New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1865-07-24

Your letter in THR TRIBUNE of the eth inst.
Is unnecessarily long. II your object WAS to convey
istormason which every man you solicit to take tho
Pacific Extension stock has right to demand, hthe
Of the space you occupy would have been sufficient
10 divert attention from facts it wiser TO nave
Bald nothing.
You are pleased TO saw amy stockhoder who chooses
70 apply the proper officers can obtain every parcu
Tar whether in regard this contract or TO the other
matters" Sc.
am b.ppy TO hear ii. rou certainly are very
"proper ofioer;' am "a stakeholder and apply to
you tor particulars"
To "ssye postage" and relieve me from the labor OF
repeatis1 them to my Observation-Disclosures, will yon
please publish your answers to my questions in The
TRrBCTs
Did or did not the Directors OF the original United
States Line let the job of building said line TO party
composed mainly or altogether Of DirtctOs5
Did or did no. this ring" make very STAT Job" of
their contract xiM hemsslcest
Did not member Of this contract ring retire
with very snug fortune!
And not all the rest interested IN the con-
tract for building the Pacific Extensionf
Before Proceeding further. let me remark that your
letter is as silent your circular tie most vital
points stated In my first letter You give no estimate
OF tho of the Pacific line You do not tell hor much
stock In e aggregate is 10 be issund You furnish
data from which ascertain whether the cash stock
is TO be quarter onoenth Of the aggregate stock
But you do say that several have already subscribed
from $4,000 to S2jQ.OoO each and here / want some
particulars"
Do these several possess Indignation carefully
withheld from stockholders generally
DO they know how much stock in the aggregate ia 10
be issned'
fl<
trac, for brildinss
Are they both Directors and Contractor (iou say
sro gentlemen hold these relations)
Have they not greater interest in getting the stock
subscribed than they in the prospective earnings
OF the stock
If these several gentlemen are as innocent as you
would have beieye-if they really have pnt up
$50 90 to $50 OO0 each TO buy given piece ofprop
erty worth million at the most; and II they do not
know whether that property is TO cost them one mil
hon. six millions ten miions-if they have no guar
antee and ask none this point--could you not on
proper application cause guardians 10 be put them
by the cousts as men OF unsound mind, incapable OF
managing their several" estates'
You say that the for the construction of the
proposed line is "hghy beneficial 10 the stockholders
and tina; If 1t is good one al s.0eshoders are equally
Che gamers" Let us see |
lire is to cost under the contract
hear Indirectly from officer OF the company that
The Extension Line is 10 be stocked in So 500 GOO
From another source hear that the figures seven
millions Dare you affirm that the contract or arrange
fnent provides for less than six millions and half OF
stock 10 be issued for the Pacific Extension
assume that You dare do no such thing
Web then for the present we will proceed on the as
sumption that the capital stock of the extension is to be
only six and half millions.
The line at most liberal estimate will not cost ocer
micn-probably less than three-quarters OF NH
lion six millions and half OF stock. sold a, the rate
fxed by your ci-cular would yield over four million
tarss hundred and thirty thousand dollars cash-cr An
EXCESS Of about TIRE, million fire AVndred thousand dol
t1rs oysr He Go;aoI eost Of 1s iiss
This assumption would account for the otherwise In
eIpcae fact that circular tells us We cnn have the
stock 60, per cent, without advising us whether the
line il to 10 stocked at on. million &r cir or ten
millions Yet il take $1,000 Of the stock. 1t might be
Eorth par or less than sixteen cents TO the dollar &c
cordingy as the line should be stocked at one million or
a six and half millions. And this vital point your
circular gave no guarantee furnished information
but was significantly silent.
Your letter confirms the suspicious" your circular
ebgendered.
suppose SIX millions and half Of stock be subscribed
Cor who is to get the surplus
"Seyen per cent until notice shall be given that the
scrip is ready 70 be delivered" would not take much
OF it,
Suppose million and Il half only be taken-vhich
Foud more than build the line-who would get the live
or five and a half millions of stock
, Arsn You state that the Pacific Extension Is
new company having DO interest in the stock OF prop
srty % The United States Telegraph Company. or
course then IL has and hare. properly tnnds
sresp 1 yroesds Of stock subsipions which you are
soliciting
Now. .fr NICK. in view of tlese facts. will you tell
se where you propose to get the money to pay seven
per cent interest" on our subscriptions
Do ycu not-be candid ncw-do you not propose 10
take part Of hsvery money expected TO pay in.
and har it back to rs seven per cent interegt
II yea please state precisely what advantage we
would derive from such insneierngi
If nay; please state hOo You pay tho seven per
cent interest you promise
BrieAs. a. 10 the consolidation Of the United States
and Pacific Extension Companies which you admit is
part Of the programme:
Our Company has. say, 300 miles OF wire. You
state tho capita s Of August u to be 81 100000 Now
see the Extension Line when completely viii be about
1900 miles long II will through country, Cali.
yorra where Company is secured ereu'rs rights
for Gay trsnes. by charters which have been udiciay
sustained by the Comts-aud it's nominal capital 10 20
be six and half millions.
Suppose these two stocks be put together az par,
making soine ten millions OF stock IN the sgegnteis
M, MAJ the % her favored