New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1867-11-08
RANKING AND FINANCIAL.

10 The Stockholders ofHe Pdc.Ge Nal Steamship Company
Mcs,rs. Louis McI.ane, President pro tenn. of
the Pacific Man Steamship Company. Francis skiddy,
william Dcnulstoun. James NJ Brown Moses II Gfin-
nell md jonathan Ihorne, Directors Published IN tho
morng Journals an address TO the Stockholders Of the
paflec MAJ Steamship Company. which proesS"s 10 be
rrly 10 our circular mapg direct charges against the
Sr,ft rusnnylurlt of the GI.irr OF the C0mpJYy,
;pAons aud oxtrayaeaut and giving specific reasons
not answered by these gonilcnens rciy, WY me wei
rr OF the Company anG stockholders dchahdcda change
TIcsc gentlemen opened the card with the following;
avoid All speculation IN e stock or thc Company, AID 20
Cudeoyn. 10 have is airs managed Tor me permanent
good OF the slotkh0ldtI our only interest IN ne Com
many b,ng our Interest 81 II permanent Shareholders
when we are 20 y very Large extent.
n tbis programme had been carried out by these gen
a,neu no one would have been more willing 10 vote Tor
tneIr reflection than TIE und"rsgned. Inc reverse,
however has been the Of tneir management ot
tDc Comuanys affairs Their policy ms not only iosteId
int cTealed speculation Dnd Violent fluctuations IN the
pe 81 The stock TIE decline n the price OF the
Itch last Winter was caused solely by the unexpected
rcdqcton Ia the dividend from nye 70 three per cent
ou.rtrIy aud that ths reduced dividend was unnrces-
sIrv md not warranted by any decrease IN Tie earnings
nf iLe Comnany amply proven 10y the sworn evidence
tak,u before the Legislative nyr'tigaiug Committee
s MARCH The reduction OF dividend miuls.urvd 10 the
interest OF spectators ara against those ~ Investment
hnlder bv cheating panic IN The stock to except those
IT, tbc co, neuce of he managing directors. The present
therefore, wbe, they state that their policy
nav are ratiy conadiced by the logic Of events The
Srcrrtafy OF TIE COMPANY MI Thcodore T. Johnson IN
Ina ssori evidence last Spring, stated trnt he Thought
no, rioeu fluctuations IN ne price Or nc stock quite I'd
- t,oeo,s IN one ,rsH GcgVdHted lCih he cOWpUys az
800 mai je % those ia ne confidence Of lis management
H. Jo,,sn was asked by the Committees Are not those
tnt nucttaoiis in the price or stock or great cOpO
rtoms ike the Pncihc Mail steamship Company, inui
@ -, the Loldersi" Mr.. Johnson replied: Nttk
1us " c, an 1drnntaqe a stocoldeT II he IS ccH
o,gfd ,c ne dGdrs ~ me company ANA hns money TO
49,, 49,. Who, Inc has opportunity" The Secretary has
Ioutiv clearer conception Of irhdl CONSTITUTES policy
eIaiu,oIE IN suee,,Laton Than ue present Directors
% Iirec,trs I'm regard t0 tue important charges Of
vatant commissions paid Oh The freights ana receipts
of the Company, say - ,o. oo,,, -, t,,,,..
hntever mo paid by the Company, except commissions
w. Dascs vbert experience has clearly shown that 10 be
~ hcst and cheaiest way OF conducting The business
e ana these as well other charges OF faNOitlsih or
Wv, !, cance are without any just foundation.
riev do not aud cannot deny the following taken IRON
our circular; .... m, ,r,-rovi,ort IN nay IN
VILE Fargo Co commission OF tye per cent Ah sou
ru aIl the f,eights earned by the Company ,
1Iey believe that IL Il unnecessary 10 pay nphoIage
- dvc MOI cent firm the chRiter OF al c'
sgl,tig coal for the Company TO the ports on the Ia
la '1cenn IL is estimated that the Paclho NAL Con-
nv mast shin about $1,000 tuns OF coal To tue Iaoc
n durug tho year, nj ei6 per tun, the DOkehse "h
htab voud amount, at the five per cent rate 10 over
o The service OF obtaining these charters CONT Is
vii he done by the regular officers ana CLERKS Vi .no
Cn,nn.uv or II thrown open 10 competluOn mohois
cond h.; empOyrd to do the work at probably so,Ow au
.vpey slO Go per annum would be liberal eompshs"
IT, regard 10 the Presidents salary we stated 10 our
,,rrular that the salary of $4,000 Ia gold 10 VIZ ~
dnt 4, eNorbtnnt, and that the whole system 81 NV
cement OF the offices New YORK ana eeWn'iu
ant aud such Individual would tOicrasc
tLe conduct Q. H. private aHahs Ibe ONCE eANS>'