The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1873-01-18

| us with their stock rs proxies.
Mr.. Lyon: And have no hesitation In
SAYING that their confidence In you is de-
served that YOU are a iaithful and efficient
servant and wish TO show that you are nc
ccsSarily SO.
Mr.. Robinson I think il is deserved.
Mr.. Lyon: What is your salary rs presi-
dent of the Scaboard and Roanoke Railroad
Company?
Mr.. Robinson | began ns engineer with
"A salary of $500. and received that until
immediately after the war. became prac.
tcally president and superintendent with a
salary Of $1,000. When took hold Of the
Baltimore Steam-pncket Company it was
| broken down, and its debt WAS greater f,lan
its capital. placed 1t on its present good
footing. and the stockholders voluntarily
not Mcncurc Robinson--gave me $4,000 per
annum. now receive therefore $4,000.
Mr.. Lyon: Then, your salary is not
$4,000:
Mr.. Robinson: No.
Mr.. Lyon: How much do you get from
the Fredericksburg (Riehmond, Fredericks'
burg and Potomac) Company!
Mr.. Robinson: Four thousand dollars
81 500 of which turn over to persons who
relieve me OF some of the duties of my office,
aud get 81 900 as president of the Potomac
Steamboat Company.
Mr.. Lyon: Then your SALARY Is in the
aggregate S2l COOP
Mr. Robinson No, sir; my net salary is
S19,500. l receive $4,000, but give 81 800
for the performance of duties which my alb
sence from Richmond devolyeS upon Others.
MIR. Lyon: In other words, you pay Fl SOC
to other persons for the performance OF duties
| pra1sr in
uursipg another line.
Mr.. Lyon then called the attention of Mr..
Robinson to the 26th section of the act OF
January 26, 1853, which is as follows:
"Whcnever the rates Of tolls and trans
poltation charged by the company shall Ell.
able the president and directors, after the
.ayment of all necessary expenses, and after
setting apart fair and reasonable sum for
the repairs Of said road, warehouses, and
dcr5ts and other constructions, and of the
machinery, cars, and other vehicles OF trans.
portation, to divide more than fifteen per
centum per annum on their capital stock In
vested. the said rates of toll shall be 80 re-
duccd by the said directors rs to enable
thcm to divide fifteen per centum per annum
and no more
After reading this section Mr.. Lyon
asked. HAS not the Scaboard and Roanoke
railroad divided more than fifteen per
centlnn per annum somctimes!'
Mr. Robinson: No, sir.
Mr.. Lvon The law says, "On their capi-
tai stock investcd.n What was the original
capital:
MIR. Robinson cannot tell you exactly
from memory; that was before was prcsi
= dent.
MIR. LYON. AS much as 5000, 600?
Mr.. Robinson: More, think, including
the common and preferred stock.
Mr.. Lyon Can you point TO any laN
which authorizes YOU TO distinguish between
r common and preferred stock:
Mr. Robinson think there is such 4 law
but this Is question | have never looked
I into. II was So when became president
Mr.. Lyon: find out from your report
: that there were 1850 shares of preferred
stock.
Mr.. Robinson About $685.
; Mr. Lyon is any of that stock held III
Norfolk?
Senator Taylor: Whatever stock was held
in Norfolk has, think, been sold.
Mr. Robinson The preferred stock il held
think, largely in Virginia. Maryland, and
think. Il minor quantity in Philadelphia.
Mr.. Lyon How often have you increased
the capital stock hv declaring stock dyi-
dcnds2
Mr.. Robinson: Twice, | ttink-twenty
per cent, and then ten per cent. ltwas done
with view to remunelating stockholders
for the absence of dividends during the re-
construction uf the road.
Mr. Lyon: Your capital stock now Is
81 ,2IS,4Oo. II we deduct thirty per cent.
from that
Mr.. Robinson: low is that ? What are
you doing!
Mr.. Daniel Where do You get your
figures:
Mr. Lyon: get my figures from the re-
port OF Mr.. Robinson to the Board Of Public
Works--the only one he ever made.
Mr. Daniel said re wished the committee
to understand that no other report had beer
made si.iiplv because the company and the
Board Of Public Works were until recently
Of opinion that none was required from tha,
company, aS the State had no direct interest
. in their rGld.
Mr.. Lyon then said that as Mr.. Robinson
did not know what the capital stock Of the
company originally was. he was trying to
get at 1t by SubtraclinG the amount added by
stock dividends. want 10 show, said he,
how your (Mr. Robinson's) company has
cyaded the 23th section of the act of 1853 by
declaring stock dividends. Did it never
occur to you that this was an evasion of the
law:
Mr.. Robinson: No, sir; counsel were con-
suited. 1t was done with view to refund
ing to the stockholders money earned while
tie road was down. The stock was not wa
tered except since the war and under the
circumstances stated. We borrowed,noney
on notes of the company, not by bonds, tc
make rcIairs.
Mr.. Lyon: What, then. do you mean ir
your report by bonded debt?
Mr.. Robinson: A seven per cent. mort
gage bond issued years ago and due, think
in 1880.
Mr.. Lyon: You report your net revenue
at 1926, ,002.S5; interest OH debt, about
S2l 900. This leaves more than sixteen PEI
cent. upon your capital stock. What became
;, ofiti
l Mr.. Robinson: It was spent in the im
proyement of the road and property, and il
the purchase of stock Of the Raleigh aDt
CASTOR railroad.
Mr.. Lyon: How much money was spent
in the stock of the Raleigh and CASTOR rail
road: How much did you pay MIR. Branch
for instance, who is here. for 1000 sharesy
Mr.. Robinson: Mr.. Branch, how much
was it?
Mr.. Branch: did not know before now
that you bought it, but got fifty dollars.
Mr.. Lyon: And you were not dividing
more than fifteen Per cent. when you made
this Investments
! Mr.. Robinson No, sir.
Mr.. Lyon: Mr.. Robinson, will you tell me
what are the annual profits of the steamboa,
company-the Baltimore Steam-P Packet Com
rany?
1 Mr.. Robinson: That company is corpo
ration chartered nv the Stotp of Marylnnd