When the time came to dispatch the first vessel called for under this contract, the Navigation Company found itself in the uncomfortable position of a concern with important responsibilities and no money with which to meet them. Not a dollar of the capital stock had been paid in, and only $160,000 had been subscribed. Under these circumstances certain of the individuals most interested personally guaranteed the charter hire of the first boat, and the same was done for the second, and for the third, at intervals of twenty days. Before the time arrived for the departure of the fourth vessel, the entire $200,000 asked for had been pledged. By December, 1893, this fund was exhausted, and $100,000 more was raised—not without difficulty, and with some feeling of discouragement on the part of the promoters.[444] The additional subscription made possible the continuance of the service approximately till the 1st of May, 1894, or for a total period of a little over a year. There is some evidence that the managers of the company desired a still further extension, but if an attempt of this sort was made, it met with no success. During the life of the North American Navigation Company five steamships were chartered: the St. Paul, Mexico, Keweenaw, Progreso, and Saturn. The “St. Paul” and the “Mexico” were small boats, with a net tonnage, respectively, of about 700 and 1,350 tons dead weight. The net tonnage of the “Keweenaw” was reported to be 2,004 tons, that of the “Progreso” and “Saturn” somewhat less.[445] Some passengers were carried by the line, but not many. The Pacific Mail also operated five vessels with capacity carrying from 2,000 to 2,500 tons. These were all small craft as compared with steamers of the present day. The original program, as has been said, called for a twenty-day interval between sailings, and the total estimated time consumed in shipment from San Francisco to New York was put at thirty-two days. It could scarcely have been expected that these ships could accommodate any large portion of the business of the Pacific Coast, nor indeed was there much chance for them to earn any considerable profit on the business which they did carry. The fact that so large a guaranty fund was insisted upon by the Panama Railroad before any exclusive through billing arrangement would be made, is evidence that a deficit was expected. As a matter of fact the total fund of $300,000 was used up before the fifteen months contemplated in the original agreement had entirely expired. Drop in Railroad Rates