The sun. [volume] (New York [N.Y.]) 1833-1916, 1876-05-24
THE RAILROADS DEFEATED.
PACIFIC MAIL OUT or THE CLUTCH
OF THE PANAMA POOL.
Preparation. Made for the Election Of n
Board Of Directors who are not Interested
In "a Plot to stransIe the Company.

Preparation. Made for the Election Of n
Board Of Directors who are not Interested
In "a Plot to stransie the Company.
Pacific Mails troubles from divided man
aRement have ended in tho quiet surrender OF
the direction Of the company to men whose in
teresls lie chiefly in coast and not 10 inland
transportation between New York and San
Francisco. The combination, consisting chiefly
Of directors in the Panama Railroad Company,
managed their pool very quietly, and their eI-
istence as n combination was not suspected
until the transfer books showed that ms ajority
OF tho stock had passed out OF the control OF
the majority Of the directors. Then followed
an offer OF compromise, which was discussed, 1t
is said, in Mr.. 8. l.. NJ Barlow's Offices on Satur-
day last. The only impedimeut to quiet sur
render then existing was Dillon and Goud's
claim for money that they profess to have nd-
vanced to the Pacific Mail Company while II was
In extremity. Although 1t wns more than sus-
pected that the holders OF these claims were
secured by the bonds that were issued on faith
OF bills OF sale upon the company's best steam
ers, yet those gentlemen agreed to resign even
before the election, provided the money could
be paid out at once. The Panama Company, be-
ina even a larger creditor than Gould and Dill
lon, was the source whence the combination
hoped to be able to guarantee the debt, and as
II was almost certain that the guarantee could
be brought about, tho meeting was called for
Monday, and at that meeting the majority Of
th directors were to resign, and the company
80 pass at once under tue control Of It's future
managers. Some failure to perfect the guar
antee defeated this scheme, but yesterday the
IN after was arranged upon even more favorable
terms, Us the following correspondence shows;
NEw YORK, May 60 1870.
1renor W. Purt, Esq, Pfesiaert funund Railroad
DsAs sin. Tho unser,isned. t.pre.entins a large
arr 10 place ths eomp,ny under tne control 9f
other nv line between ikc Aiantic and Pacific. We
Board Of Directors s us,uE company fOr he EuI
pose OF promoting the Interests of the Overland Rail
road without regard TO the Interests Of the Pacific
Mai steamship Company
amount. aud that the Panama Raj road Company q ihe
case We elect BOARD cf asS,Smsn N who viii n repTeseni
the stoc c<hoders and manage the business IN the ue
Pons Toe payment Of ycuT claims sssa;t the Psslnc
Ss s%e nd
10. ops insss you giye to any otner ,,, company
must snSs MAJ SsIr PcsG ',s o sIS .ss.id q
wTrrH9ys. CO.
rsIThs ticket ticket proposed Fs !. eh'res 8 snesyn.
Jeremiah hilDank, snd William =. Clyde.
The following Is the reply:
PAsANA RAILROAD CoMPASY.l
KEw YORK. May 80. 1873.
the 2Oth instant would taS IN have consulted with
executive Committee and with Mr.. Cpde TIE man
able 10 that IN the khoders d de Pa
Cihc Mail steamship Company elect the Board OF Dircc
pends line. tSs ransms iaiirosd Company viii.
fuss-AcJust The claims Of our company against the
adjus ed, extend time OF pay ment. pre-
ysn ssire' c inc rsR a P sss Sn .
we Will to am reasOnabe extent within our power aid
sid steamship company IN providing for It's olher in-
pa2y. .,., ,, b.. -. e..,,. NJ,
fjfrt.fy is tfjis6N = f "r0r N ivt 0tfstr5niip
fcght sstngefs ~ connection WIN our ois rs
w any other steam,hp me doing business In con
7Gvd i m ldvis.d that the Panama Transit Steam.
NJ Il STEAMSHIP COMPANY, by wiieh b tn ooIpan.es
may be 2psr:Sa Ia @ .IfS nn, 1,d's '"eo Is
President Panama Railroad Company.
Messrs, WHITTnousE Co.. WHITE, NORRIS Co..
aud IL hksAADr 60.
Instead Of In, II. sdiate possdsi the differ.
enrs was nnHlly arranged bv suffering the IN
| ouuibcnt board 10 r, tain the IN nag-ment until
tne 3lst instant. when the new Board named
| Will undoupted Ie elcrted. II Is now believe d
that William 4. Clyue Will be chosen President
In Q Sc hts health permits him 10 accept the
| Ihe peace made, no difficulty was found In
| holding he May monthly meeting ~ directors
yestrr say. Messrs. Dul6n aud Gould were ao-
| sent, the former ueing rtq lred IN ssnin ton
| as u witness. Those wnO attended wero .ossrs
Riley, smith, Forrest, HHtcr, and "Charle v
/ Oso1ine. these constituting a quorum. the
~ ain business, that OF nOnin. ting INSPECTIONS 81
| tue approaching e,t otiOn, was done. They ar,
| Peter Z. Van Srhnick, William i. Shirley, anC
| Lawrence Il. jerome. Subslitutes-Gen. L. ~
| Dodge, John &. Wynan, and JoDn L. Alexander
DN resolution the transfer Of stock viii close ol
| InulSday. Nay 70.
| The result of these movements on the stool
| was an immed ate ti-e 10 2tts per cent, whence
| IL ieli and closed at 21b.