New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1867-11-14
BANKING AND FINANCIAL.

Messrs. McLane, Skiddy, Dennistoun, Brown,
Grinnell and Thorne have published card which seems
to call for reply.
Differing, as we do, with these gentlemen as to the
management OF the Pacific Mail Steamship Company We
have toward them unknd feelings and desire for
thorough reform arises solely from our belief that such
reform would DO for the best interest OF all the stock
holders.
II our impeachment Of their management be damaging
TO them as they admit why do they not disproVe u
our charges were specic trere prored 6y ne stc2rs
eridnee Of Gt Directors themselves and not Of them has
vet rettired 10 deny single one OF these charges.
We have already fully set forth the general pocy OF
announcement that has for years characterized sne
policy has been the present condition Of the Copa
abnndanty shows II the Pacific Mail Directors red h
been for the common good OF the stockholders ana tnat
as such it would be approved by them, rhy hare hey
r1y improper not Fraudulent means toretdin
It's conh0f In this pertinent query We have OF eouIse
Brothers upon stock belonging to the Company, and
upon other shares in which neither they nor any or the
violated the charter in one Of its paest provisions by
withholding the stock ledger and only producing Id
its claimed by the gners that "they very largely
interested as stockholders Of the Pacific Company The
official record shows that the swelling sum OF their
aggregate interest is some $500 shares!
The apologiss Of the present direction have alluded 10
the Atlantic Mail Steamship Company and its manage
ment which for competency and honesty WILL we think,
compare not untayoraby with that OF these
Mail Company about 1900 shares OF Pacific Mall
stock that have been and are now the largest per
of the Atlantic Mail Company have felt 1t our duty TO
take all proper measures to bring about wise anu
20 great stake In this purpose glad to say that
we have tho hearty support Of the large body OF the
They state that two Of the ships OF the Atlantic Com
pany are heavily mortgaged but In this assertion they
knowingly suppress the fact that these two SHIPS were
boueht by the Atlantic Company subject to mortgage
the greater part of which has been paid, while the bal
amount the Atlantic Mail Steamship Company is not and
never has been reSpOnsble II Is to be PAID at maturity
S11aranteed by ample securities deposited by them
Tor that purpose with the Trust Company. In re-
gard to our own management OF the Atlantic Man we
may, not imm0destly, stare that in our hands the
Company is earning at least "a per cent on lts
TO policy marked contrast with that which has made
Pacific Mail byword and reproaeh And win RESPECT
satisfaction OF being able to affirm that during the DeI
period in which We have had s control lts eohaSh I
% ,b nioycd NV The PacIc Mail COMPANY It's in
debtedness would have been entirely wiped out while
its position would perhaps nave been better than tas Vi
II is ntimated in the card Of Messrs. McIane, Brown
Co that parties interested In the Atlantic Mail 5ea-
ship Company might be glad to have II eagned Win tne
lantc side transferred to the former Company ms
the first ntimaOn any OF us have had OF any
such purpose The Atlantic Mail Company, with cap
ita OF 5000 shares, owns about 2V shaTes Oh F
cnc Mail received by IL for It's ships the Atlantic side
Uudcr wise and proyident administration, we would DO
content that this arrangement should remain
and int this El ofe'' M %i o Tic idea
that persons interested as we are, In the racine a
Steamship Company should seer 10 isaSug - gv With
those who have most disstrously leagued Win lne
Novelty Works and Wells, Fargo & Co. We can well
understand" how a private clearinghouse, owning an
iron establishment, should seek 10 retain III petpetua
monopoly the contracts great steamship company-a
thing much more readily understood than the Wild sup
position which fires the fancy OF these models Of OFFICIAL
purity: .,.,or,on, q, tho Pacific
Mail Company committed TO our charge; but We 90 uSst
Maf is Uoicy shall be reformed; that ia administration
sla La chau aud
Of who will conduct It's affairs faithfully anu Wisely
@ the common good OF tne wnoe O1 =" he settled NV the
stockholders themselves at the approaching election anu
any ticket composed OF gentlemen who, in Judgment
viii manage Tie corporation in accordance with the
above yews will receive hearty aud united support
y. BUTTEaFIRLD. No Colege-pi. ~,
SPENCER X. GREEN, Third Ave. savings Bank
.. W. JosLrS q Co, No, IS Broad'st'
NEw-YoRK, Nov. II, 1870 Vanderbilt,
esq-Dodr Sir. Tho undersigned, stockholders OF tue
NewYork Central Railroad Company. are satisfied that
change Of the administration OF the Company and Their
ough reformation In the management OF Its Affairs Wouu
result In larger dividends 10 the stockholders ana greatly
promote the interests OF the public. They, therefore,
request that you viii receive their proxies for the coming
election and select such Board Of Directors as shall
seem TO you to be entitled TO their confidence.
They hope that such organization will be effected as
shall secure TO the Company the and OF your great and
acknowledged abilities. Yours, respectfully,
EDWARD CUSARD,
JOHN j. AsToR, JR.,
Bernard & HUTTON,
JOHN STEWARD,
and others representing over thirteen millions OF STOCK
NEw-YoRK, Nov. 10, ls67.-lfessrs Ed'edrd CunaTd,
John j. Astor, r Benkard H"aon John Sfeiedrd' ana
Others representing ove 100000 Of soek-Genaeoen;
Your letter Ia received will accept the proxies OF such
OF tho stockholders OF tho NewYork Central Railroad
Company may sec ut 20 transmit them 10 me- ana VIII
vote upon them as shall vote upon my own stock.
with my thanks for the confidence you have so kindly
rendered am yours respectfully, c. VAsDKRBiLr'