The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-11-22


Foi misconduct against the ins," and declare
themselves to be the disinterested champions
of the misused stockho, ders. According to
their accounts the affairs Of the company are
At present In the clutches Of . "ring," and
their efforts are directed towards the destruc-
ton Of this Unsuitable monster.
Wen, every stock company in existence may
be said to be run by . "ring." Railroads,
steamships, banks, insurance companies, mining
companies, and all associations under the
management Of boards OF directors, are certain
to find greater or less number of such direc-
tors bound together in the magic circle Of .
"ring." These rings may not all be a. desti-
tute OF conscience and honesty as are the
notorious municipal rings Of New York city,
some Of them being only formed to perpetuate
the authority and to crafty the small ambition
ola lot Of highly respectable, well brushed and
closely shaved gentlemen, who are attached
to the comfortable easy chairs and i'm
posing dignity OF directors room, and
therefore not productive OF any great amount
Of injustice or injury to any party. In the
case ct the Pacific Mail Steamship line, If the
affairs Of the company have been run by .
"ring," they have certainly been at the same
time managed in q manner to yield large
profit to the stockholders. The "outs," who
are so anxious to be "ins," feel bound, how
ever, to break up tpis "ring," to smash this
machine, and 10 take the affairs of the COM
pany under their own control. They are re-
formers, liberals, des ructives-all things that
"outs" generally are. II Is just possible that
II elected they would carry out all the.. pro-
fessions and ruthlessly destroy the terrible
ring. But again, 1t is just possible that, If
successful, they would follow the usual exam
pie Of the "ins," and soon manufacture new
ring in place of the old one, whose only differ
ence would be in the quality Of the metal Of
which It was composed. We have such cxpe-
rience frequently in our legislative and mu-
nicipd bodies, in which some great anti-ring
reformer looms up in opposition to all corrup.
combinations, until his voice suddenly dies
away AMI Is heard no more. and i,s owner ia
next recognized in the very centre Of the circle
60 recently the subject Of his dercest denanci
alton.
We take no part in the squabbles Of these
directors in esse and directors in posse, and are
Indifferent what may be the 6nal result A
close contest In such o company over the man
agemcnt is sometimes productive Of good,
since strong opposition is always the surest
check that can be placed upon those IN au-
thority, and we presume that the stockholders
of the Pacific Mail Steamship line are sensi-
BILE enough to understand their own interests,
and to remember the fate Of the frogs who
became dissatisfied with King Log and got
King Stork in exchange. At the same time
the quarrel seems TO have progressed far
enough. and it Is to be hoped that It may be
compromised before the adjourned day o!
election, so as TO prevent repetition Of the
not over dignifsd or creditable injur ction
farce of Wednesday last The Pacific Mail
Steamship Company is the only great national
line We have, now that the Collins line is no
more, whose steamships are known In foreign
ports; and it is lot desirable that such COM
pany should be allowed to sink to the leve! OF
some Broadway railroad job, and be disgraced
by the tearing, scramlling and lighting OF rival
cliques. eager to secure The inside track in the
management 9. Is affairs.