New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-06-09

call loans of the former dwindle down to $3l,9fo
actual cash In bank; tho $4,000 bills receivable
are the StOckwell notes lin disputes the SlOO,OOo
limited States five per cent bonds are "hypothe-
catedD probably to the Panama Railroad Company
for call loan cash in bands OF agents and pursers
ia reduced from S6400O0 to $4,000 In short, every
thing that was portable could be converted into
money has been conveyed away, and the COm-
pany owes debts that it cannot pay without borrow
ing Only few Of those interested in the shares VIII
be disposed to go into the particulars OF TINS flesn
account. nor is ii necessary. The vital questlohS
to be answered are, What Is the fair value OF the
Company's property What the amount OF
its debts, and how do the net assets com
pare with the share capital Wlth de-
sire to nothing extenuate nor aught se'
down in MALICE we should consider the following
safe estimate for those contemplating either the
purchase OF sale of the shares
Cash assets, exclusive OF debts..-----.-.-. sVOOV"
0s q, sis7 T ecu worth ao oeT cent 1900
e1 sdwIp NJ raisgA i'a,roau - 5000
California Dry Dock estimated by admin ., nm
Goals on hand estimated by new administration 10000
QUILTS an,i anu supPo'' eS'i"'1'ee W No" sSOOOO
Amount paid on new steamers 26c3,oOO
Real estate all the world. ESTIMATED by
the report recently made" by stockgell at
S2O0O,O00, probably worth 80 per cent. oOOOOO
SteamshiD9 which the Company deem unNlse
10 estimate, /" valued In previous report at tllf
100000 worth, exclusive Of new ones, probably 100000
Bills receivable ain dispute" 100000 worth, -
probably f"Vo"
Total 10000
As the S2663 900 paid on new steamers is included
in the above assets we estimate only the value OF
the old steamers and regard the estimate as fair
one Surprising the Goals, outfit, real estate, and
bills receivable to be w6rth the amount stated,
namely S2,5OO,OOO, and the old steamers to be worth
no more than S2,OOO,OO0 we have little over
S7OOOOOO as the sum total of net assets against
S2OOOOOOO share capital and about S35 as the far
value of each share of the Company's stock,
provided always that the business IS to De
continued and judiciously managed, which
we suppose to be the intention of the Company. But
if the business is TO be continued at last years rates
of loss some of these assets would disappear and all
would be dear at our estimates. We have no advice
TO prefer to spectators. They must analyze all
these statements for themselves. The future
of this Company depends entirely upon the man
agement of its affairs and we confidently believe
that it is within the power of competent and hon
est management so to nurture the valuable trade OF
the great highway of commerce trayersed by the
ships Of this Company as to increase rather than
diminish the value of its property, and to show
profit rather than a loss. On the bear side OF the
account however the fact will be kept in sight that
the Company is materially crippled that it has
steamers in course Of construction which it must
borrow the money pay for and that the five or SIX
millions of surplus cash and cash assets which used
e. be held like the sword of Damoces over the heads
of those contemplating opposition line, have per-
ished and faded away