New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-11-12
/ then adjourned till tomorrow.
PACIFIC MAIL SNUBS THE PACIFIC
RAILROADS.
MIR. HUNTiNGTON's PLAN PROMPTLY RE
JECTED.

MIR. HUNTiNGTON's PLAN PROMPTLY RE
JECTED.
OFFICIAL CORRESPONDENCE BETWEEN THE OVER
LAND RAILROADS AND THE STEAMSHIP COMPANY
PACIFIC MAIL READY FOR A COMPROMISE, But
NOT ON THOSE TERMS.
For days past the prospective conference
between the Pacific Railroad companies and the Pacific
Mail Steamship Company has been the subject OF specu-
lajon on Wallst where the effect OF the competition
upon the traffic and prospects Of the three corporations
has been considered as to their several inter
ests The determined attitude OF the railroads
and the firm position of the steamship COM
pany had created an impression that cOih-
promise the basis suggested was out OF
the question On Tuesday, the Central Pachc
Railroad Company sent its ultimatum to the
steamship company, and yesterday afternoon meeting
was called to consider their proposition The PROPOSE
tion was first announced through the columns OF THE
TRIBUNE the result OF the prospective meeting was
generally anticipated in the street The proposition
rejected the Pacific Mail people even before the
meeting began. One director wished to have the com
munication returned insulting. Other stories we're
IN circulation to the effect that one director having an
earlier knowledge Of the contents of the communca
ton had availed himself Of the opportunity by
selling out his stock before his colleagues were
informed Of the facts Considerable gossip ran through
the street. and there said 10 be considerable bitter
ness on the subject compromise conference. At
p IN. a meeting of the directors was held Russell
Sage presiding. long and earnest session was held
during which the tones Of indignant speakers were dis
tnety heard in the outer Office. After the Board had
cen in session q short time 1t was resolved that the
proposition and the of the Pacific Mail Com
pnny should be furnished for publication The follow
ing is the correspondence:
OFFICE CENTRAL PACIFIC RAILROAD CoMPANT}
NEw-YoRK, Nov. TO- 1874.
RUSSELL SAGE. President raeFc Mail steamship COM
DEAR SIR: Herewith hand you in accordance with
your request memorandum. as basis CT an agree,
ment between your Company and the Pdclhc R'i"odu
Company. which will trust meet your approval.
very ie' E. p HiySrISGroy. vice.President.
First Passenger rates on all classes between New
York and San Francisco both east and west TO DC inc
same on lines and commissions 10 be pald by
party The prices should be low, Tor the reason
that both lines are S R Ss 0r 1ne
between the Atlantic and Pacific Coasts will have an
important influence in securing that re suit.
Secondly: That while the owners of steamboats, and
railroads should right ought to control their own
si they should be operated us practicable in the
interest of the public; and therefore, while would not
think well fOi the companies, neither 10 thlhK me
public would wish that the business should be done al
the very low rates that It has been for me last few
put rates back 10 what they we're before TINS 9plO
to the present nDremnneratpe rates; sun, rs Mou
much like an arrangement whereby the lines could WORK
In harmony and so obtain fair rates. would agree IN
order TO bring this about that the railroad companies
should guarantee 10 your Company $1,000 per steamer
q %
and the railroad COMPANIES agreeing 10 furnish eVO tons
Freight. ,- a., MI, =, 3,
Steamship Company and the Central Pacific Railroad
Company III regard TO the CGlna aud Japan business. 20
be carried ont. the Pacific Mail Steamship Company to
give security satisacor DRY to the railroad companies
Piled with by the Pacific Mail steamship Company;
Fourth: The UniOn ard Central Paeihc Railroad
Companies to make and control al rates nctween New
York ana SaD Francisco
IiGh: This contract 10 be for 10 years.
ph all tfppnf n or
toned basis the parties representing the Railroad Com
panies Will meet 10 make up its details at such time
the Union Pacific people Dnt think they would TO
il. An early answer Is requested.
OFFICE OF PACIFIC MAIL STEAMSHIP Co.,,
NEw-YoRK, Nov. TO- 1874.
c. p HUNTINGTON, Vicc-PreSdent:
DEAR SIR: have 10 acknowledge receipt of your let
ter OF this date, GcoSng heuorandun as bass OF
an agreement between your COMPANY, the Central Pa
chc Railroad COMPANY, The Union racihc killroad Com
paDy, and this Company VITA request Tor an early an
swer In reply have 10 State mat have ordered
special meeting Of the Board " Directors for
afternoon, when will Icy before them your letter and
memorandum, mentioned above, for their considerations
| am, very respectfully, your 0brdicnt servant.
RUSSELL SAGE. President.
The following is the extract from the Minutes:
OFFICE OF PACIFIC MAE STEAMSHIP Co.
NEW-iORK, Nov. II. 1874. :
At meeting of the Board oil Directors Othis Complain
held n5 day. me ooW W were a@pteG
road companies end has informed them hroaS It's President
Tat he proposition, sssat1 under date Nov TO- BY
ou this Board unsatisfactory and therefore respectfully de-
clined
cred That this Company be directed send
copy foregoing reO the Central and Union Pacific Rail
road Companies. -
Ra That the secretary he Instructed publish the foregoing
oaeace and resolutions and to fuh seed Of he
the NoeTedt OF the Central Pacific Railroad Com
pany the President Of the uuOn Pacific Railroad COmsny
Attest JHEO. T. JOESsOS, Secretary.
Considerable gossip circulated through the street on
the subject the double of the wooden ships
the COmpany's service. One Of the officers OF the
Company had caused the ships TO be insured and of
thu
Company did not require double insurance there
dispute between the officer and director to which
tract should be recognized 1t being reported that the
latter had threatened TO resign unless the insurance
effected by him should he recognized How the dispute
has been settled is unknown