New-York tribune., 1873-03-04
LOCAL MISCELLANY.
PACIFIC MAIL MYSTERIES.

PAClfIC
ANOTHER BREAK IN THE sToCR-A SERIES r Or
STARTLING RUMoRS IN REGARD io lhh
MANAGEMENT.
Pacific Mail was again the cause OF very
seneral excitement in wast yesterday, and the usual
rumher of rumors IN relation TO 1t were IN circulation
The price opened and declined to ~ amd renewal
az the depression Of the previous days. but reacted
and closed at nl TO Sii The decline was at
,rbuted TO the uRmerciful hammerng OF the
~beare Who not content with the lowest which they
had already resped brought about an additional depre
siaiion OF eight per cent The bears" we're greatly
,s,sed hy the runcts which had been Ses in molten to
the effect that the Board OF Directors of the Paene MAIL
Steamship Compare, which known TO oe IN secret
session was reviewing the administration oil PPesldeht
A. b. stockwe with unsparng criticism ana cehsure'
IL was further rumored that an nVesuga,
zion into ere affairs OF the Company had
revealed the absence Of q argeeQueBtty OF property IL
tbe shape of money and securities which were aeEc'
60 have beer diverted from the Treasury eAclt op'
uons on the street." and alse at Albany Fhd ""Suh
ton. The statement telegraphed from washington 'n
Coneressnan sypber implicated IN r"oino
NAL and that the Congress investigation was
a commune also had marked eHeoV III
aenressing the stock, mt the rost remafKapio
of All The rumors was which deeled that fresluoh'
s,ookwell had executed assignment OF his properly
% Jay Gould on accOuUtof operations on stock oil
Mail Efforts were made 20 ascertain what iOuhu"uoh
1bere was for the rumoTs, but without effect
Vice President Bellows, in response 10 queries con-
cernng the results Of the meeting, said that IL was ohe
of the usual character relating 70 the private business
of the Company the details Of which he dd not iee a.
liberty to give,
Henry Cews. Treasurer OF the Company said THAI
whatever had done at the meeting was for the best
interests Of the Company. he would give no informa-
ton concerning il rJudgc Homer A Nelson. counsel
tor the Company said that he had been at Court al day
trying case aud knew nothing Of any Of the rumors 10
circulation.
President stookwell said that the explanation Of the
decline Of the steck very simple The trouble began
with the Congress investigation into the affairs OF the
Company This gave rise TO ali sorts OF rumors
WHICH GOathg about the street. and which served
10 bear" the stock, and so it went down with run
Mr. Stockweil asked If these rumors were started
Tor tae purpose Of bearing" the stock. How can
answer thatg' bis response "I can't go back OF
the facts only say that they were utterly false
None of the runOrs which tended TO deprecate Pacific
Mail had a foundation Of truth 1t reported thai
tie Government subsidy had been withdrawn, and
again that had failed and thus the Company had osi
largely Tns not true. The Company has LOST
nothing frem any of these causes and the stock is az
good to-day month aso; it ought not TO have
fallen cent"
Mr. stockwen expressed a disinclinatOn to speah
further subject either of the Companys affairs OF
Of his connected with them, but repeated that
she whole matter the result OF stOck0bbing opera
HOn which the managers OF Couiu hot
prevented and for which they not III any way
responsible
Jay Could was not 10 be seen, and no information
could bc obtained from him.
Commodore c. x. Garrison was visited, last evening
ct the New-York Hotel and questioned concerning Pa
che Mail He replied that he knew very little OF it
sairs lie left the company six years ago. selling eu
all OF his stock at that time The company then IN
good condition financially and its feet of steamers were
aong good business, and were in excellent condition
The stock had sold high as 245, when dividend OF
s3i per declared. He had heard many rumorS
regarding Mr. Stockwel the President Of the Company
He was not looked upon steamboat man." but
rather as stock man. versed In the mysteries OF
forcing stocks up down. matters with which practical
business men seldom medded He knew nothing OF the
meeting of the Board OF Directors the facts relative
70 Mr. stOckwell. He bad heard the usual number OF
rumors ON the street. could vOuch for the accuracy
OF none of them.
questioned relative TO the present condition OF
the Pacific Mail Company's steamers and the causes
which led to such succession of disasters. He replied
that IT had terrible year for merchant marine, as
the losses had been very heavy 1t seemed to be an
epidemic of disasters, and all had suffered more or less
Aluding TO the fact that he bad been summoned to
Washington give testimony before an investigating
committee relative 10 the Pacific Mail Company. he re-
ered assertion that he had had no interest in that
Company he disposed of his stock six years ago.