New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-08-19
LOCAL. MISCELLANY.
yToCK JoBBlNG ARTIFICES.

'SBK rTRuOGiE IN wAIL-sr OVER PACIFIC MARI
gHE PROPOSED LOAN FKOM THE PANAMA RAIL
ROAD OPPOSED AND FAVORED.
Readers Of THE TRIBUNE will remember that
sor some past there has contest waged
Between the "buls' and =" bears" in Pacific Mail All
eos Of articles have been resorted TO bh sides for
ehe purpose of elevats depressing price of the
soek the weapons btsndished been court in
trnmeuts and tarest p5unotons have been
uttered Several days ago the Panama Railroad Com
peuy undertook the consideration OF proposition 10
lend several hundred thousand dslsrs TO the faciho
Mail Steamship Company and take mortg"Fe y" w
new steamers which are In course OF pfepara'o" '
service. This YVES opposed by some OF the stoekhouo
of the Panama Company who supposed TO be
associated with the bears in Pacific Mail, and pro
test WAS prepared for service to-day. Among tne
reasons given by the stockholders for their protest are
that the nature OF the property makes IL unsae
Go 1eBd Ireney thereon, the present financial eonu,e
the company rendering II certain that sooner or le
~ Will go into bankruptcy, ana no money WmGh ra1
borrow viii Afford permsheno reI it inSercnt weak
mess by recently requiring an advance from so.
% 9Sa sSp that II has no money Of its own in
me treasury thirdly that while the COMPANY Us thc
owner OF about 80 steamships, many OF TINS number are
not lying idle and depreeiangin vafne' ou arr 40
~ol0tey Incapable Of earning their own expenses /;
Mes-fs Roche& Co. the builders, early IN september 70
which mnst be added boating debt OF No9V1 ~ pay o
assets exist available for immediate Ieef nfthy mat
The subsidy has been entirely lledgeu iOr uoneysNue'
aud II rs question of grave doubt whether TIE same
will Ice continued IN view of the general bee1 that
10000 has been cOrruptly expended TO procure egs-
ron sxthlv that some OF the directors are specuanng
ON their knowledge OF the weakness OF the company
aud employing agencies for their personal aggrandHe
Uept similar TO those which reflected seriously upon
The former Board; finally, tnat the funds OF Fansma
lsng secured against all possible loss IL Wouu pe
gross violation OF trust to make the loan suggesteo,
directors would be renGesed liable Tor Az inc
OauAges that might be sustained
Not 90 b. out lone by the bears the "bulls made
count 2 movement and caused the following document
"a he prepared aud circulated among friends of the
Panama Railroad Company for signatures:
NEw-YoRK Aug. 49, 1873.
70 M President and Directors Of he Panama Kat
rood Co,pgHV. We the gned stockholders OF the
Panama Railroad Company, learning that the faeluc
Mail steamship Company slres 10 DorfoW o IS 80 1 ~
anna Railroad Company S5OOO Tor one yearSay sIoVVV
on tuelr new iron screw steamer Colon, and nEe
amount their new iron screw steamer AcaPuico-sh1
believing that the Panama L. X. Go. is largely interested
will be- benefited by. the early compile
lion running Of the Pacific Mails new iron steamers
ia urtiton thai Won Will make said lOau-receivng as
eecuntv therefor the aforementioned steamers ana a
fu assignment of ali insurance thereon we beleye the
security undoubcd aud ample as the contract price oI
thsc two steamers 100000 45O0a plecel without
tn outfit winch cost $4,000 more $4,000 each, max
ing The cutre cost $l.0OOOoo.
Those who are interested in the latter document claim
that they have succeeded in obtaining the signatures Of
oneanarer of the whole number of the stockholders of
the Panama Railroad Company. Among those who
have signed 1t are Rufus Hatch, Musgrave Co., Glen
DINING. DAVIS a Amory, and Jameson, Smith
Getting. This paper will be served on
the Panama directors at their meeting to-day.
OF the Pacific Mail steamers, the Colon has arrived
from AspinwaI the Colima, intended for the China
branch Of the service is at the Canast wharf and
the Acapulco and Granada fitting up at Nnth-st.
and East River. These four iron said TO
be worth $25oO,oOo