The New York herald., 1870-12-21
OUR SHIPPING INTEREST.
The American Steamship Line of
Philadelphia.
Ths Capital Subscribed to be Commenced
at Oncs-0ae Million Dollars Capital
Competition with NV York.
PHILADELPHIA, Dec. 20, 1870.

A,
The American steamship line between Philadel-
3hia and Liverpool TO be controlled by the Pennsyl-
vania Railroad Company, about which so much has
been said and written during the past three years.
As ut last a 1xed fact.
The Pennsyivani Railroad Company at recent
regular meeting OF It's board OF directors promised
TO subscribe $500, ,0G0 toward the establishment OF
the line, provided the merchants OF Philadelphia
would raise S30o,Uo0, tnus making the capital
s700, 600, the $40J,u0o subscribed by the Pcnnsy-
yania Railroad Company TO give tnat corporation a
controlling interest," meeting oil the Board OF
Trade was called The offer OF the pennsylvania
Railroad accepted, and committees representing the
leading branches OF trade appointed to solicit sub
ncrIptions. The committees after two weeks work
report over 100000 subscribed on behalf OF the
merchants OF tais city. 1t Is now proposed to IN
crease the capital TO sl,oOo,00o.
THE OBJECT Es.~.
OF this line of steamships Is to restore to Philade
pha some OF her lost prestige as commercial
centre. Since the war Philadelphia has been pro-
crossing backwards IN about the same ratio that
her sister cities nave been going in the opposite d-
rectiOn By establishing this line or steamers it is
Thought great deaf Oh iorelgn trade can be brought
TO this cty-traue tnat Is now entirely mo nopozed
Ny New York. me Pennsyvanla Railroad propose
to receive grain aad other articles OF Western pro-
duce ana transport II direct to this city and Europe
via their road ANA The steamship line, and give
through receipts tnete or.
INo LARGE ELEVATORS
owned by this ceni qauy and situated on the Della
ware river, FOOT washington street, Will be
brought into req4lslton 50 soon as the steamers
commence ranlng. Another elevator zone. OF the
largest In the country, owned also by the Pennsyl
yania Railroad, wii be used for storage when neces-
sary. This ator IS situated al Thirty first and
Market streets, and is now being used for local
business.
FOUR IRON STEAMSHIPS,
1856 feet in length ~ eet breadth OF beam, OF $500
tons burden ano containing all the modern I'M
provements ana iuAuries, Will De bulltmmedately-
two at Wilmington and two at or near Philadelphia
The cost OF eacii steamer when finished, will be
&o00,00o -. ,..-.- -a.- -
NO REGULAR ORGANIZATION
has as yet been elected 1t is generally understood
however, that Mr. u. q. Knight, Chairman OF the
Executive Committee oi the Board of Directors OF the
PENNSYLVANIA nairoad, VIII be president OF the ine.
To him Is Philadeipna principally indebted for the
success OF TINS undertaking. lie has given his in
1uence time and a.tention TO the matter from its
inception. When Others elt like haltng by the way
side he never gave up hoping and believing In the
ultimate success oi INC scheme ana now that 1t has
reached the desir q elimination his c0-wOrkers re-
Cognlze the services ne has performed IN its behalf
NUMEROUS APPLICATIONS
nave been received rom Shpbuilders and others In
terested IN the construction OF steamships, In regard
To contracts, &C. 1t fully decided TO build the
steamers on the Delaware river; applications from
builders In other sections OF the country Will not be
considered. Ii Is especially determined that New
YORK SHAH have no nand IN their construction or
management. Avuwediy organized for the purpose
OF relieving The 'so-,alled metropolis OF some OF
Its foreign trade, the company are determined to
Keep new 1OTk ana bankers al u us
tance. This IS pennsylvania undertaking, and
we are going TO show New York what we can dO,n
hence the senstiyeness with which New York aid G)
Is viewed.
THE STRONGEST FAITH
is manifested by ali classes IN the success OF the
aine, with the prudent management that the Penn
Syivana Railroad Company so well understands, it
would seem tbat their efforts In this direction will
not go allogether unrewarded. Let our New York
SntpOwners LOOK 10 thelr laurels. Pennsylvania Is
after them ana means to win them ii low tarifls
WIN do it. and herein will lie the competition. The
City that can vii, offer the best inducements 10
western shippers VIII win the race. The Pennsyl-
vania Central says she can do it. Do New York ship
owners and railroad men see itY