The New York herald., 1872-10-27

this country, and who may yet have reason TO
congratulate Ireland on the results Of his
mission. a&Hts4 off
Pacific Mail and It's Wonderful
Lamp-The Arabian Nights OF Wall
Street.
The mysteries and the wonders of Pacific
Mail belong to the romances of Wall street.
Now beggar, all in rags and tatters, and
now monarch in purple and gold, that
mystic stock has by turns excited the con-
tempt and won the admiration of the specula-
tive world Only year ago forty and
quarter marked the insignificant value Of
Pacific Mail on that anxiously scrutinized
publication known as the New York Stocc
List, while within the past week the quotation
Of one hundred and three has gladdened the
hearts Of it's friends and dazzled the eyes of
the envious spectators gathered around the
bull ring of s'the street" For many years
past changes and commissions, in comparison to
which this fuctuation has been insignificant,
have marked the tempestuous course Of Pacific
Mail, warning those not deeply versed in
Wall street lore to avoid its threatening
rocks and shoals. It has been by
turns, and sudden ones at that, the
Austerlitz and Waterloo Of many financial
Napoleon-the beginning and the end of
many an ambitious broker It has been a
craft difficult to manage, now carrying its
freight swiftly through smooth waters into the
port Of Fortune, and now beating about with
out rudder or compass dashing against the
rocks and burying thousands in the waves of
destruction. The questions Of interest at the
present moment are whether history is again
going to repeat itself, and whether the happy
spectators who are now sailing beneath
golden skies in Pacific Mail are not likely to
be soon overtaken by storm and wreck.
As general rule Wall street operators pay
little attention to the substantial value of
stock. A railroad OF steamship line may be
a steadily profitable investment, but If il is
not susceptible Of great fluctuations, if it can
not be tossed up and dragged down by bulls
and bears, if it is not liable to Corner
it is Of no value to ''the street" Your
bawling, struggling devotee Of the stock
market hears Of some shrewd speculator
making millions out Of certain venture, and
he does not stop to inquire whether the
scheme is sound or unsound, genuine or
fraudulent but instantly endeavors to seize
upon the coattails of the envied party and to
follow his footsteps to fortune. While an
operator is successful and the tide runs with
him he is the demigod Of the street; but
should his plans fail and the current set
against him he becomes thing of clay, with
out a worshipper, and subject only to reviling
and denunciation. For the regular Wall
in regard to Pacific Mail or any other stock
for he will pursue his own feverish policy in
his own way needless of counsel. If he gets
chit on Pacific Mail it is his own business,
and Ne kite that falls to-day will be foated
by some other favorable breeze tomorrow.
But as public journal, the HERALD seeks
to advise bona Jfde spectators for their
good, and to furnish such information
as will enable trustees and others who seek
investments for q legitimate profit, and not at
the risk of sudden fortune or sudden bank
ruptcy, to make their choice intelligently and
wisely. II was with this object in view that
we yesterday supplied our readers with q
glance at each side of the Pacific Mail ques-
tion-at the statements Of the company show
ing their affairs in brilliant and satisfactory
light, and at the arguments Of those who be-
lieve that the stock is destined to serious de-
cline. We even presented to the public the
opinions and corroborations of the President
Of the company, uttered in the brilliant corri-
dors of the Academy of Music, with the
voice of the fascinating Lucca still ringing in
that on one side the company and its Presi-
dent claim that they have large funds on
hand, have materially increased their pro-
perty, have made valuable purchases and are
earning more than eleven per cent per
annum, exclusive Of the Congressional SUBJ
sidy. They also promise to pay dividends
of three per cent quarterly or twelve per cent
on their gross capital from January
l Of next year although how they can make
certain of this in advance and how, with only
eleven per cent earnings now and an increased
capital stock, they intend to accomplish it does
not clearly appear to plain, practical mind.
On the other hand. the statements of the sue
cess of rival routes and the advantages Of OPP
position companies are made use Of to show
that the earnings Of Pacific Mail are certain
to fall off and its stock to deteriorate seriously
in value. We give the conflicting stories to
our readers as they are, and must leave them
to be guided by prudence and intelligence in
forming their judgment Of the character Of
Pacific Mail as bona Jide investment.
In 1864-65 this remarkable stock reached
three hundred and fifty; but then the COM
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