Sacramento daily record-union. [volume] (Sacramento [Calif.]) 1875-1891, 1881-12-01
LOCAL INTELLIGENCE.
INTERVIEW WITH THE GOVERNOR.
Facts in Relation to the Reported Sale to
Mr. Willard.

Facts In Relation to the Reported Sale to
Mr. Willard.
A representative of the RECORD UNION
called upon Governor Perkins at his office
yesterday, when the following interview in
relation to the reported sale of stock of the
Pacific Coast Steamship Company was held /:
Reporter presume, Governor, you have
seen the reported interview with members of
the Board of Directors of the Pacific Steam
ship Company published in the San Fran
cisco 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 hrm of Goodall,
Perkins & Co. sold its stock in such way that
the other stockholders of the steamship COM
pany are placed in disadvantageous posi-
ton financially; that they are at the mercy
of Mr.. Willard, and will only be able to get
such price for their stock, il they sell it, as
he may choose to give them.
G.-In the first place, the Pacific Coast
Company is a corporation, and its stock is
upon the market like that of any other stock
company, and is constantly open to be bought
and sold. 1t is not less so 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 steamship line hiss 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 re-
ported by the San Francisco papers to have
been interviewed, purchased the greater por-
tion of the stock which he owns from our firm
within ten months, and nothing was said or
thought about it.
R.-Well, Governor has your firm actually
sold its stock, as stated, or 2 controlling IN
terest in THE Pacific Coast Steamship line!
G.-No. No actual transfer has thus fsr
been made Of any stock from US. All there
is about it is this It is well-known fact
that our steamship line for year or more ran
a spirited opposition to Mr.. Willard. Since
that time mis- fleet Of steamers has been aug
mented by six additional iron steamships,
which would certainly make him formid-
able opponent. Realizing the strength OF his
opposition, we, when MIR. Willard was here
few weeks ago, endeavored to convince him
that it would be more profitable for him IN
The long run 10 Duy OuG our SSSdu15Hip JUL
pany than to try to run US off, as experience
had shown him we were good stayers. This
elected an inquiry from him whether con-
trolling interest in the stock could be ob-
tanned. We answered that we would enter
tain 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 corporations are
IL =. I. i, ~, fol
as that of the interests of all the stock
holders, are they Governor. when they desire
to sell their Individual stock?
G.-No, 1 do not think they are; but we
deemed it but right to make the provision IN
their favor, SO that ii we sold our stock, their
interests should not be prejudiced by our
actions, but if what we had deemed best for
Us should be deemed by the other
stockholders as best for them also,
they could avail themselves of it.
The result of our Interview with Mr.. Vii
lard was that we offered to take SS7 30 per
share for our stock, provided that all the
other stockholders should be paid the same
price, If they desired to sell, and Mr.. Willard
was given a certain length of time in which
to accept the offer. A dispatch intimatiEg
acceptance was received from bis agent few
DAYS since, when we called the Board OF d.
rectors together and informed them, and that
the price to be received by US, it the sale was
completed, 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 it by APP
praisal. The stock sold by our firm about
ten months ago, as above referred to, and
the purchaser of which is now a Director, was
sold to him at $40 per share. He has
received his monthly dividends upon his
stock since, and is now offered SS7 % per
share for his stock. This is 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 de.
sire to. It is quite probable that we could
have got q higher rate for ourselves for 9
mere controlling interest, If we had sought
TO do so. without regard for the other stock
holders; but this, as | have said. we declined
to do, and it seems to me that instead o.
criticism for our course we are entitled to th'
thanks of all who hold stock in the company
for the provision made in their behalf. Their
has never been the least agreement
or understanding, direct or implied
that any notice should be required Of
given to the Board, or by Directors, of any sal
of stock that might be made, not even al
intimation to that effect.
R.-Haye any of the other Director
bought or sold stock during the past yea
without advising with your firm or the Boart
of Directors?
G.-Yes; one iu particular sold all hi:
stock, except 100 shares, which the bylaws
made it necessary for him to hold In order t
remain Director He made no report O.
the sale to the Board, or to any stockholder
SO far as l know, and although the SAL
casually became known, no one objected OF
thought anything about it.
R.-Has your firm spsculated in the stool
of this company during the past year?
Give have not bought or sold share Of
this stock for years, except to one of the Di-
rectocs as above stated We have held our
interest in this steamship line as a Legitimate
investment, aud managed the business as i
ali the stock had been private property anC
belonging to US. If we had desired to do SO
we could of course have specuiated IN the
stock with much surety, under the relations
we held with the company, and also yer,
much to our financial interests, that alon
considered, but under no circumstance
would we place ourselves IN position Wner
we could truthfully be subjected 70 aaVers
criticism. nor do / think we have In tn
slightest possible degree. We have rattle
sacrificed a greater profit which we nigh
undoubtedly have received, in order that n
stakeholder should stand at less adyantag
than ourselves.
M1LAsIcH CoNvIcTED.-The trial OF GeS
MiIssich. for the murder of Peter Moreii
was closed yesterday. The case was give
to the jury at o'clock P. NJ. The jury wei
out until a quarter to s, when they retuIne
with a verdict of guilty. 1t is underssoo
that the Jury upon first retiring to their rool
stood four not guilty. and the others DIVIDE
between murder in the first and second degre
and for manslaughter.
TELEPHONE NoTICE-Mr. Sprout, mai
ager of the Telephone Company in this city
Yesterday received the following instruction
from the executive Office of the Telephon
Company in San Francisco: "CommenciD
December l, 1881, you are instructed TO r.
bate all switching charges from residence tels
nhone stations. This is in addition to FIRE
switching between residence and sui
scriber's office"
A NEW F1RM.-W.J. Anderson and W
7. Hamm, who have been for long tim
prominently connected with the Red Hous
establishment in this city, have formed
partnership, and will open dry goods nous
At 924 J street, near Tenth. next Saturday
December Sd. They announce full stock i
the line of dry goods, mems and boys cloth