The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-02-27

Company-What He SAYS of the Ru-
mors Current i'm Wall strect-A Deci-
sivc Intcrview-s.No Engagements That
He Cannot Meet"
1t mas been already mentioned elsewhere that
the excitement attendant upon the panic In Pacific
Mail was OF most intense character in Wall street
yesterday. 1t seemed to take everybody by sur
prise, and was all the more general that 1t ap-
peared to be SO unexpected. Brokers rushed
wildly about and communicated the news, upon
which people seemed TO be unable to comment.
The question was. everywhere, whats the mat
teri" and for time there seemed to be no one
able or willing to give an answer to the question.
But people soon began to say that it was evident
that somebody largely Interested in Pacific Mail
and in Panama Railroad stock must have been in
PRETTY TIGHT BOX.
Plenty of stock was thrown upon the market,
and the immediate result was that which will be
found given in more detail in the financial column
During the afternoon it was whispered round that
Mr.. Stockwell, the President Of the Pacific Mail
Steamship Company, was mixed up IN the losses
and that he had to part with great deal OF his
stock somewhat suddenly. This rumor could be
traced to no very definite source, however, and
probably arose from the fact that Mr.. Stockwel
was the only gentleman on "the street, who was
supposed to possess any large amount OF these two
Stocks But still the panic continued throughout
the day, and the shares did not rally from
THE SUDDEN DEPRESSION
which had set in upon them.
Mr.. Stockwen's brokers having been reported to
have sold large amount OF Pacific Mail stock
during the afternoon, a reporter OF the HERALD
called upon Mr.. Ii. w. Gray at his residence, No. s
West Twentylrst street, TO ascertain the facts OF
the case. Mr.. Gray was not in, having gone out
only a few moments before, but was to be back
soon. The reporter waited. Mr.. Gray came back
Mr.
StOckwell and another gentleman. The reporter
explained his mission to MIR. Gray, and asked him
EXPLANATION OF THE RAPID DECLINE
Of the two stocks, and what he had to do with 1t.
and have nothing to say about the mattern The
reporter then asked II he might see Mr.. Stockwel.
This gentleman was seated in the middle parlor,
and appeared 10 make the most strenuous efforts
not to be obliged to see the reporter. Mr. Gray
explained to him that he had better say some
thing, and Mr.. Stockwell finally seemed to have
made up his mind to see the reporter He Jumped
up impatenty, and came forward In quick nerv-
Gus KIND Of way.
'My dear sir,n he said, II wish to be perfectly
courteous in all this, but don't see why any inter
view should be had with me on this subject"
well,n said the reporter. lsimpy cali to ask you
rumors which are in circulation in the street,
what are these rumors?' asked Mr.. Stockwel.
"lt was sad generally. or rumored In Wall
time ago, when Pacific Mail was at 90 100 per
cent, you instructed number OF persons to buy
the stock, making 1t a condition that in case OF
profit you should take half the profit, and that in
case the stock went down that you would bear the
loss. And IL s further said that these persons who
carried stock in their names wished you to
FULFILL YOUR ENGAGEMENT,
and that you refused to do so, hence the sudden fall
these parties throwing all the stock they mad in
your name on the street.
Mr.. Stockwell laughed
"These rumors," said Mr.. Stockwen care false,
say to you in perfect good faith have not sin
gle put nor o single cali out upon the street
nor have had In some time. have broken no en-.
gagements which have made and If anybody has
any claim against me am perfectly able to meet it
and pay to the last cent Of what owes -'t
"Will you then explain to me, since all these ru-
mors are false, what the cause Of the sudden fan
in these two stocks isf''
How should knows" said Mr.. stockwell; sit
was panic
LIKE ANY OTHER PANIC.
! suppose simply he continued, smiling, that
there were more sellers than there were buyers on
the street, and, therefore, that the stock went
your
The reporter then moved towards the door, and
MT. Stockwell accompanied him, saying again,
III any one has any claim against me am able
and Will pay It, You can say that"
The interview here terminated. ~ tal