New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-04-15
ON 'CHANGE.
FINANCIAL CONDITIONS.


CUBAN RUMORs RgYIvED-ER1B AFFAIRS-fAClfit
MAIL DEVELOPMENTS.
In lieu of more probable stories tho runner
mongers yesterday seized upon article published in
washington newspaper tho basis OF disturbing
sation. The article originally nothing more than series
Of reasons elaborated to the extent OF two coumns) to
show why the United States ought to recognize
the Cubans belligerents. was made to do duty
as q semi-official announcement that the Govern
ment intended to recognize their bellgerency. ana
hence there would DO trouble with Spain. As in the
event Of trouble the ships Of the Pacific Mail Company
would be particularly liable TO danger, that
stock dropped tfrom ,47l TO 49, The decline
In this stock accelerated by reports that the SUBSIDY
applied for would not be granted The other stocks
declined from TO per cent.
The next disturbing element the new theory that
the Senate Currency BILL which was supposed to be In
tended 10 create inaon in reality contraction
bill and that the effect provided for In one section
would be 10 contract $5,C0oOOO against an Issue OF
sls,OOoO 600 provided for In the previous section.
This theory based upon an Interpretation
OF the alleged contraction clause, which pro-
vded that of the three-nfths OF the reserve
heretofore allowed TO be used nc redeeming
points only oneauarter shall remain and this latter
amount no interest shall DO paid The balance OF the
reserve ia TO withdrawn and locked up in the vaults
OF the respective banks and literally held as reserve
thus taking this amount out of circulation
The Erie Railway officials still occupied In prepar-
ing their reply to Dunan's President Watson
was too occupied to any but his suDordinaes
1t expected however, that the Board meeting Will 10
held to-day, with important results
Pacific Mail which has so long furnished sensations
to Wast to be on the point OF developing AGAIN
The remarkable OF the stock during the Stock
well administration will be remembered by those readers
OF THE TRIBUNE versed in the latter-day history OF
Wall.st. Among many other serious charges was one
ad instrumentation
100000 OF the COmpany's funds. This charge,
denied by the officers at the time,
was erated and reiterated and now the matter comes
up in Congress for investigation Trenor Nv. Park
director OF Pacific Mall in his testimony before the Con-
gress Committee, said that 1t was probable that inc
Company would 100000 Of this amount as the
cupr had transferred that amount Of property to his
sister in Philadelphia.
Russell Sage, President OF the Pacific Mail
Company, was applied to last evening for an
official statement regarding this misrepresentation
He said that in 1872. during the Stock
well, administration the Pacific Company applied
told his successors In Office that he
had been induced -, to make this az,
plication by Irwin, the Company's agent at
San Francisco California, who had Informed
him tstockweD that an English company
was about start an opposition line between emma ana
San Francisco and essential that the Paclnc Mai
Company should have u subsidy in order to compete
Continuing MI Sage said that stockwell further told
them that, having become alarmed, he employed IRWIN
Irwin hired neutrality-suspicious., entertained royalty,
and procured the subsidy, but his Dhi amounu amounted
was bndy charged on the books OF the eDmpd
as 'n rom him as 30 his expenditure When
the Sage administration came into power they asked Tor
bill of items, but Irwin suddenly left iGr EUROPE
aud has appeared here. Inc com,
pany are taking o. recover 100000 worth OF
property which he had bought in Philadelphia and
transferred 10 his sister,
Ex-Prcsident siOckwel Is also in Europe.