The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-05-30

Tho following is the report OF President Clyde.
which viii be submitted TO the stockholders Of tho
Pacific Mail Steamship Company at the annual election
to-day
70 rnt STOCKHOLDERS or rns pacirc MAIL srkAnsHp
presea,inr you. eomeanee with resolution Of tho
o n. aas ~h 'nf se.eS r.
hsse been n cnr y proper that your attention should
date q the last sesien was hen 70 all on
s. s sss +. 'a"siIsy It, debt we're eyer
lis bids payable selling uinous discount Among
ssoooo II snds Of Tho csmpay secured s sy mort
s a eS on ~ rs Al and Ssr sysr, 70 es
oehtednrss The Board thu. OF HI power
were prsans Tor payment, md tkyca,enins to se s1s
,h cI @ 10y =, W., , n,u w. %
such was tho financial condition
and issoass,ns state ecnsra % vf 10 sa'ness ae"n
~ most s% and and ssso ' ''ss s
anenncs o. ~ long neSlcsa TO ay ,ie Panama RI,
terinated rs CONTRAST and aa entered into An exclusive
10 that company all the Which his hid
formerly enjoyed The r.ircad rensod to taIsn freight
payment. md deprived not thu power 10 issue
also oani liza, a ,hs comnarys shps. ns and supplies
in California had been attached. Aud In the hands
Of your company NE election Of the presen, Bo.rd
searcs, pay pressing debts d tSc esnpanS Within
million i dollars. md thu. easslsa !. sa continue
transit s,mp.ns, The as,,enac.s, asain., i, DrpeI:y
peIous condition and started On It's way TO renewed
Notwithstanding the times have hcen very nproptous
and the o,,, trade qS X. % and TO- &:
been moderately prosperous The operating expenses
credit .sS rss ss' f company. my.
ss he s % hold By n: Il:
s." Of ss <. gan ns ss o The
AMI large influence and taken by which the bust
s a" m n ss S'"s w 9 %s
various It's ZIP. n"y' sssa put In order
the expense From the earnings Of tho cnmpsny
and the sale Of useless property 10 tho Of sa4,
assets from saWiao7s 10 May 81 1876 to $sIso2i 70 on
dassd ... w - .''' ''''' 100 =
carries the American tag numerous foreign ports and
ss s' ms '" - aso'a 's
great enlargement, and 81 Ssrs.sa Sssunss
prolas.;ye and Interests ne, Of The country L
battle for tho equality supremacy OF American
hit G s o. nS M I
build up commercial murine, will aid bv proper reco
Wien S "S som h s
RIO accommodating map shows the wide sxten, Of
The ships u active ;ery ice. are q, as follows.
On N. Australian line. the City of Now York and the
s. On tho Victoria line. tho City OF Panama and tho
I. on the Panama line. the City of San Francisco the
Granada. the culima and the China.
.. On tho Atlantic line the Colon and the Acapulco
g. On the Central American lne the Salvador Win
chester, the Honduras and the costa kica
BESIDES these ships have laid up
profitable Tor use in their present conditions but IL Is
the possibilities o the future that these a
be altered to io profitable work carriers NJ
heavy freight this company has in my OPINION great
the Panama Railroad. she wheat Of California 60
Europe aud liza carrying between tho Atlantic aud
Pacific ports the great body OF the freight which
carried by sailing sps around Cape Horn II subje
TO Which attention has been aivcn and which hope
soon wiil receive u practical solution.
add various statements showing the property and
cial oil the aud In conclusion would
that ookin. the situation aud prospects
Judgment Is that thcro Is business before
1t. and with duo attention :" suca business and any fair
the part Of the government IL will within
comparatively short period resume its plxcs among
dividend paying stocks, place it has held
year 1899.
WM. p. CLYDE. President
FINANCIAL STATEMENT.
Isohaf