5
by the sale of its assets as fast as possible, dividing the proceeds,
which should be in cash, by dividends from time to time as sale is
found for property. The greatest embarrassment will be in disposing
of the Hotel Del Momte and the Hotel at Castle Crag. The grounds
around the Hotel Del Monte stand on the books of the P.I.Co., July
31st'99 as costing $606,634.69 and the Hotel account amounts to $966,
407.55: the Stables, to $18,929.63; the Water Works, to $846,378.57;
Pacific Grove Hotel, to $86,271.48. This last account should not
be regarded as a loss, for the P.I.Co. has made a large amount of
money out of the Pacific Grove property, through the sale of lots.
In fact, I am of the opinion that the sales at Pacific Grove have
equaled the expenditures on the Monterey grounds and roads. As to
this, I am not positive, but the books in San Francisco will show.
There is an account on the books of the P.I.Co. known as the
Cromwell Steamship Co., and stands at $1,000,000. We are now trying
to find out exactly what this stock has cost. Its per value is $1,000,
000. From the operations of this steamship line some money has
been paid to the P.I.Co. in dividends. The exact amount I do not
know.
After all these accoutns of the associates and outsiders
are disposed of, I suppose you would like to know, as nearly as possi-
ble, what the value is of the remaining assets of the P.I.Co. To
ascertain this it will be necessary to have all the real estate be-
longing to the P.I.Co., wherever situated, carefully appraised by
competent real estate men. The Carbon Hill Coal property, the Union
Colliery and Esquimalt & Nanaime Ry, on Vancouver Island, B.C., will
have to be carefully appraised. In my judgement the Union Colliery
Co. is worth every cent that has been put into it; also the Esquimalt
& Nanaimo Ry. The value of the Guatemala Central RR is hard
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