The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-02-13
THE PACIFIC MAIL INVESTIGATION.

Charges Against the President Of the Com
pany-Tbe Complaining Petitioner Ex-
amined-Adjourned To Albany.
The inquiry into the charges against the Presi-
dent OF the Pacific Mail Steamship Company was
resumed yesterday morning by the Legislative Com
mittee at the st. Nicholas Hotel.
MIR. Edward s. Chapin testified that he was
broker; that he bought Pacific Mail stock by order
OF his partner Mr.. Osborne, ana understood 1t was
for Mr.. Stockwell; he did not know OF any combna-
ton having been formed by Mr.. Stockwel
ana others In November to lock IN currency
In December he counted currency at the
offices OF the company; Mr.. Stockwell and other
am ounted to between five and eight hundred thou
sand dollars; IL was deposited in the bank; he be-
the day upon which he counted the money! his
operations In fhe matter had nothing to do with
he e N sua s er
per cent; Pacific Mall stock was not deposited as
Mr.. Webster, counsel for Mr.. Layman, expressed
his surprise at q notice In some OF The papers, TO
the effect that his client could not be found He
would state that Mr.. Laymah would present hlmse f
before the committee in the course OF the morning.
Mr.. Addison Cammack. formerly In business IN
the firm oil Cammack Chaplin. confirmed the tes-
tmony OF the previous witness.
MI. Newton Layman subsequently came before
the committee and testified that he purchased QUO
shares in the Pacific Mail steamship Company; ne
did not know what the stock cost and never saw
the stock; DID not pay any money for the shares;
MT oulttu Sd'u Hc WOuiu sui ullu oouic StoOA, az
Mr.. SMITHS request ne signed the petition to the
Legislatures; was IN the employ OF smith. who was
indebted to him; he meant Henry N. Smith; never
purchased any stock before; had no conversation
with Mr. Smith about the purchase or the STOCK;
knew nothing about the management OF the affairs
or the company; Mr.. +. d. Webster drew up the
petition To the Legislature for an investigations
the witness added that he was captain OF yacht
OF which Mr. Henry N. Smith was The owner, and
that the amount due to him by MIR. smith was be-
tween three hundred and four hundred dollars.
The committee took a recess and resumed ne In
vestigation at two O'Clock, when Henry N Smith
was examined. He said that Mr.. Stockwell had
told MIN That the Pacific stock was very valuable;
he bought 5000 shares on the condition that II II
went down he would not suffer any loss and II 1t
went no they were to snare the profits; Mr.. Stock
well told him he mad bill before The Legislature 20
authorize the company TO buv stock; ne wished wit
ness to purchase so 900 shares and he promised tC
guarantee him against any losses.
Mr.. +. q. Markham stated that ne was ACQUAINTED
with Mr. Stockwell and had Done business with
him. money had been borrowed from the company.
but AT the usual margn the Interest paid was sever
per cent and some nau been loaned al SIX per cent
good security was always given; money could DC
borrowed from any other house on the same Sc
curity; never had any conversation with Mr.. stock
well about blocking up' money.
The committee then adjourned to meet In Albany.