New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1879-03-22
TROUBLES or PACIFIC MAIL.
A CRISIS NEAR AT HAND.

CRISIS NEAR Al HAND.
THE STEAMSHIP COMPANY. UNABLE TO FULFIL ITS
ADVANCEMENT WITH THE PANAMA RAILROAD,
ASKS FOR A MODIFICATION OF THE CONTRACT
A DECISION EXPECTED IN FEW DAYS.
Since the publication in THE TRIBUNE of Monday
last in regard to the impending crisis in the afalIs
of the Pacific Mail Company there have been sew
era conferences between the representatives, of the
Panama Railroad and the Pacific Mail Steamship
Companies. but without reaching any definite re-
suit The Pacific Mail Company pleads its inability
to carry out the present arrangement for the pay
ment to the Panama Company of $4,000
a month for transportation, and urges mod
ificaton of the contract The Panama, on the other
hand. has insisted uponthc payment of back dues as
a preliminary TO any discussion of modified con-
tract. THIS was the position Of affairs on Wednes-
day last when meeting of the directors Of the Pa
cifc Mail Company was held, at which the special
committee reported that its negotiations with
the Panama committee had been fruitless
The board held long session, and the
subject was generally discussed. 1t Is
reported that the board finally decided to continue
the special committee, with power to arrange such
terms with Panama might be deemed advisable.
The members of the board were retlcent IN regard
to the proceedings. Henry Hart, of the direct
ors. when asked as to the doings of the day. threw
up his arms and as he hurried away SAID: Every
thing is harmonious and satisfactory"
Captain BabcOck president of the company. III
reply to questions said " don't regard the diff
Guilty as serious yet. The entire Indebtedness OF
our company to the Panama Railroad is less than
So 100 600. don't think viii say more than thatt
has decreased since have been president. The fact
is there is not much to be said AT presc"t-nOt until
the matter reaches a certain point just now there
Is no good end to be reached by the matter gong
into the newspapers. can't help the impressions
on Wail-street, IS the desire there seems to be to
" bear" the stock. Ihe situation is not unusual
Panama is not pressing more heavily than
usual for a settlement. At the meeting OF the
board the committee reported progress and was IN
structcd to proceed with the negotiations In TACT
the committee is composed of myself and one other
gentleman, and the whole matter has been left i'll
nv hands Tor further negotiations. There Is no
Likelihood of open hOstlIties between the two
companies ! am not at liberty to make state
ment as to figures We are willing to pay Panama
what think can pay and have a ialr proht,
hut don't want 10 be reported as naming any sum.
IL is well known that Panama has n lien on our
ships in he shape of bills of sale, but they cannot
sw0Op down upon us and seize our ships before re-
sorting to legal proceedings. We can hold them
against Panama for some time They would have
to proceed against in the same manner as IL they
were about TO fOTcClOse a mortgage.
Yesterday the directors Of the Panama Railroad
Company held long session, and finally decided to
refer the matter back to the special committee tor
further negotiation. 1t is expected that the two
committees VIII meet within few days, when
some decided action probably will be taken.