to
prove that it was not for want of trade that the
line failed, but for want of capital and a series of
misfortunes which happened one of the vessels of
the line. The Company had an Indebtedness hang
ing over them ON the first of May, 1858, of $780,
17O.53. Of this amount S2l 900 was owing to de-
hct in the capital stock; there being but S54 900
OF the $4,000 capital stock paid in. The rest OF
the Indebtedness was occasioned by the loss at sea
of the steamer Freeman Rdodon which was not fully
insured. From May, 1858, to June, 1859, the net
earnings of the line were $l3,4S4.53. Of this
amount 81 ,567 was appropriated towards paving
the interest on the debt of the Company, and
81, ,9lI 81 to the liquidation of the debt, leaving
the Company's Indebtedness on the lst of June,
1859, S24. 253. During this year the Company
were unfortunate in having of the steamships,
the Commerce, disabled, and she failed to make her
trips regularly, and that, too at a season of the
year when freight was most abundant. From June
lst 1859, to January lst 1860, the steamship City
Of Norfolk was alone on the line, and her net
earnings amounted to 81, ,4s0. And vet four of
those seven months were the dullest of the year,
and did not include either of the spring months,
which is the very harvest of the business. Mr..
Creighton next referred to the address issued by the
directors of the Company, inviting stockholders
and others to subscribe for stock for the purpose OF
placing the Company in a proper condition, but
there no response. The statistics of the Com
pany, he continued, proved that the line had failed
not from want of trade, but for want of capital
Men In the South will purchase in those cities
which offer the best facilities for prompt and safe
transportation of goods, and if Baltimore does not
speedily secure the means demanded bv the South,
they will lose much of the trade which they now pos
sess, and fail to immense trade which is
iousy waiting to throw itself in her lap.
Mr.. Phillip P. George said that he, with other
gentlemen, had held a ultaton with the Direc-
tors, majority of whom reside in this city, of the
Merchants and Miners Steamship Company, ply
ing between this port and Boston. The Directors
assured them if the proper guarantee was given to
the Company, that they would receive the support
of the merchants doing business with the South,
that they would put on steamer, now being built
in Wilmington, Delaware of 200 tons burden,
and would make the trip between Savannah and
this city every eight or ten days. If the trade de-
manded more than one steamship, they would put
two on, or as many more necessary to accom-
modate the trade. He offered the following re.
solution, which he hoped would meet with the ap-
probation of the meeting:
Resolved, That committee of from each branch of
business interested in the Southern trade be appointed
to take into consideration the propositions made this
meeting, and others which may be the com mitee
and to call general meeting of the whole deemed
necessary.
Before the resolution was put, Mr.. A. Reman of
fered the following:
To the Merchants and Miners TRANSFORMATION Companu.
We, the undersigned, merchants and shippers Of the
city of Baltimore, trading with Savannah Georgia, being
much in need OF permanent line of steamers facilitate
the interests of this city have thought proper you
the following proposition That If you will place
savannah we Will bind ourselves severay and jointly
give steamer all the freight have control of
tined for the port of Savannah and will influence
for the success OF the said steamer steamers placed
the line between Baltimore and Savannah
Mr.. Crichton said that he thought the PROPOSE
tion absurd. There could not be found merchant
who would sign such paper. If the line of steam
was to be established it should be done by the
merchants of the city; and if done by others the
interests of the merchants would be sacrificed when
ever the interests OF the company demanded it.
Mr.. Rieman said that he would assure the gentle
man that he could get than forty names to that
paper before noon of the next day. The PROPOSE
tion a fair one The Savannah line had failed
and all those who invested money in its capital
stock lost. The Merchants and Miners Company
were able to do what they proposed, and the sue
cess with which they had conducted their business
was the surest guarantee that the business of the
proposed line would be equally we'll taken care Of
He did not like this idea of throwing cold water on
every proposition advanced.
Mr.. Hodges said the discussion was superfueus,
as the matter contained in the proposition would
be properly the business of the proposed commit
tee. +..l -r.rH -N.|t
Mr.. Georges resolution then put upon its
passage, and unanimously adopted. ErE
The Chairman appointed the following gentlemen
the committee: