Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1920-06-09
Proposed Shipping Ven
ture Practically Assured
at Hotel Jefferson Meet.
HALF OF CAPITAL STOCK
ALLOTTED TO RICHMOND
Bankers Announce Probable
Loans on Securities to rs
Per Cent of Face Value.
MUST PURCHASE SHIP NOW
(. thusiaSm by Stating Aims and
Policies OF Commission.

Organization OF tho Richmond. Nor
folk. Sew York steamship line. with
four steamers and capitalization
OF Sl.s0o.6o0. was considered as prac-
Ideally assured in the liberal indi-
Nidual subscriptions pledged and ten
tativc pledges for iJrGc business
and shipping interests at the mass-
meeting at the jefferson auditorium
last night.
Individual subscriptions amounted
TO almost 100000. Representatives
OF large concerns who had to consult
with their associates or directors ten
tativcly pledged much larger aggrc-
gates.
business men representing various
lines volunteered TO devote today 10
a canvass OF their various lines and
report 10 the traffic committee OF
the Chamber of Commerce AT 1870
o'clock this afternoon Mt the cham
bcr.
II is the purpose Of those behind
tho movement In Richmond that
Richmond take at least 100000 OF
the stock. Norfolk, Petersburg. New
port News. Portsmouth and other
places along the line arc expected 10
take the remainder. ], was an
nounced last nigh, that New York
interests are ready to take some of
the shares.
The Richmond committee Will re-
port to Norfolk tomorrow. when IL is
Expected that that city Will take It's
quota.
Summary of Report.
Condensed summary OF the rcport
OF +. II. Palcn and joseph H. Young
who made an investigation ana cs-
innate Of the needs and possibi. busl-
ness nt the proposed line was pre-
sentcd 10 the meeting by Chairman
j. Scott Parrish. of the Chamber Of
Commerce traffic committee. who pre-
sided at the meeting.
IL was recommended that the Old
Dominion steamers Hamilton, JEFF
ferson. Berkley and Brandon. with
terminal facilities of the old com
pany - tho various ports to be
served. could be purchased. but local
fnicrests have only till Friday of this
week d complete negotiations
Other interests will have the option
OF purchase after Friday.
Mr. Parrish, transmitting the re-
ports OF Mr.. Balcn and Mr. Young
showed that there is sufficient tom
mage available and. that could he
developed to operate the four YES
sells. two on the James River and two
between Hampton Roads and New
York, at safe profit IL sufficient
freight rate Is fixed. 1t was the
opinion OF the experts that the rate
to be fixed for the railroads. which
probably will amount TO at least 40
per cent increase. will be sufficient
to operate the line and guarantee
q profit.
Forward Gives Encouragement.
Alexander Forward, of the state
Corporation Commission. aroused en-
thusiasm when he advised that the
ratef be fixed high enough in the be-
ginning TO insure business operation
with fair profit. He declared that
the policy of the state Corporation
commission is to aid business and
industries to such adjustment of
their operations that fair profit may
be realized. and with that the high-
est degree OF service for tho public
me ne enerpton een1rt OF the expert reviewing
number Of years Indicated that hat there are
naro rs suife'snd ao snd local local and through ton
70 insure profitable business il a
proper rate is fixed and rate that
would not bring the railroads into
direct competition. Indeed. stress
was laid on tho fact that tho rail
roads cannot handle ali the tonnage
and reallywould welcome efficient de-
velopment Of water TRANSFORMATION TO
relieve railroad congestion. Commits
sioncr Forward said that tho conn
Try Is deficient In railway ears to the
total OF 100000 cars, and that with
an Increased production of so per
cent, this deficiency cannot be elimi
mated in tho next six years.
Subscription blanks passed throurb
The audience announced a nronoscu
ssue of bonds and stocks ms foIinws.
I800.000 s per cent ten-year bonds
&i600, 600 per cent preferred stock
md 100000 OF common stock mai, nal
ng total Of $l,S0O,O 900. ''N
Bankers present announced that
hose institutions probably wouId
IKE IS much 8 $4,000 Of the bonds bI
residents OF two leading banks an.
iounced that they would advance
ent OF their face value. ~.
John M. Miller, Jr.. in n brief talk
oclared that while he believed the
,enture would prove profitable this
hould not be the first consIderntion
the minds OF Richmond people.
ss,9. sr.l III saNg. -isf.c s s.-.