The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-05-17
NEW sY0RK HERALD FRIDAY, MAY IT, ls72-rR1PLB SHEET

a no,ows.-.SpcT1oN 2. Any citizen OF. the United
states whb is stockhoder Of tho company In his
own rightsha be quallG ID, when duly elected, ito
net az director OF SAIL company; bnt majority OF
the directors shall bs otizshs OF the United States.
There is an evidepsei here to permit foreign
ers 70 come n g1d obtain interest Ia the control
! Of this comy5ny, ana in these days of British
money influence, when English gold Ia
buying up oar national disgrace, 1t ia
not a iar.fetched supposition that:an EFFORT Is
being made on tho part Of British cApita,hts~so
obten possession OF tho only line Of American
steamers we have. There is a pciat' mere, how
ever, where, an Injunction apphes... Before ian
American register can be- ootaiiicd for vessel It
nusf be SWORN that sle Is the proper of American
citizens, id that no foreigner has any interest In
the same, either directly or indirectly by way OF
mortgage or otherwise. This tinted States law
win opp rate to save from this further humiliation
prepayed for by the late stupid state Legislature
for ir such was not intended why this doubtful
clanse, the inference Of which h untstakable. 1t
Is worth remembering elso, as corroborating this
assumption, OF deliberate intent, that the late coup
TN Erie was engineered by British gold for the par
ocular purpose Of sadding the Atlantic and Great
Western roads upon Erie for tine relief OF tho
British bondhoders. That 1t failed does not alter
, the intention which was then In view.
In regard to the reduction OF the stock, It win be
observed, the law readss-s.sThe Pacific Mail Steam
ship Company is hereby authorized 70 reduce it's
capital stock to sl0 5000 upon tst obtaining the
written consent OF stockholders owning two-thirds
OF said capital stock, and to that end may
| buy 10, cancels" &C. This plainly implies
| shat before any purchases for the purpose OF
| reduction are made that the written consent Of
| two.thirds OF the stockholders must be nrst OBJ.
tained, and that purchases made before such con.
sent is obtained are wholly private account, and
that the moneys Of the company cannot be pseq in
such purchases. Here Ia another fne field OF It'll
| cation for dissatisfied stockholders. Taken alto
gether Pacific Mail promises II any effort be made
10 apply the new law, to be fruitful OF law
business as Erie and to revive the now fading
| Injunction business In connection with the
| point first taken the attention Of Con-
| gress Ia called TO guard against the pro-
| posed subsidy OF 100000 passing Into the
| hands OF foreigners through any neglect TO apply
the low. The stockholders OLA company are the
owners Of the property OF the company; hence an
i English stakeholder OF Pacific Mail would have q
direct interest in its steamers. Again, provision
| shoull also be made against this money being used
In this proposed bGying In Of stock; indeed, it Is
dnicult to see,if the company Is IN condition to
buy In over $500 900 OF its stock Mt par, what it
wants OF & subsidy at ALL {.
sFoCgS HEAVY. tttg t
After the decline Pacific Mail recovered TO 81 cash.
\ going or again TO 81, but later rallied with the
general list. The decline in the rest Of the list
was n to ~ percent, chiefly in ChioH Rock Island
Northwest common, Columbus Chicago and In.
diana Central, Erie and Lake Shore. There we're
some large sales OF long stock Of Rock Island which
accounts for the weakness IA that stock to-day.
/ Before the close the general market was dull
and unsettled, but LEFT or with marEea improve
ment
The following were the highest and lowest prices