The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1873-02-01

MIR. Lyon How do you measure your
interest?
Mr.. Robinson: by the amount of stock
held in each.
Dir. Lyon By the nominal value of the
stock?
Mr.. Robinson Yes, the amount invested
MIR. Lyon: Originally
Mr. Robinson: Yes, aud now. Our in-
terest in the inland route is within five per
cent. Of double our interest In the Seaboard
line.
Mr.. Daniel: Doesn't your interest in the
Richmond and Petersburg route make it
quite double?
Mr.. Robinson: No; within five per cent.
including that.
Mr.. Lyon: Is that interest simply paper
value, or stock and dividends.
Mr.. Robinson said of course the Seaboard
line is paying better than the other now, but
ne was deyoting himself to the inland line.
and was developing the Fredericksburg road
so that 1t would soon make pretty exhibit.
The local business. encouraged by low rates,
was increasing, and the through business
would be greatly increased as soon as there
is through communication for freights.
Mr.. Lyon: Would youand your family be
willing now-to-day--to exchange your in
terest in the inland route for your interest in
| the Seaboard route?
Mr.. Robinson: Yes of course the other
has the safest practical value now; but we
would be the greatest fools in the world IL
we didn't do our level best to build up this
Mr. Lyon: Will you not tell us, Mr.. Ro-
binson, from which you receive the largest
amounts in dividends and other profits
Mr.. Robinson: | have already answered
that question in full.
Mr.. Lyon Well, have you any objection
to doing so again.
Judge Ould: His answer Is already with
the committee.
Mr.. Robinson: Of course the Richmond,
Fredericksburg and Potomac railroad has
not for several years, from a great many
causes, paid any dividends.
Mr.. Lyon: Please tell me from which yol,
have received the largest dividends or pro-
fits in the last five years.
Mr.. Robinson: have said that the Sea-
board road has been paying eight per cent.
and the Fredericksburg road none.
Mr.. Lyon: Which of the two, the Bay
line or the inland line, pays you the largest
cash profit or dividends?
Mr.. Robinson The Seaboard route is Mt
| present the most profitable.
Mr.. Daniel then inquired Of Mr.. Robinson
| whether it was not TO his interest to make
the Fredericksburg railroad profitable; 10
which the reply was, "Unquesaonably."
Nir. Lyon asked if it had eyer paid any
thing siHce 1854.
Mr.. Robinson did not respond, but DIR
Daniel said yes it paid q dividend during the
war.
The witness was thon questioned again a;
| to the comparative advantages OF water anC
| rail transportation for heavy treishts. Thi:
| induced Mr. Lyon TO inquire how many
times cotton going By the City Point route i,
| handled between Petersburg and Baltimore
At first Mr.. Robinson thought it would have
to be handled only once, but before Mr.
| Lyon got through it was demonstrated
! pretty clearly that it is necessary to handle
! it not less than three or four times under tho
present arrangement.
Mr.. Robinsom's ideas of wafer transporta-
ton seemed to have been formed by biz
| experience on the Seaboard and Bay Line
| In that c:lsc the railroad company and steam.
| boat company nre not in friendly alliance,
| but are under one management (AIr. Robin.
| son controlling bothl: and a daily line OF
boats touching ut he depot of the railroad
the cotton is taken from the cars to the boat
without trouble o" expense.
On the other hand, in the. case of the City
Point line, it appeared that the Petersburg
Railroad Company is excessively taxed for
taking its freight to water, and that the
freight is also subjected to Il good deal OF
handling. ltalso appeared that the Powhatan
Steamboat Company, which has to be relied
upon for taking the cotton to Baltimore from
City Point, is partly owned by Mr.. Robin
son (le lEus an interest of onc-third), and that
he is Il director in the company. Mr.. Robin.
son stated, however, that he ind very little
if anything to do with the management, and
had never been over the line. 1t also ap-
peared that if the Petersburg Railroad Com
pany desired to send cotton to New York
they were met by still greater obstacles from
the Old Dominion Steamship Company,
whereas the Seaboard Company were in
friendly alliance with that company, and had
every facility for through freishts extended
to them.
Some time was then consumed In making
clear to the committee the circumstances 1T
tending the oppressive tax imposed upon
the Petersburg Railroad Company at City
Point, and pending the consideration of this
matter the committee rose.