The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1876-12-02


An amount exceeding by S2S,305.99 the net
sncome-a sult which would have been
impossible had not the company during the
wear realized about $4,000 from collecting
old debts a1sG selling old engines, cars,
horses, &c.
The President says: " The bonded and
floating debt of the company has been re-
duced by the sum of S20,641." The trsa-
Sllrcl's report shows that it has been reduced
in fact $50 1853. Common stockholders
do not understand this variance.
The President confesses that the company
has thrown away the golden opportunity
afforded by six months OF Centennial travel;
and offers as lame apology the "necessfty
OF keeping up connection with the city OF
Baltimore by the route OF the Potomac
river." Every intelligent observer OF tho
business of transportation during the sum
mcr and fall months OF 1876 has been pain
fully conscious OF the diversion OF travel
around and away from the metropolis ef
Virginia Disinterested people do not
acknowledge the necessity OF the "rouse OF
the Potomac river" as aforesaid.
The President furthermore confesscs That
the agreement heretofore existing in Fe-
spect 10 steamboat service on the Potamac
river is one that should be discontinued;
and lie entertains no doubt that other az
ran @ementS can be made more satisfactory
| and advantageous TO the railroad company.
| In these opinions Of the President common
| stockholders concur. The arrangement
heretofore existing was never tit to be made
! in the interest Of the railroad company 1t
| is same satisfaction to know that it will
! terminate March 81, 1871.
! But the President reports that he has
! bought peace and deliverance at startling
Il 81
eight per cent. OBSERVATION-DISCLOSURES: $780,
| 700 Of stock and S5G.S00 Of obligations.
And the stockholders in general meeting
ARE celdly informed that "this has been ae-
cerred by the Potomac Steamboat Com
| panv and all differences have been Satisfae-
! torsly adjusted" under the advice OF eEni-
neat counsel.
Now. common stockholders want TO
| know, Vou know" (Little DOrriH.)
1 1t is said and believed that Messrs. 2.
V. Daniel, .Jr., JohnO. Steger, and Conway
| Robinson truly eminent and excellent
lawyers) advised the Board Of Directors al
the railroad company that their contracts
with and relations to the ''Potomac Steam
boat Company" so called, were ultra ureS,
and unlawful. The exhibition Of the opin-
ions OF these gentlemen will secure abso-
lutte certainty in this behalf.
long time asserted without pretence OF
contradiction that the .fpotomac Steam
boat ComnenE,n' so called, is not q cor
poration. that it is the name and
style OF firm of private persons
doing business on the Potomac river as
partners and common carriers; that John
NJ. Robinson, president, so ct&ed, and Mon
cure Robinson, Skipwith Wilmer, Samuel
Schumacher. Charles &. Savage, and Eiihu
Chauncey, directors, SO called, OF the {" Po-
tomac Steamboat Company" are, with their
associates, partners under the tirnl-name
and style aforesaid: shat in this partnership
the shares Of the RESPECTIVE partners are
expressed, probably Sor convenience, IN
decimal fractions Instead OF Vulgar fruc-
tons, as is usual; thM every mas OF them
lis liable in his own personal and Individual
estate for all the partnership transactions
sad their consequences. and that slhey are
perfectly solyent--goad Tor millions of dol
isx.
4. 1t is perfectly clear that no BGtrd OF
directors has, or has ever had, the lawful
poStar to put the Richmond Fredericksburg
and Potomac Railroad Company in IS
partaer in steamboat partnership; and
the psassons who as president and directors,
whetha. elected by stockholders or asa-
pointed by the Boaid OF Public Works.
have assumed to do this thing are person.
ally Liable for having done so. = :.
4. The es,arter of the old 6 Washington
and Fredericksburg Steamboat Company"
passed by ss1e Legislature OF Maryland in
1910, expired, by its own limitation, TN 1860.
Since which time even its naG,e has net been
used. ''.
. S. The fractislal interest or share OF the
railroad company in the steamboat celn-
pany has never been revealed out OF tie
charmed circle within which full and accu-
rate information on this subject revolyes.
The whole amount Of tue capital sioek, so
called, OF tie steamboat company has not
been publicly disclosed. 1t has been VS.
tered from time to time. But common
stockholders fincluding the Board of Pub
lie Works, Representing the largest common
stoekholder,l do not know this day what
proportion the railroads. s66, 700 bears to
the whole steamboat capital.
9. The steauibsat service on the Potomac