Evening star., 1870-01-10
LOCAL NEWS,


A meeting OF the stockholders OF the New
York, Alexandria, W washington, and Georgetown
Steamship Company was held on Friday evening
last at the rooms of the Board OF Trade. Among
the gentlemen present were u. W. Thompson,
WS WNs1,, prss.asns sd & OF the GO company, and Messrs
Mark Young, Samuel Bacon, las. L. Barbour,
and A. o,ss, urnn'Dc,. ~ " s,sth o n nnrSsyne,
son, president, after having called the meeting
TO order and invited Mr.. Kelly 60 act a. secre-
tary, submitted report OF the business OF the
company during the past year, from which il
appears that its prospects are highly natterlng,
as well I'm giving promise Of profitable invest
ment a. In ahordiRg liberal accommodation 90
the merchants and traders OF the District cities
and New York, who favor IL with their patrOa-
age.
The report states that since the last annual
meeting OF the stockholders the President had,
bv virtue Of authority conferred by resolution
passed ut that meeting, made satisfactory ar
rangement with the managers OF the competing
line OF steamers between Washington and New
York, 10y which the ships OF that in- We're wiru-
drawn and this Company acquire an additional
steamer. (the Valley City y which Ia since bsen
in active service, 70 meet the increased business
OF the Company. Another interesting incident
OF the year anded 10 in ths report h the closing
Of the stock-book and the pay meat into tae
treasury of the full amount ot the cap:tai. Nv
which stockholders are relieved from individual
liabilities for drbis oi the COMPANY.
During the year the ships have been tho
oughly repaired. The knight and Gibson. b.
sides renoya alton OF their machinery. have both
been supplied with new boilers. and their e.
pacity for carry ing freight and passengers has
been enlarged by the extension OF their deck
cabins and the removal Of those below decks.
The Valley City l. now undergoing repairs To
her machinery and hull, which are nearly COM
pleted. These repairs, requiring large OUTLAW
OF money, were essential 90 the preservation of
the ships and 20 the maintenance OF the good
character OF the company.
The ships have made sixty nine voyages during
the year, carrying freight greatly i'm excess OF
the amount carried in either Of the preceding
years, and clearly disclosing that three ships are
not sufficient 20 meet the demands OF the in-
creasing trade between New York and the Dis
trict cities. Every period OF business activity
has rendered manifest tue necessity OF procur-
ing another ship, more substantial and capa-
eious than either of those now In service. Such
a ship would be an acquisition highly advanta-
geous 20 the company and the business cOmmu-
nifty, in aifordins means Of regular connexions
with Norfolk, detailing the Valley City for this
purpose, } and occasionally, IL patronage should
Justify IL. Of sending the new ship 20 Boston by
way OF Norfolk. The President, therefore. re-
commends that authority be conferred ON tho
Directors 20 obtain a new ship during the pres
ent year, if they shall deem such an Investment
to be jndicious and promotive OF the welfare OF
the Company.
The report next alludes TO n rumor, supposed
to have emanated from some unfriendly source,
of an increase Of rates for freights since tho
withdrawal OF the competing line. Such has
not been the case. The tariff Of prices remains
the same as was proposed and adopted at the
beginning Of the line by the merchants them
selves, with the exception Of reduction on soms
articles which were found TO be rated too high.
The company having been organized a bis
trict enterprise-the first undertaking by our
own merchants to extend the trade OF the Dis
trict for the mutual benefit of themselves and
its citizens-that purpose viii be kept steadily
in view in the management OF its affairs, in fail
faith that IL will thus most surely retain the con-
fidence and patrona ge which has heretofore been
so generously bestowed by it friends, and which
m
tinue TO deserve, well by promptitude and
regularity In the conveyance OF freight a by
restricting itself to fair and uniform rates Of
compensation.
The conclusion of the report plainly shows
that the President is not wanting In confidence
as to the ultimate success Of the enterprise. We
copy this portion entire, as follows:
{" One other subject remains-the prospect Of
dividends-to which il is necessary 60 advert,
and that subject is approached with the moro
reluctance lest any Of the stockholders, in view
Of the increased business OF the year, should be
disappointed i'm not finding at its close ple-
thoric treasury from which TO dispense compen-
sating dividends upon their investments. That
such dividends will come in due time there can
be no doubt, but the time has not vet been
reached when they can be made with proper
regard for the peTmanence OF an enterprise
which, under liberal and judcious management,
promises 50 well for the future, but which could
not prove otherwise than a lanentable failure
II, In Its infancy, the means Of self-supDort
and self-accumulation, absolutely necessary to
fortify IL against future contingencies, should
be diverted TO other objects by q narrow
and selfish policy. IL should not be forgotten
that the company was inaugurated without any
surplus capital, and with stock subscriptions
barely sufficient 70 justify the purchase ami
equipment OF two ships Neither should IL DO
forgotten that from the beginning it encounter
ed the opposition OF an old established COMPANY,
under experienced management, which Opp0-
sition increased in intensity with the lapse OF
time continued for nearly two and a half years.
This strife has row ceased and our late CONNIE
titors have magnanimously bestowed their good
viii as guarantee Of future peace and friend
ship. The resulting gain TO this company is
not within the range Of present estimate.
Among its first fruits was the acquisition of
another steamer, lthe Valley City,) the value OF
which has, OF course, been added TO the amount
Of our property, and this property has been
further increased by thorough repairs of the
machinery and the restoration Of the boilers OF
erection Of more capacious sheds at Georgetown
for the protection and security Of freight. An
this has been accomplished without assessments
company in debt to the amount OF q single
dollar. This increase Of property aud tha
additional value given 70 that which had been
has been made Of the earnings Of the wear.
The actual gains may be learned frOm
the expositions made IN this report, and
snan,S S pc found rant to be highly enceuragng It
Yet on the. Threshold Of an enterprise of
great magnitude and of paramount Importance
to the commercial and business interests of tho
Ii is our duty and their duty 70 strengthen and
make self-sustaining beyond any peradventure
The prosperity which has thus far rewarded the
efforts OF its originators and friends affords
abundant cause for graduation. Let this expe-
rience suffice for the present, with the assurance
that, IL the past may be regarded as an augury
Of the future, the success of the enterprise will
s'Irpass the expectations Of the most ardent and
confident of its projectors. Let us therefore ba
patient and hopeful"
Accompanying the report are statements i'm
detail Of the business and financial Operations
during the year, which fully sustain the re-
marks OF the president as to the encouraging
When the reading had been concluded, Mr..
Thompson stated that if the expositions already
made had failed TO convey information desired
by any stockholder, he should take pleasure in
answering any question that might be pro-
pounded with view TO elciting full exposition
of the condition Of the company. Himself and
his colleagues Of the board Of directors woulI
be pleased TO have the opinions OF the meeting.
Mr.. Philip rose and spoke In satisfactory terms
OF the report, and complimentary of the man
agement OF the affairs Of the company. He con-
cluded by submitting q motion that the report
be accepted, and that such portions thereof as
might be deemed Of public interest be furnished
to the newspapers for publication; which mo-
ton was adopted.
Mr.. Philip then moved that the Board of Di-
rectors be authorized, in conformity with the
Recommendation OF the President, 20 build an
iron steamer Of $50 tons burtllen. with such i'm
provements in model a. may lie necessary % our
trade and river navigation, II In their Judgment