New-York tribune., 1875-11-15


SIR: I notice by the papers the Panama Railroad
Company ale about tp launch out into the business
of rum ng steamship lines, and tha, to raise the
third mortgaq of 81, 900, ,O6O upon their ~ miles Of
road. The Indebtedness of the Company VIII then
sand ~ follows: oo
principal Of at per rc,nt.................. I2Wooo
Mortgage bonds 3'vVoOV00
Add to tnis capital Stock. 100000
Total bonls and stock sls 200. 900
think your readers will admit that S1s,OO0,oOO
for 4S miles of single track road is something OF q
balloon, especial when they are Informed that III
could now he duplicated at $4,000 per mile, or a
total of - 100000. NOtc.-The sum have named
il all the Costa Rcan Government ~ now paying
for the construction of similar road, and winch,
when completed, is to be competing line from
ocean 10 ocean.
But wish 20 raise another question for the con-
sideraton of the directors of this Company, many
of whom suppose to be reputable ana honorable
men, The stock Of the Panama Company Is he'd
largely for permanent investment by persons VINO
depend upon their dividends for support ana VINO
could i'll afford TO hazard them IN risky enterprises
however promising. The question Therefore Wish
10 propose Ior the consideration of the directors Is
the following:
Have you the clear right to embark the property
of the slocA holders of the Panama Company IN
vast and haza d0s steamship enterprise, and II you
have that power 60 you think II WISE and proper to
do 81 wituOut first OBTAINING their SANCTION 10 the
risk yOu aSsumef
That YOU nave no such right will appear clear to
any one conversant with tie early history AID IN
ceptiOn OF this enterprise with It's surrounding cir
cunistances
The late WIN. ii. Aspinwail and associates. III
1913 procured from the l., gslature of the State OF
New Ork the charter of the Pacific Mall Steamship
Company, e. operate Il line OF steamers iTom New
NurN 10 Asplnwall, and from Panama TO san Fran
CISCO. he fo.lOwi X year, 1Sl9, MI. Aspnwall
again went to the Legislature, aud procured tho
Garter of the Panama RaIToad Company, To con-
strcJ railroad across the lstnnlus OF Ialllnl ana
thus facilitate the transmission Of te bus ness OF thc
laCiilc Mai Steamship Company. Ia auuiuoh 10 its
otnor FIg rs tins Company WAS authorized to pur-
chase AID navi- i-ate such steam or saliing vessels
might pro and convenient 10 Oe us.l Ill coi-
nccu0n with sad road. This power was siupy t.
authorize the Company tO employ such ealiinS YES
sts and steamers were rcqu,sl.e t. tran; port the
pass engers, freight, and treasure from fanana 10
the a. inC ha4i s,eIlicTs, Whlch ho some Louf oi
five niles ui,, iut IN deep wateI-and nothlng more
lt would bo mUhstTUus tO suppose that as sifcNd
aLd Honorable business man iS Sir. AslnNdll III
tended 10 uTu tnes UWo CUmpaleS III botu1i wnicl
himself friends lad Largely Invested, III col
lisiOn or that he mtenucd by the mere subsidiary
COMPANY vita TIE TIghJ - enDdrk III a VAST a'Iu
uaZd.dOUs steamship en,e1prise IN drect eOhpelLoh
10 ulS las n.u .I.ICd.S eatdb.l ed.
No prncIpIU Law Ia better settled tlan that Fucl
auxiliary language n 4 charter must De strictly cJt-
stru,d a. ans tue gtdltee, and IL iS llght TN Is
the word, proper au0 convenient" aS cohtciruiS
upon TIA Company any sIcn brOslJ powers a. lity
axe now p.Up1sid- 10 dos,ilne-thc words " unhtc-s
sary ana .I.L.rl, 5" MUu Il nave DCen nuCh more 10
tie p8it. fiSt Nor : IniVIt have serve u
siIicId the directors from personal Inability Whl,d
&c t.t.nly attaches 10 tnUse, whO ~ thcr woes,
acquesoo IA ,iuu4roiug til faIii1a Rdi.r0id 20 -
pd.iy the pItseho w.iI soneutc, the OutcO ne Oh
wh,ch viii be dIs.,s.cr .,Ij RUN. Al EX-UFFiC-R-
NCW-A Or., Nov. 10, 1910.