The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1875-11-16
PlylNl STEAMSHIP AND RAILROAD COMPANY.
STATEMENT OF THE PREsIDENT-Irs PROJECT


AND PROSPECTS,.
Yesterday HERALD reporter called upon Trenor ".
Park, President OF the Panama Railroad Company,
and had long conversation with him in relation to
that company's proposed line OF steamers between
New York and San Francisco. In response TO the in
terrogatores ON this subject Mr. Park said substan
TALLY as follows:- the Panama Railroad Company
had determined TO put line OF steamers as soon as
the vessels could be purchased or built to make such
line between New York and San Francisco in con-
necton 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 disposed to
put on this line in opposition TO the Pacific Mall Steam
ship Company or the Union Pacific Railroad because It
believes that there is business the Panama Railroad
for the line that they may put and the Pacific Mail
Steamship Company. In 1874 there were over 1000
tons Of freight carried by the overland road 90 600
tons by the Pacific Mail and 700 600 tons around the
Horn therefore the Pacific Mail and the proposed new
line would each have full supply or freight by taking,
undoubtedly, portion or that which carried round
the Horn; there would be business for
both lines without entering into any
runous opposition. The Panama Railroad
Company intend TO their steamers in connection
with their railroad across the isthmus without oppos
ton to the Pacific Mail the Union Pacific Railroad.
there IS business enough for both steamship lines,
while at the same time il will greatly increase the
ngs Of the Panama road because The road instead of
carrying the freight Of line, will then carry that Of
two The company's immediate reason for putting
this line is because the Union Pacific Company have
control Of the Pacific Mail Company, and therefore
troll the entire traffic OF freight and passengers be-
tween New York ana san Francisco. The company
believe that the line between New York and.San Fran
one management instead OF both lines being controlled
by the managers Of the Union Pacific Railroad as they
are at present The Panama Company say that freight
be taken by the isthmus route III less time than
has usually been carried by the overland road
In reply To the question, Are you certain that your
line OF steamers viii pay the stockholders Of the Pan
anna Railroad Company ~ Mr. Park said 1--we are GER
tam that the steamers will pay Tor themselves in ten
years and at the same time increase the dividends 10
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 and san
Francisco Tor every trip during the last I'VE years, and
we also know what their expenses have been, and
therefore know that the estimates made by commit
tee with regard 10 the earnings oour ships are below
what we have right TO expect The Panama Railroad,
with its facilities, operate line OF steamers be-
tween New York and San Francisco at saving or
10000 a month over any other steamship line as il
has its own wharves 1T Aspnwall and Panama machine
shops at Aspnwal steam tugs and launches in Panama
Bay and everything else needed, that the company
Will be at no expense starting and operating their
line other than that incurred by the actual cost Of tile
steamers"
Mr. Park said in answer the question as to whether
oil
putting on this line, that on every vote touching the
proprley of lis creation the ayes and nays being called
not negative was recorded, and he had no doubt that
every memSer OF the Board agreed with him that the
line would be Tor the best OF the Panama
Railroad Company
''wHo ARE RoARDp'
MI Park said that the Board was composed OF the
following gentlemen Commodore 9. X Garrison Z.
G.. Francklyn OF the Cunard line; John NJ. Burke,
John II. Marshall, Hon. John T. Jones OF Nevada ,
General II. II. Baxster Of New York; $ &.
Thompson President of the First National
al he MAI
Mechanics Banking Association OF New York; Philo
G. Calhoun, President of the Fourth National Bank of
New York, George ~ Forrest; Frank Work, firm Of
Work, strong 4 Co.. General j. G. Mccullough and
Trcnor W. Park. In reply TO the question, How much
stock in the Panama Railroad Company do these gen
represent over onc-haf Of the entire capital stock
OF the company, which Is $1,000, 900 and
they have doubt that in taking their
tion whereby this line OF steamers is To be
put on they are serving their and fellow stock
holders best interests. Touching the that the
directors of the Panama Railroad Company largely
short' OF the Pacific Mail stock Mr.. Park remarked
that he had conyerscd with the different members or
the Board of Directors that subject and did not be-
leve that any one OF them was short OF share
Of Pacific Mail stock; that he himself had been
both long and short, but at the present time not
teresed in the stock either way
The question, ITO what extent the pablo TO be
benefited by this lineyo ehcited the following
from Mr.. Park THE Panama Railroad Company,
owning its own ships can transport freight ut profit
TO san francisco from that place TO New York at a
price less than II be transported Tor at cost to
with a through line under the control Of the Panama
Railroad Company frcghts could never be unreason-
able THIS has been demonstrated by the histories OF
the companies