The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-07-16
PACIFIC MAIL.
IS THIS A BANKRUPT COMPANY?
A Serious Condition of
Affairs.
More Money Wantsd-Four German and Six
English Steamers in Experimentation
Difficulties To Be Net-The Burning
Of the Bubble-What the
People Say Of It.

lhe warm weatner mas not been enective enough
In Its demoralizing influences to prevent intense
excitement among large class OF operators In Pa
ci6c Mail. The tidngs which came to their ears
to-day made many face blank with dsmay, and
doubtless calculated TO produce serious changes
In the commercial operations OF that company in
the future. Figures do not lie, and IL is figures for
which business men interested in this company
have for Q long time sought They are furnished
In tho following RESUME which comes from source
deserving Of the utmost confidence. Before stating
the facts connected with the matter 1t may be well
enough to observe that the President OF the Pacific
Mail himself regards the condition Of his company
with
ANY OTHER THAN SATISFACTORY EYE.
From the beginning 1t has been struggle with
him as business man to make the most Of the
mountain with the care Of which he has been
burdened. But Mahomet would not come to the
mountain, and the facts seem to indicate that the
mountain has at last come to Mahomet, covered oil
over with the evidence Of volcanic eruption that
may occur at any moment least expected.
First, the company Is obliged to experience the
tremendous and almost unconquerable Sntagonism
Of Q combined English ana German opposition ON
the other side OF the Isthmus Four German screw
steamers ore now running regularly on the same
line with the Pacific Mail. In this company are
Chinese and English capitalists. There are, be-
ALL SUPERIOR,
for the purpose Of burden, to those Of the Pacific
Mall Three more are on the stocks, and viii be
ready for launching before Spring, when the tea
trade commences. Each Of these steamers, Ger
man and English, carry their eghts 1t Is said for
tw6-thrds less than the prices which expense COM
pels the Pacific Mail steamers to charge. The con-
sequence is that the latter are running largely
behind their outlay and are
ACCUHULATNG DEBT EVERY HOUR,
It is stated by old captain Of the line that the
cost Of round trip to AMI nom San Francisco ON
q sidewheel steamer is 100000. Therefore, there
has been loss, tor period so long past that the
stockholders are not familiar with 1t of many
thousand dollars, and IL has reached point which
1t would seem has compelled the officials Of the
company to take some action. Hence
THE MEETING YESTERDAY,
when the subject was fully discussed with the fol-
The President was instructed to come to terms
with the Union Pacific Railroad, to dispose OF the
steamer Montana for 500, 00O and to sell several OF
the steamers now running between New York and
Aspinwall which Will probably bring $4,000 each.
THE DEBTS or THE COMPANY
S s.S %
building. The company WIN also require about
worthy condition. viz $500 900 for the Constitu-
tion 100000 for the Nebraska $eo 900 for the Da-
Henry '' CSaHncey ana the remainder for other
steamers now running. To put the entire feet Of
cording to the estimates, about 81, 10000
THE GLOOMY CONDITION
of the Pacific Mail COmpany's AFFAIRS is the subject
street operators But for the lateness OF the hour
and the terrible heat which keeps almost every
ere this have been reelected by the quotations on
| the Stock Exchange. Whether II Ia the Incidence
Ss y the SEss or ssa
seems to be waiting for the other to set the ball
rolling IN . downward direction; The rotten con
the foregoing particulars may not be- II its col
lapse would only injure few Individual spcculat-
one but when It Is considered oD that Il wod bring
ruin to many families-tO wives and daughters
n ms
very serious, almost tragic aspect.
AT THE FIFTH AVENUE HOTEL.
where every serious event In Wall street ia gen.
orally denoted Ia the evening by large assemblage
OF excited men, there was last evening complete
there were two or three groups Of gentlemen con-
versing in low tone on the subject OF stocks, and
on Pacific Mail IN particular One OF them remarked
Misery anq Iexpect she tWall street men are in
VII 1 Sa4st q dnS pe e q e Sa sT 1sys
Qf Boston, HaIJera and Erie. At any rate, can
blde my time and shall keep on the winning side.,'
The gentleman TO whom this remark was addressed,
in a vague general way, "Weil, that may he 80 and
may not; don't think the world has come to an
Gnu ycb
AN ILLUSTRATION
Afforded by the above mentioned revelation IL
strongly in favor OF the argument so often urged I'D
these columns concerning the employment OF
American shipping. we see here great company,
once favorite OF the Stock Exchange, foreshadow-
ing power and wealth TO all who enjoyed cOnnec--
ton with its stocks, reduced to the lowest eDo by
no other cause than It's inability TO COPE
successfully with the commerce OF the Old
Worid-to carry freights on the same economical
terms and to travel with equal speed. Doubtless
the lesson is one which win be taken 70 heart and,
should the company ever he resuscitated, 1t may
afford an opportunity for testing the grand princi-
pies which underlie successful competition between
America and her foreign rivals. IL Is said that
A LOAN OF SEVEN HUNDRED THOUSAND DOLLARS
has been authorized by the directors and IL In
further understood that there has been some
'talk' with bank in California, which is willing
to place the same, provided the company pay
sufficient percentage and give mortgage on its
real estate and other fiscal interests. IL would
seem to be an element or weakness for once
great company like this whose chief business In
done in Wall street, TO go so far from home, and
to pay an exorbtant price for The purpose OF
being accommodated TO loan when there are mil
hons OF dollars In our midst awaiting invest.
ment whenever the security Is good and tho
promise to pay Is lndubtable.
RRkVE AMERICAN ARROAO