New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1855-06-21
The stockholders Of the Dosmoip~ Navieshon
Company meet at Kecsuk, Iowa, on the "a jay "'


the election of Director
We ere glad 10 learn tha, Mr. Bacon has ehp,essea
the confident opinion since his return ron inc west
that bis house will be able 70 pay In iuu every ao"a'
of s obip atoms within year, without recourse %
the private property OF Mr. Page sud that even MS
bouse ,boud not recover the large balance due from
tho oao and Mississippi Road, the creditors OF rage
& Bacon will still, or later, be paid in full
We 81. Louis Intelhgencer OF the 18th, says IN
as,;on 10 the note given by the Ohio and Mississippi
Railroad Company TO Messs. Page d I bssSn;
at is understood that the note for 81 i5e, ocJ due
bv The Ohio and Mississippi Railroad Company TO
Pace Bacon for money advanced co the "c0astruc-
" tson" of the road was due Wednesday, and not
paid; end that the Trustee was Yesterday instructed to
f,k noseessoD of the road and its franchises ia
half OF Page Bacon. lie did So and the road will
benceforh he run ana managed by the Trustee, until
the entire debt of Pege X Bacon be paid from it, net
earning, or by sale Of the rood under the deed OF
rutt. The public win be none Inconvenience by this
change Of proprietorsip. The trains will BE- run as
usual The track laying Is pushed ahead vigorously
and in q very few days TIE road will be opened TO
Vincennes. Then direct highway will be clear TO
tie East
An adjourned meeting of the Pacific Nail Steam
ship Company was held to-day at its Office, No. 81
Soutt-st About 80 Stockholders were present.
George W. Blunt was elected President.
The Chairman Of the Committee appointed TO inves-
teae the condition of the Company read their report
He stated that it had been drawn up principally by
Mr.. Debon.
Motion was made that the report be adopted.
The President Of the Company corrected an error
The steemaips were not rated at their cost, adding
the cost Of their transportation to the Pacifc They
were rated at $4,000 less according to the appralse
ment of the old Company in March, 1883.
Mr. Dehon explained the statement satisfactorily.
The President stated also that the insurance policies
provided for return for each month they were n port
nh, EoA fhn m
were not much more than they would be II only
Against fire . go
The President denied too large disposition TO ae-
"cumulate property. He said they were forced into
buyiDg steamers by competition. 1t would be very
difficult TO sell the surplus steamers to persons VINO
would not use them to compete with the Company
| The report was accepted. $50
Mr.. Mann made a speech on the magnitude OF TINS
enterprise and the runous results of continuing the
| present competition. If, however, all honorable
means for a settlement should be exhausted in vain,
he in favor of carrying on the war aud seeing who
would out best in the end. lie would submit TO
no terms which he could look in tue face at the
| church.door every Sunday morning when he went 10
say bis prayers. If they could not obtain honorable
terms be went for carrying the war TO sevastopol.
Theo. Dehon then read the second report.
| Tie meeting adjourned TO Thursday the 2sth, al
| p. M. Stockholders are expected to be present or
send their proxies to vote the appointment OF the
Advisory Committee.
The report made by Mr.. Dehon is long and compre-
bensve, and it is difficult to make even full abstract
of it without occupying too much space. The report
states the floating debt and bonded debt, due in Sep
tember 1856, of the Company at s66O,7s of which
| s43e, SIG is due Messrs Rowland Aspnwall. The
| Committee recommend the issue of 900 OF 7 q
cent Bonds for the payment of the debt and the estab
lishmept of sinking fund of 100000 or 100000 per
annum for the payment of the bonds. Some sales OF
property are advised to meet the deficiency between
the Bonds ard the debt. The report advises the
stockholders to take these bonds at par The Com
mittee recommend the sale of four OF the ships be-
longing TO the Company and also indorse the recon-
mendation Of the President 10 cell the works at BE-
nicia and the storeshps. Tho Committee also re-
commend the acceptance Of the proposed relnquish-
ment of the agency of the Company by Messrs How
land x Aspnwal and the transaction of the business
of the Company by the officers of the Company. 1t
thought 900 to 500 900 per annum can be saved
BY such iudicious economies. The Committee also
consider that $40 600 to $780, per annum might be
saved by insuring the steamers lying idle in port only
against fire. IL relation to the causes for passing the
dividends the Committee says
"They unite with the President in opinion that sew
era clements have contributed TO this unfortunate re-
suit among these we class too large an Investment IN
steamships, alike iii numbers as IN cost, lthough his
value is now reduced as before stated; the keeping
of too large supplies of Goals &C., In stock upon the
Pacific tendency to increase rather than reduce
supplies within necessary limits.
''Your Committee well aware that 1t is easy 10
indulge in criticism and difficult to realize all the cir
cunsiances tending 10 past investments In Corpo-
ration whose operations are OF such magnitude; but
with every disposition TO form liberal judgment, and
with no deire TO oriticse upon past management eI-
cept az il may afford guide for the future, they are
of opinion that the Companys past operations are
stamped with evidence of too large disposition TO
accumulate property, without determined rule TO
keep down this accumulation within reasonable /
bounds They believe and freely state that IN the
actual working expenses the Pacific the Company
receive fair equivalent as far as Is consistent with
the nature Of the buslness
"But il is not in one all Of these causes that the
explanation of the payment Of dividends on our
cal al has arisen but mainly in the fact that your
property has been embarked in competition for twenty
Two monthe out of the twentyeght months last past;
in other words your Company has been employed in
the TRANSPORTATION of passengers between fanane ana
San Francsco at ess than the cost OF carrying them
Instead of competing with your neghoors TO do the
business well and effectively, as is the case with the
Collins and Cunard lines though under rival tagsl at
fair and remunerating rates. competition has been
embarked in and prevails reducing rates 10 $500
and $3.50 in cabin and gas in Storage through leaving
the Company, after paying $25 to Panama Road,
three-fourhs of the balance say Sl6s IS and $37 80
for 3, 100 milee transport.
The Committee show that in 1853 and 1884 the Com
pany lost IS to $40 on each person carried and that
the loss to lst May 1855 by competition and not keep
ing the fares Up to the standard rates has been in two
yean and four months 81, 900 Ooo-equato SO cent
on the capital of the Company. The Committee urge
that $780, s25o and sl5O for through fares low
rates as possibly be adopted to pay any profit 1t
is hoped that some arrangement will be made with the
Nicaragua Company for the common interest of both
Companies. The Committee recommend an alteration |
OF the cl arer by which the Board of Directors can be