Daily Los Angeles herald., 1881-12-03

sALB OF rHR 20. $. 5. co.'s STOCK
[rrom the RECORD. Union, Dec. ~

a representative VI tnu tccofU-
Union called upon Gov. Perkins at
his ofIlce yesterday, when the fol-
lowing interview in relation to the
reported sale OF stock of the Pacific
Coast Steamship Company was
held:
Reporter-I presume, Governor,
you have seen the reported inter-
view with members OF the Board
OF Directors of the Pacific Steam.
ship Company published in the
San Francisco papers?
Governor-Yes, the statements
are very absurd, and must appear
to everyone to be so upon their
face.
R.-The interviews published are
to the effect that the commercial
firm Of Goodall, Perkins & Co sold
its stock in such a way that the
other stockholders OF the steam
ship company are placed In q dis
advantageous position financially;
that they are at the mercy OF Mr..
Willard and will only be able to get
such price for their stock, II they
sell 1t, as he may choose to give
them.
G.-In the first place, the Pacific
Coast Company is corporation,
and its stock is upon the market
like that of any other stock COM
pany, and is constantly open to be
bought and sold. 1t Is not less go
than mining stock, and no charge
OF improper or unfair conduct could
apply to US for any sale we might
make OF the steamship company
stock belonging to US, which would
not apply to you for the sale of any
mining stock of which, you were
owner. The stock of this steam
ship line has been constantly upon
the market like other stock, and
has been bought and sold weekly
during several years past.
R.-Has your firm ever sold any
stock of this steamship company
before?
G.-Yes. One of the gentlemen
who is reported by the San Fran
cisco papers to have been inter-
viewed, purchased the greater por-
ton of the stock which he owns
from our firm within ten months,
and nothing was said or thought
about 1t.
R.-Well, Governor, has your
firm actually sold Its stock, as
stated, or o controlling interest in
the Pacific Coast Steamship line?
G.-No. No actual transfer has
thus far been made Of any stock
from US. All there is about 1T is
this: 1t is q well-known fact that
our steamship line for q year Or
more ran q. spirited opposition to
Mr.. Willard. Since that time his
fleet of steamers has been augment
ed by six additional iron steam
ships, which would certainly make
him q formidable opponent. Re-
alizing the strength of bis opposi-
ton, we, when Mr.. Willard was
here q few weeks ago, endeavored
to convince him that it would be
more profitable for him in the long
run to buy out our steamship conn
paBy than to try to run us off, as
experience had shown him we were
good stayers. This elected an in
quiry from him whether o CONTROL
ling interest in the stock could be
obtained. We answered that we
would entertain no proposition for
the sale of our stock without also
providing for the sale of the stock
Of all the other owners, as many of
them were our personal friends.
R.-ThOse who control corpora
tions are not usually chargeable
with being so careful "a that of the
interests Of all the stockholders,
are they Governor. when they de-
sire to sell their individual stock?
G.-No, I do notkhink they are I;
but we deemed it but right to
make the provision in their favor,
SO that IL we sold our stock, their
interests should not be prejudiced
by cur actions, but if what we had
deemed best for us should be
deemed by the other stockholders
~ best for them also, they could
avail themselves of it. The result
OF our interview with Mr.. Willard
was that we offered to take $S7. so
per share for our stock, provided
that all the other stockholders
should be paid the same price, If
they desired to sell, and Mr.. VII
lard was given certain length Of
time in which to accept the offer.
A dispatch Eliminating acceptance
was received from his agent few
days since, when we called the
Board of Directors together and in
formed thern and that the price to be
received by US, if the sale was COM
pleted, would also be paid for all
the company's stock, or so much as
should be offered. The price agreed
to be paid is more than would
be placed upon 1t by APP
praisal. The stock sold by our firm
about ten months ago, as above res
ferred to, and the purchaser of
which is.now Director, was sold
to him at $40 per share. He has
received his monthly dividends
upon his stock since, and is now
offered $3.50 per share for his
stock. This ia as high as the stock
has ever reached in market, and
all the stockholders can receive this
price under the provision we made
in their favor, if'they desire to. 1t
is quite probable that we could
have got q higher rate for our
selves for q mere controlling inter-
CotI IL WC hao Sou6hs w w oot WiDh-
out regard for the other stockhold-
ers; but this, as 1 have said, We de-
clined to do, and it seems to me that
instead of criticism for our course
we are entitled to thanks OF all who
hold stock in the company, for the
provision made in their behalf.
There has never been the least
agreement or understanding, di-
rect or implied, that auy notice
should be required or given to the
Board, or by Directors, of any sale
of stock that might be made, not
even an intination to that effect.
R.-Have any Of the other d.
rectors bought or sold stock during
the past year without advising
with your firm or the Board of Dr.
rectors ?
G.-Yes; one In particular sold