New-York tribune., 1875-03-04
REORGANIZING PACIFIC MAIL
THE CONTROL OF THE COMPANY PASSES
INTO NEW HANDS.

| THE CONTROL OF THE COMPANY PASSEo
INTO NEW HANDS
RESERVATIONS OF RUSSELL sAGE, Y. l. TALcoTr. W.
| II. GUION, AND A. J. HATCH-ELECrION OF BID
NEY DILLON, JAY GOULD, OLIVER AMEs, AND d.
d. CoLroN AS DIREcroRs-THE EFFECTS WHICH
| TIE CHANGES WILL HAvE-IMMEDIATE RISE IN
| PASSENGER AND FREIGHT RATES TO TAKE PLACE
| THE RAILROAD INTERESTS IN HARMONY.
The revolution in the control of the Pacific Mail
| Steamship Company which was explained In Tue
tribune of yesterday was carried out ut the meet
ing Of the Board of Directors yesterday afternoon
When the meeting was called to order, the resgna'
tion of Russell Sage which was sent in soon after
his recent election "a O director, was taken from
the table and unanimously accepted 1t was
then resolved that Sidney Dillon. President
of the Union Pacific Railroad. be elected director.
His election then took place. f. l.. Talcott next
resigned his position director and Jay Gould was
elected to fill the vacancy A. j. Hatch brother of
Rufus Hatch the Managing Director, rendered his
resignation. and Oliver Anes was chosen In his
| place. These changes placed three Union Pacific
Railroad directors in the Board. giving that Com
pany five representatives in the direction Of the
Pacific Mail Company. William Fl. Guion next Of
fered his resignation, and David d. Cotton. Presi-
| dent Of the Occidental and Oriental Steamship
| Company. was elected to fill the vacancy. AS +. A.
Alexandra the President of the Company, is in
| Havana, Sidney Dillon was elected President pro
] TEN.
The proceedings at this meeting excited little SUI
| prise among tho few persons who yesterday after
noon became aware of what had taken place. be-
cause the revolution had been anticipated by those
who were conversant with the position OF affairs in
the Pacific Mail Company. The effect of the reOr-
| ganizaton will be Immediately felt in the establish
| ment of schedule of increased rates for traffic.
Tho rates on rst-class freight will be increased
from to 80 to 81 per 100 bs and tho other classes
in proportion. These rates are about twothIrds OF
| what was charged before the competition between
the railroads aud the steamship company began.
The now directors say that the combination Of
the several interests will save Sloo0,OOO annually to
the railroads, and an equally large amount to the
Pacific Mail Steamship Company. They further
state that the elections of yesterday will be sup
| pemented shortly by the election of George j.
| Forrest and George s. Scott to represent the
| Panama Railroad Company in the Pacific Mail
direction. Upon the return to New-York of f. A.
| Alexandra, he will tender his resignation, and u T.
| Huntington, Vce-President Of the Central Pacific
Railroad will be elected director if he will accept
the position. Sidney Dillon will probably be chosen
| permanent President of the Company. 1t is likely
| that David d. Cotton will be made Vice-Presdent
unless he declines the position.
IL IS asserted by new members of the Pacific Mail
| Board that the changes in that Company need not
| interfere with the carrying out of the new Occl-
dental and Oriental Steamship Company enterprise.
1t is intimated that the steamers Belgc, Gaelic, ana
Celtic Of the new Pacific line will run In conJunc-
ton with the Pacific Mail vessels, the latter to make
trips only once month as required by the terms of
| the old subsidy; while the new line would run
ITS steamers 80 as to continue the semi.monthly
service.
AT the office of the Central Pacific Railroad Com
many il WAS stated that the Occidental aud Oriental
| Steamship Company would be pushed forward, as
every arrangement had been perfected and the ships
| had been engaged. In the absence of Mr. Hunting
ton no statement could be obtained as to the proba
bic course of himself or his friends in regard to the
new combination. George j. Forrest, director OF
the Panama Railroad and a prospective director OF
| Pacific Mail stated that the proposed combination
would undoubtedly be beneficial to all concerned.
It's effects would be particularly advantageous to
the Panama Railroad Company, as better rates
would be insured by Of united instead OF di-
vided aud competing interests. Business would
now be conducted in q more profitable way much
! to the advantage of all concerned.
The following will give the epistolary history of
| the revolution in Pacific Mail The ilrst letter Is
| from Messrs. Talcott and Guion TO Jay Gould. and
is as follows:
| TALcorr & Sons. II Broadst.. N Y, Feb. 81. 1875
| JAY GOULD, esq.-Dear Sir: We are Informed by
with rs as directors OF NJ 81 s. Co. that you now hold
controlling interest IN the stock Thar, as represent
ing also with your friends the Union and Central Paclhc
Roads you desire for the OF the respective cor
porations. to obtain the immediate governing power In
| our Company to effect such management ana coinD.
nation OF interests as will result to the mutual benefit OF
these corporations and cons qnenty 10 the advantage
| OF company and its stockholders .,,
To accomplish this purpose mas Deen ana sun Is our
sincere and has alone isuenced us III remaining
| in the direction OF the p. NJ. s. s. Co.
Referring to the maturing indebtedness OF the Com
pany the letter oontinues I'VE shall ask your
ance thot provision shall be made for its prompt pay
| ment" The letter concludes as follows:
With this explanation, SHALL on receipt Of letter
from guaranteeing such efforts on tue prt OF your
interest of the Pacific Mail Steamship Company aud its
.Sa @ who viii II stu
prox, WILL We have no doubt, do likewise Yours, re-
| spectfuly. +; L. IALC0rr'
| No 57s FIFTH AVE, Feb. "a. 1878.
| Messrs F. L. TALcorr and WM. II. GUIoS-GenHe-
euce to tho affars OF the Pacific Mai Steamship Com.
pany. ana in reply thereto would say tnat my sole
the fact, almost seicvident, that harmonious aud
strictly equitable arrangement between that Company
the profit OF both companles while the public will be
quite satisfactorily served am therefore Wiling 10
firs That will see the Company through financially.
| and
econdlu That such permanent arrangements shall be
made between the Pacific Roads and the Pacific Mail
shall be strictly far and mutually profitable to both
| maiu, Yours respectfully, JAY GOULD.
10 this was returned the following and final letter
| TALCoTT & SONS, IA Broad-st, n T., March 2 1910
Jay GouD eshy Dea ST II a tna tss
hest friends Of the Pacific Mail Steamship company
thank You for II, and to tender as Promised ress
nation and that Of Mr. Guon to be used your pleas
urc. When Mr. Alexandra returns snail SIMPLY state
| n i'm hat Mr.