New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-03-03
APACIFIC MAIL REVOLUTION
PROBABLE UNION OF INTEREST WITH
RIVAL RAILROADS.

-
PROBABLE UNION OF INTEREST WITH
RIVAL RAILROADS.
EXPECTED CHANGES IN THE BOARD OF DIRECTORS
"A LARGE INTEREST ACQUIRED BY JAY GOULD
THE CONTROL OF CALIFORNIAN TRAFFIC con-
TEMpLATED-THE PLAN NOT YET coNsuM-
MATED.
Another of the remarkable revolutions which
has recent management; OF the Pacific
Mail Steamship Company appears to be Impending. ZOE
days past the price Of the stock has been grsd
ally advancing amid the general surprise OF the street,
On Saturday the price closed at sst Yesterday the
stock sold up to sss closing with heavy trans
actions at ST. The cause of this sudden
and sustained advance was the suUect OK
general discussion, few seeming to know what IL
meant Among those few however, II was well under
events taking place within the Board OK
Directors which explained the course Of the market
The proposition made In the Board to transfer tho
control of the Company Immediately to Jay. Gould
Application to one Of the directors for Official infor
nation the matter elected the following statement
Mr. Jay Gould has acquired controlling interest In tho
Pacific Mail Steamship Company Toe amount OF tho
stock holds is known, but II s estimated as hsh
as 100000 shares. Mr.. Gould desires, as he ~ bona
fde holder Of this stock, that there shall be
such changes IN the Board OF Directors as VIII
enable his newly acquired interest to be repre-
sented The Directors OF the Pacihc MAR
Steamship Company think so favora6ly OF tho
that executive session will be held for Official
consideration Of It. They propose, however, that the
indebtedness OF the Company shall be guaranteed by
the new direction As yet nothing positive has been
DONE bu II the proposed arrangement is carried into
effect there will be several designations imme dateIy az
1t Is intended to change the composition OF the Board
of Directors, event efore the May election.
With view to obtaining further;oiicial Information
application was made TO Jay Gould for his statement OF
NJ nartld o.id uaa trina fhar hero vi
talk the subject of narmon.zng the relations
between the railroads interested and the Steamship
Company There is a large amount OF freight on tho
Pacific Coast for carrying which very low rates were
obtained. II arrangement could be effected both
the railroads and the Steamship Company might
make some money. Some OF the gentlemen in-
terested in the matter had called upon him.
Mr.. Gould said, to consider the matter. and
no had informed them that II proper adjustment
Of the existing differences could be had. he would do
his utmost help build the Pacific Mail Company
favored the appointment of Board of Directors for
that Company which should embrace representatives OF
the Union and Central Pacific and Panama Railroad;
when their interests would be united instead Of diverse
as at present meeting would shortly be held TO coDsi
der the matter but nothing had been accomplished
and any publication OF the discussion rather prema
ture. Being asked what effect the proposed combiDs-
ton would have upon the Occidental ana oriental
Steamship Company, formed for the purpose OF CON-
peting with the Pacific Mail Company. Mr.. Gould SAID
that the two companies could run on alternate weeks
Sidney Dillon, President OF the Union Pdclte RAILROAD
had NO information to impart concerning the combiDs
ton, and referred the inquirer to Mr.. Gould
STATEMENTS OF MEssRs. HATCH AND GUioN
Rufus Hatch, in conversation with TRIBUNE re-
porter last evening" stated that there was movements
on foot to consolidate the interests OF the overland
roads and the Pacific Mail Steamship Company. IL WAS
generally understood that Jay Gould owned control
iDg In the Union Pacific Railroad, aud 1t bad
been reported recently that he also large holder
of Pacific Mail stock. As TO that however, Mr.. Hatch
could not say, he had looked at the transfer
books lately 1t for the best Interests or the com
panies mentioned to unite. They had been fighting for
long time that the Government subsidy bad
been withdrawn the Steamship Company felt that tho
best thing TO do accept the proposition which had
been made and TO harmonic all conflicting in'
The main points of the union had already been
agreed upon the details had yet been arranged
The effect would be to increase the tarf ON freigis
and passengers, which would materially swell the
profits. The railroads woud gain the most advantage
pecuniary, but there would be a very satisfactory
ad Seen running Twenty-Five SHIPS aurog tne past
year, but under the new ARRANGEMENT the expenses
would reduced nearly onehalf The numoer OF ships
would probably limited to eighteen, ano wnereyerh
could he done with safety, exp woua o9
G Srsctie cn create monopoly FOR the con.
rol the business ss .y NewYGs ana and
East the West except by these roads aud the Pdcnc
Mail steamers unless dissatisfied preferred u walk
or to swim Mr. Hatch concluded by saying that he
had been trying for many months 70 orng about IDS
best thing for the Mall steamship Company,
der the circumstances AS to the Board Of Directors
he had not informed OF any changes. There Na3
no necessity change IN the Board accomp isn tho
union as present direction fully understood the adj
yantages the Company would derive from IL, ana
heartily supported II.
william RI Guion said that the proposed union OF IN
terests OF the Pacific Railroads aud tue steamship Com
pany would probably be cOnsummlted within few days
IL was that wOnId be changes IN tho
Board Directors before tho annual election ID May.
There WAS vacancy now III the Board which would DO
filed and two expected Tue vacancies
would probably DC arranged within Two weeks and the
plan of perfected lie was not at liberty To gave
all details but IL not improper for hun ~ say
that the consolidated interests would be fary repre-,
sented the Board or Directors As 10 the OccldeOtt
Steamship Company he could only state his belef that
II would be dsorgauzed. IL could not compete with tho
present Interests The effect OF the proposed union Of
dated companies and ~ give tAem CONTROL OF tue bus
ness
that there an arrangement IN progress to unite sa
interests OF all the ompanes, but he did not feel
authorized to say any thing further
The OCEAN RIVAL OF PACIFIC MAIL
Can't George II. Bradbury agent OF the Occidental
and Oriental Steamship Company abroad has given
notice 10 the representatives OF the Company Ia this
city that he has upon them for $1,000 sterling,
or $50 600 the engagements entered into Mt tho
time when he White Star steamers Begic, Gaelic, and
Celtic chartered These steamers are expected on
the Pacific Ocean soon. when they will ply between
China and japan, acting as feeders to the Pacific rail-
roads winch have agreed 10 take the bulk Of tue
cOmpgDys stock.
SUIT AGAINST wM 6. KING
MINNEAPOLIS, Mimi, March 2.-Mr. Edward
T. Bartlett OF New-York. counsel for the Pacific Mail
Company is now here. He has caused suit ~ be be-
Gun op behalf OF the Company against VIM. King to