New-York tribune., 1875-03-06
FINANCIAL INTERESTS.
PACIFIC MAIL AND ITS RIVAL.


THE INTENTIONS OF PRESIDENT ALEXANDRE-GEN.
COTTON DECLINES TO SERVE As DIRECTOR OF
PACIFIC MAn-REAsoNs FOR Ills ACTIoN-Pi-ANs
FOR THE OCCIDENTAL AND ORIENTAL STEAMSHIP
COMPANY.
Affairs were duet in the Offices of the Pa
cinc Mail Steamship Company yesterday. but CONSIDER
able interest manifested In the announcement
OF the arrival In the city OF + ~ Alex
audnk President. and Gen. David d. CoHoh'
the newly-elected director OF the Company
President Alexandre, when applied to for information
concerning the changes in the Company, SAID that the
matter was great surprse to him. aa at the time of MS
departure for Havana thero no intimaton OF sucn
revolution took place. and the first hint he hdd oil ~
was from the newspapers which he got before andhG.
He had supposed that possibly the Gould Interest might
secure control Of Pacific Mail at the next election in
May but he unprepared for the revolution whleh
had occurred.
Mr Alexandra said that lie mad intended TO remain IN
the service of the Company until election, but of
course that would he impractIcaDe and undesirable ua
der the present circumstances As IA certain mat
ters were settled, which would probably be in
few days he would tender his resignation rs President
and Director of Pacific Mail aud retire from the service OF
the Company. With regard to the effect Of the change
IN the administration OF the Company Mr. AIexandre
thought that II Company properly managed IN
the interests of the stockholders might prove sood
property He believed that II the arrangement with
the Pacific railroads consummatcd IL wocid be TO
the genera advantage He thought that far arrange
ment az to freight would be generally advantageous.
The rates should be suhicentIy high to insure fair
return on the invested but not so hgn as to be
come oppressive to shippers or passengers.
Gen. Cotton President Of the Occidental and Oriental
Steamship Company, who arrived IN the city yesterday
said that he was surprised to ind his nam
i'm the list OF new directors Of the Pacific Mail COMPANY
He had received official notification Of his election
but had almost immediately rerhed declining the posi-
ton The following is the full text OF the letter:
NEW YORK March 3. 1875
THos T. GAMBLE, esq. Secretary PacVic Nal Steamship
DEAR siG: Absence from the city has prevented my
receiving your letter notifying me OF my G"euon ao
director OF the Pacific Mall steamship COMPANY uhtl
to-day As elected without my kn0wl dge or
consent the receipt OF y%nr g,ter IN rde e tne rt @
reGec respectfully decline tue POSITION, Tor
rea which TO NY mdd are entirety satisfactory
In the first place am nor a. ms tn, anu nv W. leUrt
hcen tine share Of the stock or your company
and, being large stOckhOlder and an onlcer 10 TAO
see how could in good fiiih attempt t0maiiage the
affairs OF the Pacific Mail Steamship Company for the
interest OF lis stockholders, ~ am ilrm believer IN
the doctrine that ownership ana control are lLsepar-
the Central Pacific RlrOad Company have any more
stock IN your Company than nave. There Is therefore
And furthermore would be impossible for me to give
the ar rs Of Company any attention rs ali OF my
time ana energes will devoted To the interests aud
the construction OF the Southern Pacific Railroad OF
California ana the business Of tue Occidental and orr
ental Steamship Company, in both OF which am largely
interested ana occupy responsible Official positions,
which intend to retain. Very respectfully yours.
DAVID ID. CoLTON
Gen Cotton Vice President Huntington, a Center.
and other gentlemen Interested IN the Occidental and
Oriental Steamship Company held an informal confer
ence Yesterday at the office OF the Central Pacific Rail
road Company No. IL Nassau-st The object OF the
consultation perfect the details OF the establish
ment OF this ne and the arrangements TO procure trade
with China business. These gentlemen expect to have
b rst sieamer of the new China in time take
the first 5000 tons Of the crop One OF the
sels il now loading Hong Kong. and Will sail by way
OF the SueZ Canal.