The sun. [volume] (New York [N.Y.]) 1833-1916, 1870-05-30
A BIG NUT WITHOUT MEAT,
CRACKING a FINANCIAL SHELL FOR
THE PUBLIC BENEFTr

- A
Csai Accounts, and steamers Exau,ned-
n1,ooo.ooo.
In fridays columns, we published remarko-
ble statement Of the officers Of the Pacific Mail
Steamship Company. showing very 6attering Rnan.
eial condition, and based on which the stock has
since been manipulated from 10 to n. The pcrma-
nent bona de stockholders however, those who made
their Investment. 50and above. do not understand
,he nsures or comprehend the conclusions deduced
10 the report, and severe criticism has
been ocea'oncd because the business OF The Com
pany It's earnings during The past year. as well as
It's general prospects for remunerative dividends In
the future Rave been sedulousy avoided. The figures
arc unsatisfactory. because any Intelligent ship
ping merchant well understands that during years
service the wear and tear Of steamship property,
even with ample repairs, should be marked down
from TO 10 cent; and this is especially true 10
the present case, when the age Of tie steamers OF
ihis Company Is considered.
In the sbsence ofa report such " the siockhold-
ers nHturAly expected from the Directors after
Two years stenee,we VIII aid them, so mr. ~ may be
In our power TO arrive at the conclusions, which
should moro properly have originated with their
servants. Among the sssee, The cash on hand and
call loans, amounting TO t5s,t2osa, We assume to
be correct; but the stockholders desire more
information than is Eiven In the report
respecting ta6ebpa.06 announced /. "tme
loans" From several parties who ought to be
versed In The Affairs OF the Company, in consequence
oftheir former oneial positions, as we'll as heavy
investments In the stock, we are assured that por
tion OF the sbove amount IL destined 10 long
remain UNDER the same classification, and Novelty
Tvn Works has been suggested as clue TO the proper
comprehension OF thi. item although We dider from
this opinion.
Passing 10 the inyestusnts t,,e Com,..v have op
hand $500 600 keos which oost sssa ,s7 N I'm, a.
The various Issues. which r,nred Al the da,s NJ tho
r.por, from, ttsD N tta, ,a No, .,.,.s . ..n,o,
.noro,,,o.,. 90 ,h.,, o..,., x.,,. r,.-a l.. -.
how.x.r s0so ooo -, IN ~. ,,r -,h,.,, go. II,
100 ao siho,., an. ,.n. ,ss,o 20. ..,,nn :, a..
n, ,o,n,, a, ,oeL sra , a. s,vs o,av,on. .,,,,
,ouer I'll. o. 10 49,. =, p,.,ec Mai s,o., .r.
estimated n, nor Oh, a. 4. u.u 80,
,ba, mn .aio. have ho. ,,.,. n, thu, nroa TO- 80,
r,o,,n. ,r,. -, .,,,.u,,, r.i.,..,- a. -
49,, s,o.. h,,I.. ho..,.. 80 t,,i-..,,o, -, a., -
90 r,,o, a.. .a,,o a. u,a,,. ,o 4. .,.,., -,
49,, ,o,,a. -, a.. .,o.L ,u,a-,.., -, a. s.. -.
49, ,,., ,hro. .o,,,Ss 80 -. 49,. ..,,s,,,' a,
sar,o nar.o. =. r,,.. % az. ,.,,,. r.,,.. -, ".
T. a.. 49,. 49,. :, - -. - -
,o -. a.. -. -. s,.s.-r -, -, -,
,Ss os,h ,n., o.s 80, ,.-.. '~ ''' ""
w, -o'u ~ n'-' ono pci o.n'' 'o~e''
IT'S important In order to form correct es'im'te
o. n
-, -, , -. ~ ~. ~, Wv
soek Wou'u command IN open market, and taxing
ree,ed asset Of 4, oss go drcrepee of a, eas 90
r, ~. p,., -, =, 80 -, -. ~
a, isa Sut ia was tho ouo.aou Of .,lo. on ~. s,y
of the report albough transaetors have snre bss,
escc,.d =, love, nr,ss. ''N' WV"
epce'eu :" io"er Prioos.
Estimated, therefore, at Ia, We have further
ductlop of se4bo4. The next item Of as..,s q.
~" "' """ur vs. "f'"'' ""u Pu'eo'r' s'U''oo.os
which was evidently inserted 70 further swell the
~, " oo =. "s 80. ". noes o,'os "@D' ., sSa
"i"' :" ''' VI Wv '-e W A'u ""' 'a'r'
introduced. IN. roo,,pr, Of an. erea,, .,d. wonla
h.y. sio,,,-n I,rs. a.e.,.n..
w w. nov .oms 70 ors ~ ~, mos, ,u,or,.,, ,,.n.
tho coal account OF the Company amounting to
m osn tons and vh,ch a. x,,n., a, s,e a-L % ,o,
os'o0' ''"s' Anu ""'" /" 's'"o' ~ s''"'S WI
This IL . slight reduction from last years memo
ranlum issued when the average price wa. ,la n
me gre" quesuon On Nh'ch Tue sockho'oers de-
sire Information Ia, what the coal ID actually worth
nor,. ,son,,.d W. can only ,nnro,,m.,. ~ ,,,.
estimate leaving the stockholders TO Judge for
Themselves after stating that the Com pany durinx
the pas. few months have made ship
for freight Of only rs and s55o re, ton.
porton OF such shipments costing but ten
dollar per tom Will. q =. yssent freight rte.
ered We ther,sore d.4nct lie S,asr.n,s h.tw.n,
he Compsny's estimate and present. eost sl6i os1
0a which Is the nearest we can rnach the croer re
drctiop as any one can d.eoy,r N ,hey a,tswn, t
follow the decimais Of the Compaays q coal account
Quits ard suppiie. arc nett eons,dered
" hich may or may not be correct and vould
OF course be dspo.od OF At n losr N the stesmers
are withdrawn from the Panama route a. renortsd
and whose service as stated in Inc recent renort
"has ceased for the time bene to be nroatabie
We omit TODAY the real estate items arcountng IN
Al, STA 252 81 merely asking vhy the New York
property, which wa. valued In tho 1854 report nj
Sl9i p6l as has been reduced to ASS on when NO
"a es OF said property have been ANNOUNCED or known
TO have been made This New York asset eons,sts
only Of expenses incurred on the Canal and Spring
| street whsrves as they are leased from the city
| Government, and nny improvements made on the
| same are surrendered whenever the lease expires.
| The Aspinwal property In rated at Sa59 6TT. o.
which Ia an extravagant estimate, when its chief
employment Il, and has been for some time past,
TO receive two steamers per month carving on an
less than Go tons per trip. The property
was valued In the 1853 report at &1S, $50 e. We
notice among the real estate items 4 number OF GO
downs. What are go-oownsf Do they represent
the rapii decline " the stock during the past year
or do they reier to such fasoos tho loss OF the
Golden City. and which have subjected the manage
ment OF the Company 10 rdcule smong intel lligent
| shipperst
We next md the estimate OF $1l 9SS $500 ~ the
value OF the steamers composing the line Tho on
GERS report that hey have kept the same well mp