The New York herald., 1873-03-04
Outside and Inside Views Of the
Great Collapse.
Stockwell's Losses Estimated at
Four Millions.
The ConcatenatiOn Of Pacific Mail, Atlantic
and Pacific, Missouri Pacific, Samana
Bay and Sewing Machines.
ST0CKWELL, GOULD AND GRAY.

Wall street was again in an uproar yesterday,
ana unfortunately, the ca,sse was the same as
that OF the previous week-a panic In Pacific Mail.
But the panic was of o much more dangerous
character than the one OF Wednesday last, because
the stock, which had been getting irmer since
then broke again ana took a great many by sur.
prise who had thought the aifhcuit moment was
over.
When the stock broke yesterday morning and
tumb!ed down eight per cent in the space Of o
few moments, the dismay which overlook every
body was Of such a character as marks only the
most mOmentous panics. 1t was all the worse
that people did not seem to know what the cause
OF 1t all was, and the mystery which surrounded
the whole operation threatened to make the affair
much worse than 1t really was Men rushed about
looking at the stock indicators, whispering u few
words and making or again as If all their
INDIVIDUAL FORTUNES
were dependent on the upward or downward
movement of Pacific Mail AS II they themselves
were the parties most interested-as II they mad,
In fact, lost their heads. Every moment as the
stock went lower and lower, the brokers and out
side operators got more and more excited and
boisterOus, and every one of them would have
gwen untold sums to have known exactly where
he really did stand and what was the meaning OF
the personal interest which was taken in the
matter that many were affected by the fall IN
Pacific Mail than would have appeared.
But with all-even those who had the least per-
BOnal inJerest-tne interest in the affairs Of Pacific
Mail was intense, was literally, to use hackneycd
expression,
THE UNIVERSAL TOPIC
Of conversation, and u collection Of the converse
ttOns which took place on the subject would be q
matter OF peculiar anu almost dro interest to an
outside reader. The prognostics and predictions
winch were made, il they had not been at bottom
30 sad. would actually have been funny One name
Was III everybody's mOuth-Stockwell, and the
name excited more interest and gained more
nOtOriety tnan 1t ever has done yet or ever Will
"Why is the name Of Stockwen received with
such general dersion2" asked the reporter, sOme-
waaI % %nalve!y ol a well Known % broxer
anybody goes up in the street we all pounce upon
HIM ike 50 many crows"
NRlch remark has a moral.
TO another broker the reporter said, inquiringly:
81. is SAID Mr.. stockwell refuses to make any
Btatement."
".es," answered the broker, smiling, .'he,s like
the boy the cali ran over"
Not one even said ..PO0r Stockwell ~ They all
Was q little more prominent than they had been
brought
DOWN FROM HIS HIGH POSITION,
that they might drag his name around among the
cutters and heap poor wit upon 1t.
yhis Will be all the more readily understood
s street That ss resden
Pacific Mail steamship Company, the President Of
the Howe Sewing Machine Company and President
past tive days. lost clean out OF the pocket the sum
Di S4,O0O,0OO. So that those who did laugh really
aid have something to laugh about. It was fall
which was accorded all the hOnors Of being
talked OF like wonder. 1t is said to be
tne biggest OF its kind since the day when Leonard
W. Jerome went So, O0o, 900 on Pacific Mail and
lost It, But that was said to be due to the success
OF the bill in Congress Tor Pacific railroad. This
was entirely due, was equally said, to Mr.. Stock
wei himself. Hence the laugh. II was currently
IN everybodys mouth that Mr.. Stockwel had be-
come anDltlOus ana had done more than he was
able 10 d0-had, IN fact, carried u load which was
too heavy i0f him, and that he sank under its
weight. People said that u he had confined HIM
ss to thing T. Hs
street, there would be more sympathy with him;
but nn:1ttf the present circumstances there was,
not and there would not be. "'-''snv7rss--.s,r
which was printed as a rumQr n the HERALD a few
DAYS since was referred TO- that Mr. Stockwcll, not
satisfied with his own speculatons, conducted by
himself had gone down into the street and had got
parties to ta&e stock in their name at 30 to 100,
when the Pacific Mail at these figures, and
that he had pledged himself to the losses on
this II there were any, while those who operated
In his name should have nalf the profits If there
were any. This was months ago, and the stock was
asaia. Bat It tive went ton on gradually descending until
the holders OF the stock grew frightened ana wished
unable to do so was the cause OF the fall the other
day, when all this stock which had been held was
thrown upon the street. Had this been the end
OF it Mr.. Stockwell could possibly have recovered
But the very fact, 1t is siid OF his name being con-
nected with the company as Presldent while these
CALCULATIONS were known to have gone on gave a
look Of instability to the whole company, and
thence the second tumble. IL Is reasonable to be.
Neve that
HAD NOT MR.. srOCKwELL BEEN PRESIDENT
of the company the stock would not have SO sur
ferred. -
prevailed, that the company itself was q great
loser by Mr.. Stockwel's specuations; that It
lent him money on what was thought to Ce good
security but which has turned out to be altogether
insufficient.
This was undoubtedly the cause of the secret
meeting which was held In the otice OF the Pacific
Mail steamship Company, Oh Wall street. yesterday
afternoon. reporter OF the HERALD was OH the
spot. The meeting lzstel three hours and all the
directors were preSent, the President himself being
there also. The dERAID reporter was very anxious
to obtain some, Information as TO what was go ng
on, but Mr.. Bellows, the Vice President, seemed to
meeting. @as In progress Mr.. Gray. the broker OF
Mr. SrsckwelL came in. He was pale ano anxious
hi..a,
/. sThis Is a bad state of things Mr.. Gray" said
eyes but not so bad as it looks or as 1t has beer
repOrtedn answered Mr.. Gray. "Of course. 1t u
useless to deny that have been heavy loser ~
failed. The whole street seems to have united
against me, and many have said that wa
sbroke.' But the fact is that have met my ia
olities. The talk OF those who have been pound
Ing me even went so far that they refused me Ger
t:ncation. But fixed this; and to-day, though
am heavy loser, am all right II has been yer
hard upon me, and 1t has been made all the harde
me.r
''You are now speaking for yourself alone, pre-
gumeS" said the reporter.
ayes, for myself. have held good deal OF Pa
Cifc Mail STOCK and have suffered.r
"Being the broker OF Mr.. Stockwell, do you fee
at liberty to say anything about his affairs Y''
"I do not. can say that Mr. Stockwe has bee
q very heavy loser, but that Is all I know abou
him. You had better see him."
Mr.. Gray then went into the Presidents ONO
and remained few moments away. He came bac
and said, 'Mr. Stockwell says that he has nothin
TO make public, and would prefer net being inte
viewed"
The reporter waited in the once, and soon afte
Judge Pierrepent came out OF the meeting, and I'll
reporter buttOnholed him.