The New York herald., 1875-11-18
OUR COMMERCIAL MARINE
SHALL WE HAVE ANOTHER LINE OF AMERICAN
STEAMSHIPS?

SHALL WE HAVE ANOTHER LINE OF AMERICAN
STEAMSHIPS? I?
To THE EDIroR or THE HKRALD:-
The proposition OF the Panama Railroad Company 10
establish line OF first class steamers between New
York and San Francisco Is leading 10 a good deal OF
discussion and comparison or the present cost Of tho
overland railroad route with that Of the Panama Rail-
road after building twenty iron steamers may not
be uninteresting to your readers:-
PRESENT CAPITAL AND DEBT or OVERLAND RArRoAps
New York Central and Hudson River Rail-
road, including cases. <l40 000 900
Lake Shore Railroad Company, including
cases lO3 OOO, 600
Chicago to Omaha say.................. 25 900 600
Union Pacific Railroad Company. ll50OO,oOO
Central Pacific Railroad Company. lO7 600 900
Total. 500, OOO, 900
IsTHMus ROUTE.
Panama Railroad Company pres
ent stock. k................... . uOo,ouo
-'A-'' SIC, 1000, 900
II steamers "a New York and Aspinwall,
Panama and San Francisco. ............ 100000
0 steamers of l. 500 tons each ......... 2250,0 900
Total. sI7. 76o,O 600
Railroad .......................... 1000, 900
$40. $50, 900
The four steamers the Atlantic and the on
the Pacific side should be tons capable OF carry
ing 200 cabin and 300 steerage passengers and tons
of freight leaving New York and San Francisco every
Saturday and making the trip in twenty days.
The should OIL 500 tons and built er
pressly for the Central and South American trade to
carry cabin and 100 eerage passengers and 900 tons
OF freight and to be employed foows-Two for tho
Central American trade three for monthly line be-
Panama and San Francisco calling at all Central
American Mexican and California ports; four for tho
South American trade between Panama and Valpa-
raiso nearly all Of which goes through the Straits
of MAGELLAN Al this time iron is selling for less than
the cost OF production aud labor is and probably will
be lower prco for the next twelve months than for
several years to Such being the case, there can
bo depreciation the Investment, and all the
steamers should bo quilt and equipped for the sums
estimated and better, for strength workmanship and
speed, than any steamers afoat
Another great advantage would be that this line
away with ehe duplicate agencies and expenses at New
York, Aspnwall and Panama, and would have less
difficulty in making satisfactory through tariff for
freight and passengers than now, when the overland
railroads are giving TO the Panama route as little bus
ness as possible
The Panama Railroad directors are in situation to
know exactly what business the Pacific Mail Steamship
Company did during the time they were running in
| opposition to the Overland Railroad Company and
what they doing now and therefore well ablo
to judge of the expedency Of putting on the new line
ANY one comparing the annual increase OF tonnage
by the overland railroads, since they were completed
by the isthmus and by sailing vessels around Cape
Horn will readily that the Panama Railroad direc
i
only eight steamers and they will soon find that the
necessities of the trade will compel them TO increase
| the line as have suggested.
undertake to say that the new steamers, as pro-
posed, with freight at $40 per ton from New York to
San Francisco, 500 Tor cabin and $50 fer steerage
passengers, will pay very handsome profits and the
continued growing trade and largely increased traffic be-
tween the Atlantic and the Pacific guarantee that
/ the steamers will go full at these rates
Whether the railroads, with their enormous bonded
debts afford to carry freight and passengers at
these prices and then pay dividends on their waered
stock remains to be after the new line is tarly
established.
Several directors of the Panama Railroad believe that
their route is the most economical Tor the Pacific busi-
ness and OF opinion that the road would earn and
/ pay six per cent quarterly dividends il equipped as
above and that the Central and Union Pacific Railroad
companies will recognize the fact that the water
route is cheaper than a railroad for the freight
business TO California ports
1t would that the question OF the cost OF trans
portaton between here and San Francisco will very
be settled and shall be able to learn whether
$500 900 of capital successfully compete for the
same business against company possessing equal la
/ cites and but SIT 600, 900 Of capital
/ STOCKHOLDERS PANAMA RAILROAD COMPANY.