New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-12-08

called upon to and it, and did aid it with my means
and credit to q large amount, having security the
unearned subsidy from the United States Govern
ment; carried my loan through the days of the
panic, and l have frequently since furnished the
Company with means to buy coal and other sup-
plies, at such times and in such way as TO secure
to it either large savings large profits in the use
of money lhave advanced largely to its credit
and rebay overdrafts, and l am now one of the
largest Of its creditors.
l was very Unexpectedly elected ms its President
without any solicitation on my part and under pc
culiar circumstances. The then President, Captain
Bradbury, was in San Francisco, whittier he had
gone to effect loan. In that however. he failed.
During his absence the vice-President was charged
with derelictlon of duty. suspended and removed.
Captain Bradbury resigned by telegram, and was
pat in the position which he vacated. have per-
formed its duties without pay, directly or
indirectly. have had neither salary. com
mission, interest in contracts for bulld-
ings or repairs and have not other
wise profted by the position. The habits of my
lite in my personal business and in that which
have managed for others. lave been habits OF
economy and have tried TO practice that virtue III
my official position i'll your company Nhue aP-
proving the excursions which tended 10 brlng the
Company and its ships into notice. and not regret
occasions. set my face against the unjustiiiable
and extravaganJ Claims which grew ont of them.
and thence arose some differences with Mr.. Hatch,
which partly account for his present attitude.
have been charged with speculating in the stock
Of the Company. | was once asked if | bad sold
stock short" and answered in the NEGATIVE. IL
was then asserted that had had an interest III
sale of stock made by Jay Gould. That is true, but
the sale referred 10 was not "short" sale Mr.
Gould had made sale Of 1909 shares, and at his
REQUEST sent his broker 4o0 shares which were my
own stock purchased before the sale was mrde. That
was not a short sale and have never sold OF
contracted 70 sell 10 deliver. any stock but such
as | already owned and had possession Oh
l admit that l have sold "ca.is 10
limited extent. but never except when l
had the stock 10 respond 10 the calls have often
sustained the credit of the Company by purchasing
its stock My means are linitcd to dispose Of
purcbascs so made l have sold "calls." that Isl
stoc, for future delivery. am in the way Of doing
bnsiness with MANY men who. in anticipation OF
their income desire TO fix price Mt which they can
invest in the purchase OF stock when their income Is
available | have never fixed price, OF so'd q
"cal unless actually had the stock IN my trunk
and Owned the same. l have never considered and
do not consider sales Of stock in this way as ncon-
sistcrt with the duties Of my position or Lrr"u' 20
the Company. On the contrary. the effect OF my ac-
ton has been to sustain the market and maintain
the credit of the Company
The position in which I was placed by reason OF
Mr. Hatch's manner AID language and want OF hul-
ness habits. long ago made the Office OF lIesldehC
distastcful TO nc. l determined not to accept II
again. and so informed HIN at the meeting AT lis
house to which he refers 1t is utterly untrue that
| begged or in any way solicited him TO let me re-
v,-r,ff .Tt.l =
f. bcsto-v. did not call on him fer flat purpose
and expressed no such wish. In consequence Of
what had happened on the previous evening, was
led 10 believe that be was acting in harmony with
the purDoses Of those who wcro hostile to the Com
p4ny. and who desired to use him in connection
with stock operations from which lie was to
derive personal profit. Nv chief object in
calling on him was to get what Information
coud on that 0oiIt and influence him, IT possible,
against connecting himself with any s'ch scheme.
TO enforce that appeal. and di.suote Inn from the
further Continuance OF the connection which was
satisfied he hal formed, stated TO him chat he was
likely ~ be dependent u1oh III" COMPANY for years
and that he ought 70 make rs interests ilS own,
" .ila nv own Official connection with II was sure
t. b. temporary AID limited to nv present 'ru CT
Office This Style OF rena IS what ne has aosiri[
me r. main. In th.t iutsr;i = be tod me tat me
Indebtedness of the COMPANY was at'Gt SLN"'UV
q d y
r .ilrosl Canpant. NJ. Hatch explained that about
100000 Of this indebtedness was he result q extra
work on he steamer, IckiEg and 4ohlo. ms tate
ruont Of indebtedness then made hy hln was sur-
Prise u me il was larger than had supposed = 10
be- This was tAc first intimaron h1d ever been
ale to gai of the magnitude of the debt. then
and there advised fun and complete statement 20
be- made ont 10 the stockholders. % that each man
might see exactly what the eiucn OF the I, m
uany was. and what W had done since we De
cane connected wish the Company, suggest
ug that the new steamers would soon ue-
rin TO earn money and would soon reduce me
amount 0f the debt and with tie improved condl-
NON of our means for doing business and large snip
plies of coal together with the advanced rates Tor
dni,,c business and the general favorable prospects
Of business, with Ugld economy IN our cXNcnses.
believed tlat We would UC abe 70 discharge ana aY
off this ind, btcdness. il which lie 1ully concuITcd
oar views az that interview appeared TO be IN har-
noBv Alter that interview | very soon became
convinced that outside stock Operators, relying on
the coOperatiou Of Mr. Hatch were eudedVGl4hg 10
create an atmOsnueTe of prejudice ana dlstTuHt
ocainst myself In which should find II difficult to
exercise any good influence for the Company. Hay
ing OTHER large interests TO attend to, aud with
ltte INCLINATION 70 be kept ID contact WIN ht' rgue
deception, violence and bad management rs-
signed.
nv successor feel IL to be ny duty 10 YOU 10 mere
Icor cheerful testimony Of my tull comic nee III
mm as a business man, and as man Of integrity
experience. and capacity. believe II be can carry
ma effect his own IDEAS of economy and manage
meut If the affairs of the Company, be VIII be emil
ncutly successful IN promoting it, interests He
has best wishes, anu Will nave, Wherever anu
as often as lie requires it. my hearty cooperation
Gentlemen, you have fine property ana are en-
Gagged in noble enterprise. II has not been as sue
crssful In the past you could have desired, DuJ
am satisfied that with wise, honest, and economical
management your investments are OF value. lhat
Won may have repeated and continued practical
demonstration OF THIS tact Is the suceIc WISH "a
YOUR ObeOienG servant, RUSSELL SAGE'
RICHARD IRWIN HETICENr.
Richard Irwin, the San Francisco and Washington
agent of the Pacific Mail Steamship Company, is
still at the Hoffman House. but studiousiy
avoids communication with those Who would
seek TO obtain information from nm.
He declines 10 furnish any facts ADDING nat ne ~