New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-12-08
pACIFIC MAILS FUTURE.


REORGANIZATION OF THE COMPANY.
ro,xC,s A ALEXANDRA ELECTED PRESIDENT AND
WILLIAM II. FoGG, OBSERVATION-DISCLOSURES NE
r,pvNESr OF RUFUS HATcH-PoICf of lhE
WV PRrsrDENT-RETRENcIMENT THE ORDER
OF THE DAY. -.
,,ouy 10 the councils of the Pacific Mail o'e'.nsnip
CD"avaDv and aprarently with some degree Of sue
ess. Atlp m. q meeting OF the meinpe,S VI VIZ
n,o,a uos called and after short dehoeratlon
-. A.xandre was unanimously elected
President. and William II. Fogg director IN INC
go Russell Sage. resigned. Mr.. Alexandra j
~ ,rro,r;etor Of the New-York. Mexican ana
ue.ana Niou Steamship line, ana Is very
- lnown in steamship circles Ior
80 ahil;rv and integrity. Mr. fogg Is la ~
i.-.o,+or doing a verv extensive business WIN
r,h;oa and is supposed TO be fully aware OF the re-
o,romepts of that branch of the Company S tratlc'
Tvo rasult Of the meeting very well received ID
business circles where it had been feared that the
or,rcrtv would fall under the control OF Ruius
Hatch. The present Managing Director report TO
tits effect havIog been previously circulated Win
depressing effect
Johnson who has been for 16 years in the service OF
the Company, rendered his resignation Secretary
erred ,nc consideration Of the subject until other
r,ss.ls matters could be settled. Mr.. johnson ex-
r,. . confidence in tho future of the Company.
I'D tr night that with GOOD management it would
.s, 10 its former position the great American
s+ea,. p line As soon as his resignation snail
M ..l accented he will assume the position OF
b,rjn the Office of the Central Railroad of New
i
N.Sthat the Presidency has been assumed by a
al steamship man. itls expected that Rufus
7 ID. vii! resign the position Of Managing Director
L reported that there viii be changes IN the
m Railroad Company and that there VIII De
,ncAr0cnt in the administration of the New
..cf.e The apartments now occupied ID con-
. with the Pacific Nail Steamship Company
v......,ably be abandoned. and considerable money
..vcd thereby.
VIEWS or TIE INV PRESIDENT.
Mpch SPECULATION was indulged in as to the course
Which the now Board would probably pursue. With
,sv 70 asccrtaininc the future policy of the Com
any. 4 call was made upon President Alexandra at
,is Office on Broadway Mr. Alexandra modcsily
regretted that the honor and responsibilities OF the
Presidency Of the Company had not fallen upon
othor shoulders. but sad that since he had been
selected he would do his duty to the. best OF his
know ledrrand ability. The Company, honestly ad-
1inistcred had Lrillrnt future before IT, but II
would require time to develop its resources ana
place it upon the profitable basis upon which other
weil-manag.d steamship companies had been placed.
without pretending 10 enter into the details OF the
accounts Of the Company. he would estimate the
total lod Iteducss Of the Company at Sl0OOCJ0 The
assets taken at the lowest possible estimate, coul1
not De less than S10O000oO The City Of Picking and
the city OF Toxic which at the present time not
oniv uuproGuciive bat actually burden - Inc
company iuasmuch as the expense OF their cons'rCc-
-io, eo1iDuent. and insurance had to be deirlyed
from the finances Of the company, would soon arrive
m their destination and take rhcirpace on the China
line and then there would be an increase OF $780,
or r. tie revenue Of the COMPANY tie additional
Subsidy would then be obtainable. Expenses would
he reduced and other reforms introduced
hut such great improvements would require time.
Among the first acts of the Company would nc tie
abandonment Of tile present expensive Offices and
removal 10 the pier at tie foot Of Canal-st. Tbs
yyould save about $1,000 year. The intention OF
bo R,rd voe ~ conserve the interests OF the stock
holders. Unfortunately for Them as long rs the
s-oo,, is hcldin Wol-st it will be the subject OF
snecrla.jon. He had been tod that his selection
would not he popular with spectators, as
he would only look in the direction OF
i,,pro. cnen+. while they wanted man who would
make A.. active market. He expected, however 70
accomplish g me good; at all events lis euor!s
would be directed that way Nlth respect 70 the
relations If the Company with the Panama hAll-
rood he voull saw thas the contract between the
two co-nnanies was fair one. The Pacific Mail
C,rnDarv was TO be allowed to establish freight
and Messenger rates and pay fair proper
tion 10 the Panama Railroad. Whenever this proper
tion exceeded y per cent the money to be re-
funded to the Pacific Mail Company. With respect
70 the position Of Rufus Hatch as Managing
Director nothing had been said, and no change was
in irnmediase contemplation. A detailed settlement
of the finances Of tie Company would be submitted
to the Directors today and after it bad been crt-
caly examined. would Dc given to TIE public On the
authority of tho AUDITING Committee.