New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1867-11-06

| FAR TINS afternoon attracted many spectators 1t was
for the Citizens premium OF $1,000 ten miles, to harness
The entries were Lucy and Longlegs and Belle OF Ba
more Lucy led up 10 the threeouarter pole Of the last
mile Then broke, when Belle took the lead and came
home the winner by four lengths in 3O1Gi Longiegs
/ broke down the home.stretch OF the ninth mile.
To he Stockholders or Pacific Mqa steamship Company
A circular by MeSsrs Butterfeld, Harrison
and Green, Directors Of Atlantic Mail Steamship Com
pany soliciting Proxies for the ensuing Election OF the
Paclhc Mail Steamship Company having been pubhshed
in the morning journals feel called upon 10 state,
Ihat the policy OF tie present directors has been 10
avoid all speculation in the stock Of the Company, and TO
endcayor to have s affairs managed for the permanent
good Of the stockholders only interest IN the Com
pany being our interest in il permanent shareholders
! which we are TO a very large extent
That the only monopoly the Company has or can nave
III running steamships oceans free to all the world,
| must arise from the superior manner In when the
business donefrom the confidence which the manage
ment inspires IN the travelling and business community
and from the command OF large cash means with which
/ to hold out against speculative competition.
An Increase Of capital TO this end and In order to es-
tablish line upon the Atlantic was Ongago commenced
and the wisdom OF this policy, instead Of policy by
which all the profits divided in dividends has been
| most evident
The Importance establishing line TO China, and the
fact that such line coud be profitable only when oper-
atcd by and superior vessels Of the largest class rs
required by the contract with tie PostOnice Depart
mcn and the other great OUTLAWS incident TO the estab-
shment Of such line, and the expectation that the
line would at first prove ofexpense instead Of
sclfsustalnng constituted further nduccmont to this
| policy
Serious apprehensions Of great foreign competition
confirmed the directors this policy; and such eompeti
ton it &, believed, prevented only by the increase Of
capital nlsCG.
There was besides reason to apprchcnd that the Pa
/ q %
for the transit Of that sthuus; and the necessity 10 this
Company OF being in position to obtain aud pay in that
contingency the required cash FOR the concession, was
further reason for the same policy.
The great temporary accumulation Of funds thus made
has proved for the true interest of the Company and all
its sharehoders-and the best fruits Of this policy are
! yet 10 De felt.
This much feel called upon 10 declare; especially
since has been stated that the accumulation of large
cash fund made order that 1t might be kept on
/ deposit with friends Of the Company.
There is not trord ~ truth in his: the Company has
made deposits kept its balances with any private
bankers or with any individual; indeed kept any
balances hand that could be prohtaby and safely in
vested
To tlc suggestion that tins Company should have built
screw instead of sideWhcel steamers reply that our
whole experience establishes the fact that paddewhcc
vessels. such those in by this Company, possess
FOR Us udC the most decided advantage: indeed there
to-day vessels IN the world which perform the
same service upon small consumption Of fuel as the
vessels have constructed Tho service which in 1850
was performed by vessels consuming so tuns of coal day
Is better done consumption ~ 40 tuns day;
and when the high price Of coal ON the Pacific is consid
cred. 10 viii Dee how largely the Company profits re-
suit from The superior qualities OF the vessels Sc have
/ constructed.
We would add than ship brokerage nor commissions
whatever paid by the Company except commissions
iu ga cs where experience las clearly shown that 10 be-
the best and cheapest way Of conducting the business
douc and these a- wen other charges of ayOrtsm or
/ extravaganza. M, without amy just foundation.
We do indeed pay President $1,000 gold per year
nud one DALI per cent commissioner Diydond-f but We
got uu officer highly competent and honest and one who
cn show That during Cd, d. connection the Company
Doc ha, never received dollar or his services beyond
Dol, salary We can. indeed. get less competent man or
Jess honest man 90 ics price; but with business Of
| ili. umcnse magnitude should NOT regard that as
true economy. % should Dee observed that during the
twelve. and haIf year. prior 90 the Presidents appoint
! mcut The Company divided iu dividends s7ln,Io b.
! money aud amUooo Ia stock. being an average 81
! s9aal 300 all per year while during The -ovcn years
since li. appointment ha. divided s-31i595 90 money.
and s 10000 stock being average OF s.,s'O 10 all
! per year
seeking only Tho prosperity of the Company conscious
~ having ends or interest other than the common
] good OF the Company and an lbs Shareholders. ana
believing that the desire. 10 change the management
arise from parties having private ends or stock specula
tous iu ylc have not heretofore felt called upon TO
notice the reports circulated 10 this end; and refer now
only 10 the gavcr charges from fear that silence may
| Boz misCOustrued.
| Tho absence of Messrs. Howard Potter and Elisha
Eirg, Boo Europe aud Mr. Allan Mclaue in China alone
| prevents their joining Ia this statement
! Lou, MCLtNE. President protein.
! FRANCIS sKfDDY,
! WIN DLSNisTOIN.
JANIS VI. BROWN,
! MOSES II. GRISNELt,
! Nor g. f45-. JONATHAN THORN