New-York tribune., 1879-01-09

j Il 1 II l. - ! + " L--' l.
President BIbc5ck. of the Pacific Mail Steam
ship Company ras issueI circular rather than state
meut addressed 10 the stockholders Of rae company.
which begins by saving:
Tie recent decline iu the stock o. this company and
the consequent apurr.ensons OF tue stockholders re-
rarIng ,uc future q heir property seem to require
tls O1c. statement % is condition and pros
poets. To make such statement representing fairly
the facts the past ana present and probabilities as
10 the future-at no time al easy tasE-ls just now
peculiarly diticu'L'
After referring the report Of Prsiieut Dilan for
rhc year ended April 80 1876, which report showed
the gross earning, for the year % have been S55OOOl3
and The expense -4gl5gl7 winch compared with the
hu. mess OF Tire previous YEAR was "A deere s." of
sz1rr.e,-a r.suIt in favor o, he conmny
OF l13-I5t; ana after referring 10 Pros
the ahI Cf tI" panv exceeded IT, AVA able cash
assets ony s7l9p57 N" circular saws " II has sub
a.-ct rat can ucverb realized. and also amounts that
we've not rcaI I.hII Ie- ana after eliminating -uch
a. ,@. CASH ,'-ct- $3.50 oo65 s. liabilities
over asset 4l167o92 - These figures are believed
tIa.c - ANN 3o l,7,I.
Nex- attention Is gwen 10 the administration Of Pres
dent G. yda 4c d command for TWO wears. uI III MAY
81 1---. ANA Tin, portion - the circular is So import
llt mat v, are compelled 10 quote rom u freely:
Daring tur adm ul>trauou Of President clyde DO
report, showing tie earnings ana cGpcn~- OF tie com
many made md IN tacf although these wears colu-
pr,t the cr,tca. period the hstor' ot the com
pA1y .ta cAyut Liabilities and assets tIntA from the
b01EI was given thc stockholders At the eud II tie
first wear tAprl 50. 1~77 the annual report shows an
apparent dccrcase IN Liabilities OF @ll-2O'- o. hut 10
rved from the following sources VIZ sale Of rea es-
tate al Hong Kong 500 900; sales oi three Old steam
cirs d. Sl-7I39 49, and receipt the United stat,
Government % @37JOoo subsidy, amounting to SSH
I1c report sets forth emphatic language the bank
rup; condition f the company on April 30 lS1G. giving
The cAci cIu-t the Tact lnat the P'Iama Rnir"ad
Company LIU c u exclusive contract with the Pan
ines. with tue Pacific Nal COMPANY, except al local
rates and ON yment' A. tie Panama
20 important part ~ the history Il TN, company.
bf.cf statement OF ITS career NAV hr interesting ana
instructive. L. property CONSISTED Of hIe s'eam,rs OF
d-r- vary - from SIX lu cI-htth y arS. oW "I N.
L. NOT all being cUtlu Two and lenGthcncd. or an ddi
floual dccA puj ou-or botD. 10y winch simple process
tAe was veft !aI2e.y increased tIr mcii ?
pover remaining a. originally designed Tor the smaller
By an ranecmcnt whlch, It Is far presume
not iuly under hv ne Board of Directors, ihes"
cor rauy or the y w-YorE and san Francisco mes, TIE
division net caru.ng~ Drg ior iO1r months. Two
I- 10 the Pacific Mail steamship ComPtuy. and
for TX cen months mp tie time of their sale 10 ts
tnder tni- Arrangement the Panama Transit strau-u
Company took. - IT. share ~ the net cring. - T.
l29 a. beng as s.owu by the BOOKS when written up
aboat : 90 900 more than II eutcd TO- and which
,,,,, = T. r,rr ioutl- h- i4v,.d can be recovered
an .! On Fehr1iary is tue famous purchase OF the
Panama Transit ships Wa made by tnls company anu
ybIc n II difficult 10 Characterize transaction
deserves Dc d. sufficient say that the sum agreed 10 De
pad tte"u twenty collars per Ton more lon tbe
increased touacr above alluded tol than the best mod
ships oi equA tOHase cOuiu nave Dee puA' loi 81
Al the same timeF # hruarv $50 and IN cOnsdera
ton TO tine Panama X Company for the loan Of -
bonds payment oI these vessels To the amount oi
- 900 900 bl of sale wa- made To tnat company ot
The nve Transit Company ships, and of al other snp-
Of he company tIgu; IN number engaged IL the trade
security. a mortgage for S2jOOOO each The
steamships City II sidney ami CiJ o! New
York Aud tLis was not all. In the same instru-
,ut covering he above transaction aud part OF H.
W., agreed that the Pacific Mail Steamship company
re 4 the business between New-GOrA and all ports
north OF Panama IN arbitrary sum OF e'o.OOO per
month, besides 50 per cent 81 the south american
bu,. ess and 50 pei cent Of the business 10 Panama
amount NJ udIng the ugAteTage' 10 ABOUT e4OOOoO
Il j. claimed that the equivalent 10 this COMPANY IN
tns arrangement was the canceiAng 10y me ndhhma
Transit COMPANY. ana transfer 10 the Pacific Mail
and that the sun Of 10000 per month was Only the
fair proportion wren "ouid scctut 10 me tuH ~" Tn
roat II chips per month were run between Ne"-
YOrE and Frtnc-cO, whereas The faCInc Mail Com
pauy beng SUBSIDIZED ON the Overland ialroI-' tNid
og.y !uu To D. br said tnai running -FOUR
sn ps monthly the oSs OF all subsidies and the
cutiiug Of rates 70 a point VII On under no crcum-
stances could yIeld 10 me railroad company reFehu,
Of much II any more tLAA oIehA4! % the si "NIreu -
may thus be seen that the accession Of The pres
ent mana cement the affairs oi yOur company were ID
poraD.c condition. The Indebtedness 10 the I1uainA
Ra road Cump uAd .ar-ely Increased during the "ui
months the contract had been IL force ana az
ary moment tBat company might attempt 10 take pos
session the property which lad been nor gagged 90 H.
"A
outstanding accounts imperative. ana as soon as
the amount cou.d ascerta ned u sdtl-dc orlF
settled, lary cash aud partly ~ notes, Whlch nave
Snce been aK"u uV; the wlo'e amount pdid lial c"u
uau, DID, r4-h during the five months ended Oc oDeI 81
beng SJ7j.j76 -.
.I te be- lrf tnat the subsidy received from the over
land RAJ roads (Which had been twice reduced during
fhr aim.- Of Nj clyde waseutr y inadequate
~ ctuIrusatr TINS company Tor What u relluQu-hed
nnfla. y,- formally gy them that The contract W0ud
he terminated. aud are now able to stale that alter
In. d, ut tedious negotiation new contract las been
a., II. rn terms very Wucu more advantageous 70 tiI-
COMPANY. lIIs being done, the next st"p io insure
r. rr.u- future Tor yOul rOupduY tht moo ncdllou
f the coutraci Win Tie Panama Railroad Idl EFFORTS
10 mai end nav, not %. yei been succtaHiu4-'
Al,.1g!r- are o.. uidGr in" tIt Incompetence oI
tlr IN oI 90 Treasurer report hocarsc IL his hr'n
.to. e 10 writ, up work that was ln arrears last
Ma. auu al he time tAier up the tN4itAt nHt
.. Th.. i- an excuse that las become LaDtudl WIN
l., Pacific Mail under all OF lts late aimlhlsuaI4ons
'IDe fpl .oW .ug IS copy Of the report submitted
COMPARATIVE sTATTNLNT-AssET- AND LABIlIIlLs'
ft.,,.,,,a. ArrI 30 1870 ............. s2.lj7.ijs
Assets, a It4l so, 1876 --.-------..----- ''"''D'
Iiab !tlr- over >4'-O'V5-
Llabli.Ir-. AgIi so. 1913 ..---...''. >-"' .',,55
Assets. lrl 80. lhlS...-...---.--.---.- 0'U"io
,,,,1.,,e. over assets ......---... s2I2339
iIapf!tirs December T. i--.-------- e-'iO+''''
A-rt,s. December J., 4-tS-..-------..- o''''''
Liabilities over cash assets December ls7s sl75'I4
Liao'''-s s.o rs O' 81 '''-,4,.' sLl67o92
IIab!4ur- over 49,, ts.Apri .....,
f4'-''"'
,.,..... ............. sJi5.24G
LS9ills, 19Ti fe l.7s %s' s'''f f s2lIz339
Ilqfllities assets, -,,
December :. l57s...-..... l,S'5'II4