Year: 1869

there are moro sail vessels aoat to-day thar mankind
ever saw Defore The steadily increasing eoDmeree OF
transit and hence for ship and ake there con
tlnues to be, spite of all Vaccinations to the con-
when the Hudson River IaliU Railroad was was con
structed 1t was predicted that the magnificent
ruined but how have the facts that Also falsed
tie prediction There are more steamers afoat on the
its history ana think speaking within bounds
Mhe we say never were their owners making SO much
with the Hudson River road but the Harlem also, the
STEADY addition TO their business which enhanced means
OF communication and transit whether by land water
necessarily creates has provided it is s providing,
profitable employment for all SO will it be with respect
Mail Company. One Will be feeder the other and In
the Iapd augmentation Of business which must follow.
tage The railroad expects to do large proportion Of
the Shina carrying trade, but it must depend
and passengers to Its depots. 1t is that Com
panIs superb feet, not the locomotives of the
waters Of Japan and China and bring back TO our own
country and to Europe the wealth OF Ormus and OF
road might as we be laid in Greenland far as Oriental
commerce and travel are concerned The bulk of pretty
mud all the heavy freight together with the larger pro-
portion OF the passenger trade especially in the Winter
season when the deep SHOWS viii constitute serious i'm
their way to the Atlantic ports through the old channel
1ustas usual The railroad will find It's account In build


ing mp an interior Empire $50 TO speak and making the
wilderness blossom like the rose, while our ocean steam
ers will have their hands full and more than fun as an
unlary interest in developing the commercial destnes
OF the great world on the Pacific with NewYork as now


thus much in regard to the future prospects Of the
Company, affected by the Bearnyented scare-crow
OF t1e Pacific Railroad And Just here one cannot help
expressing regret that the company in its recent an
nu& report, is at so much apparent pains rather to
unteVaue It's assets than to present them at their actual
wOith AS an exemphcation OF this, 1t need only be re-
marked that Mr. McLane his report for 1868, informs
the stockholders and the public that page lG the com
pay has been In the habit OF prOportonay writing down
the value OF Its property" From cursory examination
OF the statement for 1862 driven to the conclusion
lp d
adhere to that practice On any other theory there are
iHexpiicable. For example among the companys
assets the ls OF February 1863 have real estate
returned to the value OF S53996G, against In
1867 How is this We not informed that the
company has disposed OF its interest in any property
OF this description, OF which i was the possessor


year ago. yet here have depreciation OF S678,91
within that brief period Of tme in face Of the well known
fact that the value OF real estate in Panama Ban Fran
cso and other places within the circuit OF the Com
panys business operations has been apprecatng In the
sanes rates as at In the absence of any ac
wirehouses coal sheds wharves dry docks wafer works


f & Than fba M da 69p e Es't Ia. the SPea SGny
down. the value Of the property with TO say the least OF
it recklessness which anxiety simply to be on the
assets can justify. It is so rare thing for company to
write down It's affairs that this exceptional case is


With reference the present condition OF the Company


IL may be unhesitatingy said that It could not well be
public confidence and support And the decline in the
market value OF Its shares has been as we have shown
falling OF Of business prosperity it may be safely pre-
dcted that sharp reaction Is inevitable It would be
singular indeed, II u otherwise Notwithstanding
the handsome dividends which have been paid TO the
Stockholders from time TO time the fact stands out in
gether with the superb iron dock az Aspnwa have
paid for aud paid for moreover out OF ITS actual earn
liabilities yet outstanding, IL would be imposing on
the sense Of the public TO say that the reduced
mate Influences In this connection the following quota


on for June during the past Ave years. are not without