New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-07-17
PACIFIC MAIES RIVALS.

THE CONTRACT WITH UNION PACIFIC.
EXPECTATION OF THE RAILROAD OFFICIALS THAT
THE MATTER WILL DE AMICABLY SETTLED.
The notice given by the Pacific Mail Steam
ship Company of intention to cancel the contract for
freight and passenger traffic with the Union Pacific Rail-
road Company was discussed at the office OF the latter
yesterday. Joseph Richardson one OF the directors OF
the railroad company, said that such notice had been
received during the absence from the city OF President
Dillon. He denied that the Union Pacific Company
owed anything like 100000 to the Panama Railroad
and Pacific Mail jointly and he said that Mr.. Dillon
stated few weeks ago that the amount OF Indebtedness
vas small. Mr.. Richardson claimed that the Pacific
Mail would be the greater sufferer by canceling the
contract and he believed that the union Pacific Cou-
pany could get along very well WITHOUT any hihahoe
with Pacific Mail.
Mr. Ham after comforting with President Dillon said
It ia true that the Pacific Mail directors have given
notice OF their desire to cancel the contract entered
into two years ago. the details Of which were published
in THE TRIBUNE OF Tuesday We do not anticipate any
troube over the matter and the proba by is that the
differences will be amcably settled IN few days, ana
the contract be continued IN force: M; Dlioh Is
peaeeabe man. but II he Is forced 10 ght he VIII DO So
II Is no the interest of both companies 20 settle the dis
mite in a friendly way. Union Pacific has not paid
but the amount involved not arge-the exact figures
cannot give at present. should the steamship com,
many insist upon cauceing tile contract the nght Will
be bitter one The Union and Central Pacific Rail-
roads the Occidental ana Oriental Line OF steamer
which run from san FrapciscO 10 Yokohama Inc line
is composed OF new and large iron steamships, when
SAT- monthly. Pacific Mail will have 10 contend not only
with this lne but also with the English line OF steamers
running along the coast as well as with Doth the Faeho
Railroads." D., 49,, -,.t.-...
have reduced the running expenses OF the company
since June / 10y dsmIssiug nine employees who received
salaries ranging nom $500 and u 500 each ana re
duclng the rental $1,000, making total redqeu9h OF
sls OJOp .nIum. Tue report OF the Executive Com,
mlft,e On the settlement with the Panama Railroad
Company shows the following;
Company turing between Juno IL ana Sep ooo
-Four notes OF s26OO due 60 days from June IL en- ~
dOrsed by Henry tVV'VVV
mt, ... S24O 600
Astpu,t has been signed bv President Park TO re-
new tvs Of the Henry Hart notes for sixty DAYS wnen
tine uter two for 100000 shall be paid Mr. Hart FUR
ther claims that the debt Of Pacific Mall TO the Panama
Company mas been reduced TO $l4OO,0OO, TO secure
which the vessels and other property OF the company
are mortgaged 20 the Panama Railroad Company: I'm.
der the agreement OF the loans OF Panama Railroad
bonds which created this debt MT Hart says the nrSt
PAYMENTS do not mature for over two years.
Presdent Park is absent from the city AT the Panama
office IL was stated that the financial aud working ar
raugements between tho two companies were IN thor-
oughy satisfactory condition. ana wouid proDapU CON-