The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-07-03

lie wanted 10 ger money for Tbs c0mpa-
ny, and wanted to get his share OF it, and
had as tender consideration for the interests
OF little as o' big stockholders.
RIGHTS OF MISoR1TIEs.
Mr.. Dimpfel wished to call attention to
the fact that Nr. Biddle had not explained
how .his company would be benefited by
the change proposed. It was not sufficient
to praise gentlemen. 1t would not do to
lament that the company was not doing as
we'll as in old times. Nor would it do for
Mr.. Biddle to say that he and Mr.. Robinson
were having such tender consideration for
the small stockholders. There are now
| in this country somewhere about 5000, ,000,-
900 OF railroad bonds in default. They were
not made so by the action Of the mlnorites.
Oh, no.
Mr.. Dimpiel further called attention to
the fact that Mr.. Moncure Robinson and
Mr. Biddle are large stockholders in the
boat company.
WHO OWN THE BOATS?
Mr.. Biddle hotly disclaimed being inf;l-
enced by his interest in the boat company.
Mr.. Dimpfel asserted that under the former
subsidy the Richmond, Fredericksburg and
Potomac Railroad Company in one year paid
$4,000 TO the boat company-three times
the value Of the property employed. At
great sacrifice the railroad company got rid
OF that contract. The boat company were
paid to take the boats off. And now these
gentlemen desire to force the boats back in
violation Of that compact.
APPEAL TO TIE COURTS.
Mr.. Dimpfel charged that this was not
keeping faith. He knew that it would be
in vain to plead here, but lie would recon-
mend that the stockholders appoint among
themselves a committee to obtain al iniunc.
ton to prevent the restoration OF the boats.
II the boats are put back the stock OF this
company will not be worth fifty cents on the
dollar. The steamboats, will, in fact, be the
destruction of this company, he predicted.
Elr. DimpfeI, who is Il railroad-man and
an engineer OF experience, enforced all OF
his points with such practical suggestions rs
to carry with them to nearly all present con-
yiction as to the soundness OF his views.
THE DAY I1NE-wE HAVE IT.
Mr.. John z Branch said that he had
not heard one reason why the resolutions
should be adopted. At the former meeting
there.w one given-it was that we should
have 4 day line. We now have that day
| line. And so the sole argument 1or the
boats is swept away.
| Mr.. Branch offered IN amendment to the
resolutions OF Mr.. Biddc in effect providing
(aS the law directs) that equal facilities be
granted connecting railroad companies as
are given the Potomac Steamboat Company,
and at the same hours.
1t being after o'clock, the meeting adj
iourned until Z. N.
HISTORY.
| A pamphlet under the title OF I" n Oriet
| History of the Potomac Steamboat Com
| pong and protest against its reiini0n tciu
! The Richmond, Fredericksburg and Potomac
| Railroad Company, by II. u. Jones, ". II.
Palmer, State PROXIES, and L. b. Ander-
son, L. S." was distributed to the stock
holders, II gives an amazing recital OF the
doinss Of the steamboat company; how the
raj .oad company has been kept down in
order that it might be kept up; how stock
| holders in the railroad company were kept
out Of dividends so that the steamboat com
pany might have them, and charging that
| Mr.. Moncure Robinson and friends had run
both the railroad and steamboats, to suit
| themselves and in utter disregard OF private
! interests.
THAT STEAMBOAT COMPANY.
, Says the pamphlet referred to:
! During the fifteen or sixteen Years OF the
| existence OF the Potomac Steamboat Com
| panv prior TO the war the stockholders re-
allied 2545 per cent. OH the par value OF
their stock, OF 42J per cent. on its cost In
other words. they had received the Whole OF
! their original investments, with per cent.
interest thereon, and 4 clear surplus or 23355
per cent. Though this company received its
proportionatc share OF the profits they owned
only about one third OF the stock, while all
| the revenues were derived from facilities
they afforded. 1t is patent, therefore, that
even at that day the revenues OF the road
were rendered subsidiary to the boats. "
:, FEARFUL LOSS.
During fhe seven years. however. OF tho
CONNECTION OF the Potomac Steamboat Com
paay with this company since the war sub
sides to the amount OF S225, 156.16 were
paid them from our "cvenue>. In addition
! to this we surrc!lG+ Ell to them al OF oul
interest III that Company. amounting tc
Sl23.j00. a.ai;inG u clear loss OF 1916, ,2j6. 1G
| The alliance mad COS! IL. The continuance,
ncWcVtr. uf this l!nilaturai connection after
! tic c.;n<.rllc;inn ci the Alexandria and
| Ouani!on "nad at4,lSed once more the: fires
| OF Wa". which consumed thousands OF dol
lars OF orr revenues. while it cost the Poto-
mac Steamboat Company not one cen!
| though il was inaGgulated and prose
! cuted exclusively in their interests.
ThoUgi. rIlcSc direct and ostcnsib!c LOSSES
were great, coulG we compute the Incl
, dental anG coliater2l pccunlarv injury we
sustained by these conflicts. to say nothing
OF the loss OF moral prestige, it would be ap-
palling. Whatever, however, they may have
been, we can demonstrate by simple matIl-
ematical calculation, bascG OH facts drawn
| from official records, that $4,000 would
not cover the average annual losses we Sus'
tanned during our seven years connection.
While we were thus losing an amount SUI
! ticient TO pay dividend OF five per cent
per annum on our common stock, the OriCi'
nal Potomac Steamboat Company stockhold.
ers could not have been realizing less than
forty per cent. per annun1 Oil their ori@ira
investment.
$4,000 PROPOSITION.
After st.fii,~ many other facts equally is
startling these gentlemen say:
These. truly, are most ominous and start
| ling declarations, az [ coming from the
source they do, backed as they are by the
approval Ct gentlemen from Virginia." and
the 'opiG!ons Of the ablest engineers il,
the country" deserve the most profound
and respectful consideration. To avert ca
| iahitteS ~ ulle, suSpenueu, as you may
imagine, on such threatening and ticklis
contingencies, what policy has been adopt.
ed! We are told the Potomac Steamboat
Company "Laye been earnestly desirous oi
making peace with the Pennsylvania Rail
road Company, and have gone so far as tc
say to them that if they would pay one
third OF their increased receipts in conse.
quence OF the stoppage OF the steamboa!
line, say $4,000, the boat line shall be ne.
mored"
| These, then, are the facts in brief. as all.