The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-05-04
:" PACIFIC MAIL MISERY"


Another Panic In Wall str~~t-Eaei6c
Mail Music in the Air-SuGlslem Down.
ward Rush OF the stSck.-strange
stories About ssockyS~II and the
Howe Sewing Machin. Fropersy-yynI
Horace r. Clark man the Life boat:
A Note Of SI00,O Said 90 he Dishon-
orsd.
Gnce more that paDdem oniam OF the bulls and
bcars-N3ll stretches been agitated to its lowest
depths, and this time again the trouble has come
TO the sarisce in Pacific Mail stock known on the
street as "P M.,n or as II Is witty translated by
the knowing ones, perpetual Misery Erie stock
was At one time the great source OF trouble and
toll in Wan street, but since the change OF
management in that road all the boldest operators
have deserted "Erien for Pacific MAIL and now
from day to day we hear OF tie most astonishing
revelations coming from all quarters, in regard TO
The officers and directors OF TINS steamship COM
pany Many Of these revelations are, OF course, OF
"A "boeusn nature ana are fomented and started
and 10y the brigands ana guerias Of the street,
who are watching ike
THE EVIL SPIRIT,
for those whom they may devour ruin in pocket
and reputation.
Yesterday very strange rumor was started on
The street about A. b Stock Wen, who is at present
the President OF the Pacific Mall Steamship Com
pany. The rumor which could not he verified to
any extent, or yet denied, ON inquiry being made,
was this effect 1T is stated that Mr.. Stockwell,
who IS President of the Panama Railroad, AS well
of the Pacific Mail Steamship Company, the
company being the owners Of the railroad, had
used 100000 shares OF the stock of the Panama
Railroad Company, and as collateral security had
given to the PACING Mall steamship Company y
THE HOWE SEWING MACHINE COMPANIES WORKS
nj Bridgeport, Conn.,, OF which Stockwen was re-
puted to be the owner. The stock of the Panama
a han
and the total Indebtedness Of Stockwell became
about $, 10000. Stockwel, it is alleged, made a
pany, which were to run in series for a year. the
first one becoming due on May L. 1873. This note
lowed that would have made the first note payable
to-day Sunday, May ~. But IL is well Known
among all business men that when note falls due
On Sunday it must be paid on the Saturday pre-
yi0us.
THE BRIGANps AND vuLTuREs,
who are always watching for their prey in Wall
street made, as they always do, a memorandum OF
the date when Stockwell's note fell due, and all
sorts OF rumors were yesterday prevalent about
this note and the consequences that might result
from It's non-payment. One OF these rumors was
eq M x Was G iee as
was said that Elias Howe, his iather-fn-aw, had
for the latters children, and that he had
NO RIGHT 70 MAKE MORTGAGE
on property held in trust by him for others
around in the air yesterday, ana the result was
wild panic in Pacific Mail which lasted for some
uHe. THESE vague TuInOrS assisted III Jne Jump On
the Stock and as the officers and directors were very
close In regard to this matter il very difficult
TO obtain any reliable Information reporter
called at the Office Of the Pacific Mail Steamship
Company, at SO Wall street, and the Treasurer,
and on inquiry being made as to the truth OF the
rum0r that Stockwell had not met his first note of
500 00 or that any trouble had occurred between
the President and the directors, he made answer
ina
VERY MYSTERIOUS MANNER
that the reporter should make inquiry OF MIR.
etockwe himself In regard to the matter, but that
the officers and directors OF the company refused
to give any information whatever. Mr.. StOckwell
was spoken to and the same questions were asked
oil him, but he said that there was no truth in the
reports and that he did not understand how such
rumors originated, ana that was all he would say
desire TO talk
MR.. H. W. GRAY,
OF the firm OF Gray Avery, in Broad street. was
also called upon, as he Is supposed to be heavy
dealer in Pacific Mail, but he declined to give any
information, although he did not deny that he was
conversant with Pacific Mail matters. 1t was gen.
orally believed in Wall street yesterday however,
That Mr.. Stockwell had not met his obligations, and
this rendered the stock market very feverish. Pa
cihc Mail opened at 55la, sold at 55T, and then
broke into crash, falling TO 49a. Finally IT rallied
and closed at So on another rumor that a sort OF
COMPROMISE, HOLD OVER ARRANGEMENT,
had been made between Stockwell and the CON-
pany of which he is the President. 1t was also
stated that Horace f. Clark had offered his assist
and that Gould-who, 1t is said, helped Stockwell,
together with Horace f. Clark, at the time OF the
Northwestern corner-would probably come for
ward in this crisis of Stockwes agony and also
assist in the matter. And thus the matter Is re-
ported to stand at present