The Rutland daily globe. [volume] (Rutland, Vt.) 1873-1877, 1875-11-17
from Tuesdays New York HERALD
PANAMA STEAMSHIP AND RAILROAD
COMPANY
Statement Of the President-Its Project and
Prospect.

COMPANY.
Statement of the President-Its Project and |
Prospect
Yesterday Herald reporter called upon
Trenor w. Park, president of the Panama
railroad company, and had long CONVEX
sation with him in relation to the CON-
pany's proposed new line of steamers be-
tween New York and San Francisco. In
response to the interropatores on this sub
ject Mr.. Park said substantially as follows
That the Panama vailroad company had
determined to put on line of steamers as
soon as the vessels could be purchased or
built to make such line between New
York and San Francisco in connection
with the road across the isthmus. There
is no question, under the charter of the
company, of its right and power to do
this. The Panama company is not dis
posed to put on this line IN opposition to
the Pacific Mail steamship company or the
Union Pacific railroad, because it believes
that there is business via the Panama rail-
road for the line that they may put on and
| the Pacific Mail steamship company. In
| 1874 there were over SO, 900 tons of freight
carried by the overland road, over 10000
tons by the Pacific Mail and 100000 tons
around the Horn therefore the Pacific
Mail and the proposed new line would each
have full supply of freight by taking,
undoubtedly, a portion of that which is
carried around the Horn so there would
be business for both lines without entering
into any ruinous opposition. The Panama
railroad company intend to run their
steamers in connection with their railroad
across the isthmus without opposition to
the Pacific Mail or the Union Pacific rail-
road. They believe Ohe Panama railroad
company that there is business enough
for both steamship lines. while at the same
time it will greatly increase the earnings
of the Panama road, because the road, in
stead of carrying the freight of one line,
will then carry that of two The COM
panys immediate reason for putting on this
line is because the Union Pacific company
have control Of the Pacific Mail company
and therefore control the entire traffic of
freight and passengers between New York
and San Francisco The company believe
that The line between New York and San
Francisco via the isihmus should be in one
interest and under one management, in
stead of both lines being controlled by the
managers of the Union Pacific railroad as
they are at present. The Panama company
say that freight can be taken by the 18TH
mus route in less time than it has usually
been carried by the overland road.
In reply to the question, care you GER
tain that your line of steamers will pay the
stockholders of the Panama railroad com.
pany 2" Mr.. Park said 1--WE are certain
that the steamers will pay for themselves
in ten years, and at the same time increase
dividends to the stockholders at least
twelve per cent. We know from our books
what have been the earnings of the Pacific
Mail steamships between New York ant
San Francisco for every trip during thu
past five years, and We also know wha
their expenses have been, and therefore
know that the estimates made by our com
mttee with regard to the net earnings o
our ships are below what we have RICH
to expect The Panama railroad, with it
! facilities, can operate line of steamers be
tween New York and San Francisco at
, saving of 100000 month over any otbe
steamship line, as it has its own wharve
at Aspinwal and Panama, machine shop
at Asplnwall, steam tugs and launches il
, Panama Bay, and everything else needed
so that the company will be at no expens
in starting and operating their line othe
D than that incurred by the actual cost of tn
steamers"
Mr.. Park said, in answer to the questo
as TO whether there was any division O
sentiment in the board about putting o
q this line, that on every vote touching tn
q propriety of its creation the ayes and nay
being called not negative was recorded
:, and he had no doubt that every member G
u the board agreed with him that the ne'
& line would be for the best interests of til
n Panama railroad company.
'wHo ARE THE BoARD?"
Mr.. Park said that the board was con
posed of the following gentlemen Con
q modore q. X. Garrison, G. G. Francklyr
"a of the Cunard line John M. Burke, job
r. Marshall, Hon. John p. Jones of N,
vada General II. IL. Baxter of Me-
= ~ York s. G. Thompson, president of I'll
:, First national bank franklin Chandle
=. president of the National mechanics banl
~ ing association of New York Philo
~ Calhoun, president of the Fourth nations
l. bank of New York George N. Forrest
IS Frank Work, firm of Work, Strong & Co
70 General s. G. Mccullough and Trenor v
- Park. In reply to the question, "Ho
d much stock in the Panama railroad con
IA pany do these gentlemen represent" nj
ia Park said "They own and represel
:, over half of the entire capital stock
ii the company, which is $4,000 an
&c they have no doubt that In taking their az
Y. ton whereby this line of steamers is to
put on they are serving their own aud fe
e low stockholders best interests" Toucl
n ing the rumOr that the directors of the PA
re anna railroad company are largely "shor
of the Pacific Mail stock, Mr.. Park r
marked that he had conversed with Il
D, different members of the board of directo
r on that subject and did not believe th
,p any one of them was short of a share
Is, Pacific Mail stock that he himself hi
u been both long and short, but at the pre-
ent time was not interested in the stoC
in either way.
NJ The question, ''To what extent are Il
in public to be benefited by this new line
ID elected the following from Mr.. Park
o. 'The Panama railroad company, ownir
e its own ships. can transport freight at
ut profit to San Francisco or from that pla,
to New York at price less than ii can
transported for at cost to Omaha before
10 reaches the Union Pacific road. And wi
s, through line under the control of the Pa
u anna railroad company freights could new
be unreasonable. This has been demo
stratcd by the histories of the companies
,e A Territory Without Capital.
n The supreme court Monday advanced {
VI its docket the case of b. +. Potts, govern
Sc ~,