New-York tribune., 1874-12-05
THE PACIFIC MAIL REVOLUTION.


RUFUS HATCH A CANDIDATE FOR THE PRESIDENCY
THE FINANCIAL CONDITION OF THE COMPANY
CLAIMED TO BE soUND-sTATEMENTS OF THE
DIRECTORS.
THE TRIBUNE's account of the events con-
nected with tho retirement OF Russell Sage from the
presidency of Pacific Mail tho subject OF general
discussion in Wast yesterday, where the details were
only surmised and the scenes at the meet
ings OF tho Board were wholly unknown. 1t
could not be safely asserted who would be the next
President The names OF several prominent men had
been suggested. among others those OF A. A Low and
william H. Guion These two gentlemen declined the
position nd the latest candidate Rufus Hatch the
present Managing Director. Under the pressure OF
general dsrust accompanied by heavy sales, the price
stock fell of from 4is to Az The following cir
cuar was issued
We. the undersigned Auditing Committee OF the
Pacific Mail Steamship Company, who reported the
financial condition OF the Company Sept 1s as' deem
proper state In OF tue falsenOods when have
lateIy published In the newspapers, that said
report OF Sept IS accurate and correct every par
tlcuar, except IN regard 10 the item or taxes due,
which were then in Cspute, the Company admitting
liability OF s3OO0 the Court having since rendered
Judgment for si34OOo. which mas been paid
Wa ii GUIoN.
Netp- York, Dec. 4, 1874. FRANCIS ALEXASDRE.
VIEWS OF RUFUS HATCH.
Rufus Hatch. Managing Director of tho Pacific Mail
Steamship Company OF 50 wal-s. said he could not
understand why the newspapers were so anxious to
inure the only American line Of steamships that now
remained afOat. The Company was all right and its
property large. while It's indebtedness compar
atvey small II true that the account in San Fran
had been oyerdrawn. but 1t was nothing like the
sum which had been stated. The overdraft less
than sS O0O and the transactions perfectly leg
innate. The Company had plenty OF money. millions OF
property and doing WELL III, did not fear for the
Company, and all the excitement would not hurt it at
all. Personally he rather liked It. He could not say
who would be chosen President OF the Company and
preferred not to any for fear persons
might think he had an object IN mentioning some par
tlcular person. 1. any had testimony give
he was ready take 1t oath although he had sent
away all the Bibles for benefit Of the Milwaukee and
St. Paul Railway Mr.. Hatch has issued the following
circular:
So many false statements have been published
Gently evidently with the intent OF injurlng the
and impairing the credit OF the Pacific Mail Steam
ship Company, that The Board felt called upon inves-
sage deniod any knowledge OF tho matter but an in-
vestgaon disclosed the fact that he had had partner
ship transactions with certain stock operators who
endeayoring to depress the stock OF the Company. In
deed, the evidence produced implicated Mr. Sage to
such an extent that he was compelled 10 tender his
resignation President ana Director OF the Company
which wa. unanimously accepted by the Board.
last at about lOi O'Clock in tho morning during
violent raiustoIm ME- sage came to my house; No a
the interview he appealed 10 me, IN every form and
manner, 70 use my influence TO stop further lnvessa
on, and begged that he might oe permitted to remain
as President OF the Company until the next election,
have been made to Mr. sage by that interview
IN reference to the financial condition OF the Company
grossly inaccurate no such statements having been
made. AT meeting Of the Board last Wednesday Dec
hree days subsequent to the interview at my housed
dispatches ana eorfespcndenco between Mr. Sage and
persons interested with him In sale and call operations
OF the stock OF the Company produced read
the Board Even then Mr.. Sage declared the Board
that ho would not resign. stated to him that il was
tue OF the Board that he should resign and that il
he did not, should introduce resolution requesting
IN rpst0 wi had hnnhf un,tA
mously passed. also made further statement to the
effect that II he did not resign believed that petition
would Dc presented signed by majority OF the stock
holders. requesting him to resign. SO much for his
day last and his letter Of resignation u Gun
In regard TO all statements which have been made
&c, would say that the Company Is in
more prosperous condition than 1t has been for
business and that It Is in good financial condiion
full and complete statement OF the ars OF tue Com
pany is being prepared and will be submitted 70 tns
Stockholders IN few days. when they will be enabled
TO Judge OF the truth or fasty Of the statement which
controversy but the Statements mads wers r
go grossly false and unjust that could allow them
to pass unnoticed. RUFUS HATCH. Managing Director
Russell Sage the exPresident Of the Pacific Mail |
Steamship Company was found In his onico at No Is
wiamst He said that he had nothing new to COM |
municate oil that ho had to say having been already
published. With regard TO the overdraft Of the
san Francisco account, there were Others beside
hmsef who were conversant with tho matter, and he
preferred that they should speak The money had been
overdrawn In order for coal which had arrived at
san Francisco from England. He had heard the names
OF James Low. Wni Butler Duncan, and w. H. Guion
for the vacant oco OF President OF the Com
pany. and either Of them would. in his opinion, make
lttng officer
SHORT TALKS WITH DIRECTORS.
Wm H. Guion OF No. 60 wallst. said he was present
Win e. j. Osborn at the Executive Committee meeting
Dh which occasion telegram received from San
fha thatth
had bssa svssdsAWR N1SOea He remembered we'll tlss