Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1920-08-25
STOCK SUBSCRIPTIONS
IN STEAMER LINE SLOW
Finance Committee DcviscS Plans to
Arouse Greater Interest in
Its Support.
DIRECTORS ASSUMED RISK
But Had Faith in Richmond People
Who Will Be Asked to Back Up
and Assure Success OF Enter
prise.

Following meeting, Of the finance
committee in charge, OF the stock dis
tribution in the Richmond New fork
Steamship Company Yesterday. II be,
came known that but little more than
half the capital OF 100000 had been
taken by The, people, of Richmond
points to he served by the line.
While this is considered with some
+ little disbursement by the Doaru
OF directors and others. plans Were
outlined by which il is believed the
Importance OF the water transporta-
ton service may he so impressed upcn
be put over With the success that had
been hoped for by the promoters:
Relieving that the peon,e of Rich,
monh apa ,he Stock and back ,her
judgment and faith, the directors OF
the company purchased two bis
ocean-going steamers and a. ina ,,e, u,
had barely begun. The directors hau
so much faith III the business patriot :
ism of the communities to he served
that they assumed the rcSponSloli-
ity and started the service.
Less Than s50o.oO0 Taken.
1t was announced following the
meeting of the finance committee yes
terday that less than s5oO,oUV OF the
stock had been taken: While the i'm :
probable failure of the committee TO
raise the full subscription of sSVo.oOo
will not suspend the service already
iuauguratcd. it is admitted that such
lack of cooperation from the gen
cral public will cripple the service:
But members OF the committee and
officials of the company declared after
the meeting that they still have falth
in the business people oil Klchmonu'
and that plans outlined should, dur
ing the next few days, bring the de-
sired results.
1t is declared that an examination
OF the subscription list shows sur
prsingly small subscriptions from
some individuals and corporations
who will derive the greatest eeneit
for more thorough canvass and re-
canvass of the prospect list.
May Publish Honor Roll.
II is Indicated that publication VIII
be made of those holding stock and
the amount of their holdings. and II
is believed by the committee that
such an honor roll Will stimulate the
Whiie no definite guarantee can be
given at this me as to possible
dividends. il; is being argued that
shippers and all other interests OF
the city and community will derive u
direct benefit through cheaper freight
charges than would apply IL Rica-
mond should lose its water transpor-
chairman 7 NJ. Darlington. of the
committee. said last night that IN"
annual freight o BIZ Of Of Richmond IS
from Richmond is % per cent lower
than it would be II there were no
water transportation. This means
an annual saving 10 the people Of
Richmond OF something like 5000
600.
The argument is being made tha,
this saving is well worth the III
vestment OF 100000. though the en-
tcrpr!se never paid one cent of div
dend.
IN additional advantage that is
beng stressed is the certa!nt% OF
shipping facility without the POSI-
hility of embargoes and car couCcs
Tons. |; is claimed that II requires
from one TO six weeks to get ca:
shipment from New York 10 Rich
mond. and vice versa. while there is
freight BY boat within TWO days from
time OF sailing With Two steamers
in operation after another week or
ten days, there is no possibility o.
lack OF cargo room.
Declaration was made by one Of
terday that railroad officials ar.
asionishca al the Indifference OF
Richmond people in giving fun amt
liberal support 20 the steamship line.
II - claimed that the railroads adj
m.t IN" advantages offered by the
s.. asMp line 20 shippers and thar
Tho are astonished that these actual
fics are no; readily recognized by
Chairman Darlington said las,
night that his committee IL conf
dent that the entire subscription will
be raised during the next week or
hers OF the comN!tte. wore some
what discouraged before. the mce.-
ing yesterday and plans were de-
N!sed Tor a more intensive campaign.