Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1885-04-27
THE VIRGINIA IRON sHIPBUILDING COM
PkNY

fRN1.
Stockholders Of The Virginia Iron Aipbuiid-
ing Company
Gentlemen-We have met here to-day
| for the purpose of choosing a board of di
rectors to hear the report of the officers to
ascertain the standing of the company and
transact such business as may legally come
before you.
This is the first general meeting Of the
! stock holders since the organization of the
company, it having only been completed on
the 9th of April, 1884. This company, as is
we'll known, is the successor to the Potomac
Manufacturing Company. That company
was organized in June, 1851, with capital
Of 81 900 900, and the property the Virginia
Iron ShipbuildDg Company now holds was
valued ut 100000. / became connected
with The company in the fall of 1881, taking
stock to the amount Of $780,. receiving
$50 900 of the stock at par value. The value
of the property did not seem Inflated. 1t
was represented 10 me that the company
owned the property on Hunters creek
some thirty two acres-one Of the best sites
for a navy yard in the country, and one
which the Government must have sooner
or later A company was being organized
and u lease was drawn to rent the Pioneer
Mill.
Three furnaces were built to manufacture
iron by the vapor fuel process. The eXper-
iments were highly gratifying, and experts
in the manufacture Of iron pronounced it
success. It seemed assured that we should
J be able to build iron ships in this country
and compete successfully with the Clyde.
The process attracted the attention Of iron
manufacturers. One Of the largest and most
successful iron companies in New Eng land,
the Norway of South Boston, after a care
full investigation By their superintendent,
decided to put it into their works.
About this time we had four iron ships and
an iron freight steamer in view to build, the
contracts for which we could have secured
soon "a we were prepared TO lay The keels.
We had made preparations TO build two at
Bath, and it was our intention to build two
or three at Alexandra. We fitted up the
ward here in order 10 start shipbuldmg in
some furm and give the company a prestige.
| Goss & Sawyer turned over contract to
The Potomac Manufacturing Co.. TO build
three masted schooner. This was in May,
| 1882 In the mean time the experiments in
The yapor fuel process had been transferred
| from Alexandria TO Boston. In July the
schooner then being well under way, we
learned that there were several bills OF the
Company unpaid. Upon investigation We
| found the Treasurer had no money to pay
| these bills; the real estate had not been paid
| for and the total liabilities of the Company
Was some $50, 0O0 The stock issued and
out standing was 6,400 shares, leaving 1900
shares in the Treasury. To save the Pho
ueer Mills, which was mortgaged for $4,000
| Mr.. Moody advanced the money TO pay the
| notes and accrued interest. When the stock
holders became aware of the true state o!
affairs, they insisted an change of direc
tors, and of the management. At the an
Dual meeting Of the stockholders in Septem-
ber 1882, a new board OF Directors were
chosen and your obedent was elected Presi
dent and f. D. Emerson, Secretary and
| Treasurer In order to raise money TO pay
off the indebtedness bonds were issued. II
was found impossible to negotiate these
which were in reality only second mortgage
bonds, and although the purpose was to
raise money and clear the property, yet
there was a lack of confidence that the in
terest could be met, az the plant was incp
eralive, and so no money could be raised by
| this method.
The President and Treasurer directed their
efforts to recovering the stock from those who
held it and for which no cash equivalent had
| been realized. We reduced or covered back into
the treasury over 1000 shares. leaving the out
standing stock less than 2Oi)O shares. We thought
! aarcly with this showing that tho stockholders
| who hal monoyed interest would advance the
necessary funds TO clear the property of Gebt but
our efforts in this direction failed. 1t seemed
hat property which valued at S5OOHW
| ought not to be sacrificed for $4,000. Finally u
syndicate was formed by some of tho old stock.
holders and some outside parties and money sub
scribed to pay the Indebtedness Of tho company
and take the property. This was finally eonc!ud-
ed, the necessary amount being subscribed. but
owing to circumstances 81 800 Of the syndicate
| stock WAS not taken and this stock is in the
| treasury so that there deficiency OF some
81 800, to meet the eStim ttcd liabilities. Some
! three months since c. f. Moody guaranteed the
Company's note to meet the deficiency that I'M
| til within three months there has not been a
| time when the Treasurer and President have been
| free from duns and threats for the last two and
| half years To save the property il has required
| = great deal of labor and am sure mono of the
| stockholders have fully comprehenGed the situu
| ton and how arduous have been the labors and
responsibilities to save this property. Adverse
| criticisms have been made and serious charges
preferred which must be met To this prop.
| crty we seriously impaired personal credit
aud we have too large All interest here to he saCr
| feel to petty iealousies and surmisugs That we
have not succeeded in starting business here is
BEGAN had not the necessary capital. and the
business depression of the country in all lis man
ufacturing interest has beer such that it would
not warrant our doing anything even if we had
The necessary funds at our disposal We must
patiently watch and wait
(SigRed G.. G. GO5s President.
THE last invasion of Afghanistan cost IL g