New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1867-11-05
BANKING AND FINANCIAL.


To the Stockholders Of he Pacific Mad Steamship Company
The Pacific Mail Steamship Company enjoys
virtual monopoly of the great Etcroccauic trade OF this
continent The extension OF the line to China has proven
success beyond the most sanguine expectations OF It's
projectors On rcoeut voyage, one OF the steamships
carried from San Francisco stcass passengeIs TO
Chinese emlgrauts. and 1900 tuns Of freight
In 1851 our commerce with the countries bordering on
the Pacific Ocean amounted and the value
Of tunnaGo employed In that trade was sHs'42C0
The British trade WAS for the PERIOD N39lSiSA
aud the value Of the ships employed In the same
80 The French commerce 81 ?l6Ce9 and tie vahe
OF tho French ships was S6Jo The total valne OF tue
trade VI the whole world which ought to pass from
tie Atlantic the Pacific is sI67SJlJo annually
These ngures are given la order TO assist In forming an
approximate estimate of the great value OF the trade with
the countries bordering the Pacific Ocean, and Of the
inheritance Of avlng the Pacific Mail Steamship Com
pany which enjoys the monopoly Of this trade, 80 far NJ
Steamships concerned managed With enlarged VIEWS
increase the national commerce ana fr"hts uS ~
American enterprise, ard ought 10 be nauHEN solty
with the view 10 advance American interests Chuer the
present management, this Is not 80.
The Pacific Mai Steamship Company paid DIVIDENDS ~
twenty per cent per annum regularly 10 D,rtn,nTi ~
February 10 1851 the Directors reduced TIE dvlGeue
10 twelve per cent per aAuin. or three por eeut quar-
ierly although their earnings at that time qua since
greater than ever before, ana the DireC.ots ~
knowledge tha, the Company bad earned much more
than sufficient 70 pay i've per cent quarterly or twenty
The Directors reduce the dividends TO thrto per
cent quarterly for wont Of cash on hand, because ie
Company has received, since August l. 1862 sSSoOS l
cash and above their steamship e"iDhgS. Tue
Company RECEIVED, on August l. ise s25et" from my
per cent called In OIL s50oo OF hfiy rerSch stP siok
aud ia December, $780, SOoO-n fr"n the sale OF new
slork The COMPANY tnctG,ofo, H.; ", ,"u 800 49,
Tie earnings greater now than they ever were lie
single item OF shipments OF brtthstuhS hru oa,o'a
lac given the Company over $OOV0 ia gold during Tie
current year. 49,, ,,......,
the present time adydOnd Of only twelve Pcrhh
1900 shares. amounting ~ t20bW" per nhuin.
ne @ % " ahont 500 40 pcr a,,Dn, Tjs ann de-
Quoted from the dividend ~ <205GUh laNer sl?tm0 "a
ts amount actually given ~ The Stockholders cat al tie
net profits on the steans p bisinrsS wheH no" range
FROM 3i0e. 900 TO $f0Oo.0O0 1Iet per anhuin
The ppsent managers sold last Winter, 10000 shares OF
tiock to one or more members U the Board ~ Directors
1T t2O making SIO0OoO0 n cash, when tie market fte
was S!O Ia $3.50 aud they aterward took back partition OF
the stock by private agreement ut $40 when ihe
market price wah s2b. -, 49,, .
managers obtained unisurd. aud apparently TO ihrIn-
selves, permanent control 10y clerks III the rmpnymrt
ing 5000 per Nov there Ii paid To Wells. Fargo
Co. Of lich Mr. Louis MclAne II President, coin
missum Of five cent In gold On ali fcghts carried by
! tie Company.
large number Of influential stockholders believe thai
the present management ~ the affairs Of the Company T..
very adciOs and eXtravagapt and that the welfare VI
the Company and of the stockholders demands chaige
They believe it Is wholly unnecessary TO increase
earned should be distributed regularly among to stock
holders. aud that there not and L. not my occaNioB
That IL Is unnecessary and imroyident to pay To Wells
Fargo a. Co u commission five per cent Ia gold all
the freights earned by the Company.
They believe that II Is unnecessary 10 pay brokerage
OF per cent TO firm the charter OF MI Vessels
Pacific ocean iis csinard that the iacihc Mail Com
pany must ship about So0o tuns Of coal TO the Pacific
Ocean during the year at s6 per tun the brokerage on
which would amoIn at the five per cent rate. to over
s7ooo The service OF obtaining these charters could AZ
we'll lie done by the regular officers hd OF the C"h-
pany, ar II thrown open to competition brokers could DO
employed 10 do the work at probably 5000, aud surely
SlouoO per anuuin would be a liberal compensation.
They believe that tue salary OF s250D IN gold to the
ftesldebt Is eAob.an,' Hhu 'a' ',s Muo ~ et VI o
management Of the offices In New.lOk and elsewhere IL
ngant and such iidvidunl would tolerate ii
the conduct Of his private affair The Office expenses
Of the Company arc charged 10 he over 10000 per an
num- As the sale Of passage ticket" IL not male al inc
Walst office, but il mostly or entirely conducted at the
offices on Pier No A. and the freight business Is al done
by Wells, Fargo Co., they believe That there II iOt tho
the Brown Brothers Co. building. at rent OF 10000
/ pr year $500, A., ..,.
OF the Stockholders for they are not allowed to examine
the Of the stockholders. except when man
! daiDus IA obtained from tile Supreme Court
They believe that the Company are pursuing sn erro-
neOus policy In building sdewhee steamships, when, for
the purpose Of nearly all Of It's business screw steamships
would be far more advantageous and proiabe The nrst
cost Of which. well IN the cost OF running aud maintain
Ing them is not much more than One-haf OF tbs cost OF
side wheel steamships; and that II Ia destructive Of the
best interests Of the Company To deny contuOn Ia tie
me il to the Novelty works. aud that tie fact that
OF the present Board Of Directors are very largely
for the stockholders ~ the Pacihc Mail steamship
Company giving 10 the "NOvclty Works. matter OF
A us WORK OF the KIND uOne Al tAt estADlsn-
mcnt.
Were II not for the very largo profits realized by the
Pacific Mail Steamship Company from It's business, II
must have long ago followed the late Of the Cons line
OF steamships for substantially the same line VI policy
and course Of business which made that line bankrupt
being pursued by the present Board Of Directors
Of the Pacific Mail Steamship Company IL Is high time
that the interests OF stockholders IN the stock Of corpora
os should not be sacrificed 20 the vanity Of some or the
individual interests Of others Of the officers.
II you In the desire To effect change In the d.
rectOm at the ensuing election please send your proxy
to either Of the undersigned. from any OF whom blank
proxies can be obtained.
FRED BUTTERPIELD No. Coege-paco.
SPENCER X. GREEN, Thrtaye. Sayi3gs Bank.
GEORGE B HARRISON. No. Bowling Green
o. w: JosLrN Co., No. IS BrOad-st.