Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1874-03-18
SHIP YARD.
CITIZEN IS EETIN


Mr.. Robert Porner stated that Mr.. James
Green, acluated by a spirit OF llberallty ana
dcsi,e to aid as far as he could in the develop
meut Of every means Tor the general improve
meul of the city, had made Il large deduction
in the valuation of the property known as
Hunters Ship Yard, near The foot Of Wilkes
street, and had made conditional sale OF that
property Tor 1000, the whole OF which he
would invest in the stock of a company to be
formed Tor rquipplng and putting II III opera
lion
l. was then determined that company for
that nurnose be organized with capital of
SGT, 600, tic par value Of the shares to be so,
PAYABLE in mouthly iustamens OF So.
Mr.. Porter, d practical ship builder, was ~
troduced to the meeting and gave his views
respecting the project, expressing himself as
p.rtcctlv satisfied ui the success OF the measure
~ - financial investment He stated that sou
would erect the necessary buildings, purchase
The r.ouircd machinery, remove the present
WAYS aud lay down another extending much
farther into The chauue and put the yard ID
thorough aud complete condition for business,
and that the re.Lainiug $4,000 would be Tor
the working capital. He aso exhibited l'laus
aud specifications OF the requisite buildings aud
machinery.
Subscription lists were then ordered to be
opcucd and committee consisting VI McssrS.
Strauss, Shun, Portucr, ). II. Hmoot, full,
man, iichbcrg, Fraucis, Agucw, Lambert and
D.nty appointed 10 solicit adullonaI SuDScllp,,
lions 10 the stock and to report III an adjourned
meeting 10 lie held at the same place al the
call 81 the chairman.
The meeting thcu adjourned, large amount
Of the stock having been subscribed Tor.
4
AlIer the trausaclun of the usual morning
business at The Commercial Exchange, bu>l-
ness meeting of the membcrs was called at ~
o clock, VIM. A. Moore, esq, President, III
4 he CHAIR, and T. A. Reed. Secretary.
The President stated that he had called the
meeting at the request OF mcuIbcrs OF the tx
change who Would state the object of the same.
Mr. Go. Il. Shinn stated that he had re.
nues;ed the President 10 cunvcnc the Exchange,
"a he desired to lay before the members the
rruccr,iues of Il meeting oil gentlemen held
last night with view 20 the urganlZ ,tlon OF
i int stock company for the equipment anu
rucratiou Of Il malIuc railway III his city, aud
saiu that various efforts had been nIadc from
time to time since the war 10 put IN operation
SUCH an enterprise, but Tor want OF proper man
arelueut, or other causes, these efforts had
failed. l. was now posed to organlz" cGm-
many with a capital of $50 600 The property
termed as Hunters Ship Yard had been con
ditioually purchased al cost OF $1,000, aud
somc SIS, 900 to $50 600 would be required to
properly equip the yard, and winch would
leave cash working capital ul S2O,OOOto 80,
600. / he par value vi The shares OF stock had
been fixed at $50 10 order to ALLOW mechanics
and men Of small means to take an interest Iii
the cutcrpriSc Some spnr hundred and htiy
shares Of stock had already been subscribed,
and the members Of the Commercial Exchange
who had not taken stock were now asked to
do SO.
Mr.. Shinn then stated the beneficial results
which would accrue to the community BY the
establishment OF Il ship yard, asserting that
the repairs to vessels trading TO this port would
,i Itself maintain the business, to say nothing
OF the ship building which, Us IA matter OF course,
would follow. H. further stated that he knew
gentlemen III the community who were pre-
pared 10 take two-thirds OF the stock, ncccs-
sury 10 build vessel here, which would cost
$50 900 10 $50. 0UU, aud urged the members Of
the Exchange to come forward and invest III
the enterprise.
Mr. j. I. Beckham strongly advocated the
propositions which had been submitted, and
hoped every member would take some OF the
stock which was how offered. lie believed the
steamboat aud steamship companies trading
mere would subscribe to the stock, which, he
thought, would prove paying investment.
Mr. T. \. Reed stated his observations as
to the operations Of ship yards at the north
and the large profits Which were annually de-
rived 10y their owners. The large uumDcr OF
vessels trading here required more or less re-
pairs during the season, which would cause the
expenditure ola considerable amount OF money.
He also said his observations had satisfied him
that Alexandria was one Of the best locations
in the country for building vessels, the cost OF
timber here being about one half OF what was
paid tol it at many northern ports where yards
were successfully managed.
Mr. George Y. Worthingon warmly adVo-
Gated the fostering oil this enterprise, and SAD
unless VIC display more energy III the develop
mcnl of our resources and building up our busl-
ness Interests we were doomed to decay, as the
close connections now made by the railroads
aud the facilities afforded commerce in other
cities by superior advantages and accommoda-
tons which we possessed but neg ccted, would in
time rob us of our trade. 1t we desired to be
prosperous we must display more energy. lhe
ship building enterprise was move 10 the
right direction, aud he hoped 1t would be sue
cesStully carried out ;.
MIR. Shinn said he had no interest IN this
enterprise beyond that OF any member OF the
Eychaurc. He recognized the Importance OF
vigorous energetic measures if we would build
up our trade or preserve that which We already
possessed He had invested in this enterprise
because he believed it would pay handsome
dividend IN the stock, but If he knew he would
never derive Que dollar Of interest on the money
| so Invested he was thoroughly convinced the
indirect benefits accruins FROM the investment
would be aulpy rcmuncratlvc to any business
mau, and, indeed, to every citizen. lie SAID
the estimate of experienced men was that
ship building interest OF the size contemplated
was equivalent to population OF :50Op persons.
1t was proposed to establish an lrou furnace
which. he was informed, was equal to 5000
popuaion. If then We eau Increase our p0pu-
| latnu some 5000 or 1000 every branch OF
trade would be benefited, new enterprises start
ed, aud bright future would be open to US
Ali that was required was Il llItlc energy and
little money, and he hoped the gentlemen