New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1855-06-29


mua consider the policy Of the Company injudicious
and ruinous He reprobatcl the conduct of the
Directors in abandoning the contract with the Mica
raeua Company Of May, 1883. He reprobated also
the conduct of the Directors by which from March to
the present time they had been in active competition
When he looked a, the failure Of that negotiation he
could not conceive that their property was not en-
barked in this war TO nonopoze the Pacific trade to
draw down the 90 900 annual passengers from the
Nicarecua route TO the Panama Railroad He de-
sired men 10 20 on who would act upon different
neicy He therefore thought it prudent 70 give their
Directors the power and tie right to confer and con-
suit with these five gentlemen Gentlemen musth
seen enough Of their management to know that they
would not 20 into anything inqulsItorial.
Mr.. Mann followed in an eminently eoncilatory
speech. He thought that the President he'd mani
tested strong disposition to accommodate himself to
the individual views Of his friends. He had been
tensvoly associated with Mr. DehOn, and Mr. Dehon
was not at all opinionated. Whenever he had been
asked TO give up point ne had done with The
most freeo ON aud generosity. There no personal
feeling between him and Mr.. AspinwaIi, aud he did
DO, see why with little explanation they could not
come ether aud have further difficulties. rley
were both useful and valuable men. They knew their
intelligence and they knew their integrity, and he be-
eved that they ready TO iDtrust them with ony
thing IN any form or shape affecting their interests.
Tie resolutions were unanimously adopted.
Mr.. Dehon read the folio sing additional resolutions:
Reored That Board Of directors be requested confer
with The said Committee g. to The ree ia ION o. hs Be1cia
Works ard Of the other property referred 70 Il the Report if IN
then Judgment desirabe.
Mr. Asph well desired that the resolution might be
more spocifc the Directors deoiTed 10 know what
their duties were
Mr. Dehon thought that it was sufficiently specific.
He commended that il would be very desirable for the
IupcfOfe to have 10 consult thew could
not 90 TO the Stockholders. He wanted the Directors
TO take all the responsibility, bat at the same time he
thought it not amss that their parties should DC called
in and consulted.
A gentlemen said that he rose BY no means for the
purpose Of secondiug the resolution of Mr. Dehon; he
corsid red it reflection on the Board OF Directors.
MIR. Dehon denied any such intention.
Another centleu an inquired If Mr.. DehOn admitted
that the Directors had acted in good faith heretofore
why he wanIed this resoluti0n1
Mr. Haggerty wanted to know why the Directors
should refuse to associate with these honorable gentle
men.
1t was moved that the reports be laid the table.
Mr. Aspnwall said it was his duty - point out the
fallaciee contained in printed pamphlet which had
been extensively ci culaled. The pamphlet Is most
Objectionable to Practical minds, because 1t INDUCES
in vague insiuuations and not specific complaints aud
general criticisms without providing remedies. II
refers to tie absence at time of three Directors
without informing you that all had III charge the b1s-
ness of the Company ana Two were the he of its
operations Ii refers 10 commissions Oyercharged by
Rowland x Aspinwal without specifying 10 them 10
what extent and It promises q saving by abandoning
the Commercial Agency beyond the considerable
amount which such q course viii save and without
informing you that the agency OF Messrs Howiant
& As1iuwaD was authorized by yOu when you
subscribed 10 your stock, and that Its rehn-
quithment by them is wholly optional. The
" substantial ACCURACY" of my report TO you is
acknowledged; but after most searching labors your
Committee fall back upon general intimaiops
and iaacous theories from which you may draw un-
favorable differences. We feel that YOU cannot do 50
when yOB find that two hypotheses, equally fictitious,
are aseumodviz: That Ii has been the desire OF your
Directors TO accumulate property, and that they are
responsible for tie low rates OF fare. 10 foundation
is offered for either nsnuation, simply because Done
could be found. i have 10 wish TO go INTO details
Ii is sufficient TO me to challenge any one TO produce
from this pamphlet facts or figures which stamp the
policy of tho pas two years with disposition to ac-
cumuste property. No property has been purchased
except TO meet Indispensable wants and to render H.
veetnent productlve-eiiher by improving property,
or by unnoviug obstacles fatal TO produc,iyeness.
In steamships, the large investment OF May, 1913,
has been reduced by the sale OF two steamers and
the loss of two Our efforts have been unremltinS
TO limit by further sales The investment 10 our actual
wants but az yet without success. i did hope that
the wisdom OF yodr Committee would have sug-
lesied mode of disposlng OF some OF these we
could well spare. OF tie fourteen steamers III the
Pacific, but seven and tug were sent there wu-
IppIy The balance were purchased 10 prevent their
bel Y used agains. us, and tor no other object Al
most one-ffth of the investment resulted from the
anaugen.ent win Davis BROOKS d Co., aud That was
made 10 prevent thrice the Iunuage we then pur-
chased i'm the Pacific being thrust utO the business.
Had Mossrs Davis, Brooks x Co. placed there the
tulnale contemplated TIE passengers wodld have
been divided between three or tour hnes, and with
chance Of dividends TO none. Bankruptcy for some
must have followed. AT present we have but
two steamers Of the five purchased from them The
steamers in plain language have cost you S561OOO
ess than they cost the former Company, from wnich
Il no iuNrt.a fYr1pu N
thirs &c was by transfers from Davis, BROOKS Il
Co increased about SO per cent, after the disaiow-
ance by arbraos of items amounting 10 one-hali our
investment at the time Had their claims prevailed
and not Their rgbts-his invest ment would be half as
large again. The investment in Goals must always be
large Prudence calls for six months supply at each
OF three derots and this makes az aggregate OF near
200 tuns Oar choice is between keeping SIX months
stock on hand and trusting to chance aud hIctuaunS
maIket, and although on a receat visit 10 Canothla
a commercial depression enabled me 10 purchase 9ooo
condemns the policy trusting purchases on the spot
There is now OH hand about eight months supply, ln-
cludng purchases and excluding Goals IN Tansltu anu
not twelve months stated in the report In 1888 our
stock was large-party because We ie heir 10 an In-
yeetment in Goals By Davis Brooks X Co., of near
$500 OOO believe Il at it would be wise for the Com
Iaay 10 dispose of th.ir establishment az Benica,
whenever We do So aud have 81 informed you
but while We tain should make II as productive
of revenue as possible. The souudes pruience dc
taes that We should keep down Ouays Tor repairs oy
profls on outside WORK. The permanent lnses nent
here of 81 600 referred 10 consists vi the wharf anl
MINOR improvements Indispensable to the permanent
efficiency OF the works, and adding greatly TO 'helr
market value. We owe In great measure TO
such efficiency. Jobwoik now party hnisled
there TO tie extent of over $4,000 Oar
steamers are repaired here at an average of ex-
peise less than is usual in New Yorki and these
repairs at any other oundery in California would cost
double ~ We Woud have to pay cost and prodls De-
side Our supply of stores is limited TO actual nec,s-
saes not obtaiIable at fair prices, M all, IN The
pnc,fc - nnnind-M lcn must be shl ned from New